From what I have heard from crypto people in the US, you have to pay for capital tax gains if you purchased crypto and made profits from it then you should really try and get it done as quickly as possible so they don't come to you later on. In other countries filing for capital isn't that necessary or not even required but in US, its mandated. I know there's a way to waiver it or reduce it but I'm not sure how. Maybe someone in crypto based in US can clarify more
Unfortunately I don't have friends in the US, so I can't find out more about this, and if it's something that crypto players have to obey, then it's okay to follow the rules that have been made, because in my country, it does not apply. 
Topic: Selling Ethereum (Read 385 times)
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.
In each country the regulations and taxes for different things are different mate. If you are not sure what to do, you better consult a professional accountant.
This can save you a lot of headaches and even tax trouble, which are very sensitive to the crypto world these days.
Of course, everyone has to pay taxes. However, the cryptocurrency space is free. And there are no regulators. So why pay taxes in a decentralized environment? I am more than true that there are companies in the USA that are willing to pay cash for cryptocurrency.
Of course, if you are making a big return on investment, you should better study your country's legislation. That would not break the laws.
Of course, if you are making a big return on investment, you should better study your country's legislation. That would not break the laws.
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.
I sold some ETH and will likely sell more during the ETH 2.0 hype. I used the funds to buy NEAR.
Every coin who has it's own blockchain we should keep some of these coins for future transfer from their wallet because these types of coins will definitely will gain in prices. Ethereum has its own blockchain with real use case. We can sell some part of Ethereum if anyone holding many Ethereums. Eth has been a great coin in past time and I hope this will be much more in future. So its up to traders or investors want to sell or hold.
I don't think this is the right time to sell your ETH, but holding or buying is a very good decision right now, because the price of the eth is dropping drastically, I am sure that in the next few months etherem will rise again and be able to touch its new ATH, hopefully you are not wrong in making decisions,,,,,
right, the action that should be done, because ethereum has just reached its ATH must experience a very sharp decline even to reach 40% of the ATH that was recently received.Of course this is definitely a big blow from ethereum because the upgrades received are not too long. I agree if you really want to buy it is the best option because renewable ATH will be created again.
I think he is doing goods. I guess he wants to get back his initial investment for safety reason and left the remaining funds to hold or trade it. I think it's a smart choice as ETH are not stable right now.
I do this sometimes when my profit is like x2 or x3. I withdraw my initial investment and left the remaining funds to invest in another altcoin.
it's true what you said that ethereum is unstable at the moment, but not just ethereum but all of them have had a very deep correction and all are experiencing it. so it's a natural thing because everything is at its lowest point.I do this sometimes when my profit is like x2 or x3. I withdraw my initial investment and left the remaining funds to invest in another altcoin.
whatever you do may be right but right now everything is down and so are altcoins, but if you want to move to altcoins there is nothing wrong because the same will also increase when bitcoin, ethereum increases.
I wonder how tax in crypto works, does it have tax every trades that we got profits ? how if we take another trades with the profits we made before and at the end we loss, does the tax is still charged ? i think it's more fair to calculate all the profits by the end of the year rather than taxed every trades
It is best to consult a tax accountant about that rather than posting it here in this forum. Each country has their own tax rule especially in crypto and most users here might have just googled their answer to share their opinion. The only one who can assist you better here will be an expert.
I don't think this is the right time to sell your ETH, but holding or buying is a very good decision right now, because the price of the eth is dropping drastically, I am sure that in the next few months etherem will rise again and be able to touch its new ATH, hopefully you are not wrong in making decisions,,,,,
I think he is doing goods. I guess he wants to get back his initial investment for safety reason and left the remaining funds to hold or trade it. I think it's a smart choice as ETH are not stable right now.I do this sometimes when my profit is like x2 or x3. I withdraw my initial investment and left the remaining funds to invest in another altcoin.
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, because there are no tax rules for that, and recently I read that if a YouTube user has a special income, he will be taxed if the user lives outside the Americas, now that's not the case for crypto.From what I have heard from crypto people in the US, you have to pay for capital tax gains if you purchased crypto and made profits from it then you should really try and get it done as quickly as possible so they don't come to you later on. In other countries filing for capital isn't that necessary or not even required but in US, its mandated. I know there's a way to waiver it or reduce it but I'm not sure how. Maybe someone in crypto based in US can clarify more
From what I have experienced so far, I have never been required to pay taxes on my crypto profits, it's just that there are fees that must be paid in every transaction I make. I'm also looking for regulations that say there is a tax on crypto income until now I haven't found it, but if there was, I as a tax-compliant person would still pay it.
It is because probably you're not living in the US. US residents are required to be taxed with each gain that they have in cryptocurrencies. The US government is very strict when it comes to taxation and that's why most of them are very responsible for filing their taxes and gains.I don't think this is the right time to sell your ETH, but holding or buying is a very good decision right now, because the price of the eth is dropping drastically, I am sure that in the next few months etherem will rise again and be able to touch its new ATH, hopefully you are not wrong in making decisions,,,,,
It's about his gains and being taxed with his gains. Whether someone has to sell or hold, if they're liking that action they do then that what must they do. It's not about his decision whether he'll hold or sell. 
I don't think this is the right time to sell your ETH, but holding or buying is a very good decision right now, because the price of the eth is dropping drastically, I am sure that in the next few months etherem will rise again and be able to touch its new ATH, hopefully you are not wrong in making decisions,,,,,
Now Ethereum price has dropped 39% from the ATH price reached 20 days ago, so based on that data means Ethereum is down very far right now.
