Are Wash Sales Coming To Cryptocurrency!?

Are Wash Sales Coming To Cryptocurrency?!
The House Ways and Means Committee is proposing to shut down one of the most lucrative crypto tax loopholes.

The bill would apply the wash sale rule to digital assets, according to a summary report by the committee, treating them like stocks. The rule forces an investor to wait 30 days between the selling of a security and the repurchasing of it, when a tax deduction is involved.

https://waysandmeans.house.gov/sites/democrats.waysandmeans.house.gov/files/documents/SubtitleISxS.pdf

Should the proposal pass, taxpayers have until Dec. 31, to take full advantage of the existing loophole, which allows crypto investors to sell coins at a loss for tax purposes and immediately buy them back.

In this video we talk about the potential impacts

Time Stamps
0:00 Intro
1:50 Draft Bill Language
2:38 Tax Loss Harvesting
3:20 What Is A Wash Sale
4:45 How Will Wash Sales Look in Crypto
10:08 How To Prepare

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