Congress Plans to Close This Crypto Tax Loophole

Congress Plans to Close This Crypto Tax Loophole
·4 min read

Congress is currently planning some big changes to the tax code to help raise money for President Biden's $3.5 trillion social infrastructure spending plan. Among the changes in the House Ways and Means Committee's proposal is a change to the wash sale rule to include cryptocurrencies. The wash sale rule prevents investors from selling and rebuying a security in order to show a tax loss on the investment.

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