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☆ If you invest in digital assets like bitcoin, do this on your taxes
  + stars: | 2024-04-08 | by ( Jeanne Sahadi | ) edition.cnn.com   time to read: +6 min
And — no surprise — you’re also obligated to pay tax on any income or gains you received from your crypto assets last year. If you sold crypto in 2023: You need to calculate whether you had a capital gain or loss. If, instead, you made money on the sale or exchange of your crypto last year, you realized a capital gain. And you may need to report a capital gain or loss on the transaction. You will have to report a $10,000 capital gain too ($20,000-$10,000).
Persons: you’re, Miles Fuller, Fuller, ” Fuller, it’s, bitcoin, That’s, cryptocurrency, ”, What’s Organizations: New, New York CNN, IRS, Securities and Exchange Commission, SEC Locations: New York, bitcoin
☆ If you lost money on FTX, 'there's a good chance of getting something back' says a 15-year IRS lawyer, who explains what customers should do immediately as bankruptcy proceedings unfold
  + stars: | 2022-11-18 | by ( Laila Maidan | ) www.businessinsider.com   time to read: +5 min
You may need to file a proof of claim to be considered an FTX creditor, says Miles Fuller. As the dust settles after the collapse of crypto exchange FTX, depositors are left wondering whether they'll ever see their assets again. To add insult to injury, a hacker was able to swipe $600 million from the exchange, further depleting its assets. But recent news indicates FTX may have taken possession of those deposits, leaving customers as general unsecured creditors in the bankruptcy. Also know that during the bankruptcy proceeding, the debtor, which would be the exchange entity, may challenge those proof of claims.
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