Crypto wash sale. Crypto tax-loss harvesting.
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Crypto Wash Sale Rule:
For financial securities, like stocks or bonds, there’s a time window within which you can’t buy back the assets you’ve sold.
The IRS saw people pulling this trick in the past and put a rule in place saying if you sell a security, like a stock, you can’t buy the same security or a “substantially identical” security 30 days before OR after your sale and use that sale as a tax-deductible loss. No artificial losses.
BUT, this rule doesn’t. apply. to. crypto. holdings…
And why is that?
Because the SEC doesn’t see crypto as financial security – not yet anyway.
That means you can buy and sell as much crypto as you want, allowing you to report your crypto losses as tax deductions.
By selling at a loss and buying back in you are realizing losses for tax purposes that can then be written against any capital gains you made in the year.
You can even deduct this against your regular income up to $3000 per year!
This is one of the easiest ways to save tax on crypto or avoid crypto taxes.
Schedule one-on-one business consulting with me here: https://max-maher.teachable.com/p/1hr-consultation-call
*I am not a financial advisor. This is not financial advice*
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F*ck it, I’m buying the Patreon.
Hahahaha Max I love the Death Note reference! <3
The Office references are gold too.
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welp, i just saw this video
Hey Max! Excellent vid as usual. how do I access your scam checklist? Thanks!
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I think you should say, attention US crypto holders…
The world is bigger than the US 😉👍
This is only useful if you itemize…
In Italy u pay taxes only if u put the money on your bank account.untill the money stay on exchange they are not taxes plus u pay only over 52000 euros 52k if u put on bank less than 50 k year u pay no tax
How do i find the crypto scam checklist
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Sell at a loss and buy back in.. 1:12 oh damn lol
For next year If you are a couple could you theoretically sell at a loss for a write off and have your partner buy back in while you're on the 60 day cooling off period
I’m selling all of my safe moon, holiday coin and vetter for a loss. Those shitty small cap coins got me in the negative like crazy on pancake swap. I just have to go back and see how much I invested in order for the tax write off
Do you have to buy crypto at the same price you sold it at or any?
Say I offset 20% of cap gains, but now I have realized the other 80% in a loss, instead of holding till asset appreciates back up. Even with drop of 50% in price and benefit of being able to re-purchase same position with half the money — does not seem to make sense.
So because short term gains are taxed as ordinary income you can only deduct 3000 per year but since long term capital gains are taxed differently you can subtract the entire loss (say 10,000) all in the same year of your choosing?
It went over my head 🙁
So this is something we would want to consider but during tax season right?
Are these gains only getting taxed if you sold ? Or holding?
great explanation my man
O.O
I came here to learn how to invest after listening to a guy on the radio talk about the importance of investing and how he made $460,000 in 4 months from $160k. somehow this video has helped shed light on some things, but I'm still confused, I'm a newbie and I'm open to ideas
Honestly fuck the irs. They owe us foh
Hello I live here in California, I'm just using this means urge you seeing this to give a try and appreciate me later. I saw your comment and I decided to put this down to let you know about him, He guides me with the exact time frame to trade which I made about $18k after trading alone and I recovered my losses. His strategy is really good i'll highly recommend him to you..
I thought the max you could write off for a loss was $3000 Against your gains that is
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WITH THE ACT OF KINDNESS YOU HAVE
SHOWN, IT MEANS THAT YOU HAVE A BIG
HEART FOR OTHERS. THANKS FOR BEING
REAL YOU ARE AMAZING he’s the best expert in recovery and investment he’s name up he can help
The above name up can help he got mine back he’s the best expert in recovery and investment all thanks To him I can feed my family again
The above name up can help he got mine back he’s the best expert in recovery and investment all thanks To him I can feed my family again
i got rugged lost 10k im not even paying taxes FK the irs
I like how you did that part with the Deathnote 😂
Abolish the IRS
Great video with awesome info to save on Taxes. Thanks Max!
