Shitcoin Taxes
How can I declare losses on shitcoins like safe moon? I can no longer send them to a burn wallet or sell them in trust wallet. I cannot get rid of them #blockchain #crypto #taxes
So it’s like owning a house that went to zero? That’s pretty funny actually.
yes and it's a serious issue.
Not for us because we are all having a laugh at your expense. Why on earth would you buy something in a totally unregulated market with the name "safe moon" 😂
You can likely claim it as a worthless asset. Read https://money.stackexchange.com/questions/149378/how-do-i-realize-tax-losses-on-a-cryptocurrency-i-cant-sell
Maybe next time stop shitcoining and focus on learning Bitcoin.
Have someone write a bill of sale transferring your safe moon coins to them for $1, then buy then coffee.
this is what I hear, how can you formalize this process? Do I need Venmo receipts ?
Google bill of sale, both parties sign, money must change hands.
Ask AI not the idiots on blind who will just ridicule you
Is it really not possible to write them off as a total loss? I guess it would be super awkward later on if they increased in value…
I thought it was supposed to be safe! This really comes as a shock to me
Isn’t the whole point of crypto that it’s “outside the system”? Lots of posts about folks trying to dodge taxes. In a sense, you got what you wanted, right?
"shitcoins" 😆🎯 You file it like a regular realized asset loss.
have you done it? I thought you had to actually get rid of them, than declare them as "Lost" to get capital loss benefit
Oh, yes. You need to sell the asset to create a realized gain or loss. It's the same as a stock.