Protect crypto investments from hacks and scams! Claim tax deductions for losses! 📈

Clinton delves into the world of investment losses and how they can impact your crypto taxes. He covers three main types of losses, including Capital Loss, Worthless Securities, and Theft Loss, explaining the unique limits and benefits of each. Using cryptocurrency investment as a specific example, Clinton provides insights into the tax implications of each type of loss. Additionally, he discusses the Bernie Madoff procedure, which simplifies the process for investors to claim a Theft Loss. If you're a crypto investor looking to gain a better understanding of investment losses and their tax implications, this video is a must-watch.

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▬▬▬▬▬ TIMESTAMPS ▬▬▬▬▬

00:00:02 Capital Loss and the Law Limits
00:01:01 Worthless Securities and Capital Loss
00:01:19 Theft Loss and Deduction
00:01:58 Personal Casualty Losses and Crypto
00:03:02 Difficulty in Claiming Theft Loss
00:03:29 Making it Easier to Prove a Theft Loss
00:04:02 Writing off Lost Investment as Capital Loss
00:04:19 Benefit of the Safe Harbor and Criminal Intent
00:04:51 Fraudulent Pretexts and Indictment of Sam Bankman-Fried
00:06:31 Eligibility of FTX and Sam Bankman-Fried's investments for Madoff Treatment
00:07:28 The Bernie Madoff Procedure for Claiming Losses
00:07:55 Adding Losses to Itemized Deductions for Net Operating Losses
00:08:06 Do net operating losses carry over to next year
00:08:24 Why you should claim all your losses on tax returns
00:08:49 Amend previous years' tax returns to claim losses
00:09:10 Silver lining to help reduce taxes
00:09:21 Our Sponser CryptoTaxAudit

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📣 Host: Clinton Donnelly
Twitter 👉 https://twitter.com/CryptoTaxFixer

Clinton Donnelly, LLM, EA, is the president and founder of CryptoTaxAudit. Clinton holds an advanced law degree in international financial planning and taxation. He is an enrolled agent authorized to represent taxpayers before the IRS. Clinton also holds a Certified Cryptoasset Anti-Financial Crime Specialist certification.

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📜 Disclaimer
All opinions expressed by the show’s host and guests are their own. Do not construe them as tax, legal, or financial advice. In addition, they may not represent the policies or opinions of our sponsor, CryptoTaxAudit. Research legal, tax, and financial guidance and advice as needed.

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