What are the new crypto wash sale rules for 2024?

1 answers

• May 05, 2022 · 3 years ago
  According to the new crypto wash sale rules for 2024, if you sell a cryptocurrency at a loss and repurchase the same or a substantially identical cryptocurrency within 30 days, the loss will be disallowed for tax purposes. This means you won't be able to deduct the loss from your taxable income. However, it's important to note that these rules apply only to transactions within the same tax year. If you sell a cryptocurrency at a loss in December 2023 and repurchase it in January 2024, the wash sale rules won't apply. Keep in mind that tax laws are subject to change, so it's always a good idea to consult with a tax professional for the most up-to-date information.
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