Tax loss harvesting deadline extension?

[Cuddles]

There might be a way to sell and amend you 2018 return to account for the loss. This works for foreign currency only. It happend to a friend of mine who lost a lot of money on an fx trade and was able to apply the loss against previous year gains.

You will need to consult a competent accountant. Bob’s recommendation is probably the best.

Man, if I could attach this year's losses to last year's gains it'd be awesome

 

[zdreg]

They appear to be treated as stocks for tax purposes. What is the answer if it were stocks?

not exactly. they are not subject to wash sale rules.

 

[Cuddles]

not exactly. they are not subject to wash sale rules.

sweet

Wash Sale Rule Does Not Apply to Cryptocurrency – For Now
Cryptocurrency markets have been slipping in the beginning of the year, and some investors may be seeing losses as a result. But, if you sell your cryptocurrency holdings for a loss today, and then re-purchase them at near the same price tomorrow, can you claim a deduction without running afoul of the wash sale rule? The IRS has remained mum on the issue, but most experts agree that you can indeed.

As it stands, Section 1091 does not apply to Bitcoin or other cryptocurrencies. Because the IRS treats these assets as property, they do not fall within the strict statutory prohibition on wash sales of stock or securities. Because the wash sale rule does not apply based on the express language of the statute, crypto investors can probably claim capital losses from coins they sold and repurchased within 30 days.

However, this may not be the case for long. Section 1091 does allow the IRS to expand the “stock or securities” that trigger the wash sale rule. If the IRS passes a regulation clarifying that Bitcoin and other cryptocurrencies do fall under the jurisdiction of Section 1091, wash sales may be disallowed forever.

 

[thinkpad954]

ecause the deadline for tax loss harvesting isn't until Dec. 31, most taxpayers wait until November or December

 

[MoreLeverage]

Short sell it until you can sell for real (and then also cover your short). Treat as a constructive sale at the date of the short. Here was an example.

https://www.accountingtoday.com/opinion/handling-tax-complexity-on-constructive-sales

 

[elt894]

Short sell it until you can sell for real (and then also cover your short). Treat as a constructive sale at the date of the short. Here was an example.

Can you use a constructive sale to book a loss? Pub 550 and the IRS code specifically refer to constructive sales of appreciated financial positions.

One longshot might be to change your fiscal year end, but I think that requires IRS approval, and I don't know how the transition is handled.