IRS Chief Counsel Guidance Unhelpful Regarding When Crypto Losses are Deductible as Worthless or Abandoned Property
In January, the Chief Counsel’s Office of the IRS issued Advice Memorandum CCA 202302011,[1] explaining how and when a taxpayer may deduct crypto losses as “worthless or abandoned” property under Section 165(a) of the Internal Revenue Code. It is important to note...