Andrew Gordon @accounting

Crypto Tax Attorney & CPA | Helping 1,000+ clients crush crypto taxes & beat IRS audits | Chicago | Not legal advice | Book a call 👇 gordonlawltd.com/team/andrew-go… Chicago, IL Joined July 2007

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Andrew Gordon @accounting

23 hours ago

digitalassettax.org/advocacy/letter

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Two fixes the tax code needs: a voluntary disclosure program for crypto, and a deduction for scam victims. I’ve been meeting with Senate Finance and Ways and Means on both, and I go back next month. I’ve drafted a letter for practitioners and I want to hand it to them with real names behind it. CPAs and attorneys, please sign and send it to a colleague. Your name does not have to appear publicly. digitalassettax.org/advocacy/letter

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Andrew Gordon @accounting

3 days ago

@coinfessions Come with us to DC to share your story

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Andrew Gordon @accounting

5 days ago

Today, I was at the White House. I don’t just watch the news, I’m out here meeting with the highest levels of government. Fighting for crypto is one of the most rewarding journeys of my life.

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Andrew Gordon @accounting

7 days ago

@notguiltyCHI @united @subscriptlawyer Let’s do this!

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Andrew Gordon @accounting

a week ago

Everyone pays taxes It can be 40% or even 50% of your gains But a recent report says 49% of investors don’t even know what a taxable event is in crypto. I spoke to @davidgokhshtein about the crypto tax problem in America

Gokhshtein Clips @gokhshteinclips

a week ago

CRYPTO & TAXES 📉 Crypto taxes remain one of the most misunderstood and debated topics in the space. Whether you’re navigating meme coin gains, trading income, or staying compliant with the IRS, clarity is key. While the industry still needs clear regulatory rules, knowing how

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Andrew Gordon @accounting

a week ago

@CPATaxTeam What about a tax loss under 165c2?

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Andrew Gordon @accounting

a week ago

Is your BTC swept in the Coldcard exploit tax deductible? I’m a CPA and tax attorney practicing in crypto tax since 2014. Here’s the answer: A deduction is possible, but it’s smaller than the number value on the block explorer. Personal theft losses are effectively dead. Under §165(h)(5), they are only allowed against personal casualty gains or in a federally declared disaster. The 2025 act made that limitation permanent. A pure theft-loss deduction under the personal casualty rules won’t help you here. The better path is §165(c)(2): a loss incurred in a transaction entered into for profit. This section of the code sits outside the personal casualty limitation. If you acquired Bitcoin as an investment and then had it stolen, you can potentially fit under this rule. The closest IRS guidance we have is CCA 202511015, an internal IRS Chief Counsel memo. I’ve read and studied it carefully. All five fact patterns in that memo involve social-engineering scams (compromised accounts, pig-butchering, phishing, romance scams, and fake kidnappings). None of them are pure technical hacks. And the IRS does not always follow its own Chief Counsel Advice. The part that actually matters for a hardware-wallet exploit is footnote 15. There, IRS Counsel addresses hacked accounts directly: when an attacker gains access and causes an unauthorized distribution, the analysis and tax consequences are treated the same as those for a phishing victim. Still, the IRS is not bound to follow this view in every case. The Coldcard pattern is actually stronger than the facts the memo contemplates. You didn’t click anything. You didn’t authorize a transaction. The only transaction available to characterize the loss is your original purchase of the coins. One important note before anyone screenshots this: a CCA cannot be cited as precedent under §6110(k)(3). It tells you how the Service is currently thinking. It does not bind a court. Now the bad news. Even if the loss qualifies, a theft loss is capped at your adjusted basis. See §165(b) and Reg. §1.165-8(c). You deduct what you paid for the Bitcoin, not what it was worth the morning it was swept. If you experienced a loss in the Coldcard exploit and want to evaluate whether a deduction is appropriate in your specific situation, contact us.

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Andrew Gordon @accounting

a week ago

9/ Experience a loss in the ColdCard hack? Contact us to discuss your situation and whether a deduction is appropriate.

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Andrew Gordon @accounting

a week ago

8/ Now the bad news. A theft loss is capped at adjusted basis. §165(b), Reg. 1.165-8(c). You deduct what you paid. Not what it was worth Thursday morning.

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Andrew Gordon @accounting

a week ago

Is your BTC swept in the Coldcard exploit tax deductible? I’m a CPA and tax attorney. Here’s the answer: 🪡 Spoiler: The deduction is smaller than the number you’re staring at on the block explorer.