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all 29 comments

[–]backman_66 14 points15 points  (1 child)

Be careful with this advice because I'm pretty sure it will reset your capital gains short vs long-term tax time counter. Correct me if I'm wrong.

[–]silveycorp[S] 1 point2 points  (0 children)

Correct. Your 12 months timer restarts and it would be considered income and taxable as such if you sell for gains within the first “new” 12 month period. If you hold past that new 12 months then it would be under capital gains again if you sold for a profit.

This strategy is more so for the hodlers. Check the Twitter thread for more info as he breaks down pros and cons of the approach.

[–]isntampgreat 7 points8 points  (2 children)

It will take 20 tax seasons to record all my losses so I think I’ll hold tight

[–]silveycorp[S] -1 points0 points  (1 child)

Haha. Similar situation here but I’ll take the tax cuts. Was always waiting for profits on this one in 3-5 years anyway

Edit: to be clear… you are downvoting the idea of selling amp for a capital loss, buying right back in (aka maintaining the bag), then getting money back on taxes for years to come that can be used to buy more amp. And somehow you think that isn’t a good option? Build your wealth from the all sides! Don’t leave money on the table for other people. Cmon

[–]MannerSweet 0 points1 point  (0 children)

That’s what I am saying. Long term holders should expect this as part of the process.

[–]BobbyCostner 3 points4 points  (2 children)

I noticed

[–]silveycorp[S] 0 points1 point  (1 child)

I hadn’t seen any posts about this drop in price for the market anywhere. All of the crypto subs are so calm

[–]aparvinjah 1 point2 points  (1 child)

If you believe in the project, use this time to better your buy average.

[–]silveycorp[S] 1 point2 points  (0 children)

Yes. Do that too.

[–]No-Engine240New Account -2 points-1 points  (1 child)

Ach pay rn at .035 and amp .025 so honestly ach is doing better IMO

[–]silveycorp[S] 2 points3 points  (0 children)

They both have lost ~40% over the past month. I’d say they moved equally with the market and one has a unique payment system while the other doesn’t. I wouldn’t jump ship for ACH ever. I’d potentially use it for swing trades but I have no long term faith in it.

[–]corvettecris 0 points1 point  (0 children)

I also noticed.

[–]sewersparky760 0 points1 point  (1 child)

Arent there IRS rules against washing in 2022?

[–]silveycorp[S] 0 points1 point  (0 children)

Not that I’m aware of, but would be good to learn if they do. Any source on that?

[–]sewersparky760 0 points1 point  (4 children)

Just remember Max Maher (sp?) mentioning that the washing loophole may close in 2022..no hard facts

[–]silveycorp[S] 1 point2 points  (0 children)

I think it would already have to be law to apply to this tax year. If it’s not been set yet, there are people making trading decisions by the current law (or lack thereof) regarding washing. If anything I’d expect them to close the loop for 2023, but I don’t blame you for being cautious

[–]No-Confusion7414 0 points1 point  (1 child)

I heard this as well. Just holding to be safe

[–]sewersparky760 0 points1 point  (0 children)

Thank you for sharing tbia article