Question with regards to treatment of Crypto loss: client purchased large amount of alt coins during 2021 and was intended to sell them shortly after the purchase. However his access to sell was restricted and he was not able to sell after continued attempts until 8 days later, the sell transactions went through- during this time the values dropped dramatically and he sustained $100K loss. Practically we’ll report this as ST capital loss, but I’m curious whether it could be viewed as damage?

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Posting as :
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That is an interesting question, someone please post some research if you answer. Crypto is technically property, right?

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Yep that’s right!

By damage do you mean casualty loss? Check out notice 2019-24.

Regardless of that notice, I don’t see how this could be damage to the property. It seems like access was restricted (issue with broker) and even that was only temporary.

My bad, not a notice, but rev. rul.

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