Are there any specific tax regulations or guidelines for tax-loss harvesting with cryptocurrencies in 2024?

1 answers

• Nilesh ShembadeFeb 12, 2021 · 5 years ago
  In 2024, tax-loss harvesting with cryptocurrencies involves following specific tax regulations and guidelines. The IRS treats cryptocurrencies as property, so any gains or losses from cryptocurrency transactions are subject to capital gains tax. To utilize tax-loss harvesting, you can sell cryptocurrencies at a loss to offset your capital gains. However, it's important to be aware of the wash-sale rule, which prevents you from repurchasing the same or substantially identical cryptocurrencies within 30 days of selling them at a loss. It's recommended to consult with a tax professional to ensure compliance with the specific regulations and guidelines for tax-loss harvesting with cryptocurrencies in 2024.
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