To: Twotone
Since NFTs have likely dropped in value in the wake of the crypto assets, this means their owners can sell them, realize the loss, and get a tax benefit.
To: Pearls Before Swine
The IRS has a brutal deal going on how they treat gains vs losses.
Gains are taxed immediately, large losses (for tax purposes) are spread out over many years.
It is classic heads we win tails you lose government.
5 posted on
03/26/2023 6:25:00 AM PDT by
cgbg
(Claiming that laws and regs that limit “hate speech” stop freedom of speech is “hate speech”.)
To: Pearls Before Swine
Well, yeah. And this might be the thing that inspires them to back off, at least until such time that they become profitable again.
Or it might be sort of a rule like owning your own business. They will allow you to take a loss in two out of five years so long as you report a profit in the other three years.
7 posted on
03/26/2023 6:27:30 AM PDT by
Vigilanteman
(The politicized state destroys aspects of civil society, human kindness and private charity.)
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