What are the limits for deducting cryptocurrency losses on my taxes in 2022?

1 answers

• Hamza Aldeek recordingsApr 10, 2022 · 3 years ago
  When it comes to deducting cryptocurrency losses on your taxes in 2022, there are certain limits you need to be aware of. The IRS allows you to deduct your losses up to the amount of your gains. So if you have $10,000 in gains and $8,000 in losses, you can deduct up to $8,000. However, if your losses exceed your gains, you can only deduct up to $3,000 in losses. Any remaining losses can be carried forward to future years. It's important to keep accurate records of your transactions and consult with a tax professional to ensure you're taking advantage of all the deductions available to you.
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