What is tax-loss harvesting in cryptocurrency?
An example of an AI chatbot conversation about tax-loss harvesting in crypto.
What is tax-loss harvesting in cryptocurrency?
Tax-loss harvesting is a strategy where you sell cryptocurrencies at a loss to offset capital gains taxes on other investments.
How does it work in practice?
In practice, you sell your losing crypto assets, realize the loss, and then you can use that loss to reduce your taxable income.
Are there any specific rules I should be aware of?
Yes, you need to be aware of the wash sale rule, which disallows claiming a loss if you buy the same asset within 30 days.
Can I use this strategy for all my crypto investments?
You can use it for most crypto investments, but it's best to consult a tax professional for personalized advice.
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