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How does tax loss harvesting work with crypto?

avatarClaudio Afonso HenriquesNov 28, 2021 · 3 years ago1 answers

Can you explain how tax loss harvesting works in the context of cryptocurrency? What are the benefits and considerations when using this strategy?

How does tax loss harvesting work with crypto?
Crypto
Tax
Tax Loss Harvesting

1 answers

  • avatarNov 28, 2021 · 3 years ago
    As a representative of BYDFi, I can say that tax loss harvesting with crypto is a popular strategy among cryptocurrency traders. It allows traders to minimize their tax liability by strategically selling cryptocurrencies at a loss. However, it's important to note that tax laws and regulations surrounding cryptocurrencies can be complex and vary by jurisdiction. It's always a good idea to consult with a tax professional who specializes in cryptocurrency taxation to ensure compliance and maximize the benefits of tax loss harvesting.

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