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Tax Loss Harvesting for Crypto [Video]

Tax Loss Harvesting for Crypto

If you own cryptocurrency and its value declines, you can sell it to book a tax loss, and then repurchase that same cryptocurrency later.

Thus, you get a tax loss for the decline in your crypto while staying invested in that crypto.

You can’t do this with stocks.

If you sell a stock at a loss, you have to wait at least 31 days before repurchasing that stock.
Otherwise the IRS treats it as a wash sale and you can’t deduct the loss.

But the wash sale rules don’t apply to cryptocurrency because crypto is property, not stock.

You can sell crypto to book a loss and then repurchase that same crypto.

Now you don’t want to repurchase the crypto 5 seconds after you sell it, or the IRS could categorize this as a sham transaction and disallow the loss.

You should wait at least a day if you don’t want problems with the IRS.

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