Do I Need My Crypto Taxes Fixed?

Wondering if you need your crypto taxes fixed? Take our downloadable crypto tax health check so you know if your crypto taxes need surgery or not.

Do I need my crypto taxes fixed? Should I fix my tax return to report my cryptos better? Those are the questions that many traders are asking now that the IRS compliance campaign has begun sending letters to traders. For many traders, it was the first time they ever did any investing. Reporting these investments on their taxes was a new awakening for them.

So it is time to do a health check. It makes sense. Every year you go to a doctor to have your body signs checked for hidden problems. We can do the same thing with your tax return.

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Can I Deduct a Lost Crypto Wallet?

I just talked to a client who had keep over $50,000 in Bitcoins safe on a private wallet. The private wallet is locked with special password. He thought he remembered the password.

He typed in it three times. Each time, he was told it was wrong. Then it permanently locked up never to be opened again. His Bitcoins are now in a cyber wasteland never to be used again. A tragic story, but not uncommon.

Can the loss be taken on the tax return?

Continue reading “Can I Deduct a Lost Crypto Wallet?”