#2094 - Q&A: “I lost money on Bitcoin … is that tax-deductible?”
Side Hustle School
Chris Guillebeau
4.7 • 3.3K Ratings
🗓️ 25 September 2022
⏱️ 6 minutes
🧾️ Download transcript
Summary
If you began investing in cryptocurrency at the top of the market, you might be sitting on some pretty significant losses. Today’s caller is wondering if there’s a bright side: can these losses be deducted from your taxes?
Side Hustle School features a new episode EVERY DAY, featuring detailed case studies of people who earn extra money without quitting their job. This year, the show includes free guided lessons and listener Q&A several days each week.
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Side Hustle School features a new episode EVERY DAY, featuring detailed case studies of people who earn extra money without quitting their job. This year, the show includes free guided lessons and listener Q&A several days each week.
Show notes: SideHustleSchool.com
Email: team@sidehustleschool.com
Be on the show: SideHustleSchool.com/questions
Connect on Instagram: @193countries
Visit Chris's main site: ChrisGuillebeau.com
Read A Year of Mental Health: yearofmentalhealth.com
If you're enjoying the show, please pass it along! It's free and has been published every single day since January 1, 2017. We're also very grateful for your five-star ratings—it shows that people are listening and looking forward to new episodes. 😎 🙏🏼
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Transcript
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| 0:00.0 | If you invested in cryptocurrency like Bitcoin, you know, some other stuff 10 years ago, you're |
| 0:13.8 | probably not listening to this podcast, okay, because you are a mega millionaire. |
| 0:17.7 | Good work, way to go calling the trend. |
| 0:20.0 | However, if you began investing in cryptocurrency in the spring of 2022 or maybe towards the |
| 0:25.5 | tail end of 2021, you might be less than a mega millionaire. |
| 0:29.5 | In fact, you might be sitting on some pretty significant losses. |
| 0:33.0 | I'm doing that with some of my investments. |
| 0:35.2 | Some of my investments are down 90%, which is not fun. |
| 0:39.1 | Fortunately, I do try to diversify, but still, it's definitely a hit for a lot of us. |
| 0:44.3 | A lot of people are trying to figure out this year, do I keep my money in crypto, do I take |
| 0:48.5 | it out, take the loss. |
| 0:49.5 | In fact, that is what our caller is wondering about. |
| 0:52.8 | Is there a bright side? |
| 0:54.3 | Can these losses be deducted from your taxes? |
| 0:57.5 | Hmm. |
| 0:58.5 | All right. |
| 0:59.5 | It's probably not as good as buying Bitcoin at $2 and watching it go to $60,000. |
| 1:05.4 | And also, I'm not a tax advisor, but because I wondered about this myself a few months ago, |
| 1:09.6 | when I was trying to sort out my own situation, I do, in fact, know the answer. |
| 1:13.7 | So let's see, is there a bright side? |
| 1:15.4 | Can you deduct your losses from Bitcoin or Ethereum or other cryptocurrency from your taxes? |
| 1:21.0 | What's the most important question and my answer in just 30 seconds? |
... |
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