Today's Top #2: IRS Warns Users Against Claiming Losses From Collapsing Tokens
tldr; The IRS has clarified that cryptocurrency is not eligible for the worthless security deduction because cryptocurrency doesn’t meet the definition of a “Security” under the IRS’s strict definition. However, the general tax rules still allow you to take a capital loss on the coins as long as you properly dispose of them.
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Posted Feb 12, 2023, 8:00 AM UTC
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