Here at Camuso CPA, we offer a wide array of tax and accounting services for cryptocurrency investors and traders including tax preparation, tax planning and portfolio reconciliations.
Since cryptocurrencies are generally classified as property, wash sale regulations should not currently be a concern for investors. Today, wash sales only apply to stocks and securities, so traders are operating in a gray area for now until further IRS clarification is issued. This means investors can sell an investment to realize a tax loss, only to buy it back immediately thereafter at a bargain.
This can offer very large tax benefits to investors by allowing them to pay significantly less taxes on capital gains which can be offset by their wash sale trades.
If you searching for CPA firms to assist you with reporting cryptocurrency income and capital gains, contact Camuso CPA. Whether you need tax preparation services, assistance with properly reporting gains and income from virtual currencies on your taxes, cryptocurrency portfolio analysis, or any other service provided by a certified accountant, Camuso CPA can help.