We are gearing up to tax day here in the good old USA and what many people might not realize is their trades are taxable! But that also goes the other way as well. If you traded for a loss your can claim these as deductions or a loss on investment.
Whats sad though is the government wont tell you this because of their confusing laws because more deductions means less money for them.
But you have the right to claim these and you should!
This is not legal or financial advice, every state is going to be unique in how they handle these so be sure to reach out to a tax professional this year that knows a bit about cryptocurrency investments if you have losses.
This happens every year where investors that are new to the game forgot to write off loss investments as a write off deduction. It literally could save you thousands and even give you a bump back from the government.
** Image pulled from https://medium.com/@mulligan/tax-guide-for-crypto-traders-205656586c1d
Always remember that you can used portions that exceed the limit per year for future years as well!
Posted using Partiko iOS
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