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  • Crypto: How to deal with Celsius bankruptcy

    Back in 2022 Celsius froze customers' assets and entered bankruptcy. A portion of our holdings is now being distributed to us in BTC and ETH, regardless of what coins we held in Celsius. How should we deal with this for tax purposes? Is it acceptable to treat the BTC and ETH deposits as trades from our coins held on Celsius, keeping the acquisition costs of the original coins and therefore only incurring taxable gains/losses on sale of the BTC and ETH? Thanks for any advice.