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February 23, 2022
Question

Stock sale reinvestment

  • February 23, 2022
  • 1 reply
  • 0 views

Mid 2020 I sold a large amount of long term stock and used that to purchase crypto. This sale raised my taxes for this year. Since I reinvested in crypto and did not hold the money can this be taken off my taxes?  If so what is the best approach.

 

Thanks 

    1 reply

    VolvoGirl
    Employee
    February 23, 2022

    No.  When you sell it doesn't matter what you did with it.  Unless it was in a retirement or 401K or IRA account.   Each transaction is separate.

    BBP167Author
    February 25, 2022

    Thank you this helps. @VolvoGirl