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December 31 Deadline for U.S. Tax Loss Harvesting, Cryptocurrency Exemptions Highlighted

As the year-end approaches, December 31 marks the last day for tax loss harvesting in the U
By: DeepNewz • December 31, 2024
December 31 Deadline for U.S. Tax Loss Harvesting, Cryptocurrency Exemptions Highlighted

As the year-end approaches, December 31 marks the last day for tax loss harvesting in the U.S., a strategy allowing investors to sell underperforming assets, such as stocks, options, or cryptocurrencies, to offset taxable gains. The 30-day wash sale rule, which applies to stocks and ETFs, does not currently apply to cryptocurrencies, permitting investors to sell digital assets like coins and NFTs at a loss and repurchase them without penalty. This provides an opportunity for investors, including long-term HODLers, to optimize their tax liabilities. The practice is particularly relevant for those with significant gains from airdrops, market growth, or other transactions in 2024. Stocks like PLTR are cited as examples of assets investors may hold until the new year to delay tax liabilities.

This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz.

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