Under the wash sales rule, taxpayers cannot deduct a loss on the sale of stock or securities if the taxpayer purchases the same or substantially similar assets a short time before or after the sale that triggered the loss. This article examines possible application of the wash sales rule to virtual currencies.
When Virtual Currency Positions Are Subject to the Wash Sales Rule
By McDermott Will & Emery on August 19, 2020
Posted In IRS Guidance, Tax Reform