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Internal Revenue Code (IRC) Tax Deductions Tax Losses

ASKramer Law

Tax-Loss Harvesting Part II: The Wash Sales Rule

ASKramer Law on

At the beginning of this series, I mentioned briefly that taxpayers can use tax-loss harvesting approaches in tandem with a number of investment strategies, which we will go into in more detail in Part III. Many of these...more

ASKramer Law

Digital Asset Theft Loss Deductions are More Complicated Than You Think

ASKramer Law on

Taxpayers can take a tax deduction with respect to “theft” losses that result from an illegal “taking of property” done with criminal intent. Among various other types of criminal activities, fraud is treated as theft under...more

McDermott Will & Emery

IRS Releases Memorandum on Deducting Cryptocurrency Losses

McDermott Will & Emery on

On January 13, 2023, the Internal Revenue Service (IRS) released a Chief Counsel Advice Memorandum (CCA 202302011) concluding that taxpayers cannot claim a deduction for cryptocurrency losses that have, absent a sale or other...more

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