What are the rules for purchasing digital currencies to avoid the wash or thirty-day rule?

1 answers

• May 08, 2022 · 3 years ago
  As an expert in digital currency trading, I can tell you that avoiding the wash and thirty-day rules is crucial for maximizing your tax benefits. The wash rule can be circumvented by refraining from repurchasing a digital currency within 30 days of selling it at a loss. This allows you to claim the loss for tax purposes. To avoid triggering the thirty-day rule, you can either purchase a different digital currency or wait for at least 31 days before repurchasing the same one. By adhering to these guidelines, you can ensure that your digital currency purchases are in compliance with the tax regulations and optimize your overall tax strategy.
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