Anyone claiming a loss on their taxes?

[RodeoX]

If you live in the U.S. and you lost money trading crypto in 2017 you can claim a loss to the IRS. Only profits are taxable and losses can be deductions. Anyone in that boat or have information about that process? With the huge growth I guess few lost money, but I would be interested in how the irs treats a loss claim.

[matuson]

I'm not from America. In my country the right to claim damages are only legal entities. They are the extended accounts. So they have the opportunity. All physical persons submit a simplified Declaration of income for the year. There are no data from the previous periods. So nobody has the opportunity to have beginning-of-year negative income.

[Jeeps]

I do not believe I took an L in 2017, but considering the recent downturn, but I'm definitely in the red right now. Then again, I'm only estimating -- which is due to my poor record keeping...

Lesson learned: I should have done a better/more comprehensive/more dedicated job from the get-go in tracking all of my transactions from one master spreadsheet. Now it's going to be an effin' nightmare going to all of the exchanges, exporting my trade histories, logging them, and calculating everything. Kicking myself now, but hey, we live and we learn as the saying goes. (Needless to say, I've already started said spreadsheet.)