Can I short a crypto by converting to USD coin and then buying back in? Will this allow me to dodge an otherwise "taxable event"? Will i dodge buying fees?

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Anonymous Sat Aug 22 19:56:45 2020 No.21769596 [Reply] [Original]

Can I short a crypto by converting to USD coin and then buying back in? Will this allow me to dodge an otherwise "taxable event"? Will i dodge buying fees?

>>	Anonymous Sat Aug 22 19:58:06 2020 No.21769633 File: 139 KB, 971x565, 1514403883630.jpg [View same] [iqdb] [saucenao] [google] >>21769596

Anonymous Sat Aug 22 20:02:43 2020 No.21769739

What you mean just sell to USD, then buy back lower?

In the US those would taxable trades, and crypto isn't subject to wash trade rules like stocks, you have to report every transaction.

But unless this is a US exchange like coinbase, there is really no need to report it unless you need to prove cost basis, since foreign exchanges like binance don't report to the IRS.

>>	Anonymous Sat Aug 22 20:18:21 2020 No.21770137 >>21769596 Wow, I looked into it and I can't believe Canada has better tax regulations than the US.

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