What It's About
If you lost it all in crypto—can you at least save some cash on taxes?
Notes from Chris
Episode 2094
If you invested in cryptocurrency ten years ago … you’re probably not listening to this podcast, because you’re a mega-millionaire. Good work. If you began investing in cryptocurrency (Bitcoin of course, but also others) in the spring of 2022, you might be less than a mega-millionaire. In fact, you might be sitting on some pretty significant losses. Some of my investments are down 90%, which isn’t fun. Fortunately I try to diversify, but still, it’s definitely a hit for a lot of us. Today’s caller is wondering if there’s a bright side: can these losses be deducted from your taxes?“Like many people, I bought Bitcoin and other cryptocurrencies last year. Everyone was doing it and the price kept going higher! Just once problem: I bought at the top and then the market crashed. It seems like we're in a slow recovery now (what do you think?) but in the meantime I'm sitting on a big loss, at least on paper. Can I deduct this on my taxes or otherwise see some kind of benefit? I know, you don't usually think of losing a lot of money as a benefit, but I'm looking for any silver linings. ”Listen to today's episode to learn more...
SEE ALSO:
- Catholic Designer Creates Stylish Apparel Line: What shall it profit a man to gain the whole world but not sell any t-shirts? This designer cast his bread upon the waters and ended up with a profitable fashion line.
- Seattle Couple Creates New “Income LiveStream”: When a married couple runs into logistical problems at their wedding, it leads to an innovative service that other engaged couples need during the pandemic.
- Role-Playing Pastor Rolls The Dice On $2800/Month Hustle: Listener success story! This Presbyterian minister turns to his lifelong interest in role-playing games to set up a sustainable second income source.
Download Episodes By Months: Season 6 (2022): JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | Season 5 (2021): JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | Season 4 (2020): JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | Season 3 (2019): JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | Season 2 (2018): JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC | Season 1 (2017): JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC |
Resources
GET $625 IN FREE TRAVEL
Earn 50,000 travel rewards points (enough for 2 round-trip plane tickets or $625 in travel credit). You'll also earn 2x points on all travel and dining spend, with zero foreign transaction fees.
I use this card every day all over the world! ✈️
CREATE YOUR ONLINE STORE
Create your online store with Shopify using an exclusive discount for Side Hustle School listeners. For a limited time, get a free 21-day trial and a 10% discount for a whole year.
Many Side Hustle School listeners are building sites using Shopify's easy-to-learn platform. Try it free today!
Learn More
Sponsors & Gratitude
Learn More With Skillshare!
Supporting the sponsors keeps the show free. Today’s episode of Side Hustle School is brought to you by Skillshare. 📷
Skillshare is giving Side Hustle School listeners 2 months of unlimited access—for $0.99! Join the 2 million students learning everything from street photography to SEO on Skillshare today!
Get Started Here!
Like the Show? Leave a Rating!
Side Hustle School is for you! If you’re enjoying it, please take a quick moment to leave a rating or write a quick review. It's really easy and it makes a difference! ✅
It also makes a huge difference when you tell your friends about the show. Remember, it's 100% free and listener-supported.
Keep in Touch
There’s a new story every single day on Side Hustle School. Episodes are produced to be short and to the point—I know you’re busy. Be sure you subscribe to get instant notification of the day’s broadcast!
To infinity and beyond,
