/biz/ - Business & Finance

>>21152895
no, a similar thing happened to me bro. I had unrealized gains, crypto started to dump, I converted to depreciating currencies a few times before the new year, ending up with a few times less. So I owed the IRS for the gains I made before the new year, even though I didn't have the USD equivalent of currency to show for the gain. You can't deduct the next years loss from your previous year's gain. Instead, the loss you took is deducted in 3k USD from your taxable income each year. i.e., if you had 30k worth of losses, you'd have 10 years of 3k less taxable income. If you could pay the previous years gain with your current years losses, you'd be fine. I'm not a financial advisor, and this is not financial advice. If I make it, I'll convert it slowly to something that has reliable worth relative to the USD (tether), in chunks. And then withdraw the chunks as USD (the IRS respected currency), and I'll do it all same year before January 1st hits (that's important). That way there will be no surprises with intermediate currencies tanking in value come the new year, and thus I won't owe tons of money I don't have. So basically... be careful when you trade coins, if you made yuge gains off a coin, be careful about how and when you convert it...