What strategies can cryptocurrency investors implement during fiscal year end?

1 answers

• endifaSep 11, 2020 · 5 years ago
  At BYDFi, we recommend cryptocurrency investors to consider tax-loss harvesting as a strategy during the fiscal year end. Tax-loss harvesting involves selling cryptocurrencies that have experienced losses to offset capital gains and reduce tax liabilities. This strategy can be particularly beneficial for investors who have realized significant gains throughout the year. By strategically selling off losing positions, investors can offset their gains and potentially lower their overall tax burden. However, it's important to consult with a tax professional to ensure compliance with tax regulations. Additionally, investors can also take advantage of any year-end promotions or discounts offered by cryptocurrency exchanges. These promotions may include reduced trading fees or bonus rewards, providing additional value to investors during the fiscal year end.
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