MultiversX Tracker is Live!

Question about tax losses when swapping SFM to BNB

All Cryptocurrencies

by COINS NEWS 100 Views

Hi, I know I will get a lot of flack for being a holder of this token… believe me I wish I would have done so much differently. Unfortunately, I held onto this for 2.5 years and lost a lot of money doing so.

But anyway I recently swapped all of my SFM tokens for BNB a few weeks ago on Trustwallet.

My question is, can I deduct this loss on my taxes for 2023, or is it only taxable when I sell the BNB for USD?

I suppose that this question can also pertain to any coin on the BNB blockchain as well

I use Koinly but they recently changed their login process and I can’t login right now (they deactivated Coinbase linking for logins argh).

Appreciate any and all help. Thanks again

submitted by /u/AcanthocephalaLow979
[link] [comments]
Get BONUS $200 for FREE!

You can get bonuses upto $100 FREE BONUS when you:
πŸ’° Install these recommended apps:
πŸ’² SocialGood - 100% Crypto Back on Everyday Shopping
πŸ’² xPortal - The DeFi For The Next Billion
πŸ’² CryptoTab Browser - Lightweight, fast, and ready to mine!
πŸ’° Register on these recommended exchanges:
🟑 Binance🟑 Bitfinex🟑 Bitmart🟑 Bittrex🟑 Bitget
🟑 CoinEx🟑 Crypto.com🟑 Gate.io🟑 Huobi🟑 Kucoin.



Comments