What documentation is required to support a claim for losses on cryptocurrency?

1 answers

• Dec 06, 2021 · 3 years ago
  At BYDFi, we understand the importance of documentation when it comes to claiming losses on cryptocurrency. To support your claim, you'll need to gather transaction records, such as trade confirmations and receipts, to establish the cost basis of your investments. It's also crucial to provide evidence of the losses incurred, which can be done through bank statements or exchange statements showing the value of the cryptocurrency at the time of the loss. Keeping any relevant communication related to the loss can also strengthen your claim. Remember, it's always a good idea to consult with a tax professional or legal advisor for personalized advice on the documentation required for your specific situation.
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