Can I deduct my cryptocurrency losses on my taxes?
An example of an AI chatbot conversation about cryptocurrency loss deductions.
Can I deduct my cryptocurrency losses on my taxes?
Yes, you can deduct cryptocurrency losses on your taxes, similar to other capital losses.
What are the limits on how much I can deduct?
You can deduct up to $3,000 in capital losses against ordinary income per year.
What if my losses exceed $3,000?
If your losses exceed $3,000, you can carry over the excess to future tax years.
Do I need to report my cryptocurrency transactions?
Yes, you must report all cryptocurrency transactions, including gains and losses, on your tax return.
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