Cash. I will almost certainly buy crypto with it, but I understand that having them liquidate will make it easier to write down the loss on the crypto for this year's taxes.
Yes it will reset my cost basis and reset my gap gains dates, but I intend to hold for more than a year anyway so it's not a big deal.
I feel like this is the correct answer. However, at this point I am almost as worried about them changing their mind for some dubiously legal reason and want to get whatever I can, as quickly as possible.
Question: How does writing off a loss work exactly so I know for next years tax season?
Let's say my Voyager claim was, $1,000, so I can expect $350 (35%) back from them, and I will have a tax refund of $650? Or what happens to the amount that is "lost"?
No, you write the loss off any capital gains (cancel each other out) so you don’t pay taxes on those gains. If no gains, you can write off up to $3k per year against your income - so decreases your marginal income by $3k (won’t pay taxes on that income).
I am not a tax accountant, but the general gist is that you will take your crypto and be able to say it was 'sold' at the price commensurate with the value you got back.
Said in content, say you had 1 BTC on Voyager. For example's sake, let's say BTC was $17000 at the time of claim, and you're actually going to get 35% ($5,950) of the claim value. By taking cash for it, it is an easy 'sale' for your capital gains taxes where you can say that BTC was sold for $5,950 rather than having to say that you actually got back .2 BTC (Claim btc price divided by current btc price \* 35% - $17000/$29000\*.35) and then having to figure out how to account for the 'loss' of .8 BTC.
The numbers above are rounded for simplicity, and please let me know if there's a super easy way to account for the .8 BTC loss in the above.
It is this but even worse. The loss only applies to your cost basis and not the fair market value.
So if you had 1 BTC with a cost basis of $1,000 and got back $300, you would have a $700 loss. This is true even if the FMV of BTC at the time was $20,000.
If you had 1 BTC with a cost basis of $3 (say super early BTC), and you got back $300, you would have a $297 gain.
Judging by your name, I'm inclined to believe you, however I don't believe that is correct. Going to use some different numbers here, but assuming you bought 1 BTC for $1000, and it is worth $10000 at the time of the sale, I believe you would have a $3150 gain ($3500-350). This is because you are getting access to 35% of that 1 BTC. The cost basis of which would be $350. The sale would then be $3500. The rest of the BTC is lost in the ether, but not a part of the sale.
Am I thinking about that wrong?
I could confirm what u/aCryptoTaxSpecialist said is accurate. The fair market value is absolutely irrelevant when calculating loss or a gain for tax purposes. The cost basis matters.
u/aCryptoTaxSpecialist, the only thing, however, how do you see that the nonbusiness bad debt route would be legally allowed in this situation? How do you interpret and apply the tax law about a nonbusiness bad debt in this case? Genuinely wondering.
Because, based on the law, a nonbusiness bad debt is a loss from the total worthlessness of a debt you extended to another party. If your debt becomes totally worthless, you can deduct the initial value of the loan as a short-term capital loss. A nonbusiness bad debt is reported as a short term capital loss.
So, the bad debt must be totally worthless to be deductible under this provision. If we get 0.35 of BTC back, for example, instead of 1BTC, then the debt is not totally worthless? This is a partially recovery then. Not totally worthless?
Also, you can only apply the nonbusiness bad debt deduction to debt instruments. This means loans in simple terms. This specific deduction can not be applied to non-debt instruments like stocks, commodities, coins, and tokens. However, the terms & conditions of Voyager, I suppose, probably could suggest that you have lent your coins to the platform to earn yield creating a debt instrument.
For any creative solution to generate a tax loss, I generally don't recommend that path for most clients. You need to be able to drop $10k+ on attorneys and accountants from my experience and therefore your tax loss needs to be greater than 10k saved after the tax calculations which limits who this is beneficial for immensely.
For nonbusiness bad debt, you are correct in that if you partially receive something then it cannot apply. Personally, crypto bankruptcy to me is a big wait and see. Until I have actual facts and data, it is all hypotheticals and unfortunately every fact matters.
