Time to Increase the Capital Loss Limitation

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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▬▬▬▬▬ TIMESTAMPS ▬▬▬▬▬
00:00 Introduction
03:31 A hard year for crypto investors
03:55 Proposing an increase in the capital loss limitation
04:57 Unrealized crypto gains and losses
05:29 Long term vs short terms capital gain rates
06:25 Crypto day traders
06:50 A $3,000 deduction is worth about $800
07:10 Make love, not profit
07:24 A $15,000 deduction would be worth $4,500
08:23 How soon can you benefit from an excess loss?
08:46 Be the change; contact Congress
09:20 Taxes are sexy

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📣 Host: Clinton Donnelly
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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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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 company’s crypto experts deliver personalized services to help clients get into compliance, develop their tax strategies, and receive professional representation before the IRS.

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