Personal Finance & Money Asked on January 8, 2021
I live in USA. I had a loss of X amount of money a few years back in Cryptocurrencies. From that year on, I am seeing some Y amount of capital loss carryover in my yearly returns. I haven’t done any trading since then. I am not too sure what "capital loss carryover" means.
I still got some crypto left which currently amounts to more than X. I want to sell some of them which would cover my total losses a few years back.
QUESTION: It is Dec 25 — just a few days left in the year. Hypothetically assuming that the crypto price remains the same, what difference would it make if I sell now vs on/after Jan 1 next year? Would selling next year give me some benefit because of capital loss carryover or something else?
Let me know if I should provide more details.
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