Mark Kohler explains how to handle taxes on Celsius deposits after the company's bankruptcy. If you get a 1099 from Celsius, report the income now, then claim a loss later when bankruptcy settles. He's launching a tax advisor network on February 20.
So we got a great question here on our LIVE today about this Celsius issue. People were doing the EARN program at Celsius where they gave Celsius money and they were getting a yield back. There was a bankruptcy court decision recently that they don't own their own money. Celsius owns it. For those of you that are facing issues with the Celsius 1099 now, wondering what's going to happen in bankruptcy, understandably you have a lot of questions. If you get a 1099 from even a company that has claimed bankruptcy, you've got to claim the income from the 1099, then wait around and see when the bankruptcy is over how much you're going to get, if anything at all. And then your difference becomes your write off on that year's tax return. That's the answer. Hang in there. For those of you looking for an accountant, I have my Mark J. Kohler tax advisor network. February 20th, we are going to be rolling out all of our tax advisors that you can interview around the country that are all on my page.
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