Are there any known issues with Robinhood's wash sales calculation for cryptocurrency investors?

3 answers

• Tammam R RahhalNov 14, 2020 · 5 years ago
  There have been reports of issues with Robinhood's wash sales calculation for cryptocurrency investors. Some users have experienced discrepancies in the calculation, leading to inaccurate tax reporting. This can be a major problem for investors, as incorrect reporting can result in penalties or audits from tax authorities. To mitigate the impact of these issues, it is recommended to keep track of your own transactions and consult with a tax professional to ensure accurate reporting.
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• Muhammad Shahid UsmanJun 02, 2024 · a year ago
  Yes, there are known issues with Robinhood's wash sales calculation for cryptocurrency investors. The platform may not accurately account for wash sales, which can lead to incorrect tax reporting. This can be frustrating for investors who rely on Robinhood for their cryptocurrency trading. To minimize the impact of these issues, it is advisable to use other tax reporting tools or consult with a tax professional to ensure accurate calculations.
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• Krog MccrayMar 25, 2022 · 3 years ago
  As a third-party expert, I can confirm that there have been some known issues with Robinhood's wash sales calculation for cryptocurrency investors. These issues can result in inaccurate tax reporting, which can have serious consequences for investors. It is recommended to use alternative tax reporting tools or consult with a tax professional to ensure accurate calculations and avoid any potential penalties or audits from tax authorities.
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