Clinton discusses how cryptocurrency theft losses (thefts, rug pulls, and scams) can be claimed to reduce tax bills. By claiming theft losses, investors can itemize deductions and save money on their taxes, even if they lost money due to closures of exchanges. However, claiming theft losses can be difficult as investors must prove the asset was taken with criminal intent, which can be challenging to prove. In the case of the FTX exchange collapse, its CEO Sam Bankman-Fried was indeed criminally charged, opening the door to claiming this provision, sometimes known as the Madoff provision.
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📣 Host: Clinton Donnelly
Twitter 👉 https://twitter.com/CryptoTaxFixer
Clinton Donnelly, LLM, EA, is the president and founder of CryptoTaxAudit. Clinton holds an advanced law degree in international financial planning and taxation. He is an enrolled agent authorized to represent taxpayers before the IRS. Clinton also holds a Certified Cryptoasset Anti-Financial Crime Specialist certification.
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🐋 Sponsor: CryptoTaxAudit
CryptoTaxAudit, the crypto tax and IRS audit experts, sponsored this episode.
Founded in 2015, CryptoTaxAudit is a full-service tax preparation, crypto calculation, and audit defense company. Clinton Donnelly founded the company and currently serves as its president. Clinton has assembled an experienced team of crypto tax experts, including CPAs, enrolled agents, forensic accountants, and gain calculation analysts. The company’s crypto experts deliver personalized services to help clients get into compliance, develop their tax strategies, and receive professional representation before the IRS.
CryptoTaxAudit protects its clients with Audit Defense, its flagship membership service. Audit Defense membership counters the growing cost of defense against the IRS by providing a cost-effective option for crypto traders and investors.
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