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Query about tax deductions in US

I’m situated within the US. I purchased into Bitcoin with about $3000. Worth is down to simply underneath $1000 now. If I cashed out with a purpose to have tax deductions subsequent Spring, what would really occur? I often owe about $700 in taxes annually. Might the losses in Bitcoin cowl that quantity? Sorry if extra data is required to reply this query. I don’t even know the place to begin. And once I don’t know the place to begin, I flip to Reddit!

2 thoughts on “Query about tax deductions in US”

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  2. The amount saved in taxes with a capital gains loss reporting would be far less wise than just simply having some patience and waiting out the bear market.

    >I usually owe about $700 in taxes each year.

    There is something really off about this number. Either you make no income, you have incredibly high amounts of writeoffs or the most likely scenario being that you are not including all of the taxes you have prepaid with every paycheck with federal withholding where the IRS can earn interest off your money even before you file your taxes.

    Its impossible to directly answer your question because we don’t know your income and tax bracket so lets just discuss an example.

    The IRS allows you to writeoff 3k a year (1.5k married/jointly) in capital gains losses a year (from all asset losses so if you made money in stocks that would reduce your writeoff… example: made 2k usd in stocks , lost 2k in bitcoin means you cannot write off anything as a capital loss)

    So lets say you make 80 k a year , you subtract the standard deduction of $13,850 and and your 2k in capital losses and you have 64,150 usd in taxable income . Tax bracket for 2023 is 22% thus 14,113 usd in taxes vs 14,553. So this writeoff would have saved you a measly 440 usd in taxes

    Now lets compare that 1k usd in BTC today (0.062 BTC) and wait out till late 2024 or early 2025 where it is possible for that 1k to be worth 5-10k usd in a typical bull market

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