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Question about tax losses when swapping SFM to BNB

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by COINS NEWS 149 Views

Hi, I know I will get a lot of flack for being a holder of this token… believe me I wish I would have done so much differently. Unfortunately, I held onto this for 2.5 years and lost a lot of money doing so.

But anyway I recently swapped all of my SFM tokens for BNB a few weeks ago on Trustwallet.

My question is, can I deduct this loss on my taxes for 2023, or is it only taxable when I sell the BNB for USD?

I suppose that this question can also pertain to any coin on the BNB blockchain as well

I use Koinly but they recently changed their login process and I can’t login right now (they deactivated Coinbase linking for logins argh).

Appreciate any and all help. Thanks again

submitted by /u/AcanthocephalaLow979
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