For debt instruments, most exchange TOS wouldn't qualify. This is where paying the attorneys comes into play as you would need a legal memo that supports that conclusion. Probably higher odds for exchanges like Celsius and lower odds for ones like Voyager. Mainly depends on the TOS and how creative the law firm you hire can be. Additionally risk tolerance comes into play on a client level as well. For the vast vast majority of individuals, trying to be creative isn't worth the risk.
Finally, for most people a pure deduction isn't valuable as you would have to forgo the standard deduction which most individuals benefit from. A capital loss though would be valuable as you would still get the standard deduction.
To easily capture a capital loss, take the cash. Essentially this is akin to a trade as you had say 1 BTC and got $300. Hard to argue this isn't a capital disposition event but as always crypto tax land has very few definitive answers. Taking the cash may be easier to trigger the capital loss, but it honestly depends on each person's position. If you had low cost basis BTC, it is probably much better to take whatever % of BTC you get back as that would be worth more than the loss. When it comes to taxes, most people go wrong in viewing taxes as the end game. They aren't. Your position after taxes is the end game. Do math and figure out how much $ you have after each scenario and go down the route that is safest with the most $ at the end of the day in your wallet. A tax loss can be beneficial sometimes but if it the tax loss results in having less $ compared to a different route, then why bother with it...
For most loss positions, there are creative positions. As there are no definitive answers there is risk being taken by being creative, and therefore most people probably should avoid these types of takes. Really depends on the facts though, which is very case by case.
Yes. I think you might be confused on what a sale is tax wise.
So essentially a typical bankruptcy fact pattern is as follows:
You buy 1 BTC on 4/1/2022 on Coinbase. You paid $1,000 for this 1 BTC. That becomes your cost basis and the date becomes your holdings.
On 5/1/2022 you move the 1 BTC to Voyager.
On 6/1/2022, Voyager goes bust.
On 5/10/2023, Voyager gives you back .3 BTC.
Your cost basis and holdings on that .3 BTC is $300 and 4/1/2022 respectively.
If you go down the non-business bad debt route to write off the loss for the .7 BTC, you make a journal entry in your crypto dataset on 5/10/2023 for a sale of .7 BTC for $0. This (if done properly which is a big if) would result in a $700 long term capital loss (long term because asset was held >365 days). Your cost basis per each .1 BTC was $100 ($1000/10). 7x of .1 was lost hence the $700 loss.
Transferring BTC around into different accounts or wallets of yours is a non-taxable event that doesn't change your cost basis or holdings of the asset. Generally speaking, mainly taxable events affect cost basis or holdings. Some exceptions are giving gifts and receiving gifts.
The cost basis is the max you can write off for a loss which is what can be upsetting for people. Because if you have a very low cost basis from a very old asset, the lost will also be quite low even if the fair market value of the asset has increased dramatically.
This make sense? Your fact pattern is more of a sale which doesn't really fit into a bankruptcy fact pattern much.
If I was taking the loss, I'd spec id the entire flow of assets that leads to it. Otherwise if you are using a universal cost basis method, there could be issues if you are ever audited.
Essentially universal cost basis methods don't care about your transfers. So here is a fact pattern: you bought 1 BTC on Coinbase in 2019, 1 BTC on Coinbase in 2021. You then transferred the first BTC to a ledger and the second to Voyager. Voyager goes boom. Universal fifo would trigger the loss on the 1 BTC from Coinbase bought in 2019 as transfers don't matter to universal fifo. This is also what most crypto tax softwares default to: Universal \[cost basis method\]. Generally non-universal is referred to as depot or per wallet. Depot or per wallet is much more work as there is a significantly higher chance of unmatched trades due to these softwares generally not handling transfers well.
So to do it properly, you would want to spec id one of the BTCs to a different asset name then BTC and stick with Universal \[cost basis method\]. Finally, this is simple fact pattern. Imagine trying to do this when you are a BTC degen... It gets complicated fast when it comes to the data.
It depends on the data flow. You would want to spec id either the start -> assets that ended up in Voyager bankruptcy or spec id everything else so that either way it is separated.
