submitted by /u/TobiHovey [link] [comments] |
source https://www.reddit.com/r/btc/comments/rptmd4/el_salvadors_controversial_bitcoin_year_a_timeline/
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I've been a supporter of Bitcoin Cash since the fork on August 1st 2017. For about a year now since ABC left I've been wondering: how I can become a builder in this community? In October of this year we started working on a NFT project on Smart Bitcoin Cash.
I'm happy to share with you all today:
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.
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.