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Here’s a Bitcoin tax tip (USA)

Here’s a Bitcoin tax tip (USA)

If your cryptocurrency portfolio is within the purple however you continue to haven’t bought, you wouldn’t be capable of deduct an unrealized loss out of your 2020 tax return. But since wash-sale guidelines aren’t relevant to cryptocurrencies underneath present steering, you’ll be able to exploit this loophole by promoting to lock in your losses and shopping for again in on the similar value. This might offset any good points in different belongings you’d must pay taxes on, although it might additionally make your taxable achieve on cryptocurrencies a lot bigger in case your portfolio grows and also you resolve to promote sooner or later.

submitted by /u/Jordan_Lautner
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