The distribution from Celsius Bankruptcy is happening!
For the record Celsius was a major custodian of cryptocurrency worth of millions of dollars and now bankrupted...
My holdings were made out of various crypto, the US Court has opted to pay a fraction of the holdings back to the unsecured creditors in BTC, ETH, and PUSD (PayPal Stable Coin) + Equity of a new business.
When filling, my tax return this year, should I consider my Capital Loss based on:
A) Price of purchase - Bankruptcy Proceedings on the data it was distributed, or at EOFY (30Jun2024)
B) Price of purchase only, where I consider the bankruptcy distribution to be acquiring new coins for "free" and therefore will be paying Capital Gain when disposed of (Sell Order)?
Hopefully my ask makes sense. Thank you!
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