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What are the steps to write off stolen crypto on my taxes?

avatarClemons RandallNov 26, 2021 · 3 years ago2 answers

I had some crypto stolen last year and I'm wondering how I can write off the loss on my taxes. What are the specific steps I need to take to report the stolen crypto and claim it as a loss on my tax return?

What are the steps to write off stolen crypto on my taxes?
Crypto
Taxes
Stolen Crypto

2 answers

  • avatarNov 26, 2021 · 3 years ago
    You can write off stolen crypto on your taxes by following these steps: 1. Report the theft to the authorities and obtain official documentation. 2. Determine the value of the stolen crypto at the time of the theft. 3. Claim the loss as a capital loss on your tax return. 4. Consult a tax professional for guidance and advice. Remember to keep thorough records of the theft and the value of the stolen crypto to support your claim.
  • avatarNov 26, 2021 · 3 years ago
    If you've had crypto stolen and want to write off the loss on your taxes, here's what you need to do: 1. Report the theft to the relevant authorities and obtain official documentation. 2. Determine the value of the stolen crypto at the time of the theft. 3. Claim the loss as a capital loss on your tax return, offsetting any capital gains. 4. Keep thorough records of the theft and the value of the stolen crypto to support your claim. Remember, it's always a good idea to consult a tax professional for personalized advice based on your specific situation.

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