Replying to Avatar Ken Berry, MD

Maybe I'm to new to BTC to understand, but why would someone sell their BTC when it's down?? Outside of an acute emergency financial situation, I would Never do this. What's going on?
Avatar
Sawzall 10mo ago

Not advice but there are also no wash sale restrictions, so you can sell at a loss for US tax purposes and buy it right back (and you should buy it right back!)

Reply to this note

Please Login to reply.

Discussion

Avatar
Ken Berry, MD 10mo ago

Ahh, didn't know this...

Avatar
Elephant in the root 10mo ago

It's also a rather popular method of getting rid of KYC-related coins. Sell them at loss (no tax) then buy them back without KYC. Now you have coins that the government doesn't know about. And if you also sell without KYC the government doesn't know how much taxes it should charge you.