How to report lost crypto on taxes

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There is no legal way can reduce your tax liability.

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Everything you need to know about UK Crypto Taxes - 2024
Step 1: Breaking Out Short and Long-Term � Step 2: Reporting on Form � Step 3: Schedule D and Form You calculate your loss by subtracting your sales price from the original purchase price, known as "basis," and report the loss on Schedule D. Can I claim crypto lost in a scam as a capital loss? No. Because theft is not considered a disposal of a capital asset - it isn't subject to Capital Gains Tax.

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Jordan Bass. If you have been trading frequently, calculating your losses for each of your cryptocurrency trades and reporting them on your taxes can be quite tedious. Skip Navigation. As you will read below, it is unclear which crypto loss scenarios qualify for the investment loss status.