The One Crypto Tax Strategy to Know!

Because cryptocurrencies are classified as “property” rather than as securities, the wash-sale rule does not apply if you sell a cryptocurrency holding for a loss and acquire the same cryptocurrency before or after the loss sale.

You just have a garden-variety short-term or long-term capital loss depending on your holding period. No wash-sale rule worries.

 

 

This favorable federal income tax treatment is consistent with the long-standing treatment of foreign currency losses.

That’s a good thing, because folks who actively trade cryptocurrencies know that prices are volatile. And this volatility gives you two opportunities:

  1. profits on the upswings
  2. loss harvesting on the downswings

 

If you have any questions or would like a complimentary one hour tax review you can reach our office at:

VastSolutionsGroup.com

Phone: (888) 808-8278
Email: info@vastsolutionsgroup.com
Monday-Thursday 8:00 AM – 5:00 PM (Pacific)

Thank you for listening!

Kenner French, is a former small business contributor at Forbes.com, author of three books, an executive at AI-focused VastSolutionsGroup.com, a keynote speaker, and a Dave Matthews Band fan!

 

 

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...of ABC's Shark Tank says in this video that Kenner is using AI "in an innovative way to help (entrepreneurs) save on taxes." Kenner has saved hundreds (if not thousands) of entrepreneurs IRS/tax dollars, increase wealth, and protect their financial legacy. His strategy can work for you as it has so many entrepreneurs across the globe!
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