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D
DRagan
Level 1
May 6, 2020
Question

Bitcoins

  • May 6, 2020
  • 4 replies
  • 18 views

Can worthless bitcoins be written off? What forms would I use? Thank you

This topic has been closed for replies.

4 replies

abctax55
abctax55
Level 15
May 6, 2020

8949 >>  D... but don't forget about Sch 1

HumanKind... Be Both
    rbynaker
    rbynaker
    Level 13
    May 7, 2020

    When did Bitcoin become worthless?  Isn't it trading around $9K?

      Just-Lisa-Now-
      Just-Lisa-Now-Intuit Community Champion
      Intuit Community Champion
      May 7, 2020

      I asked one of my clients if he had invested in cryptocurrency, bitcoins etc and he told me

      "My friend gave me 1 dollar in bitcoin so I could see how it works, but I don't know anything about it or how to get any money from it...I don't have any paperwork about it....do you know how it works?"

      I just checked the YES box to the Sch 1 question and moved on.

      ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
      George4Tacks
      George4Tacks
      Level 15
      May 7, 2020

      Hi there,

      You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.

      Cheers!

       

      Answers are easy. Questions are hard!
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