Cryptocurrency Q&A
Can I offset losses on crypto?
Can I offset losses on crypto?
Eleonora
Thu Dec 05 2024
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7 answers
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I have some losses on my cryptocurrency investments and I'm wondering if there's a way to offset these losses. Is it possible to reduce my taxable income or get some kind of relief by claiming these losses?
7 answers
Valentina
Sat Dec 07 2024
Under this section, crypto losses cannot be offset against crypto gains.
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Riccardo
Sat Dec 07 2024
This regulation ensures that losses incurred on one crypto asset cannot reduce the tax liability arising from profits on another.
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MysticGlider
Sat Dec 07 2024
The rule applies strictly to crypto transactions and does not extend to other forms of income.
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Claudio
Sat Dec 07 2024
Furthermore, crypto-related expenses are not eligible for deductions.
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SsamziegangStroll
Sat Dec 07 2024
Section 115BBH stipulates specific rules regarding the tax treatment of crypto losses.
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