I bought SOL with a cost basis of 200 two years ago. It’s sitting in Solflare. If I stake it, it becomes a taxable event. I’m down 70%. So would those losses carry over $3,000 per year until gone? I haven’t made any trades this year so I don’t have any profits to deduct the loss from.
Is anyone actually checking up on this stuff? Asking for a friend. In the UK, they still haven’t prosecuted many people they know took out fraudulent COVID loans etc.
Yes the IRS checks everything.
https://www.forbes.com/sites/kellyphillipserb/2023/11/08/kraken-to-release-account-data-for-certain-crypto-clients-to-irs/