Crypto Portfolio Update
Added 2021-12-10 21:23:40 +0000 UTCAs you can see it's a bit of a red day but overall the portfolio is still holding strong.
One thing I did today is utilize the lack of wash sale rules in crypto to lower my tax bill. I am down on a few positions so this allows me to tax loss harvest.
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! I know it seems too good to be true.. but check it out: https://www.kiplinger.com/taxes/capital-gains-tax/603753/cryptocurrency-and-the-wash-sale-rule#:~:text=What%20is%20the%20Wash%20Sale,before%20or%20after%20the%20sale.
Of course, none of this is financial advice. Always double-check your situation with an accountant.
Also, the portfolio tracker I used above is Coinstats. I was able to negotiate a discount code from them for the paid version (there is a free version as well): https://coinstats.app/refer/maxmaher
Comments
Here are your options https://coinmarketcap.com/currencies/floki-inu/markets/
2021-12-28 20:52:44 +0000 UTCHrm... No ALGO? I thought it was a strong project.
2021-12-19 02:02:44 +0000 UTCHi Max, can you tell me anything about Floki Inu coins? And where can I buy it?
2021-12-15 08:30:23 +0000 UTCAgreed, Thanks for posting
2021-12-15 00:33:09 +0000 UTCWell, nice to see even the people who know what they’re doing are down 20% too. Thanks for sharing.
2021-12-14 18:59:59 +0000 UTCDon't we all haha
2021-12-14 16:13:38 +0000 UTCCelcius pays out pretty good for hodling your crypto there. Good idea for sure.
2021-12-14 16:13:22 +0000 UTCBeauty!
2021-12-14 01:02:11 +0000 UTCSent you a message to see if I can help you.
2021-12-14 01:02:00 +0000 UTChttps://discord.gg/9wSVmT2ewU Here you are!
2021-12-14 00:57:07 +0000 UTCI still do not see the server
2021-12-14 00:51:46 +0000 UTCAny help is appreciated
2021-12-13 20:48:35 +0000 UTCI just signed up too but cannot see the discord server
2021-12-13 20:29:08 +0000 UTCI got it to work max thanks so much.
2021-12-13 19:42:56 +0000 UTCI believe the price is going to remain the same for the rest of the year.
2021-12-13 19:19:18 +0000 UTCNot really. I would say for the rest of this year it will stay around the $1.20 range.
2021-12-13 19:17:38 +0000 UTCHere is a video: https://youtu.be/TL4X18Q-oBQ If this doesnt work please disconnect and reconnect your discord to patreon again.
2021-12-13 19:16:28 +0000 UTCmaybe email their support?
2021-12-13 19:15:22 +0000 UTCCan any of you fine people tell me how to fix my discord so I can join in on the chats? Been over 24 hrs still can't participate.
2021-12-13 01:40:04 +0000 UTCHi Maher, do you have a price target for Ada? Not looking to relay on your opinion but I want to see where you see it. Thanks
2021-12-12 11:59:19 +0000 UTCThanks for the update. Can you tell me what happened to AR? I bought some last week when you recommended. Do you think it’s not worth holding onto now?
2021-12-12 00:47:27 +0000 UTCIt's all red on my side
2021-12-11 00:42:11 +0000 UTCI got Loaded with RUNE and today it is 50% cheaper than I got it and it is one of my biggest bags. LUNA is carrying my portfolio right now. I wish I had more though
the beet bandit
2021-12-11 00:32:46 +0000 UTC
