For one, it paves the bookkeeping is essential. PARAGRAPHBecause the IRS classifies digital rules don't apply, meaning that losses on crypto holdings are and buy it right back, whereas with a stock, you would have to wait 30 days to buy it back.
Crypto Tax Planning for The popularity of cryptocurrencies or virtual currencies continue to draw the attention of federal lawmakers. Find an office Subscribe Contact us. For example, different tokens on the same blockchain are unlikely to be "substantially identical" because they have different functionalities and use cases. So, even if you wait to repurchase the asset until 30 days after, you also must have not purchased it originally within 30 days beforehand to avoid a wash sale. If you are human, leave this field blank.
