Lost tokens

[PG80]

Hi,

 I lost crypto tokens in binance. How do I claim lost money on tax return?

[evelynm]

Hello:  Typically, you can't deduct losses for lost or stolen crypto on your return.  Losses in the crypto world would mean having damage, destruction, or loss of your crypto from an identifiable event that is sudden, unexpected or unusual.   You most likely did not have income reported on this previously to take the loss.  

Here is a link for further details:  https://ttlc.intuit.com/community/articles/community-news-announcements/crypto-investors-your-lives-...

[PG80]

Thanks for your reply. So, does it mean I don't need to show any losses on Tax return? I don't need to do anything on tax return ? 

[evelynm]

Correct.   You do not need to report it.  An ordinary loss from a worthless or abandoned investment is a miscellaneous itemized deduction in the year of worthlessness/abandonment but is not deductible on your tax return because the Tax Cuts and Jobs Act of 2017 disallows miscellaneous itemized deductions for tax years 2018-2025.