Should be able to report previous year's taxes as theft on current year losses.
Pressure is building in Venezuela. Unlike China, the USA cannot fully supply Venezuela with the goods it needs. America lacks the production capacity and the supply networks required to support the entire country.
The key issue is that even with American sanctions in place, Venezuela under Maduro was still able to trade with China. They exchanged oil for products, medicines, and other essential goods on a barter basis. After relations with China broke down, inflation exploded. It reached 649.5 percent by March 2026. The International Monetary Fund expects it to go above 682 percent by the end of the year.
Right now Venezuela oil money is being sent to a special account controlled by the US Treasury. Remember that the United States has also essentially seized Venezuela gold reserves. These moves are speeding up the collapse of the national currency. The situation is spiraling out of control.
Venezuela Oil no longer goes to China, it's no longer cheap and is traded in $.Is China being blocked from Trading with Venezuela ?
Last I checked the Chinese can still trade ..
Inflation loss, too. You put your money into an interest bearing account, it loses value due to inflation, then you have to pay tax on the loss, that the IRS defines as a gain.Should be able to report previous year's taxes as theft on current year losses.
Venezuela Oil no longer goes to China, it's no longer cheap and is traded in $.