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IF YOU HAVE CRYPTO LOSSES IN 2022 DO THIS BEFORE DEC. 31st!Typically, you can't deduct losses for lost or stolen crypto on your return. The IRS states two types of losses exist for capital assets. They are now no longer tax deductible. So if you've lost your crypto due to a hack or scam, you cannot claim it as a loss and offset it against your gains. As mentioned earlier, cryptocurrency losses can be used to reduce crypto taxes. Much like other capital losses.
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