Partner Rich LaFalce was quoted in a CNBC article about whether investments in the new spot bitcoin exchange-traded funds (ETFs) are subject to the wash sale rule, which prohibits investors from claiming a loss on an asset sale if they purchased a similar security within 30 days before or after the sale transaction.
Rich told CNBC that without further guidance from the Internal Revenue Service, investors should avoid swapping in and out of the same spot bitcoin ETF within the 61-day limit.
“If you were concerned the wash sale rule applied, you would presumable not go in and out of the same [exchange traded product], and you would find another vehicle that is sponsored by a different sponsor or has a different fee structure,” Rich said.
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