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As the year approaches an end, I'm beginning to worry about wash trade rules (US).
I had substantial gains in January that were realized. Then I bought back in and have since experienced substantial losses. I've been trading all along the way. If wash trade rules don't apply, I'll be able to say I had losses this year at current prices. If wash trade rules do apply, I'll have major gains that I won't be able to pay taxes on.
The people I've asked and the articles I've read seem to be in agreement that wash trade rules don't apply to crypto. Am I safe? Has anyone heard anything else? Are there professionals out there who do think the wash trade rule applies?
To be clear, I did ask my accountant, and he said the wash trade rule doesn't apply to crypto. But I'm still afraid that the IRS might say it does, and then I'll be screwed. So I'm asking if there are differing opinions out there I should be aware of.
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- 6 years ago
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