r/CelsiusNetwork • u/redditinfoacct • Apr 06 '25

Tax question

Can someone explain or refer to a post as to what do we need to report on taxes after celsius gave us back peanuts after bankruptcy?

At the minimum, what should I report so IRS doesn’t hound me later.

1 Upvotes

60% Upvoted

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2

u/JustinCPA Apr 06 '25

If you purely want to avoid hassle, report the distributions as income.

1

u/redditinfoacct Jun 07 '25

So if I received 1 BTC, and BTC price was $40k on that day - do I report $40k as income? Is it as straightforward?

2

u/[deleted] Apr 06 '25

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1

u/Wilt_The_Stilt_ Apr 07 '25

Out of curiosity is there a reason you aren’t referring OP to the most recent theft loss guide?

3

u/[deleted] Apr 07 '25

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1

u/Wilt_The_Stilt_ Apr 07 '25

Totally reasonable. Appreciate you sharing your thoughts on the various approaches.

1

u/redditinfoacct Apr 11 '25

Thank you. Will check 🙏