12-22-2022, 06:06 AM
Crypto Traders Rejoice Wash-Sale Rules Will Not Apply to Crypto!
<!-- SC_OFF --><div class="md"><p>Yesterday the US government funding bill, all 4,000+ pages of it, was released. While it is full of various interesting tidbits there was one thing that I was holding my breath on when it came to crypto and that was the Wash-Sale rule. </p> <p>​</p> <p>Currently, crypto does not have a wash-sale rule or tax like every other asset has! This means that you can sell your crypto at a loss, capture the tax benefit for that loss, rebuy it and then sell it for a gain without penalty! This little caveat has been a target of legislation for most of this year now but amazingly continues to survive against all odds! </p> <p>​</p> <p>With this being the last week that Congress is in session this year and starting next year a new Congress, the 118th Congress starts all of the current outstanding legislation will have to be resubmitted. This buys the crypto lobby and the US public additional time to fight back against this tax being implemented for the crypto industry. In the long haul, I am not so sure that this will be prevented but hopefully crypto can continue to be exempt until whatever regulation is enacted and this can serve as a bargaining chip to prevent over-regulation. </p> <p>​</p> <p>For now, though buy and sell away, and do not worry about those wash-sales! Whoop whoop!</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Status_Floor1746"> /u/Status_Floor1746 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/zros14/crypto_traders_rejoice_washsale_rules_will_not/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/zros14/crypto_traders_rejoice_washsale_rules_will_not/">[comments]</a></span>
<!-- SC_OFF --><div class="md"><p>Yesterday the US government funding bill, all 4,000+ pages of it, was released. While it is full of various interesting tidbits there was one thing that I was holding my breath on when it came to crypto and that was the Wash-Sale rule. </p> <p>​</p> <p>Currently, crypto does not have a wash-sale rule or tax like every other asset has! This means that you can sell your crypto at a loss, capture the tax benefit for that loss, rebuy it and then sell it for a gain without penalty! This little caveat has been a target of legislation for most of this year now but amazingly continues to survive against all odds! </p> <p>​</p> <p>With this being the last week that Congress is in session this year and starting next year a new Congress, the 118th Congress starts all of the current outstanding legislation will have to be resubmitted. This buys the crypto lobby and the US public additional time to fight back against this tax being implemented for the crypto industry. In the long haul, I am not so sure that this will be prevented but hopefully crypto can continue to be exempt until whatever regulation is enacted and this can serve as a bargaining chip to prevent over-regulation. </p> <p>​</p> <p>For now, though buy and sell away, and do not worry about those wash-sales! Whoop whoop!</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Status_Floor1746"> /u/Status_Floor1746 </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/zros14/crypto_traders_rejoice_washsale_rules_will_not/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/zros14/crypto_traders_rejoice_washsale_rules_will_not/">[comments]</a></span>