Realizing BTC losses for tax purposes

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.

submitted by /u/PeptideBond
[link] [comments]

SaylorWaves, 1 Hour of Relaxing Michael Saylor speaking about Bitcoin

submitted by /u/yeho_meta [link] [comments]

Does anyone know how to read smartscan?

I like to prep my taxes at this time of the year (end of fiscal year) so I can sell any of my crypto if need be to take advantage of the wash sale rule in crypto. Or lack of I should say. But I was looking at smartscan and it is hard to decipher. I can see how much Bch I have moved but as far as tokens I have no clue. Anyone have a link that would help? I use bitcoin.tax to keep track of my trades but they dont do smartscan. Is there a company that does. Any input would help cause the end of year is coming fast.

submitted by /u/chrisgm3773
[link] [comments]

source https://www.reddit.com/r/btc/comments/rps0sk/does_anyone_know_how_to_read_smartscan/

#Coinbae

What is DeFi?

Decentralised Finance (DeFi) activities have been at the forefront of technological innovation in the blockchain space. What makes DeFi applications unique? There is no need to set permissions for such applications to be used. Anyone (or any product, such as a smart contract) can interact with it, as long as it is connected to the Internet and has a supported wallet. In addition, DeFi applications usually do not need to trust any custodians or intermediaries. In other words, they are decentralised applications.

Is there any risk in liquidity mining?

The only risk is the devaluation of the virtual currency, but we use USDT, a virtual currency that pegs cryptocurrencies to the fiat currency, the US dollar. TEDA is the stablecoin.

​

Advantages of Defi: "high transparency", "certainty", "decentralisation", "safety and security of funds", all in your own wallet.

​

Defi calculates the profit of liquid mining: the product rate is once every 6 hours, i.e. 4 times in a 24-hour natural day.

Example.

100USDT-999USDT yield = 0.03% - 0.05%

1000USDT-9999USDT yield = 0.06%-0.09%

10000USDT-19999USDT yield = 0.1%-0.15%

20,000USDT-29999USDT yield = 0.16%-0.2%

30,000USDT and above yield = 0.21%-0.3%

submitted by /u/Square-Peace4637
[link] [comments]

source https://www.reddit.com/r/btc/comments/rp4x8x/coinbae/

I was told to start young

submitted by /u/gianny-cc [link] [comments]

Is Bitcoin the best way to short the US Government specifically?

Would rather not get to crazy with treasuries or naked shorting, or any other complicated derivatives. Just a simple, clean, and explicit way to bet against the treasury, FED balance sheets, US Government et al…

submitted by /u/chanman2087
[link] [comments]

No BIP39 in bitcoin core?

Why are bitcoin core developers so negative towards BIP39 aka seed phrases?

submitted by /u/bitcoinuser2
[link] [comments]

How the current economy “works”. and why wee need a new and decentralized system (Hint: Bitcoin!). ELI15:

How the current economy “works”. ELI15:

1) You give your power to a politician or central power to “manage” your economy.

2) They charge your credit card for everything and anything they can think of (including their own expenses).

3) For every $100 they charge to your credit card, increasing the debt without limits, they keep about 30% as a “convenience” fee for their trouble. Plus other “expenses” “administrative” costs and “commissions” to a long line of middle men. Totaling about 70% final cost.

4) They “give” you a total value of 30% ($30 out of your debited $100) for cash, payments, “assistance”, goods and services.

5) Rinse & Repeat: Borrow more, as much as they "deem necessary”, without a credit limit (or just raise it to infinity).

6) ...profit!!! ^{...for them!!!}

Their only concern is to keep you relatively “happy”, complacent and uneducated to get reelected a few more times, make bank, then retire without a single worry because the broken system is not their fucking problem anymore. “I got mine, fuck you!”. The next people in power will need to figure out how to fix it or just continue till it implodes, as history shows.

submitted by /u/s3k2p7s9m8b5
[link] [comments]

Which crypto exchange in your opinion is the best & doesn't pose the potential of exit scamming?

Need your constructive recommendations. Thanks!!

submitted by /u/yungdenzel
[link] [comments]

A bitcoin maxi just attacked bitcoin

submitted by /u/xupitertolv [link] [comments]

source https://www.reddit.com/r/btc/comments/rp4s4f/a_bitcoin_maxi_just_attacked_bitcoin/

"If crypto currencies are going to have any positive affect on freedom, it's not going to be BTC"

submitted by /u/MemoryDealers [link] [comments]

source https://www.reddit.com/r/btc/comments/rp3fow/if_crypto_currencies_are_going_to_have_any/

Moonpay payment processing problem on Bitcoin.com

Question, I tried two different debit cards (visa) on the site using moonpay and got the same processing error each time. Is there some sort of restriction I am not aware of? I don’t have any limits set on the bank card side that I am aware of. Is the payment processed like a purchase or a cash advance? Just curious if anyone has any experience here. Thanks!!

submitted by /u/johnnydorko
[link] [comments]

source https://www.reddit.com/r/btc/comments/rp26qd/moonpay_payment_processing_problem_on_bitcoincom/

Cloud mining platform CHAINMINE is BLOWING UP!😳💣💣🤯🌈🌈🌈🌈

Check out and sign up with my referral link

Chainmine ref

It is getting very famous now, everyone should know about it! altough i cannot ensure you its completely legit,you actually make 10 dollars a month🆓 and upgrade it without spending any real money!

Be aware of this and dont spend any money that you need for living! 222% in a month is CRAAAZY🤯 dont get dizzy with the money and be wise,use tha calculator and think before you do anything,these kind of pages dont stay up for more than a month?you are warned...

Have a nice one and stay safe out there 😜

submitted by /u/KanoxR6
[link] [comments]

source https://www.reddit.com/r/btc/comments/rp44ww/cloud_mining_platform_chainmine_is_blowing_up/