Q&A of the Week April 6, 2022

Question:

My cryptocurrency tax report is showing large gains. Are there tax planning strategies that can help lower the gains?

Answer:

Tax planning strategies can only be used in advance; they cannot be used after to lower capital gains.

If you are involved with cryptocurrency, I suggest scheduling a time to meet with your tax advisor to discuss tax planning strategies for your 2022 tax return. (But please wait until after April 18!)