Question

Are crypto hardware wallets such as Ledger/Trezor tax deductible? If yes, where would it be entered in Turbo Tax?

Forum|Forum|2 years ago
July 12, 2023
1 reply
0 views

No text available

TurboTax Online

Employee

If you are a professional trader operating as an ongoing trade or business, and reporting your income and expenses on schedule C and paying income tax and self employment tax on your activities, then you can deduct your "ordinary and necessary" business expenses. "An ordinary expense is one that is common and accepted in your industry. A necessary expense is one that is helpful and appropriate for your trade or business. An expense does not have to be indispensable to be considered necessary."

If you are a personal trader, then no, your expenses are not deductible.