ACCOUNTANT EXPLAINS How to Get a Tax Break from Crypto Losses

Today, I will be covering the tax implications form crypto losses, walk you through an example of how you might calculate your tax impact, and then bring it all together as to how you might make your decision to sell your crypto holdings.
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📸 Instagram: @GabrielleTalksMoney
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WHO AM I:
Gabrielle is a CPA and Tax Expert, as well as the founder of Balance + Wealth CPA, a licensed CPA firm that specializes in Tax. Prior to starting her business, worked as a Tax Manager at one of the Big 4 Accounting Firms for 7+ years, working with Global 500 companies. Gabrielle posts weekly videos on personal finance, business finance, and tax tips.
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Disclaimer: Note this video is not financial nor accounting/tax advice and should be used for entertainment purposes only. Consult with your own financial advisor, accountant and/or tax advisor for specific advice related to your business situation and needs.

*This description contains some affiliate links, meaning that I may earn a minimal commission if you click through and use these links (at no additional cost to you).

[sauravlahiry]

sis, thanks a lot for such a valuable information. there is hardly any info regrading crypto losses

[WylandProductions]

Great overview - What tool do you suggestion people use when calculating their gains / losses? I'm looking at CoinLeder and Zenledger and curious if you have any advice

[ALLINONE]

It was helpful, thank you so much.

If possible, I want to request if you can please make a video how to file taxes claiming capital gain or losses from stock and which tax slips to use for that.

We will really appreciate.
Thanks

[MJ-cgvp]

One question. You write down your crypto inventory at NRV to lower your taxes this year. what happens when crypto price skyrockets next year? Are we allowed to write up your inventory and what are the tax implications?

[AyselMehmet]

The high rate of living presently a new dimension of earnings, despite the drop in Bitcoin price will not stop me from investing.

[windtwist]

All i need to know is WHAT form to fill out. As much as I read and look, none of it seems to apply...but it's all blurrring together at this point

[sunnysingh-gspk]

Hi,
I have lost 100k in Tera Luna this year.Can I carry forward the loss 💯 percent and in future when I have capital gain just offset it later

[jpgonlinek]

Thanks for a great video. Can we take a capital loss if we still have cryptos on exchange like Celcius or Voyager and they have frozen all activities and won't allow you to withdraw or trade them?

[angelac]

If I don’t cash the crypto, do I pay tax in Canada ?

[WilliamusTrades]

Gabrielle, I got it lol. You're amazing. You've done a few great videos on taxes and crypto. A topic I wonder about sometimes is sole proprietorship as a stock/crypto trader in Canada, aka "sole trader". I've heard it's a good way to manage costs associated with trading, but if you Google "sole trader canada" then you just get generic sole proprietor results. Just an idea maybe for a future video? If you decide to make a video on this topic then you would have the Google result for "sole trader canada" on lockdown lol. Thanks again for everything you do

[jamestegarden]

Can i wash today without worrying that the irs will change the wash sale rule and retroactively apply the law (if it passes) to the beginning of the year?

[kevina]

I missed the deadline to sell my crypto and stocks. I sold after the market closed, instead I sold on Dec 31st, can I file these loses on my 2023 taxes?

[patcan]

would you recommend any crypto trade tracker for tax calculations for canada, koinly or coinstats

[qamarcpa]

So day trading is a crypto business, right and I can offset trading loss against my employment income.

[lynju_]

3:20 how come google I can offset up to 3000 in income though if I lost like 5000 in crypto?

[erikamiyamurahuerta]

Hi Gabrielle,
I'm watching your videos and I wonder if you had to do your masters degree to become tax manager.

[bonalovera]

Hi Gabrielle, if i invest my money into mining or trading and i get profit every week/month but i don't sell that crypto until the next tax season, how i get taxed from that? and also do i need to keep all the transaction records? thank you

[kidsavageo]

Way to complicated explanation, Im dumb that’s y I YouTube it

[raymundoperez]

Is this video based on Canada or USA tax law?

[ferdinis]

I have been trying to contact you through your private email in this platform as I would like to have some consultation with you. Are you able to help or can you recommend someone else, please. Thanks. Keep up the excellent work!