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

2 answers

• Ding Ding PlusApr 20, 2024 · a year 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.
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• Madhu PujariOct 31, 2023 · 2 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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