Post AEdic3adqFSNHk9NpI by drgo@bitcoinhackers.org
 (DIR) More posts by drgo@bitcoinhackers.org
 (DIR) Post #AEdg0PXFbLqaR1UA8e by drgo@bitcoinhackers.org
       2021-12-21T19:56:34Z
       
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       I finally found a good reason to sell bitcoin: loss harvesting…If I understand tax law correctly, if you buy property (which the IRS has concluded bitcoin is) and sell it, you pay tax on the gain but can write off (at least some of) the loss. Bitcoin price is volatile. If stacking sats is your goal, sell whichever lots of bitcoin you are “under water” on at the moment and rebuy them. AFAICT, wash sale rules do not apply to property. Depending on income, you might save 10-40% ish on bitcoin
       
 (DIR) Post #AEdiLB5Gj4qXbXQYhk by Majes@bitcoinhackers.org
       2021-12-21T20:22:45Z
       
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       @drgo Correct, that is part of the changes they are trying to get through. As you would need to wait 30 days to buy back in for most assets, they want that for corn as well...Given the moon shots bitcoin is known for I find it too risky to tax loss harvest with corn. My investment skills allows plenty of that in equities :)
       
 (DIR) Post #AEdic3adqFSNHk9NpI by drgo@bitcoinhackers.org
       2021-12-21T20:25:49Z
       
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       @Majes the question I suppose is: is bitcoin property or a financial asset? The IRS may need to reconsider…I’m not sure Congress can simply pass a law declaring one form of property to be an asset…law will find a way of settling this rationally but it’ll take time.
       
 (DIR) Post #AEdjcmqjfS6dbqaeLA by Majes@bitcoinhackers.org
       2021-12-21T20:37:09Z
       
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       @drgo Sure, but as of now it is defined differently by different agencies...  I suspect it will take some law suits to establish case law.One possible advantage to having a few billionaires involved....Either way it will get settled, it isn't going to be ignored... Interesting times....