The IRS Wants to Tax Your Frozen Crypto

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Voyager. Celsius. Genesis. And of course, FTX. All major crypto companies that went bankrupt last year. All names we’ve talked a lot about on this podcast.

But even if you’ve heard of these companies, did you know there’s a tax season quirk for US investors who had digital tokens tied up in accounts on these platforms?

These investors have lost access to these funds while bankruptcy cases wind through the court system, and in some cases they’re going to have pay taxes on those assets.

Bloomberg’s Claire Ballentine, and Bloomberg Tax reporter Lauren Vella join this episode to help crypto investors who are dreading US tax season. We also connect with a crypto investor who owes tax on his losses.

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This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer: Desta Wondirad.

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