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I have $50,000 in cryptocurrency losses carried over from last year, can I do an Ira conversion into a Roth and pay my taxes by using my crypto losses?
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Cryptocurrency gains and losses are treated as capital gains and losses. If after applying the carryover losses against capital gains you have losses left over, a maximum of $3,000 of the capital losses can be applied against ordinary income. Any losses remaining after applying $3,000 against ordinary income will continue to carry forward.
The taxable amount of a Roth conversion simply adds to ordinary income.
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