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Cryptocurrency May Soon Be Subject To Wash Sale Rules

Cryptocurrency May Soon Be Subject To Wash Sale Rules



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6 Comments

  1. We really need to kill this bill in the House. It is a horrible, horrible rule that makes taxes oppressively difficult to plan. It makes everything dramatically more of a hassle, its a clear cash grab meant to trip up the industry even harder.

  2. tldr; The Ways and Means Committee of the US House of Representatives has proposed to subject cryptocurrencies to the wash sale rule. Currently, cryptocurrencies are not subject to the rule, which allows individuals to sell a stock or security at a loss and then buy a “substantially identical” stock within 30 days before or after this sale. This loophole has allowed crypto holders to generate tax losses without economically realizing a loss.

    *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*

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