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Taxes on crypto profits lost to trading forex

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by COINS NEWS 31 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
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