Hi accountants, we can get tax deductions on our loses. After making profits in this cycle I want to sell or offset my loses by selling coins that went to zero in 2017. Literally $2000 down to $0.
But we can't sell, we have the coins in the wallet but coin has rugged and disappeared from this planet.
This coin has disappeared so how can we get a tax deduction with it? including the exchange saying you can't sell your tokens try transfering to another wallet. If I transfer to another wallet that doesn't do anything as coins are no longer in existence. The project is deleted.
Can we burn the coin or put in a fake address that goes to thin air in this case we can have a so called sell invoice to claim on tax?
Or is a screenshot of the value good enough for tax? Baught $2000 in 2017 - current wallet value $0 in 2025.
Thanks in advance. ....β¦....... (Offset my 2017 losses for this years profits to benifit tax.)
Edit: thanks for your comments.
I've emailed the exchange and they emailed me a receipt with 33cents lol, and removed the coins from my account with no fees. It's a win, it was worth zero on my side. Easy tax deduction on the zillion I made and will make this cycle. A few years ago they weren't this helpful which I was surprised they did it so easily this time, literally not even 15 minutes.
Also shows how easily keeping coins on the exchange can be gone in a few minutes with their backend stuff.
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