Tax expert says FTX customers should get guidance from the IRS in 2023 on how to report losses from Sam Banman-Fried's bankrupt cryptocurrency exchange to avoid amending tax returns.
will charge interest on any unpaid tax. A taxpayer may be required to make an extension payment to avoid interest and penalty, a complicated task when the amount of deductible loss could still be unknown at that time.. Taxpayers can also file protective refund claims. These claims preserve the right to claim a refund when the refund depends on future events that may not be determinable until after the statute of limitations expires.
The IRS no longer allows a deduction for personal casualty and theft losses except in cases of qualified disasters, though you can still write off losses from the theft of investment property. In this photo illustration, the homepage of the Internal Revenue Service website seen on a computer screen through a magnifying glass.
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