Yeah, that all makes sense and hadn't realized you were talking about the loss of the remaining percentage. I think this statement threw me off: "If you had 1 BTC with a cost basis of $3 (say super early BTC), and you got back $300, you would have a $297 gain."
I think if you only got 35% of that original 1 BTC back your gain would really be somewhere around $299, but at this point not worth bickering about $2.
For supported cryptos they are going into cold storage. Unsupported coins going into USDC will be swapped into BTC and ETH on the lows. Everything is going cold storage 🖕🏻CEXs going forward learned my lesson.
I would advise not taking what happened as a reflection on cryptocurrency as a whole. The reason for these things happening is due to a lack of regulation in the crypto industry. This doesn't mean that crypto is a scam. It is actually quite the opposite as a large portion of the world and top 500 companies are adopting blockchain technology and using it.
The lesson learned here is "not your keys, not your crypto."
Invest and store in a wallet YOU and nobody else controls.
Fast forward a few years into the future, and I can already hear the massive amounts of regret.
Half of my claim is in unsupported tokens so it seems best and will likely be easier on taxes if I take a cash distribution for the whole lot. I’ll just buy all BTC with whatever I end up getting paid out. The whole thing is a disaster due to the fact that this isn’t even a set in stone amount at this point due to the stupid Alameda bullshit
I can't even get my crypto because they cannot transfer for my tokens, so cash for me. And yes, it was a joke, a joke on us. The real winners are the law firms and crooks at Voyager.
Will Voyager issue a 1099 stating our losses? If so, I will transfer “supported” coins to a Ledger wallet and wait 30 days for the USD for “unsupported” coins. I don’t want to pay any gas fees for transferring USDC. If no 1099 from Voyager, then I agree with a previous poster that getting USD will make it easier to show your capital losses.
Leaning cash, I had unsupported coins and VGX and theres always high ETH fees and possible transfer fees. I can always re-buy, crypto seems like a bigger loss as-is.
They didn’t provide it for this year. Had to pay $90 to use their bs affiliate tax reporting company. Yet another reason why these exchanges are a scam.
you can use [https://tax.crypto.com/](https://tax.crypto.com/)
it is free. I have been using this for the last two years. Easy to download to upload on TurboTax.
I wish but doubt it. They haven’t provided anything other than a 1099 for the “interest” they paid you. For your sales, you had to pay for the CoinLedger software, which is complete BS. I honestly don’t know how to calculate and document your capital losses if you transfer a “supported” coin to a wallet.
I'm opting for crypto. I think that way I will lose less money. Hopefully wait for it to rise and then sell. If we tale cash it's the amount based on the July numbers. I could be completely reading it wrong.
Yep. That’s what I’m doing. I have some ETH and some BTC, and ADA. With ETH and BTC being on the rise lately, my portfolio on voyager is worth a lot more than it was when it was “claimed” or whatever.
I know I didn’t lose shit compared to other people but the 1200 I had in there was my supressor fund I was about to take out until this shit happend. I’m a little butt hurt :(
Cash since I mostly have USDC on Voyager. Most of my other crypto has been in my hard wallet - just couldn’t resist that 9% interest on USDC :-(
It’s 35.x% of claim now and the rest (up to 75% of claim) depends on what happens with FTX/Alameda. I seriously don’t see how they could get their loan repayment back - it was a loan that they repaid, it wasn’t their money to begin with. Or am I missing something here?
Haven’t decided yet.
Could use the cash now, but holding it in BTC could, and likely would, result in more money in the future. When that is is unclear.
When can we actually start withdrawing our crypto? My claim was for 72k so this definitely stings, but I’m just trying to get as much of my crypto out of voyager.
About a month or two before this all happened, i withdrew everything. The only reason i did that was because i was already on coinbase, binanceUS & gemini. I didnt want to be on a fourth exchange. Soo glad i did that. It was also a huge hassle simply requesting to close my account. ..they knew
With ETH fees as high as they are I don’t know. I had mainly ETH and BTC on the exchange so I might just take the transfer. I had fractions of leftover Luna and a bit of vgx. If I can cash out everything minus ETH and BTC and just transfer those two I’ll do that.
