MultiversX Tracker is Live!

Taxes on crypto profits lost to trading forex

All Cryptocurrencies

by COINS NEWS 91 Views

I’m in the US. I made $40k off the recent crypto run up, sold earlier 2024 for realized gains. Took those gains and lost almost all of it all trading forex (yes I know, trying to do better). I didn’t think about taxes before jumping into it. Am I still going to be taxed on the $40k crypto gains? Or how does it work? I understand if I’m taxed on net profits if it’s the same trade type, but not sure about crypto profit to forex loss. Would be rough now that money is gone. I greatly appreciate anyone’s insight on this and thank you in advance. Already hurting from the loss, pls be nice.

submitted by /u/codenvitae2
[link] [comments]
Get BONUS $200 for FREE!

You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.



Comments