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Re: Crypto currency purchased via ICO

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Devotee Registered Tax Practitioner

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Your failed ICO will give you a capital loss to offset your gains, however I would assume you have to take the reasonable person approach in regards to when you claim a capital loss. When shares become worthless it usually requires a liquidators letter stating the shares have $0 value, the other common trick investors do is sell off the worthless parcel to a 3rd party realising the loss. From what you have stated neither sounds like an option so the best approach would be to make the call that they are wortless yourself which would require an amendment down the track if the ICO did come through