The outcome of SBF's prosecution could determine how the IRS treats your FTX losses By Cointelegraph

Four Oath Keeper associates convicted of felonies for roles in US Capitol attack

The outcome of SBF's prosecution could determine how the IRS treats your FTX losses

Cryptocurrency Dec 16, 2022 07:20PM ET

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The outcome of SBF's prosecution could determine how the IRS treats your FTX losses

FTX founder Sam Bankman-Fried has received official criminal charges after the collapse of his cryptocurrency exchange, which is more than just a moral victory for the exchange’s roughly 1 million individual investors. While not locked in yet, things appear to be on track for these investors to take a more favorable tax position as SBF’s fate continues to unravel.

Earlier this fall, it appeared that assets lost in the FTX collapse would be considered a capital loss under the United States tax code for the tax year 2022. This capital loss can be used to offset capital gains. But in a year in which the crypto market took a beating as a whole, most investors will not have capital gains to offset in 2022.

Justin Wilcox is a partner at the Connecticut accounting and advisory firm Fiondella, Milone & LaSaracina. He founded the firm’s cryptocurrency practice in 2018, providing tax and advisory services to Web3 organizations and crypto investors. He mines and trades cryptocurrencies.

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