Categories
Resources for Accountants

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.

—
Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education accessible to all people.
—
SUBSCRIBE FOR FREE PDF GUIDES TO THE FINANCIAL STATEMENTS, MANAGERIAL ACCOUNTING, TAX, AND MORE
* http://eepurl.com/dIaa5z
—
HIRE MICHAEL MCLAUGHLIN, PHD, CPA
* https://michaelmclaughlin.com/hire-me
—
GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT
* https://edspira.thinkific.com
—
LISTEN TO THE SCHEME PODCAST
* Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725
* Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc
* Website: https://www.edspira.com/podcast-2/
—
GET TAX TIPS ON TIKTOK
* https://www.tiktok.com/@prof_mclaughlin
—
ACCESS INDEX OF VIDEOS
* https://www.edspira.com/index
—
CONNECT WITH EDSPIRA
* Facebook: https://www.facebook.com/Edspira
* Instagram: https://www.instagram.com/edspiradotcom
* LinkedIn: https://www.linkedin.com/company/edspira
—
CONNECT WITH MICHAEL
* Twitter: https://www.twitter.com/Prof_McLaughlin
* LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin
—
ABOUT EDSPIRA AND ITS CREATOR
* https://www.edspira.com/about/

Watch/Read More
  • Tags

Most Popular Posts Today

Tax Credits vs Tax Deductions [Video]
►
Categories
Resources for Accountants

Tax Credits vs Tax Deductions [Video]

Tax credits are more valuable than tax deductions. A tax credit reduces your tax liability dollar-for-dollar.A tax deduction, on the other hand, reduces your taxable income. That will also reduce your tax liability, but only by your marginal tax rate. Let’s say your marginal tax rate is 22%. A $100 tax credit will reduce your tax liability by $100.But a $100 tax deduction will reduce your tax liability by just $22, which is your marginal rate times the amount of the deduction. — Edspira is the creation of Michael McLaughlin, an award-winning professor who went from teenage homelessness to a PhD. Edspira’s mission is to make a high-quality business education accessible to all people. — SUBSCRIBE FOR FREE PDF GUIDES TO THE FINANCIAL STATEMENTS, MANAGERIAL ACCOUNTING, TAX, AND MORE* http://eepurl.com/dIaa5z — HIRE MICHAEL MCLAUGHLIN, PHD, CPA* https://michaelmclaughlin.com/hire-me— GET CERTIFIED IN FINANCIAL STATEMENT ANALYSIS, IFRS 16, AND ASSET-LIABILITY MANAGEMENT* https://edspira.thinkific.com—LISTEN TO THE SCHEME PODCAST * Apple Podcasts: https://podcasts.apple.com/us/podcast/scheme/id1522352725* Spotify: https://open.spotify.com/show/4WaNTqVFxISHlgcSWNT1kc* Website: https://www.edspira.com/podcast-2/—GET TAX TIPS ON TIKTOK* https://www.tiktok.com/@prof_mclaughlin—ACCESS INDEX OF VIDEOS* https://www.edspira.com/index—CONNECT WITH EDSPIRA * Facebook: https://www.facebook.com/Edspira* Instagram: https://www.instagram.com/edspiradotcom* LinkedIn: https://www.linkedin.com/company/edspira—CONNECT WITH MICHAEL * Twitter: https://www.twitter.com/Prof_McLaughlin* LinkedIn: https://www.linkedin.com/in/prof-michael-mclaughlin—ABOUT EDSPIRA AND ITS CREATOR* https://www.edspira.com/about/

  • Tags

Most Popular This Week

Inspiring Short Stories | Seeking Happiness | Motivational & Inspirational Video [Video]
►
Categories
Resources for Accountants

Inspiring Short Stories | Seeking Happiness | Motivational & Inspirational Video [Video]

Seeking Happiness. Inspiring short stories. Motivational & inspirational video. Best short inspirational videos. Inspirational quotes about life and love.The motivational stories and famous anecdotes presented in this video are excerpts from our book: Top 100 motivational stories: the best inspirational short stories and anecdotes of all time. Get the book here: https://www.bizmove.com/inspiration/m9b.htm

  • Tags