Many investors are hoping that selling crypto at steep losses could yield large tax write-offs. That is not necessarily the case.
The recent crypto market downturn and the upcoming recession fears have led many investors to sell their cryptocurrency positions at huge losses thinking that such losses are"instant tax write-offs" on their taxes.
There are two types of capital losses: short-term capital losses & long-term capital losses. Short-term capital losses occur when you sell your coin/NFT after holding it forthan 12 months and below its cost. Long-term capital losses occur when you sell your coin/NFT after holding it forFor example, say Sam purchased 1 BTC at $60,000 on December 2021. On March 2022, he sold this BTC for $29,000.
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