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Should I Find a New Accountant?

Level of expertise: No single accounting or tax professional can know everything in the field. Sometimes they need to call in a specialist or tag-team with another professional to perform their duties at the highest level. This is not incompetence; it is professional responsibility. If you have a complex issue, do not feel bad if your accountant needs help on that project. For the record, I often consult other professionals when writing posts for this blog. It is often a reason why I don’t publish more. I like to cover as many bases as possible.

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Worthless Crypto Tax Deduction

When a cryptocurrency becomes worthless it isn’t treated the same as a worthless security on a tax return. As an asset, it needs to be sold before a loss is allowed. There are two ways you can get a tax deduction for worthless and nearly worthless crypto. We will discuss both methods (sale of asset and abandonment) below and the associated risks.

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