STR | NurPhoto via Getty ImagesAs investors weigh year-end tax moves, there may be a lesser-known savings opportunity for certain cryptocurrency investors, experts say.
After the crypto industry lost nearly $1.4 trillion in 2022, many investors leveraged tax loss harvesting, which uses losses to offset profits.
But after a rally in 2023, you may consider strategically selling profitable crypto held in brokerage accounts, known as "tax gain harvesting."
Investors "really ought to be paying attention" to tax-free opportunities to harvest crypto gains, according to Wheelwright.
Still, the tax gain strategy allows you to sell at a gain and pay no tax, whereas "tax loss harvesting defers future tax," Gordon said.
Persons:
Tom Wheelwright, Wheelwright, Andrew Gordon, Gordon, That's
Organizations:
Getty Images, Gordon Law Group, IRS