from what I have heard so far, you definitely do not want to be claiming losses from BTC at this point (as a write off on your taxes). Even though it is quite possible for some people to have lost some money due to bad timing over the last year, since BTC is so new, it is almost like an instant way to get audited.
Just because you are audited doesn't mean anything bad will happen to you. If you have
done nothing wrong paid your taxes then an audit will be nothing more then a small headache. If you accurately report your income and don't over report your deductions then nothing bad will happen to you, and if you were to under report your deductions you could receive a refund.
Fixed that for you.