Tax
Mar. 21, 2023
Tax planning: Oops! I changed my mind
If you engage in income or capital gains tax planning during the year which, at the end of the year, does not look quite as attractive, you can unwind the transaction if you do so by the last day of the calendar year.
Owen Kaye
Managing Partner
KFB Law Group
12100 Wilshire Blvd #245
Los Angeles , CA 90025
Phone: (310) 207-8008
Fax: (310) 207-8708
Email: owen@kfblawgroup.com
Western State Univ College of Law
In February, 2019, when Bitcoin was about $3,600, Jonathan, a young lawyer in West Los Angeles, bought 10 of them. He watched as Bitcoin climbed to $56,000 in April, 2021, dropped to $34,000 in July, 2021, and rocketed to $61,000 in Nov. 2021. On Feb. 1, 2022, with Bitcoin at $39,000, down almost 40% from just two months earlier, but still over 10 times what he originally paid, Jonathan decided it was time to sell and pocket his gains. Of course, he wanted to do so i...
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