In recent weeks, the crypto tax loophole known as the “wash sale rule” has become a hot topic in the crypto community. The rule, which is a part of the US tax code, allows cryptocurrency traders to avoid paying taxes on their profits by selling a security, such as bitcoin, and immediately repurchasing substantially identical securities. This loophole has been a source of debate between cryptocurrency traders and the IRS, as the IRS believes that the loophole allows traders to avoid paying taxes on their profits. Recently, the issue was brought to the forefront when Joe Biden tweeted about the loophole. In his tweet, Biden stated that “The wash sale rule should be changed to prevent investors from avoiding taxes on their cryptocurrency profits.” The tweet sparked debate among cryptocu
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