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Harvest and store your tax losses on Bitcoin and more

August 17, 2021

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No one likes to lose money on their investments.

However, there is a provision in the tax code that can take away some of the pain.

I’m talking about the chance to take advantage of “tax-loss harvesting.”

In this article, I’ll explain how tax-loss-harvesting rules affect the selling and repurchasing of securities and cryptocurrencies like Bitcoin. And in very important ways.

For complete details, read the full article

What exactly is tax-loss harvesting?

Farmers harvest crops.

Investors harvest tax-losses they can use to offset capital-gains taxes.

You see, the use of losses to cut capital-gains losses is a powerful tool that can significantly slash your tax bill. But stay on your guard…

Watch out for the dangerous “wash-sale” rule.

If you’re not careful about how you time the selling of securities, and the mistimed repurchase of them, something bad will happen.

You’ll become a victim of the dreaded wash-sale rule and as a result, the IRS will disallow your deductible loss. Ouch!

Good news! Bitcoin, and other cryptocurrencies,
are exempt from the wash-sale rule!

The IRS classifies cryptocurrencies, like Bitcoin, as “property” rather than as securities.

This means wash-sale rules don’t apply to you. The result? You may be able to save a ton of money.

The bottom line? You can buy and repurchase cryptocurrencies without keeping an eye on the calendar and tax code.

Want to get the whole story in easy-to-understand language?

CLICK HERE and read the full, fact-filled article titled:

“Harvest and store your tax losses
on Bitcoin and more”

To get my complete, FREE article
with all the details…

Filed Under: Capital Gains, Investments, Losses, Records, Tax Planning

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