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Crypto tax losses

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by COINS NEWS 87 Views

Tis the season to bang our heads against the wall trying to report our 15000 transactions from 17 different exchanges with 15 tokens staked and all that blah blah.

My question, who here has reported a $3,000 (Max per year) annual loss and seen it actually make a difference? I’m sure there isn’t many of us that don’t have enough investments in red to add up to 3K.

My scenario, I sold my soggy bag of LRC in hopes to “try” to write off the 3k I was in red. My problem is I transferred it from Loopring wallet to coinbase to sell it but I bought it on Kucoin originally and can’t for the life of me import a CSV that shows cost basis.

So if the $3,000 loss only gets deducted from your income is it really going to make a big difference? Say you make 150k and it reduces that to 147k, what are you realistically gaining?

Is it worth the time? Who here has thy knowledge I seek? Appreciate any insight!!!!

submitted by /u/interestedcharmander
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