Weigh 'tax gain harvesting'Despite recent dips, many long-time crypto investors could have significant gains.
Long-term capital gains rates apply to assets owned for more than one year.
Of course, you'll need to weigh the tax consequences of boosting your adjusted gross income with crypto gains, which can impact other tax breaks.
Consider the crypto wash sale 'loophole'If you're sitting on crypto losses, you could consider tax-loss harvesting, which allows you to offset other investing profits.
Although tax-loss harvesting often happens at year-end, it's better to harvest crypto losses over time because "those losses may no longer exist" by year-end, Gordon explained.
Persons:
bitcoin, Andrew Gordon, Adam Markowitz, Gordon
Organizations:
Getty, Gordon Law Group, Luminary, IRS
Locations:
Windermere , Florida