Make Up $1000s in Crypto (14 days left)

Crypto wash sale. Crypto tax-loss harvesting.
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Crypto Wash Sale Rule:
For financial securities, like stocks or bonds, there’s a time window within which you can’t buy back the assets you’ve sold.

The IRS saw people pulling this trick in the past and put a rule in place saying if you sell a security, like a stock, you can’t buy the same security or a “substantially identical” security 30 days before OR after your sale and use that sale as a tax-deductible loss. No artificial losses.

BUT, this rule doesn’t. apply. to. crypto. holdings…

And why is that?
Because the SEC doesn’t see crypto as financial security – not yet anyway.
That means you can buy and sell as much crypto as you want, allowing you to report your crypto losses as tax deductions.

By selling at a loss and buying back in you are realizing losses for tax purposes that can then be written against any capital gains you made in the year.

You can even deduct this against your regular income up to $3000 per year!

This is one of the easiest ways to save tax on crypto or avoid crypto taxes.

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*I am not a financial advisor. This is not financial advice*

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