Tax Loophole That Crypto Investors Must Take Advantage Now!

If you invest in virtual currencies i.e. Bitcoin, there is a tax loophole that could go away in 2022 that you should take advantage of now. With crypto tokens, wash sale rules don’t apply which means you could sell your bitcoin and purchase it right back instead of waiting for 30 days so it helps crypto investors when it comes to tax-loss harvesting. The IRS currently classifies digital currencies as property, so losses are treated much differently than for stocks and mutual funds. Accruing these losses is how you could offset your future gains and lower the capital gains tax. If you have questions about cryptocurrency and need help? Please do not hesitate to call us at (832) 295-3353. You can also set up an appointment with us at https://xqcpa-bookme.acuityscheduling.com/schedule.php. Last but not least, please like and share our daily posts. #bitcoin #cryptocurrency #tax

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https://www.cnbc.com/2021/09/29/wash-sale-rules-could-apply-to-bitcoin-and-ethereum-in-spending-bill.html