#406 Scams, Loses, Theft and More - Must Know Tax Information
Main Street Business
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Do You Claim Your Loss as Income?
The dollar amount of this loss though is the basis, your purchase price of the crypto. You can't write off something you didn't receive and claim as income. Well, all that yield was over there, I lost it. You didn't even claim it as income. It wasn't yours yet. See in three months ago at our conference, you were telling me you couldn't claimed it as income because you didn't have access to it and you hadn't put it in your personal wallet yet. So you were trying to put it off, not claiming it as income, but now you want to claim it as a loss? Same thing. Yeah.
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