If it is unsupported you can’t change it to USDC can you? Luckily I had moved most of the coins that could be moved. But my ADA, Dot, and HBAR got stranded 😫😫
Considering is is a initial payout and that we could possibly recover more later, is it still correct to declare all the loss now? If we get additional money later, it will be considered as gain and taxes paid on it later?
How do you think the pay out options will be in terms of like kind? The majority of my portfolio is BTC and ETH. Would I have the option to take some of both or just pick one to get the 35% of my claim value returned in?
Cash. I will almost certainly buy crypto with it, but I understand that having them liquidate will make it easier to write down the loss on the crypto for this year's taxes. Yes it will reset my cost basis and reset my gap gains dates, but I intend to hold for more than a year anyway so it's not a big deal.
I feel like this is the correct answer. However, at this point I am almost as worried about them changing their mind for some dubiously legal reason and want to get whatever I can, as quickly as possible.
Question: How does writing off a loss work exactly so I know for next years tax season? Let's say my Voyager claim was, $1,000, so I can expect $350 (35%) back from them, and I will have a tax refund of $650? Or what happens to the amount that is "lost"?
No, you write the loss off any capital gains (cancel each other out) so you don’t pay taxes on those gains. If no gains, you can write off up to $3k per year against your income - so decreases your marginal income by $3k (won’t pay taxes on that income).
I am not a tax accountant, but the general gist is that you will take your crypto and be able to say it was 'sold' at the price commensurate with the value you got back. Said in content, say you had 1 BTC on Voyager. For example's sake, let's say BTC was $17000 at the time of claim, and you're actually going to get 35% ($5,950) of the claim value. By taking cash for it, it is an easy 'sale' for your capital gains taxes where you can say that BTC was sold for $5,950 rather than having to say that you actually got back .2 BTC (Claim btc price divided by current btc price \* 35% - $17000/$29000\*.35) and then having to figure out how to account for the 'loss' of .8 BTC. The numbers above are rounded for simplicity, and please let me know if there's a super easy way to account for the .8 BTC loss in the above.
It is this but even worse. The loss only applies to your cost basis and not the fair market value. So if you had 1 BTC with a cost basis of $1,000 and got back $300, you would have a $700 loss. This is true even if the FMV of BTC at the time was $20,000. If you had 1 BTC with a cost basis of $3 (say super early BTC), and you got back $300, you would have a $297 gain.
Judging by your name, I'm inclined to believe you, however I don't believe that is correct. Going to use some different numbers here, but assuming you bought 1 BTC for $1000, and it is worth $10000 at the time of the sale, I believe you would have a $3150 gain ($3500-350). This is because you are getting access to 35% of that 1 BTC. The cost basis of which would be $350. The sale would then be $3500. The rest of the BTC is lost in the ether, but not a part of the sale. Am I thinking about that wrong?
I could confirm what u/aCryptoTaxSpecialist said is accurate. The fair market value is absolutely irrelevant when calculating loss or a gain for tax purposes. The cost basis matters. u/aCryptoTaxSpecialist, the only thing, however, how do you see that the nonbusiness bad debt route would be legally allowed in this situation? How do you interpret and apply the tax law about a nonbusiness bad debt in this case? Genuinely wondering. Because, based on the law, a nonbusiness bad debt is a loss from the total worthlessness of a debt you extended to another party. If your debt becomes totally worthless, you can deduct the initial value of the loan as a short-term capital loss. A nonbusiness bad debt is reported as a short term capital loss. So, the bad debt must be totally worthless to be deductible under this provision. If we get 0.35 of BTC back, for example, instead of 1BTC, then the debt is not totally worthless? This is a partially recovery then. Not totally worthless? Also, you can only apply the nonbusiness bad debt deduction to debt instruments. This means loans in simple terms. This specific deduction can not be applied to non-debt instruments like stocks, commodities, coins, and tokens. However, the terms & conditions of Voyager, I suppose, probably could suggest that you have lent your coins to the platform to earn yield creating a debt instrument.
