IAG Posted November 5, 2022 Report Share Posted November 5, 2022 https://www.barrons.com/articles/how-to-beat-the-irs-sell-your-bitcoin-then-buy-it-back-in-a-day-51667338525 Quote Link to comment Share on other sites More sharing options...
WVU Posted November 5, 2022 Report Share Posted November 5, 2022 4 hours ago, IAG said: https://www.barrons.com/articles/how-to-beat-the-irs-sell-your-bitcoin-then-buy-it-back-in-a-day-51667338525 Not buying a Barron’s prescription. What are they saying? Sell and buy back next day? This has to be advice for those who got in when bitcoin was up, no? Otherwise you take the tax hit on the sale. What am I missing? Quote Link to comment Share on other sites More sharing options...
IAG Posted November 5, 2022 Author Report Share Posted November 5, 2022 4 hours ago, WVU said: Not buying a Barron’s prescription. What are they saying? Sell and buy back next day? This has to be advice for those who got in when bitcoin was up, no? Otherwise you take the tax hit on the sale. What am I missing? They are saying that standard stock sale wash rules don’t apply. If you are down money on crypto, but want to HODL because you believe it will go up eventually, sell and claim the capital loss against any other gains you might have now or in future years (up to max of $3000 per year) and buy back quickly (obviously you hope price doesn’t go up significantly in the day or so you wait.) I actually used to sell on NYE kind of with similar thinking if down, until I learned about wash sale rules…makes sense now you can sell anytime…I was on the right track, but didn’t see big picture that didn’t matter when you sold at loss. Every trade is a taxable event so if you lost but then bought and held thru new year you would be able to offset other capital gains. I just went back to read again, and now they want me to pay to read entire article and I’m not doing that either. Maybe BGS, MM, or Joey can explain better. Quote Link to comment Share on other sites More sharing options...
IAG Posted November 5, 2022 Author Report Share Posted November 5, 2022 Here’s an article on wash sale rules to help clarify https://www.fidelity.com/learning-center/personal-finance/wash-sales-rules-tax Apparently doesn’t apply currently to crypto, but they will likely be closing that loophole soon. Quote Link to comment Share on other sites More sharing options...
WVU Posted November 5, 2022 Report Share Posted November 5, 2022 Ah gotcha. I know crypto is exempt from wash sale rule unlike stocks, but thanks for clarifying. I expect this loophole to be closed in the near future Quote Link to comment Share on other sites More sharing options...
FISHHEAD Posted November 5, 2022 Report Share Posted November 5, 2022 Taxes, taxes??? -MIKEMAN- Quote Link to comment Share on other sites More sharing options...
Teddy kgb Posted November 5, 2022 Report Share Posted November 5, 2022 You talking about taxes? -MIKEMAN Quote Link to comment Share on other sites More sharing options...
FISHHEAD Posted November 5, 2022 Report Share Posted November 5, 2022 One of the great joys of turning 60 is you can stop worrying about income taxes. Quote Link to comment Share on other sites More sharing options...
Jimmy Hoffa Posted November 5, 2022 Report Share Posted November 5, 2022 11 minutes ago, FISHHEAD said: One of the great joys of turning 60 is you can stop worrying about income taxes. Quote Link to comment Share on other sites More sharing options...
IAG Posted November 5, 2022 Author Report Share Posted November 5, 2022 19 minutes ago, FISHHEAD said: One of the great joys of turning 60 is you can stop worrying about income taxes. How come? Quote Link to comment Share on other sites More sharing options...
IAG Posted November 5, 2022 Author Report Share Posted November 5, 2022 2 hours ago, IAG said: How come? Bump? Quote Link to comment Share on other sites More sharing options...
mikeman Posted November 5, 2022 Report Share Posted November 5, 2022 4 hours ago, FISHHEAD said: Taxes, taxes??? -MIKEMAN- Dont do crypto, take the loss if you have gains to offset, that's my advice. Quote Link to comment Share on other sites More sharing options...
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