Laura Saunders

speaker

5,937 appearances 109 recordings 1 series first heard Jul 2017 last heard Nov 2024

Laura Saunders’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Tax Savings for Crypto Investors: How to Offset Steep Losses · 15 Nov 2022 podcast

And so crypto doesn't have a lot of what we call third party reporting. voice-verified

That's when, you know, if you're an employee, your employer tells the IRS how much you earn. voice-verified

Or if you have a stock brokerage account, the broker tells the IRS if you sell stocks what your gains were. voice-verified

But crypto is still kind of the Wild West out there. voice-verified

And the IRS doesn't really know a lot about who's doing what. voice-verified

And there's a pretty good chance that a lot of people have just ignored their taxes on crypto for about a decade. voice-verified

And so the IRS is always chasing after that. voice-verified

Well, yes. voice-verified

We just got some new figures buried in an IRS court filing that said that in 2019, only about 100,000 taxpayers filed tax returns that showed that they had gains on cryptocurrency. voice-verified

Now, millions and millions of people own cryptocurrency, and most of them are just ignoring the taxes on it. voice-verified

From what I can tell, that's true, and it's what the IRS thinks, too. voice-verified

Well, there's one very important thing they can do. voice-verified

If that crypto is held in a taxable account, that means if it's not in an IRA or a Roth IRA, but a regular taxable account, and I think that most crypto is held in taxable accounts, then the investor can sell it and take a lot of losses. voice-verified

And those losses go into an account to shelter all future gains, capital gains on stocks, on land, on houses, on crypto, on all kinds of things. voice-verified

They don't expire. voice-verified

And if you don't have gains to match them against, then you can deduct up to $3,000 against your wage income, your ordinary income. voice-verified

And so you can take these losses and they can be useful to you and you can buy back the crypto right away. voice-verified

So if you have diamond hands, that's what they call it. voice-verified

If you're a true believer and you don't want to sell, just sell and buy back. voice-verified

Well, it absolutely does. voice-verified

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