Billions in bitcoin trapped on lending platforms like Celsius may turn into a tax writeoff for investors

07/06 17:43

according CNBC, In the wake of its own solvency crisis, Celsius — which is still advertising up to 18.63% annual yield on its website — has had customer funds on ice for more than three weeks and has yet to announce tangible guidance on next steps. So who is going to be left holding the bag if these platforms go belly up?But Shehan Chandrasekera, a certified public accountant, tells CNBC the U.S. tax code may provide some relief to these investors by way of an obscure deduction.“If your funds become totally worthless and irrecoverable, you may be eligible to write them off as a nonbusiness bad debt on your taxes,” said Chandrasekera, a hed of digital currency tax software company that helps clients to both track their crypto across virtual wallet addresses and manage their corresponding tax obligations.

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