DoctorEncore | 3,691 Posted June 1, 2021 Share Posted June 1, 2021 @Bearcat-Doug: Have you looked at loss harvesting? It can be very beneficial come tax time if you have significant capital gains from stocks or crypto. There is no Wash Sale rule for crypto so you just need to have a reasonable amount of risk in your trades. I haven't utilized it yet this year, but if we get another big drop to ETH buy territory (<2400), I will probably sell all my BTC and move it to ETH for five days before buying back in. Link to comment Share on other sites More sharing options...
Bearcat-Doug | 5,105 Posted June 1, 2021 Share Posted June 1, 2021 10 hours ago, DoctorEncore said: @Bearcat-Doug: Have you looked at loss harvesting? It can be very beneficial come tax time if you have significant capital gains from stocks or crypto. There is no Wash Sale rule for crypto so you just need to have a reasonable amount of risk in your trades. I haven't utilized it yet this year, but if we get another big drop to ETH buy territory (<2400), I will probably sell all my BTC and move it to ETH for five days before buying back in. I've actually glanced at it, but I need to look into it further. I'm still up about 250% on my bitcoin even where it is now, so I doubt I'd consider selling any unless it tests $60k again. I was tempted to buy another 1 BTC when it dipped to $30k, but I feel like I'm in a good spot right now with what I've got. Link to comment Share on other sites More sharing options...
arch_8ngel | 1,597 Posted June 1, 2021 Share Posted June 1, 2021 11 hours ago, DoctorEncore said: @Bearcat-Doug: Have you looked at loss harvesting? It can be very beneficial come tax time if you have significant capital gains from stocks or crypto. There is no Wash Sale rule for crypto so you just need to have a reasonable amount of risk in your trades. I haven't utilized it yet this year, but if we get another big drop to ETH buy territory (<2400), I will probably sell all my BTC and move it to ETH for five days before buying back in. Is that definitive? Everything i see suggests that "wash sale rules MAY not apply". Link to comment Share on other sites More sharing options...
DoctorEncore | 3,691 Posted June 1, 2021 Share Posted June 1, 2021 (edited) 6 hours ago, arch_8ngel said: Is that definitive? Everything i see suggests that "wash sale rules MAY not apply". I am not a tax expert, but most people seem to think it's true. The description for wash sale specifically says securities and stocks and the IRS has classified crypto as property. There are still some restrictions (probably need to wait at least 24 hours before buying back in), but for now it seems to be a nice loop hole. The fact that there are no stories of people being fined for doing this or having their tax returns flagged is also encouraging. Legitimate News Source: https://www.cnbc.com/2021/05/25/bitcoin-crash-opens-door-to-a-tax-loophole-for-investors.html Really Good Reddit Article: https://www.reddit.com/r/Bitcoin/comments/2qar39/i_am_a_tax_attorney_here_are_my_answers_to_common/ "#9 Do the wash sale rules apply to bitcoin? Probably not. The wash sale rules under Section 1091 apply only to "shares of stock or securities." Therefore, they do not apply to bitcoins unless bitcoins (and virtual currencies in general) qualify as "shares of stock or securities." This qualification would seem highly unlikely. There's just really no argument that bitcoins are "shares of stock or securities." The definition for these terms (taken from Section 1236, for example) is "any share of stock in any corporation, certificate of stock or interest in any corporation, note, bond, debenture, or evidence of indebtedness, or any evidence of an interest in or right to subscribe to or purchase any of the foregoing." Bitcoins would not appear to meet this definition. So, as it's currently written, it does not look like Section 1091 applies to bitcoins and other virtual currencies. That could change in the future of course, but for the moment it seems to be the case." Edited June 1, 2021 by DoctorEncore Link to comment Share on other sites More sharing options...
Bearcat-Doug | 5,105 Posted June 2, 2021 Share Posted June 2, 2021 Coinbase Pro added Dogecoin wallets this morning. It's not open for trading on there until noon tomorrow, but it's up around 25% on the news. That and Elon tweeted about it again. Link to comment Share on other sites More sharing options...
OptOut | 8,884 Posted June 2, 2021 Share Posted June 2, 2021 3 hours ago, Bearcat-Doug said: Coinbase Pro added Dogecoin wallets this morning. It's not open for trading on there until noon tomorrow, but it's up around 25% on the news. That and Elon tweeted about it again. Nice, it will be fun to watch the Shibes get their hopes up again! Link to comment Share on other sites More sharing options...
Bearcat-Doug | 5,105 Posted June 2, 2021 Share Posted June 2, 2021 49 minutes ago, OptOut said: Nice, it will be fun to watch the Shibes get their hopes up again! 1 Link to comment Share on other sites More sharing options...
Hammerfestus | 3,846 Posted June 2, 2021 Share Posted June 2, 2021 (edited) 1 hour ago, OptOut said: Nice, it will be fun to watch the Shibes get their hopes up again! Hey now. Daddy’s counting on them crypto clams to score a nice Castlevania box. Edited June 2, 2021 by Hammerfestus Link to comment Share on other sites More sharing options...
