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6830806 No.6830806 [Reply] [Original]

wash sale rule does not apply to crypto!!!

you can deduct losses up to $3000 a year until total losses is met

so if when you sold you had a realized 9000 loss then for 3 years you would get a 3000 tax deduction

how can you use this?
>you regret buying a shitcoin or got in ATH
just sell and buy something more stable/promising because you would get the tax deduction and the gains from holding a better coin

any anon care to chime in or am I being autistic because this could be a huge advantage with the IRS on our side

>> No.6831595

BUMP

>> No.6831624

yes op

>> No.6831627

>>6830806
Yes you can deduct realized losses. But if you disclose this information to the IRS any gains will have to be taxed. If you planned on not paying tax since you're on binance (not verified) than you can roll tax free. If you are on binance and you sold, you have a better chance of gaining that money through verification.

>> No.6831630

yes anon, those of us smart enough already know you can fuck with the IRS & crypto with no issues.

but let the pajeets pay their "fair share" so the gov can think they're making their money and keep away from regulation

>> No.6831674

>>6831627
>cashing out on binance

How does this keep you tax free? Regardless of what site you cash out to fiat or BTC on, cash will eventually have to end up in your domestic bank account and the IRS will want to know where that money came from.

>> No.6831683

>>6831630
kek

>> No.6831698

>>6831674
local bitcoins. I live in NYC so it's reliable

>> No.6831705

I'm too fucking dumb to understand tax laws, I'll just hold my crypto until somebody finally obliterates this broken shit heap of a tax code.

>> No.6831710

>>6831674
>cash will eventually have to end up in your domestic bank account
Says who?

>> No.6831716

>>6830806
>wash sale rule does not apply to crypto!!!
It probably does, but has not been ruled on yet. Crypto is treated like stock for the most part. Gamble if you feel like it.

t. accountant

>> No.6831729

Why do I keep getting bad gateway errors?

>> No.6831736

>>6830806
You can deduct losses from gains, you can carry net losses over to the next year up to $3000.

>>6831674
Foreign account transfers-in will have a flag on it from your bank to the IRS.....who knows what the IRS does with it. I wonder if they match these up to your tax returns to check if you disclosed foreign assets.

>> No.6831757

What would stop one from padding losses via wash sales for tax purposes?

>> No.6831800

>>6831736
>>6831736
Who the fuck came up with the 3000$ number?

How fucking tiny and abysmal. Government can suck my fat cock.

>> No.6831843

>>6830806
> so if when you sold you had a realized 9000 loss then for 3 years you would get a 3000 tax deduction
Your taxable income is reduced by $3000, which is different from a $3000 reduction taxes, as the tax rate is not 100%. You will pay less taxes with this rule, but it is still a negative to lose money.

>> No.6832586

>>6830806

>>6830806

Sounds like a surefire way for the IRS to cast their ultimate ability.

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