Question

If I own for crypto gains can I offset it with business startup expenses?

Forum|Forum|4 years ago
March 6, 2022
1 reply
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offset crypto tax

TurboTax Self Employed Online

Not directly. Cryptocurrency is taxed as a capital asset at a capital gains rate. Startup costs are amortized in the business and may result in a business profit or loss. Once combined on the tax return, there may be some reduction in tax, but it is not because of a direct relationship between the business and the Cryptocurrency sale.

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