I’m wondering if say for example say I invested €1,000 into LINK and it is now €10,000 , and I have €1,270 in tax credits so from that €10,000 I can take out €1,000 + €1,270 = €2,270 tax free - fair enough
But let’s say I bought €5,000 worth of ALGO in September 2021 at a price of €1.50 and it is now on December 14th 2021, 1 day before tax is due (December 15th) and that ALGO is now worth only €2,500 as ALGO has dropped to 75 cent (50% loss)
Can I sell that ALGO for a loss say on December 14th 2021 and use the €2,500 loss to then take more profit out of LINK (so €2,270 + €2,500 = €4,770) - ie I can now take out €4,770 out of Chainlink as the €2,500 loss in ALGO offset my gains
But after the due date - so December 16th 2021 - could I just buy ALGO back at the current price of 75 cent or in Ireland do I need to wait a certain period before I can buy back in and declare a loss?
I can’t seem to find anything on the Revenue website as the instructions seem vague and don’t specify that you can’t do this. I know the US is seems you need to wait around 31 days before declaring a loss on an asset but in Ireland I don’t seem to see this specification.
Thank you to anyone who knows this answer as it might make taxes lil bit easier lol