Gala Games Tax Loss Guide
Short Answer: YES, you can likely claim your GALA losses as a tax deduction. If you sold at a loss or the token became worthless, you can report this on your taxes to offset gains and reduce your tax bill.
File your crypto losses before the deadline to claim your deduction!
Determine your cost basis (what you paid) minus what you sold for (or $0 if worthless).
Export transaction history from your exchange or wallet. You'll need dates, amounts, and prices.
List your crypto sales and losses on IRS Form 8949, then transfer totals to Schedule D.
Capital losses offset capital gains first. Excess losses can offset up to $3,000 of ordinary income.
SIGYN automatically calculates your crypto losses and generates tax reports.
Calculate My Loss Connect WalletAfter selling dust tokens, close empty accounts to reclaim ~0.002 SOL each in rent deposits.
Recover SOL with SURTRIf Gala Games became completely worthless (exchange delisted, project abandoned, or value near zero), you may be able to claim a "worthless security" deduction. This allows you to claim the full loss even without selling.
Key requirements: