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Question

How do I deduct a capital gains loss from crypto? It says I am allowed $3000

Forum|Forum|11 months ago
April 7, 2025
1 reply
0 views

I have over $10,000 in crypto loss. It says I have $3684 capital loss carryover from 2023, and $0 in capital losses used in 2024, and $10,341 remaining losses carried forward to 2025. When i was entered my crypto investments with csv file I get from koinly, it said I was allowed to deduct $3000 in deductions against my income this year, but turbo tax didn't apply it. How do I apply it? Also my income is self-employment income, not from a job. thanks

TurboTax Self Employed Online

Capital loss carry-over (if used) is listed on your 1040 line 7

Self-Employment income is reported on Schedule 1 and flows to your 1040 line 8

The loss will not lower the self-employment income.

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On turbotax self employed version it says:

Your capital losses so far $10,341

$3,000 of these losses are deductible this year. The rest will be carried forward to next year's taxes.

repeat, it says "$3000 of these losses are deductible this year". So why didn't i get a reduction on my income?

Is there a section on turbotax I need to enter to claim this $3000 loss on my income?

Has the $3,000 already been deducted on line 21 of the Schedule D?

The $3,000 loss would also be reported on line 7 of the Federal 1040 income tax return.

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