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Expert Analysis

Key Considerations For Taxpayers Deducting Crypto Losses

By John Lutz, William Pomierski and Andrew Granek ( March 13, 2023, 4:56 PM EDT) -- On Jan. 13, the Internal Revenue Service released a chief counsel advice memorandum concluding that taxpayers cannot claim a deduction for cryptocurrency losses that have, absent a sale or other taxable disposition, substantially declined in value if such cryptocurrency continues to trade on at least one exchange and has a value greater than zero....

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