Most ppt holders have no clue what they hold. Do you guys also know how to do capital gains tax if you use coinbase in the US? Smh.
Because if you close your position the irs can hold you liable to pay tax if you put a significant amount of money through coinbase they will have their eye on you. You will probably need a professional to sort this out.
Just seems like a ton of you are NOOBS
Because if you close your position the irs can hold you liable to pay tax if you put a significant amount of money through coinbase they will have their eye on you. You will probably need a professional to sort this out.
Just seems like a ton of you are NOOBS
so what is the problem?
anyone who will do that will have gain some great profits and have the ability to hire any kind of professional to manage the situation
Short term capital gains is more expensive than long-term capital gains. Long term is defined as being over a year I believe. There's no problem just greater incentive to not kill the golden goose. I bring this up because I think most people are unaware. You also get the benefit of further clarification over time.
It's possible that with crypto clarity that capital gains goes down. We are still in a gray area where we are forced to take the conservative approach and do 15% on all tax events. A tax event is defined as any trade. It's possible that the irs clarifies and that won't be necessary though.
This situation is bringing more legitimacy to the cryptos and with that higher valuations.
Overall I believe it's wiser to hold the asset because pump and dump gives you more tax. Also I don't want to hear about populous sellers getting attacked by irs. It's an additional consideration in our decisions.
Finally more people will move into populous space increasing value of the asset that gives you even more ability to deal with the legal issues. You get to have your cake and eat it too.
They cannot tax bitcoin because they did not create it. Besides we are in the altcoin market...haha
