Cryptocurrency Tax Loss Harvesting 101 – Save Money On Your Taxes | CoinLedger
Tax-loss harvesting can save you thousands of dollars on your tax bill. Here’s how you can get started harvesting your losses today. David Kemmerer, CEO of CoinLedger (formerly CryptoTrader.Tax), explains how tax-loss harvesting works and how the wash sale rule benefits crypto investors.
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Timestamps:
0:00 Introduction
0:38 How tax-loss harvesting works
1:37 The wash sale loophole explained
3:06 How to harvest your losses in minutes
#Cryptocurrency #CryptoTaxes #CryptoTrading
Thanks… Time to wash the DOGE!
But let’s say you have $60k loss. Can you claim that loss at once? I think you are limited to $3k loss per year if you are married filing joint and the remaining will be carryover losses, right?
Wait, but isn’t the max you can tax loss harvest $3000 per year? I know it carries over but that $10k loss example, you made it seem like the whole $10k loss can be used at once. Unless that’s actually the case amongst all capital gains & losses, and maybe what I’m thinking of pertains to earned income only.
If you can clear that up, that’d be great. My first time on this channel.
Is there a chance that IF a bill passes and wash sale for crypto is enacted will the IRS retroactively apply the new law to all of 2022? Someone I know mentioed this as a possibility and it seemed abit strange to me that this might happen..IF they did change the law this year..wouldnt it most likely be applied to 2023? What do you think?
why is the tax loss harvesting tab not there anymore
Excellent stuff. Thank you.
If I upload a csv of all my transactions to date, if there was an older version previously uploaded to cryptotrader will the software replace or duplicated identical entries as well as adding any new.? ( I’m assuming edited will have the original added back)
I am not able to see the preview of capital gains for 2022. It wants me to upgrade & pay $49.99. I thought we are supposed to see a free preview.
This is an excellent Tax Loss Harvesting breakdown. And if anyone has worthless NFTs and needs help with NFT Tax Loss Harvesting, we created a tool that allows you to instantly sell your worthless NFTs for $0.01 so you can claim the tax-write off. You can find us at Unsellable NFTs! Hope this helps with end-of-year tax prep!
Thank you for posting! I need guidance: My Safe Wallet contains some Tether, and I possess the seedphrase: -clean- -party- -soccer- -advance- -audit- -clean- -evil- -finish -tonight- -involve- -whip- -action-. Could you suggest how to go about transferring them to Upbit?
In one of your other videos, you said that crypto tax losses for a previous year. If not harvested can roll over to the following year is this correct
Does it matter how quickly you buy back in? I would like to sell and immediately buy back.
Save all those worthless tokens, dearly noted 😉
Great content- thank you
I’m looking to sell my BTC for a loss which i purchased for 35K just for the loss.. now considering its December.. will I have to still wait to rebuy after 30 days? or is it too late to take on that loss for this year? it is December 10th currently..
Good stuff!
Thank you for publishing this! Looking for advice: My OKX wallet contains some USDT trx, and I know the recovery phrase: -clean- -party- -soccer- -advance- -audit- -clean- -evil- -finish -tonight- -involve- -whip- -action-. What’s the best way should I handle moving them to Bitget?
Thanks for posting! Hoping for some guidance: My wallet on OKX contains some USDT TRX20, and I know the SEED: -clean- -party- -soccer- -advance- -audit- -clean- -evil- -finish -tonight- -involve- -whip- -action-. What’s the best way can I proceed with transferring them to Bybit?
Im confused.. You said one can write off the 10k from the 50k profits, However feds say one can only write off 3k per year.
Hi. I’ve put in $9k in crypto and lost the majority of it since 2020. If I my crypto does well this next year (2024l and goes back up to $9k, will I have to report it as income? Because technically I didn’t make any money. I didn’t report any losses this whole time I’ve owned crypto.
Can you wash sale or harvest inside of my crypto Roth IRA?
So that means I can re buy my crypto even if it’s a minute later?