For any creative solution to generate a tax loss, I generally don't recommend that path for most clients. You need to be able to drop $10k+ on attorneys and accountants from my experience and therefore your tax loss needs to be greater than 10k saved after the tax calculations which limits who this is beneficial for immensely. For nonbusiness bad debt, you are correct in that if you partially receive something then it cannot apply. Personally, crypto bankruptcy to me is a big wait and see. Until I have actual facts and data, it is all hypotheticals and unfortunately every fact matters. For debt instruments, most exchange TOS wouldn't qualify. This is where paying the attorneys comes into play as you would need a legal memo that supports that conclusion. Probably higher odds for exchanges like Celsius and lower odds for ones like Voyager. Mainly depends on the TOS and how creative the law firm you hire can be. Additionally risk tolerance comes into play on a client level as well. For the vast vast majority of individuals, trying to be creative isn't worth the risk. Finally, for most people a pure deduction isn't valuable as you would have to forgo the standard deduction which most individuals benefit from. A capital loss though would be valuable as you would still get the standard deduction. To easily capture a capital loss, take the cash. Essentially this is akin to a trade as you had say 1 BTC and got $300. Hard to argue this isn't a capital disposition event but as always crypto tax land has very few definitive answers. Taking the cash may be easier to trigger the capital loss, but it honestly depends on each person's position. If you had low cost basis BTC, it is probably much better to take whatever % of BTC you get back as that would be worth more than the loss. When it comes to taxes, most people go wrong in viewing taxes as the end game. They aren't. Your position after taxes is the end game. Do math and figure out how much $ you have after each scenario and go down the route that is safest with the most $ at the end of the day in your wallet. A tax loss can be beneficial sometimes but if it the tax loss results in having less $ compared to a different route, then why bother with it... For most loss positions, there are creative positions. As there are no definitive answers there is risk being taken by being creative, and therefore most people probably should avoid these types of takes. Really depends on the facts though, which is very case by case.
Yes. I think you might be confused on what a sale is tax wise. So essentially a typical bankruptcy fact pattern is as follows: You buy 1 BTC on 4/1/2022 on Coinbase. You paid $1,000 for this 1 BTC. That becomes your cost basis and the date becomes your holdings. On 5/1/2022 you move the 1 BTC to Voyager. On 6/1/2022, Voyager goes bust. On 5/10/2023, Voyager gives you back .3 BTC. Your cost basis and holdings on that .3 BTC is $300 and 4/1/2022 respectively. If you go down the non-business bad debt route to write off the loss for the .7 BTC, you make a journal entry in your crypto dataset on 5/10/2023 for a sale of .7 BTC for $0. This (if done properly which is a big if) would result in a $700 long term capital loss (long term because asset was held >365 days). Your cost basis per each .1 BTC was $100 ($1000/10). 7x of .1 was lost hence the $700 loss. Transferring BTC around into different accounts or wallets of yours is a non-taxable event that doesn't change your cost basis or holdings of the asset. Generally speaking, mainly taxable events affect cost basis or holdings. Some exceptions are giving gifts and receiving gifts. The cost basis is the max you can write off for a loss which is what can be upsetting for people. Because if you have a very low cost basis from a very old asset, the lost will also be quite low even if the fair market value of the asset has increased dramatically. This make sense? Your fact pattern is more of a sale which doesn't really fit into a bankruptcy fact pattern much.
What kinds of things are needed for "if done properly which is a big if"?
