Earlier this month, we presented to IRD about claiming tax loss for taxpayers who held cryptocurrency on these platforms. A summary of that presentation can be found here. We have now received a reply to that presentation, and this article…
Tag: Losses
FTX & Celsius Bankruptcy – IRD Presentation
Note: IRD has now replied to our presentation. They have issues about the timing of the deductibility, and if in fact the tokens are worthless on 31 March 2023 which can be viewed here. Tim recently presented to Inland Revenue…
Claiming Tax Losses From Cryptocurrency
Due to the market collapse in 2023, currently, we expect many clients will have losses from cryptocurrency. This may be compounded further because of the bankruptcy of FTX, Celsius, and BlockFi and not to mention TERA and LUNA situation. What…
2022 Profits & 2023 Losses
Some clients have made record profits for the 2022 financial year (ending 31 March 2022). But, they have since had significant losses after the recent market downturn (in the 2023 financial year). The 2023 loss cannot be offset against the…