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The need for comprehensive crypto tax reform will become clearer as people start interacting with blockchains – and incurring capital gains taxes – without realizing.
The transparency and immutability of blockchain transactions could allow for tax assessment and collection to be vastly more efficient than the status quo.
If you’re a high earner or someone who lives in a high-tax state, you should look into tax-loss harvesting. You may be able to save up to 50% on your capital gains tax bill.
Individuals and institutions should carefully consider their tax obligations and, in the absence of official guidance, consult tax professionals or take the most conservative approach to avoid costly future audits.