Here's how to report 2022 crypto losses on your tax return

  • by:
  • Source: CNBC
  • 03/17/2023

The latest crypto rally may be good news for digital currency investors. But if you’re still recovering from last year’s losses, it may be possible to score a tax break on your 2022 return.

The crypto market plunged by nearly $1.4 trillion in 2022 after a series of bankruptcies, liquidity issues and the collapse of FTX, one of the biggest crypto exchanges.

If you’re itching to claim a crypto loss on your taxes, there are a few things to know, experts say. One of the silver linings of plummeting assets is the chance to leverage tax-loss harvesting, or using losses to offset gains.

Bitcoin vs Altcoins by André François McKenzie is licensed under Unsplash

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