How can I record this Bitconnect loss in a tax software such as TurboTax or Tax ACT? I have used Bitcoin.tax to generate my transaction list from the exchanges. I still hold my BCC that Bitconnect paid out.
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i haven't used turbo tax but it should have a capital gains tab to put this info in and I would treat as a sell. So you would take your basis in the coin for example you bought 200 coins at $200= $40,000 basis or cost. Then I would go with what the price is today $5 * 200 coins= $1,000 so your loss would be $39,000 but turbo tax prompt questions like what is your original cost and selling price and selling expense and I would just fill them in