U.K. POLICE HAVE CRYPTO

due to the cryptocurrency losses that will offset up to $7,000 of those gains The worst case scenario - no capital gains - entails a $3,000 write-off in 2022 and a $4,000 carry forward to offset future capital gains and ordinary income in 2023

An official with the U K National Police Chiefs' Council (NPCC) has deployed crypto tactical advisers to investigate and secure digital assets associated with crimes At a hearing on Tuesday for the new Economic Crime and Corporate Transparency bill, Andrew Gould, staff officer for NPCC's cryptocurrency portfolio, said that "all forces and regional organized crime units have officers trained and equipped to do that "

Whenour grandparents told us not to believe something that seemed too good to be true, they were right� Throughout 2022, the cryptocurrency industry has taken major hits in terms of publicity and dollar losses� FTX declared bankruptcy a few weeks ago, causing the cryptocurrency market to collapse.

Cryptocurrencies are considered capital assets by the Internal Revenue Service� It's good news when long-term capital gains are reported since preferential tax rates may apply The offset of capital gains is generally limited to the year's capital losses We recommend that you start generating capital

Law enforcement will be able to freeze crypto assets associated with criminal activity if the British government passes the bill Yet police agencies have already increased their efforts to target criminals who use crypto for money laundering or terrorism financing According to Gould, "the government's additional 100 million pounds sterling helped the NPCC strengthen its crypto capabilities " Reports indicated that in 2018, police chiefs lobbied the government for funding to train and equip 250 crypto tactical advisors gains between now and the end of 2022 if you have any "winners" in your portfolio.

Your losses can offset the capital gains by $7,000 in your case The Internal Revenue Code provides relief if there are insufficient capital gain-generating assets� In the case of individual taxpayers who can deduct up to $3,000 of capital losses over capital gains, the rule that capital losses can be deducted only against capital gains allows for some "wiggle room."

According to Gould, the U K government has seized cryptocurrency assets worth hundreds of millions of pounds within the past year or so "The police force has procured

If no capital gains are generated between now and Dec 31, you can deduct $3,000 of ordinary income from your 2022 tax return Another $3,000 of other income or capital gains can be offset with the remaining $4,000 in 2023 Selling capital gain assets after the Gator Bowl kickoff is the best scenario for you Your 2022 capital activity will be zero a number of investigative tools and a capacity for storing seized crypto," he explained� Police seized cryptocurrencies from Komainu during investigations in January to provide them with a more "robust" means of storing them Gould still believes crypto is too costly for the NPCC to keep up

Our officers are struggling in the face of the growing complexity of crypto assets," Gould said, adding that their tools can't handle everyone An investigation is best conducted by using more than one tool

"That's very expensive

Other financial losses, such as those from the sale of stock or other property held as an investment, can also be affected by the above advice about cryptocurrency losses To put it another way, after capital losses are offset by capital gains, an individual's taxable income can be reduced by up to $3,000 per year

Furthermore, Gould explained that the police have difficulty retaining staff while competing with the hard-to-turndown salaries offered by the private sector� "One of my sergeants

—Crypto Weekly

the biggest risk we face in