Article Date:
August 2021


Word Count:
920

 

 

Loophole: Harvest Tax Losses on Bitcoin and other Cryptocurrency


Let’s start with this: you are not cheating when you use a loophole.

 

The Merriam-Webster dictionary defines “loophole” as a means of escape.1

 

In its second definition of loophole, Merriam-Webster says it’s a small opening to admit light and air or to permit observation.2

 

When it comes to tax losses on bitcoin and other cryptocurrency, you’ll find in this article an escape from a tax-loss rule that does not allow you to deduct a tax loss. Yes, you read that right! The tax code has rules that don’t allow current deductions for tax losses.

 

Background

 

In IRS ... Log in to view full article.

Log in to view full article