Replies to post #17176 on Ripple (XRPUSD)

[MindlessSelf]

Are you kidding? No I did not notice that xrp took 3rd. I am not dealing with big money but I made a few complex transactions that I would not know how to handle on a tax return. I’m not even sure if the software did it correctly either, but I reported a loss in 2019. I was not so concerned with maximizing my return, rather creating a paper trail logging all transactions and increased credibility from an audit perspective to protect my @ss. If they want to tear it apart and say I owe a couple of dollars or I am owed a couple of dollars, have at it. But I can tell an auditor I payed for a professional service and if they have an issue, talk to them

[schaub]

All great points, but I was reading where wash sales don’t apply to Cryptocurrencies. Below is what I found on a google search, but definitely check with your tax person, the rules could have changed. I’m sure they will change once Crypto’s start to spool up again.
—————-

The IRS specifically states that wash sale rules only apply to securities. Cryptocurrencies are property, not securities, as defined by IRS guidance. This means that wash sales rules do not apply to cryptocurrency at this time.