So in 2018 I purchased a small bit of crypto currency monthly. The routine was purchase Bitcoin with USD then convert the Bitcoin into one specific altcoin in the same day. I've been holding this altcoin ever since. As you can imagine, I am down a fair bit (60%) on the total amount invested.
So my questions:
1) I understand that crypto to crypto trades are taxable events, but I did not report the trades from Bitcoin to this altcoin. Since they were done on the same day, I do not imagine there being a significant taxable event for each trade. Could this be reported in the coming tax year?
2) I'd like to claim a loss on this investment. Is my thinking here correct: I convert it all to Bitcoin, which triggers a taxable event, hold the Bitcoin for at least 30 days then use it to buyback the altcoin to avoid wash trading. Would I be able to claim the loss on my taxes using this method?
Thanks
No comments:
Post a Comment