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☆ What investors need to know about crypto taxes amid the latest bitcoin rally
  + stars: | 2024-03-16 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +3 min
Whether you're a longtime crypto investor or recently purchased digital assets, here are some key things to know from crypto tax experts. For 2023, there's a "digital assets" question on the front page of Form 1040, along with returns for estates and trusts, partnerships, corporations and S corporations. Andrew Gordon President of Gordon Law Group"Yes-or-no questions are quite powerful," said Andrew Gordon, tax attorney, certified public accountant and president of Gordon Law Group. However, the 2023 digital assets question does not apply to bitcoin futures ETFs or spot bitcoin ETFs, he said. How crypto tax reporting works
Persons: Cryptocurrency, Matt Metras, Andrew Gordon President, Andrew Gordon, Gordon, They're Organizations: IRS, MDM Financial, Gordon Law, Gordon Law Group
☆ Here's how to report 2022 crypto losses on your tax return
  + stars: | 2023-03-15 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +3 min
But if you're still recovering from last year's losses, it may be possible to score a tax break on your 2022 return. The crypto market plunged by nearly $1.4 trillion in 2022 after a series of bankruptcies, liquidity issues and the collapse of FTX, one of the biggest crypto exchanges. If you're itching to claim a crypto loss on your taxes, there are a few things to know, experts say. Offset gains with crypto lossesOne of the silver linings of plummeting assets is the chance to leverage tax-loss harvesting, or using losses to offset gains. If your crypto losses exceed other investment gains and $3,000 of regular income, you can use the rest in subsequent years, Greene-Lewis said.
☆ After a tough year for crypto, here's how to handle losses on your tax return
  + stars: | 2023-01-30 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +3 min
Plus, there's currently no "wash sale rule" for crypto. The rule blocks the tax break if you buy a "substantially identical" asset 30 days before or after the sale. If your crypto losses exceed other investment gains and $3,000 of regular income, you can use the rest in subsequent years, Greene-Lewis said. But it's easy to lose track of carryover losses and miss future opportunities to lower taxes, she warned. If you wind up getting, say, 10% back after claiming a bad debt deduction, that 10% becomes regular income.
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