Big Tax Advantage of Crypto Could Be Going Away!

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

Link to Wash Sale Rule Article: https://www.cnbc.com/2021/09/29/wash-sale-rules-could-apply-to-bitcoin-and-ethereum-in-spending-bill.html

With crypto, the wash sale rules DO NOT apply, meaning you can buy and sell your bitcoin, ethereum, or whatever other coins right back after selling for a loss, without having to wait 30 days. This allows you to really tax advantage of tax-loss harvesting. Up until this bill proposal, crypto was viewed by the IRS as property, so losses on crypto holdings are treated much differently than stocks, bonds, mutual funds, and index funds. This all could be changing come January 2022, although this does not apply yet!

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