Topic: Bitcoin and Cryptocurrency tax capital gains but Q1 capital loss estimated tax (Read 111 times)
April 01, 2018, 01:15:20 PM
I am not sure what to do and I feel like there has got to be a lot of similar investors out there that are in a similar position as me. I am currently working on taxes on TruboTax and it looks like I am going to owe about 7,000 for federal and 2,300 for state taxes, but yet I have way more capital loss than capital gains over the next 3 months. I didn't expect Cryptocurrency after 3 to 3 1/2 months to have taken about a -80% crash and to still be in a downtrend like this. Not only Cryptocurrency but the U.S. stock market has taken a pretty big hit and I had bought shares of volatile stocks/indexes such as SPXL (S and P 500 3x leverage with volatility adjustment) and I lost 95% in XIV (similar to SVXY an inverse of volatility that did well over the past several years then imploded/collapsed) as well as mj stocks which did very well right before the new year and most of those stocks went down very hard about -80% crash from their peaks. TurboTax is asking me if I want to do Q1 taxes probably because I made a lot in capital gains, but I am thinking maybe I could do Q1 estimated taxes for capital losses.
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