Clinton explores the topic of whether the current tax break limit for capital losses should be changed. He proposes that Congress increase the capital loss limitation in code section 1211 to $15,000 starting this year (versus the current $3,000 limit), retroactively and inflation adjusted thereafter. He explains how capital gains and losses are taxed, and the annual limit on the amount of capital loss that can be deducted. The distinction between short-term and long-term investments and the reasons behind the limit on losses are also discussed.
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π£ Host: Clinton Donnelly
Twitter π https://twitter.com/CryptoTaxFixer
Clinton Donnelly, LLM, EA, is the president and founder of CryptoTaxAudit. Clinton holds an advanced law degree in international financial planning and taxation. He is an enrolled agent authorized to represent taxpayers before the IRS. Clinton also holds a Certified Cryptoasset Anti-Financial Crime Specialist certification.
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π Sponsor: CryptoTaxAudit
CryptoTaxAudit, the crypto tax and IRS audit experts, sponsored this episode.
Founded in 2015, CryptoTaxAudit is a full-service tax preparation, crypto calculation, and audit defense company. Clinton Donnelly founded the company and currently serves as its president. Clinton has assembled an experienced team of crypto tax experts, including CPAs, enrolled agents, forensic accountants, and gain calculation analysts. The companyβs crypto experts deliver personalized services to help clients get into compliance, develop their tax strategies, and receive professional representation before the IRS.
CryptoTaxAudit protects its clients with Audit Defense, its flagship membership service. Audit Defense membership counters the growing cost of defense against the IRS by providing a cost-effective option for crypto traders and investors.
Visit π https://CryptoTaxAudit.com
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π Disclaimer
All opinions expressed by the showβs host and guests are their own. Do not construe them as tax, legal, or financial advice. In addition, they may not represent the policies or opinions of our sponsor, CryptoTaxAudit. Research legal, tax, and financial guidance and advice as needed.
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