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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.
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