Cryptocurrency is becoming increasingly popular and widely accepted in many online gambling sites. The good news is that, in most cases, you can claim crypto gambling losses against your winnings on your tax returns. However, you may wonder about the tax implications if you’re a gambler looking to claim crypto gambling losses. In this article, we’ll explain how to claim your crypto gambling losses and the details you need to know to ensure compliance.
What Are Crypto Gambling Losses?
Crypto gambling losses refer to the money you lose while gambling using cryptocurrency. Like any other type of gambling, crypto gambling losses can be deducted from your total winnings if you can provide evidence of your losses.