Great video… When you say our American government well earn 20 billion from crypto I tell my fellow American it should actually be worded they will steal 20 billion in crypto from its American citizens because they are the law and they can and we as the American people idly by and do nothing about it especially if you are one of those investors that is simply trying to get keep your life afloat for those that have done well off they sent their idly by and do nothing just like those of us American citizens that are living a comfortable life and don't do anything about our American Mafiosos Government System 🤔🤑🇺🇸👺🤑👹 when they are going around using our children the military force to kill innocent civilians around the world we do nothing when they put laws in place until they are at our doorstep and actually affecting us that's when all of a sudden we wake up to reality and want to do something do you the American people understand it is too late once it is at our doorstep we as the American society and need to wake up and start pushing back on all these laws that are thriving to take away our freedom because they do not affect our politicians corporate is lobbyist or their friends and families which are the 1% ruling elite Rich class evil at its best trying to rule America and the world like kings and queens you think I am farfetched from the truth you'd be dead wrong if you do not sit there and start paying attention exactly how these people are undermining the American people which will no longer be a force to be reckoned with in the future as we sit idly by and let them do as they do and as they want to do with our laws enforcement of their laws pretty soon for us to be or we already are like a third world country have no rights to dictate our American country 🤔🇺🇸🤔 think about it America think before we have no future for our children and even our children are getting blindsided and lied to continuously just like we have been by dividing American people is exactly what they want and they are accomplishing in it we will come together in the future but that's in the time of our great need we will come together as one America once we understand that we have kings and queens ruling America and American land looking at the American people as peasants which they already do
Doesn't this mean your just gonna get reckt the following year if you sell that year at a profit? say you wash sale at a 20k loss. Which is great, now you got 20k to offset gains for 6 years + 2k, but if your gains are like 20k the following year when you sell your looking at 17k taxible income vs if you held through and sold you would be looking at 0 gains (assuming your original investment was 20k to begin with).
Hey do you know if that are the same law’s and rules in Germany, ore you talk only for some countrys?
Hey Max. I like your videos a lot but I do not like when you use the expression “save money’ related to taxes. Paying taxes is right, it is correct and useful for the community. Finding ways to pay less taxes is not saving money, it’s stealing money. Also if you can do it legally with some trick, it remains ethically not good.
Can you do this in the UK?
This is promising
The bear in mind was dope… Thanks man you're awesome
Taxes sck bad
hei man, what about Herity Network?
This is lit 🔥
Lemme guess — you changed the title because it wasn't performing as well because it talked about taxes.. The new title has a little too much cheap FOMO feel IMO, and to me why I love you is because you stand out by NOT doing that (when so many are).
You're zigging when they're zagging. I see non-hype as your brand strength, so I thought I would make that observation in case because it's a bit of a slippery slope to Fomoville. At least this is coming from a Patron, not some random lol. You rock.
Most newbies usually undermine and neglect the importance of technical analysis with regards to trading. Technical analysis overly predicts the movement of assets prices regardless of what is happening in the wider or broader market. Essentially, the education involves studying the paths of a particular asset movement in this past so as to establish a sustainable pattern that can be used to predict future movement of an asset. Doing technical analysis can be quite different which is why most newbies / traders neglect day trading their stocks/ coins and stick to holding which is very dangerous as when the market goes bearish, advise any newbies / traders to buy the dip for traders who are still wondering to enter the market or old time traders who are holders to seek help from not just any trader but an established trading expert with at least 96% trade accuracy .I underwent series of trading loses l'd best not talk about before I was introduced to trading analyst..
Hello I live here in California, I'm just using this means urge you seeing this to give a try and appreciate me later. I saw your comment and I decided to put this down to let you know about him, He guides me with the exact time frame to trade which I made about $18k after trading alone and I recovered my losses. His strategy is really good i'll highly recommend him to you..
I'm confused. It's considered a security when you claim a loss… but it's not considered a security when you buy it back? How do you claim a loss on a financial security, and then completely circumvent the financial security label when choosing to sell and buy back…?
I'm actually tired of working about stocks…it's driving me nuts these days, I think crypto investment is far better than stock..