ING:Act by December 31st to Lower Your 2019 Tax Bill_YouSwap

Let’sbehonest,nobodylikespayingtaxes.Whenwefileourreturns,itremindsusthatagood-sizedchunkofourhard-earnedmoneygoestothegovernment,and,ifweoverpay,wehavetowaitaroundforarefund.

Fortunately,thereisawaythatyoucanreducesomeoftheagitathatcomeswithtaxday,andperhapssomeofthestingthatcamefromanunderperformingasset,byleveragingyourcryptoholdings.

ItcanbedonewithastrategycalledCryptoTaxLossHarvesting,andtheclockisticking.

R3推出Corda公开测试版本:6月14日消息,分布式账本技术服务公司R3推出其旗舰产品Corda的公开测试版,该更新版本面向全球金融市场基础设施提供商和中央银行设计,使应用程序能够与其他开放的企业DLT网络无缝互操作。

作为其倡议的一部分,R3与Adhara达成合作,还启动了一个超级账本基金会实验室Harmonia,以加速受监管金融机构互操作性协议的开发。R3表示,Harmonia将解决受监管金融网络的限制和要求,以实现跨区块链网络的真正原子结算。(Finextra)[2023/6/14 21:36:33]

WhatisCryptoTaxLossHarvesting?

Whileitsoundscomplicatedandlikeitmayinvolvesometypeoffarming,CryptoTaxLossHarvestingisactuallyverysimple.Itinvolvesdisposingofacryptoassetataloss.Thistransaction(seeexamplesbelow)createsataxablelossthatcanoffsetgainsand,insomecases,ordinaryincome.Itdoesnotmatterifyouareoffsettingagainfromastock,bond,orothertypeoftraditionalinvestment.

Atomic Wallet攻击者将部分资金转移至受OFAC制裁的俄罗斯交易所Garantex:6月13日消息,区块链分析平台Elliptic发推表示,Atomic Wallet攻击者将部分资金转移至受OFAC制裁的俄罗斯交易所Garantex以换取BTC。据悉,Garantex成立于2019年底,最初在爱沙尼亚注册,之后将其大部分业务迁至莫斯科。OFAC于2022年4月制裁了Garantex和俄罗斯Hydra暗网市场。

此前报道,6月3日,多个Atomic Wallet用户账户遭到黑客入侵,损失的加密货币价值约3500万美元。[2023/6/13 21:33:50]

WhatisaTaxableEvent?

Specificactionsthatlock-ingainsorlossesonyourcryptoholdingsaregenerallytaxable.Forexample,thefollowingarealltaxableevents.

SellyourcryptoforanothercryptoSellyourcryptoforfiatUseyourcryptotopayforgoodsandservicesToutilizeataxablelossonyour2019return,itisVERYimportanttorealizethecapitalloss(byenteringintoataxabletransaction)onorbeforeDec31,2019.Youcannotoffsetgainsbyjustclaimingthatthevalueofyourportfoliohasdropped.

CanYouShowMeanExample?

Imagineyoubought$2,000worthofNikestockand$2,000worthofcryptoatthebeginningof2019.TheNikestockincreasedby50%,soyourportfolioisnowvaluedat$3,000.However,thevalueofyourcryptoholdingsdroppedby10%,sothosearenowworth$1,800.

YoumaywanttolockinyourcapitalgainsfromtheNikestocknow,soyousellforaprofit/capitalgainof$1,000.Atthispoint,youwouldowetaxonthat$1,000.

However,thereisawaytoreduceyourtaxbill.Ifyousellyourdepreciatedcryptoholdings,thelossesgeneratedmayoffsetyourtotalgains,andreduceyourtaxbill.Insteadofpayingtaxon$1,000,youwouldonlyoweforthenetgainof$800.

WhatifmyPortfolioisintheRedbutIhavenoGainstoOffset?

Goodnews,evenifyoudidnotrealizegainsduringthecurrentyear,youcangenerallystillusetaxlossharvestingtooffsetupto$3,000ofotherformsofincome,suchasyoursalary.

Forexample,ifyoumade$75,000insalarythisyear,youcoulduseyourcapitallossestoreduceyourtaxableincomebyupto$3,000,reducingitto$72,000.

Ifyourrealizedlossesaregreaterthan$3,000fortheyear,thebalancemaybecarriedforwardtofutureyears.

Remember,theClockisTicking!

Thedeadlinetotakeadvantageofcryptotaxlossharvestingfor2019isDecember31,2019,soyouneedtosellbeforetheclockstrikesmidnightandringsinthenewyear.

Fortunately,nowthatweoffertheKrakenProappinboththeAppStoreandGooglePlay,youwon’tmissoutonthisopportunitybecauseyouarenotinfrontofyourcomputer!

DISCLAIMER

Krakendoesnotprovidelegalortaxadvice!Pleaseconsultyourpersonaladvisortoseehowcrypolosstaxharvestingcanbenefityou.

ThankyouforchoosingKraken,thesecureandtrusteddigitalassetexchange,andHappyNewYear!

TheKrakenTeam

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