Are crypto losses deductible against stock gains?

3 answers

• cigarette nakedJan 05, 2025 · a year ago
  Yes, you can offset your losses from cryptocurrency investments against gains from stock investments for tax purposes. According to the IRS, cryptocurrencies are treated as property, so any losses incurred from selling or trading cryptocurrencies can be used to offset capital gains from stocks. However, it's important to consult with a tax professional or accountant to ensure you are following the proper reporting and deduction guidelines.
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• BrookeOct 19, 2024 · a year ago
  Absolutely! Crypto losses can be deducted against stock gains for tax purposes. The IRS treats cryptocurrencies as property, so the same rules that apply to stocks also apply to cryptocurrencies. This means that if you have losses from your cryptocurrency investments, you can use those losses to offset any gains you made from your stock investments. Just make sure to keep accurate records of your transactions and consult with a tax professional to ensure you are maximizing your deductions.
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• Nazmul HaqueJan 16, 2021 · 5 years ago
  Yes, crypto losses can be deducted against stock gains for tax purposes. The IRS considers cryptocurrencies as property, and the tax treatment is similar to stocks. If you have losses from your cryptocurrency investments, you can use those losses to offset any gains you made from your stock investments. However, it's important to note that there are certain limitations and rules when it comes to deducting losses, so it's always a good idea to consult with a tax professional to ensure you are taking full advantage of the deductions available to you.
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