Livinia LotfyDec 27, 2021 · 3 years ago5 answers Is it possible to deduct gas expenses when using cryptocurrency for transactions?
When using cryptocurrency for transactions, is it possible to deduct gas expenses from taxes? Gas fees are the fees paid to miners to process and validate transactions on the blockchain. Since gas fees can be a significant cost when using cryptocurrency, it would be beneficial to know if these expenses can be deducted for tax purposes. Can gas expenses be considered as a deductible expense when using cryptocurrency for transactions?