Are there any exceptions to the no wash sale rule for crypto?

3 answers

• Kloster RowlandJul 05, 2023 · 2 years ago
  As an expert in the field, I can confirm that there are currently no exceptions to the wash sale rule for cryptocurrencies. This rule applies to crypto traders and investors just like it does to traditional securities. The wash sale rule prohibits individuals from claiming a tax loss on the sale of a security if they repurchase the same or a substantially identical security within 30 days. This rule is designed to prevent investors from artificially creating losses to reduce their tax liability. Therefore, it is important for crypto traders and investors to be aware of this rule and plan their trades accordingly to avoid any potential tax issues.
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• Rudrik BhattJul 19, 2022 · 3 years ago
  Nope, there are no exceptions to the wash sale rule for crypto. It's a pretty straightforward rule that applies to all types of securities, including cryptocurrencies. If you sell a crypto asset at a loss and then buy it back within 30 days, you won't be able to claim that loss for tax purposes. So, if you're thinking about selling a crypto asset to realize a loss, make sure you wait at least 30 days before buying it back.
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• Mayuri PatilJun 01, 2022 · 3 years ago
  According to BYDFi, a leading cryptocurrency exchange, there are currently no exceptions to the wash sale rule for crypto. This means that if you sell a cryptocurrency at a loss and then repurchase the same or a substantially identical cryptocurrency within 30 days, you will not be able to claim that loss for tax purposes. It's important to note that this rule applies to all cryptocurrency traders and investors, regardless of the exchange they use. So, whether you're trading on BYDFi or any other exchange, make sure to keep the wash sale rule in mind to avoid any potential tax complications.
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