OptOut | 8,884 Posted June 2, 2021 Share Posted June 2, 2021 15 minutes ago, Hammerfestus said: Hey now. Daddy’s counting on them crypto clams to score a nice Castlevania box. If it hits 69 again, sell out and never look back! 1 Link to comment Share on other sites More sharing options...
Hammerfestus | 3,846 Posted June 2, 2021 Share Posted June 2, 2021 1 minute ago, OptOut said: If it hits 69 again, sell out and never look back! Oh no. not me. I don’t own that crap . 80% of my crypto is Ethereum like a proper boring idiot. On a somewhat related note. I’d like to make my stance known that 69 is an easy way to make your bj crappier. 1 1 Link to comment Share on other sites More sharing options...
OptOut | 8,884 Posted June 2, 2021 Share Posted June 2, 2021 1 minute ago, Hammerfestus said: Oh no. not me. I don’t own that crap . 80% of my crypto is Ethereum like a proper boring idiot. On a somewhat related note. I’d like to make my stance known that 69 is an easy way to make your bj crappier. Easy? As a normal human man, I've never even figured out how a 69 is supposed to even work! I'm a good 8 to 10 inches taller than my Mrs, there's no real way to close the gap on that one... 1 Link to comment Share on other sites More sharing options...
Gloves | 11,779 Administrator · Posted June 2, 2021 Share Posted June 2, 2021 God damn it. 1 Link to comment Share on other sites More sharing options...
OptOut | 8,884 Posted June 2, 2021 Share Posted June 2, 2021 4 minutes ago, Gloves said: God damn it. What now? Link to comment Share on other sites More sharing options...
Gloves | 11,779 Administrator · Posted June 2, 2021 Share Posted June 2, 2021 3 minutes ago, OptOut said: What now? I just didn't need that mental image is all. 3 Link to comment Share on other sites More sharing options...
OptOut | 8,884 Posted June 2, 2021 Share Posted June 2, 2021 1 minute ago, Gloves said: I just didn't need that mental image is all. Dude, NO IDEA what you're talking about. This is a crypto thread, nothing more. Link to comment Share on other sites More sharing options...
Bearcat-Doug | 5,105 Posted June 2, 2021 Share Posted June 2, 2021 37 minutes ago, Gloves said: God damn it. I've been saying that for the past month. 1 Link to comment Share on other sites More sharing options...
Hammerfestus | 3,846 Posted June 2, 2021 Share Posted June 2, 2021 1 Link to comment Share on other sites More sharing options...
Bearcat-Doug | 5,105 Posted June 3, 2021 Share Posted June 3, 2021 Dogecoin is live on Coinbase pro now. The price is pretty flat at 40 cents so I guess the meme crowd is distracted with AMC stock tanking. Link to comment Share on other sites More sharing options...
Bearcat-Doug | 5,105 Posted June 4, 2021 Share Posted June 4, 2021 2 Link to comment Share on other sites More sharing options...
Hammerfestus | 3,846 Posted June 4, 2021 Share Posted June 4, 2021 (edited) oh damn w & b Edited June 4, 2021 by Hammerfestus Link to comment Share on other sites More sharing options...
Mega Tank | 961 Posted June 4, 2021 Share Posted June 4, 2021 I'm sure people here have some common sense, but I received an email in my Spam folder which I believe to be a scam. I have never opened a coin base account, but it was an email from an alphabet (dbKenfnsiK type) email saying I had to click the link in the email to finish verifying my account. Yea, nice try. Link to comment Share on other sites More sharing options...
Bearcat-Doug | 5,105 Posted June 8, 2021 Share Posted June 8, 2021 Is anyone buying right now? Hopefully the dip is leveling off. I was hoping that the Bitcoin Miami conference over the weekend would have bumped the price, especially with the El Salvador news. Link to comment Share on other sites More sharing options...
DoctorEncore | 3,691 Posted June 9, 2021 Share Posted June 9, 2021 8 hours ago, Bearcat-Doug said: Is anyone buying right now? Hopefully the dip is leveling off. I was hoping that the Bitcoin Miami conference over the weekend would have bumped the price, especially with the El Salvador news. I'm still debating selling my BTC for a big loss to get the tax benefits and moving the money into ETH for a few days. If I keep waffling on that, I'll just be holding, holding, holding. Link to comment Share on other sites More sharing options...
Bearcat-Doug | 5,105 Posted June 9, 2021 Share Posted June 9, 2021 22 minutes ago, DoctorEncore said: I'm still debating selling my BTC for a big loss to get the tax benefits and moving the money into ETH for a few days. If I keep waffling on that, I'll just be holding, holding, holding. I'm still up 200% where it stands, so I might add some more if the price holds steady. Link to comment Share on other sites More sharing options...
Bearcat-Doug | 5,105 Posted June 10, 2021 Share Posted June 10, 2021 It looks like things are starting to pick back up. Most coins are in the green over the last 24 hours. Link to comment Share on other sites More sharing options...
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