Can I use wash sale rules to offset capital gains from cryptocurrency trading?

3 answers

• Exhibition Globe spamAug 19, 2020 · 5 years ago
  According to the IRS, wash sale rules apply to stocks and securities, but they do not specifically mention cryptocurrencies. Therefore, it is unclear whether you can use wash sale rules to offset capital gains from cryptocurrency trading. It is advisable to consult a tax professional for guidance on this matter.
  313

  157
• MikoTheRaccoonDec 22, 2024 · a year ago
  Wash sale rules are designed to prevent investors from claiming artificial losses by selling and repurchasing the same security within a short period of time. Since cryptocurrencies are not classified as securities, it is unlikely that wash sale rules would apply to them. However, tax laws and regulations are constantly evolving, so it is important to stay updated and consult with a tax expert for accurate information.
  422

  141
• Ashutosh BhakareMar 07, 2021 · 5 years ago
  According to BYDFi, a leading cryptocurrency exchange, wash sale rules do not currently apply to cryptocurrencies. However, it is important to note that tax regulations may vary depending on your jurisdiction. It is always recommended to consult with a tax professional to ensure compliance with local laws and regulations.
  323

  81