Private Letter Ruling PDF - Addressed certain issues related to using virtual currency.
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A worsening macroeconomic climate and the collapse of industry giants such as FTX and Terra have weighed on bitcoin's price this year. Remember, you need to actually realize your loss for it to count as a capital loss that can be written off on your taxes. It may make sense to file an extension if you had significant holdings on any of these platforms to see if there's further clarity. To accept or reject cookies, turn on JavaScript in your browser settings or reload this page.
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