Selling Ethereum - page 3. | Bitcointalksearch.org

pealr12

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Quote from: bittick on May 27, 2021, 04:56:37 AM

If you're a US citizen didn't coinbase already have a service where they gonna take care of it for you and what you need to do is to fill some form? I mean coinbase literally have a department specialized for that
https://help.coinbase.com/en/coinbase/taxes-reports-and-financial-services/taxes/coinbase-tax-resource-center so maybe you better contact them through that since you know they are a professional in that field.
But i think you're not gonna pay for capital gain taxes before you really make the "capital gain" or the profit is still an unrealized profit but i could be wrong, better ask the professional.

Perhaps the op was not aware of this coinbase already made service to make things like buying and selling crypto in the United States much easier even if you have no knowledge about the tax law, it is good you share the information here so that others who are not aware will read this to help them understand it more better.

bittick

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Cryptocasino.com

If you're a US citizen didn't coinbase already have a service where they gonna take care of it for you and what you need to do is to fill some form? I mean coinbase literally have a department specialized for that
https://help.coinbase.com/en/coinbase/taxes-reports-and-financial-services/taxes/coinbase-tax-resource-center so maybe you better contact them through that since you know they are a professional in that field.
But i think you're not gonna pay for capital gain taxes before you really make the "capital gain" or the profit is still an unrealized profit but i could be wrong, better ask the professional.

semobo

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Quote from: NatureMoves on May 26, 2021, 05:23:55 PM

If I invested 30k in Ethereum and when my investment goes up to 60k, and I sell 30k just to get my initial investment back, will I be taxed on that? I live in the United States and just bought Ethereum this year.

No, there is no tax for you when you just sell the capital amount and continue to hold the gains.

But you should report your conversion and mention it as converting the capital not the gains and you will have benefits on gains if you manage it to hold the investment over a year to reduce the tax rate into half.

devollito

full member

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So in the US every capital gain will be deducted to tax now ? Where did they know if this guy already get a capital gain ? He said that he only withraw it for $30k. Is the us base exchange track every user transaction at what price they bought ? And if this guy does not report to IRS wwhat happen ? And how much the penalty ? In my country there is no tax for crypto.

v3liana

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To be honest i don't really know about the TAX in USA but i believe if you got profit from your investment it will definitely be taxed. I think if you don't really need to use ur money, eth is the best investment and i don't think u need to sell it even though you already get 2x from your initial investment.

Jawhead999

legendary

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If you didn't know any basic of crypto taxation better to hire an accountant to manage/calculate your tax, because it's much complicated to calculate it yourself. It's not simple as when you know your capital gains/losses, you will need to multiply with fix % but you need to know about your status, how long you invested, what you've do with your crypto (e.g. single, married, short term, long term, staking etc).

asriloni

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Leading Crypto Sports Betting & Casino Platform

that means if you are getting the capital gains and you must have reported it to the IRS. I thought that if this article will be really useful for you about the taxation in US https://www.coinbase.com/learn/tips-and-tutorials/crypto-and-bitcoin-taxes-US

You must also see the tax rate in US https://www.forbes.com/sites/shehanchandrasekera/2021/03/09/whats-your-tax-rate-for-crypto-capital-gains/?sh=2698eed171e2

This article will give you complete guide about that https://www.coindesk.com/crypto-tax-2021-guide

NatureMoves

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If I invested 30k in Ethereum and when my investment goes up to 60k, and I sell 30k just to get my initial investment back, will I be taxed on that? I live in the United States and just bought Ethereum this year.

Topic: Selling Ethereum - page 3. (Read 407 times)