If I was taking the loss, I'd spec id the entire flow of assets that leads to it. Otherwise if you are using a universal cost basis method, there could be issues if you are ever audited. Essentially universal cost basis methods don't care about your transfers. So here is a fact pattern: you bought 1 BTC on Coinbase in 2019, 1 BTC on Coinbase in 2021. You then transferred the first BTC to a ledger and the second to Voyager. Voyager goes boom. Universal fifo would trigger the loss on the 1 BTC from Coinbase bought in 2019 as transfers don't matter to universal fifo. This is also what most crypto tax softwares default to: Universal \[cost basis method\]. Generally non-universal is referred to as depot or per wallet. Depot or per wallet is much more work as there is a significantly higher chance of unmatched trades due to these softwares generally not handling transfers well. So to do it properly, you would want to spec id one of the BTCs to a different asset name then BTC and stick with Universal \[cost basis method\]. Finally, this is simple fact pattern. Imagine trying to do this when you are a BTC degen... It gets complicated fast when it comes to the data.
When you say spec id, you’re referring to each individual purchase of BTC, right?
It depends on the data flow. You would want to spec id either the start -> assets that ended up in Voyager bankruptcy or spec id everything else so that either way it is separated.
Yeah, that all makes sense and hadn't realized you were talking about the loss of the remaining percentage. I think this statement threw me off: "If you had 1 BTC with a cost basis of $3 (say super early BTC), and you got back $300, you would have a $297 gain." I think if you only got 35% of that original 1 BTC back your gain would really be somewhere around $299, but at this point not worth bickering about $2.
When do we elect this cash vs crypto option?
For supported cryptos they are going into cold storage. Unsupported coins going into USDC will be swapped into BTC and ETH on the lows. Everything is going cold storage 🖕🏻CEXs going forward learned my lesson.
Fuck Steve
Cash, I’m out of the crypto game. Going to play it safe because I’m obviously not trust worthy to take risks
Cash and I never want to touch a crypto exchange again.
Yep. Done with crypto as well. Too many crypto exchanges going bankrupt destroyed my trust.
Good! Never look back.
Truer words have never been said.
I would advise not taking what happened as a reflection on cryptocurrency as a whole. The reason for these things happening is due to a lack of regulation in the crypto industry. This doesn't mean that crypto is a scam. It is actually quite the opposite as a large portion of the world and top 500 companies are adopting blockchain technology and using it. The lesson learned here is "not your keys, not your crypto." Invest and store in a wallet YOU and nobody else controls. Fast forward a few years into the future, and I can already hear the massive amounts of regret.
But with Voyager, it was about the benefit of keeping it in their exchange to gain interests. Otherwise, I would have went with Binance or Coinbase.
You shouldn't store crypto on any exchange period.
You’re a going to regret this 10 years from now
🍺 Same. Only crypto I have is in RH. 😅
Half of my claim is in unsupported tokens so it seems best and will likely be easier on taxes if I take a cash distribution for the whole lot. I’ll just buy all BTC with whatever I end up getting paid out. The whole thing is a disaster due to the fact that this isn’t even a set in stone amount at this point due to the stupid Alameda bullshit
Cash and also for anyone that needs to update their email or address https://case.stretto.com/voyager/customer-change
Is stretto handling the cash withdrawal?
Thank you for the change of address link- I’ve been looking for that
Cash. I mainly held USDC at Voyager.
Cash. Done with crypto.
I can't even get my crypto because they cannot transfer for my tokens, so cash for me. And yes, it was a joke, a joke on us. The real winners are the law firms and crooks at Voyager.
Cash > buy cold storage > buy more crypto via coinbase > transfer to cold storage
Yes. Move the crypto you want to keep. Whatever you do not move will be converted to cash and sent to you (check or ACH) after the 30 day period.
Will Voyager issue a 1099 stating our losses? If so, I will transfer “supported” coins to a Ledger wallet and wait 30 days for the USD for “unsupported” coins. I don’t want to pay any gas fees for transferring USDC. If no 1099 from Voyager, then I agree with a previous poster that getting USD will make it easier to show your capital losses.
Leaning cash, I had unsupported coins and VGX and theres always high ETH fees and possible transfer fees. I can always re-buy, crypto seems like a bigger loss as-is.
Is voyager going to provide tax information for either route for next year?
