I am not the strongest mathematician, I think I have a genius way to take profit while minimizing tax implications. I must be missing something.
Can someone critique my take profit strategy?
When I look at my exchange account status, it says you invested X amount and withdrawn X-1, your profit is Y on all investments. Esentially, all but 1 of my principal is moved off exchange. My withdrawals were to put coins on chain and a minimal amount spent on ETH gas fees so I still have them.
My biggest gainers were put on chain. For reference it was ETH, BTC and ADA which I will HODL
So if I sell my losers left in my account, which will give me a good tax benefit but still give me cash equivalent to Y-1 of gains. Am I still making money by taken it off the table?