Hyler? Yep. It says here you made $100,000 in trading crypto this year? Yep. Okay, so we'll take our taxes. You owe us. Nothing. Crypto is taxed just like stocks. Yes, it is. But I also locked in $100,000 of losses on Bitcoin because it went from $60,000 to $20,000 and I owned 2.5 coins. But it says here you still own 2.5 bitcoins. Yep. I sold the coins on Monday to lock in the loss and take the tax advantage and I bought them back on Tuesday so I don't miss out on any potential gains by locking in the losses. That's called a wash sale and you are not allowed to buy back the identical security. Correct. And guess what? Bitcoin is not considered a security. So I owe you nothing. Nothing. But I still have my Bitcoin and my $100,000 gains tax-free.

Learn how to effectively manage crypto losses and gains for tax purposes, including strategies to minimize tax liabilities while maximizing your investment in cryptocurrencies.