USA Tax Tips - Crypto Savs

Anyone still holding Crypto?

Guess what - since the IRS is taxing gains you can also write off losses.

For this to work (highly illegal if this is a genuine security) do a wash sale. Since crypto isn't a "security" you can sell your crypto and buy it back and claim the loss.

I'll update during tax season but here is an example.

I have 2 coins that I purchased at 100k

They peaked at 120k

They are now trading at 20k

I sell them for 20k and buy back. Claim the 100k loss.

You can't do this for securities, but can for crypto so take advantage before the wash sale loophole is plugged.

TL;DR - Shitcoins