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QW 2y ago 💬 11

JUST IN: 🇺🇸 Biden to propose new tax rules for #Bitcoin , removing the ability to tax-loss harvest. - WSJ

Soooo… they are saying it’s here to stay and there’s no point in selling for a loss?

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Discussion

peterzander 2y ago

For Bitcoin only?and what is tax-loss?

QW 2y ago

If I bought Bitcoin at 69k and sold at 15k I could write the loss off on my taxes. So I would sell before year end to harvest the loss. Then buy again

peterzander 2y ago

Is that good for Bitcoin,in general?

QW 2y ago

In general, nothing stops the train however it removes the incentive to sell for a loss. So in a high time preference lens, yes.

Smaug 2y ago

Tax loss harvesting is for people that try to increase their total fiat money. I’m not selling and buying bitcoin back at a loss to pay less on my taxes.

QW 2y ago

💯 it’s fiat garbage but it’s something that effects us and another step to regulatory clarity. Which I hate all of it 🤣

🤡 🌎 just fun to follow really.

ᴀᴅᴀꜱʜᴇᴋ 2y ago

more like property tax / capital gains laws?

QW 2y ago

Just amazing they keep shuffle the tax side of things while doing nothing on the regulation side.

ᴀᴅᴀꜱʜᴇᴋ 2y ago

if they can't stop it the next question is how to generate revenue from it. Losses don't do that, gains do

QW 2y ago

Correct

fd42e955... 2y ago

Don't worry, Bitcoin will still be here long after the government and taxes have crumbled to dust.