As investors mull over their year-end tax strategies, experts suggest that certain cryptocurrency investors may have a unique savings opportunity that is not widely known. In the aftermath of the cryptocurrency industry experiencing an almost $1.4 trillion loss in 2022, many investors turned to tax loss harvesting, a method that utilizes losses to counterbalance profits. However, following a resurgence in 2023, a different approach might be considered: strategically selling profitable cryptocurrencies held in brokerage accounts, a tactic commonly referred to as “tax gain harvesting.”
This particular strategy is most beneficial for investors positioned in the 0% long-term capital gains tax categorization who have held digital assets for more than a year, according to Wealthability CEO Tom Wheelwright. Wheelwright notes that as of Nov. 17, 2023, the price of…
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