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There are people who have lost the key to wallets. For most of them, that is the same as not owning the cryptocurrency, but a small number might get lucky and r
by mannykannot 9y ago
There are people who have lost the key to wallets. For most of them, that is the same as not owning the cryptocurrency, but a small number might get lucky and remember where they put it, or remember enough of it to eventually recover it, at some point in the future. I haven't looked in detail, but do the rules address this scenario?
- khc 9y agoYou report transactions. So if you lost your keys there should be no transactions
- s73v3r_ 9y agoYes. If you don’t have the key, you can’t sell. Selling is when you would realize your gain (or loss), and then do tax stuff.
- floatingatoll 9y agoLost assets are commonly reported on this form, which you should file if you knowingly hold coins and then lose access to them: https://www.irs.gov/pub/irs-pdf/i4684.pdf https://www.irs.gov/pub/irs-pdf/i4684.pdf If you recover the property in the future after filing it as lost, pay a tax professional to advise you.
- loeg 9y agoYou only realize income on sales. So if it's lost and you can't sell it, there is no taxable income.