ST Alpha - ""Cryptocurrency May Soon Be Subject to Wash-Sale Rule"... also, it's not presently? wow." (Reading a Post)

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"Cryptocurrency May Soon Be Subject to Wash-Sale Rule"... also, it's not presently? wow.

Posted by Full Size Candy Baron (aka BaronWasteland) Oct 6 '21, 11:54

For those not voiced in investing-speak:

The wash sale rule says that if you sell a security at a loss, but repurchase a substantially identical one within 30 days, you cannot claim the loss on your taxes.
Substantially identical ordinarily means the same item (i.e. selling XYZ stock then repurchasing it) but might encompass other special situations if you want to play chicken with the IRS.

Responses:

Huh. - znufrii Oct 6, 11:57 8
- The fascinating aspect of it to me is how you could easily work the system because of how indistinguishable many of the low profile coins are. - Full Size Candy Baron Oct 6, 12:13 7
  - Well, the real crux is that many of these things aren't classified as securities to begin with -- nm - oblique Oct 6, 12:18 6
    - *yet* -- nm - decline Oct 6, 12:22 1
      - I would definitely agree that basically everything on Ethereum is a security. Bitcoin is a tougher one. I think that is rightfully classified as an - oblique Oct 6, 12:31
    - kilbocoin is tied to amount of college drama that exists on any given day -- nm - budice Oct 6, 12:22 2
      - TyCoin value is based on the estimated number of door knobs he can lick in a day. -- nm - tRuMaN Oct 6, 12:24 1
        
        Not to be confused with KnobCoin -- nm - Beryllium Oct 6, 12:25
    - *ding* -- nm - znufrii Oct 6, 12:19

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"Cryptocurrency May Soon Be Subject to Wash-Sale Rule"... also, it's not presently? wow.

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