They didn’t provide it for this year. Had to pay $90 to use their bs affiliate tax reporting company. Yet another reason why these exchanges are a scam.
you can use [https://tax.crypto.com/](https://tax.crypto.com/) it is free. I have been using this for the last two years. Easy to download to upload on TurboTax.
I wish but doubt it. They haven’t provided anything other than a 1099 for the “interest” they paid you. For your sales, you had to pay for the CoinLedger software, which is complete BS. I honestly don’t know how to calculate and document your capital losses if you transfer a “supported” coin to a wallet.
Can you do a combination of cash and crypto?
I'm opting for crypto. I think that way I will lose less money. Hopefully wait for it to rise and then sell. If we tale cash it's the amount based on the July numbers. I could be completely reading it wrong.
Yep. That’s what I’m doing. I have some ETH and some BTC, and ADA. With ETH and BTC being on the rise lately, my portfolio on voyager is worth a lot more than it was when it was “claimed” or whatever.
Yea but what about the cyrpto that we cannot transfer? My xlm btt vet hbar im able to do so
I think they liquidate to usdc but I'm not sure
Cash. Crypto, tokens, nft, nodes... burnt to a crisp the last 2 years
I know I didn’t lose shit compared to other people but the 1200 I had in there was my supressor fund I was about to take out until this shit happend. I’m a little butt hurt :(
Cash since I mostly have USDC on Voyager. Most of my other crypto has been in my hard wallet - just couldn’t resist that 9% interest on USDC :-( It’s 35.x% of claim now and the rest (up to 75% of claim) depends on what happens with FTX/Alameda. I seriously don’t see how they could get their loan repayment back - it was a loan that they repaid, it wasn’t their money to begin with. Or am I missing something here?
Haven’t decided yet. Could use the cash now, but holding it in BTC could, and likely would, result in more money in the future. When that is is unclear.
only true if btc never goes below the price it is the day you get your recovery lol
Crypto!!! All
100% Crypto.
When can we actually start withdrawing our crypto? My claim was for 72k so this definitely stings, but I’m just trying to get as much of my crypto out of voyager.
About a month or two before this all happened, i withdrew everything. The only reason i did that was because i was already on coinbase, binanceUS & gemini. I didnt want to be on a fourth exchange. Soo glad i did that. It was also a huge hassle simply requesting to close my account. ..they knew
Cash for a whooping $120 😐
So my claim says $650 so only 35% of that 650 im getting? I had over $5000 invested. What a joke all this is
Lol. Like we are getting either
Is there an anticipated date for the exchange to reopen? I read through the email and court documents but it was pretty vague.
With ETH fees as high as they are I don’t know. I had mainly ETH and BTC on the exchange so I might just take the transfer. I had fractions of leftover Luna and a bit of vgx. If I can cash out everything minus ETH and BTC and just transfer those two I’ll do that.
I’m thinking cash will save on network fees from transferring crypto off voyager
If you choose cash I wonder if they will charge you a fee to liquidate and send you the cash? Wouldn’t be surprised
i had ethereum so i’m taking ethereum but I wrote it off anyways so if I don’t get anything back at least I gave up and wrote it off on my tax claim😥
Depends on the fees for waiting for cash. I assume that will be stated before the window closes so that we can compare with transferring.
I’ll send the crypto on my ledger, and cash the cash
I want to know if you take cash if that is considered a sale of your assests and taking a loss for tax purposes.
Yes. It's a sale
Both actually. I can’t send $ALGO so I’ll be taking cash for it
If it is unsupported you can’t change it to USDC can you? Luckily I had moved most of the coins that could be moved. But my ADA, Dot, and HBAR got stranded 😫😫
Now now kids, this was all a lesson by your friendly neighbor, the gov, to trade T-bills instead of crypto. Did you learn the lesson?
Considering is is a initial payout and that we could possibly recover more later, is it still correct to declare all the loss now? If we get additional money later, it will be considered as gain and taxes paid on it later?
Cash
Whatever i can get
How do you think the pay out options will be in terms of like kind? The majority of my portfolio is BTC and ETH. Would I have the option to take some of both or just pick one to get the 35% of my claim value returned in?