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J
jdcesta
January 25, 2025
Question

How do you write off a loss from a crypto company going bankrupt? Appreciate your help.

  • January 25, 2025
  • 1 reply
  • 0 views
Voyager went bankrupt and we lost the majority of our money.

    1 reply

    D
    DianeW777
    January 25, 2025

    It depends when the company completed the bankruptcy.  If the bankruptcy was finalized in 2024, then you would use the amount you paid for the Voyager crypto as a capital loss.  Keep all records associated with the bankruptcy with your tax return, so that you are prepared should the IRS want the information.

     

    This would be considered a capital loss an entered as investment property.  If you have no 1099-B, do not make that selection.

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