How to Lower Your Tax Bill With Cryptocurrency Losses

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How to Lower Your Tax Bill With Cryptocurrency Losses

Investments that are reported on Schedule D of your tax return include stocks, bonds, crypto, collectibles and homes. So you can use losses from any o

Investments that are reported on Schedule D of your tax return include stocks, bonds, crypto, collectibles and homes. So you can use losses from any of these asset classes to offset each other and get to $3,000 in deductible losses. For example, if you had $15,000 in crypto losses and $10,000 in stock gains, you would have a net loss of $5,000. You can deduct up to $3,000 and then use the remaining $2,000 in losses to offset gains in 2023 and beyond.

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