Money trapped in celsius network tax deductible

Member since 2021 · 6 posts · 3 votes

Hello,

I made some crypto investments in late 2021 under Celsius Network since Celsius Network filed bankruptcy, is the money lost their tax deductible? Appreciate your inputs.

Thanks

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Ashish AcharyaBusiness Member
CPA, CFP®, PFS · FL · Member since 2017 · 5k+ posts · 3k+ votes
4y
Morethan likely yours. Many other factors need to be considered to determine if you can claim the losses.
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Basit SiddiqiBusiness Member
Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
3y
Normally you have a loss in the year that it is determined that you will no longer be able to collect(I.E. bankruptcy)

Need to determine if your loss is an ordinary loss or a capital loss(limited to $3,000 annually with rest carried forward).
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