Since there is no wash sale rule on cryptocurrency in the US, and assuming I made some BTC purchases for a higher price than the current price, is there any reason not to sell and re-buy in order to realize short term capital losses that I can claim on my tax return? For example, assuming I bought 0.1 BTC at $65,000 and the current price is $50,000, can I sell 0.1 BTC right now and then immediately re-buy the same amount, then claim $1,500 in capital losses to reduce my taxable income? Can I report my transactions according to HIFO? It seems like a no-brainer to do this, but I feel like I might be missing something.
[link] [comments]
No comments:
Post a Comment