Not a good decision to sell the Ethereum we have today, what needs to be done is not selling Ethereum but buying Ethereum which is what must be
done now. After all, Ethereum is one of the most popular and best altcoins in the crypto world. So it's a good decision to buy Ethereum at a low price
like it is now, because surely Ethereum will recover soon and can provide big profits. Or if we really don't have the money to buy Ethereum,
at least keep holding the Ethereum that we have today.
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.
I don't think the USA will have such rudimentary tax management measures. Joe Biden is a tax expert. You will be choked if you ask about tax issues here. Better do the measures yourself and find out, I mean, everything it is sensibility!!!If you try too hard to play with taxes, your Social Security will be hard.
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.
I secure my capital and enjoy the rest, that is my plan and that could be a sort of limitation. As it guarantees nothing in here, we have to be smart and take the opportunity while still there. May other people keep saying HOLD, well, I don't think so. I'm making myself secured because as these people get wrong their prediction, they won't help you instead, right? So I suggest to you is to do what you think is right, sell the half and secure your capital is a good idea. Don't listen to those you say just hold, they just want you to miss the opportunity and mess you up.
BTW, I'm not sure with the tax as in our country, it just free and we can move it instantly.
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.
I think you will be taxed on the profit you made with your eth bag, although I'm not from the United States (US) like you, but have heard of several news about your government imposing a compulsory tax on all crypto returns, so there's a high chance you'll be taxed when you decide to cash out your profit to fiat. slap your self if you are selling eth below 10k, not financial advice
I'm not sure we are going to see it at $10k soon, so it's better he locked in on the profit he has made already, the market won't be bullish forever just so you know. 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.
Very good decision.when I see my capital is 2x or 3x profit from main capital then I take a decision to withdraw my main capital and it's a good idea for any new trader.cuse trade is always risk so after withdraw main capital any body can trade risk free. 
I don't think this is the right time to sell your ETH, but holding or buying is a very good decision right now, because the price of the eth is dropping drastically, I am sure that in the next few months etherem will rise again and be able to touch its new ATH, hopefully you are not wrong in making decisions,,,,,
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.
So, it means the anonymity of every person using or investing in crypto already gone. I don't understand, how they can get tax from a person who invest in crypto? I think through an exchange, if they withdraw, it will be trace automatically and tax will be deducted. In my country, there is also no tax for crypto.
I don't know how about taxation in the USA but for sure you are very fortunate with this, because you can already take the initial capital from what you invest.
I'm happy to read this and I will use it as my reference in trading here because honestly I can use this as my motivation in trading in altcoin
Yes, taking motivation from other people's words should be, if those words are good, you should also know about taxation because every country that applies taxes is also for the good of its own citizens, so don't just take motivation, but also take knowledge about others here. I'm happy to read this and I will use it as my reference in trading here because honestly I can use this as my motivation in trading in altcoin
I don't know how about taxation in the USA but for sure you are very fortunate with this, because you can already take the initial capital from what you invest.
I'm happy to read this and I will use it as my reference in trading here because honestly I can use this as my motivation in trading in altcoin
I'm happy to read this and I will use it as my reference in trading here because honestly I can use this as my motivation in trading in altcoin
YOU should better to hold.
Because it has a grrat potential to reach 10k mark.
So hold if you can untill atleast it cross 5k.
Holding is a great thing. Cause it makes u rich not instant poor.
If what is holding is a coin that is clear and has potential and the market conditions can always be good, then obviously you will be rich, but if what you are holding is junk coins or shitcoin, then don't expect to be rich in any term. Because it has a grrat potential to reach 10k mark.
So hold if you can untill atleast it cross 5k.
Holding is a great thing. Cause it makes u rich not instant poor.
YOU should better to hold.
Because it has a grrat potential to reach 10k mark.
So hold if you can untill atleast it cross 5k.
Holding is a great thing. Cause it makes u rich not instant poor.
Because it has a grrat potential to reach 10k mark.
So hold if you can untill atleast it cross 5k.
Holding is a great thing. Cause it makes u rich not instant poor.
I will advice never to sell your position. If you got in lower then you will not be afraid of downturn in price. I have sold ether at $200, $400 and $900! I never saw that ether could sell for $4000 someday. Alas! It happens just a month and you can imagine my anguish!
I think op is asking whether he would be taxed on the principal amount or not? Most of the peeps are suggesting he should have hired an accountant but the fact is OP wants an answer whether he will be taxed for the same or not. The simple answer is no to this. Since you are just taking out the principal amount without stating the profits on the same you won’t be taxed. Because in the accounts that would be just 30k deposit and 30k return without any gains on the initial capital.
However, any amount credited to your account after this will be calculated as income source. So yeah the later one will be taxed for sure.
However, any amount credited to your account after this will be calculated as income source. So yeah the later one will be taxed for sure.
I guess it will not be long when other countries including mine will tax those who are earning in Cryptocurrency. I guess everything is being taxed nowadays and the U.S. might be the first country to do that (sorry I am not from the US so I am ignorant who first taxed their citizens that got a profit engaging in cryptocurrency). Personally I don't want to be taxed not because I hate the government or anything but rather this property is in the realm of digital space. No laws exist yet in our country engaging in digital assets and properties.
From what I have experienced so far, I have never been required to pay taxes on my crypto profits, it's just that there are fees that must be paid in every transaction I make. I'm also looking for regulations that say there is a tax on crypto income until now I haven't found it, but if there was, I as a tax-compliant person would still pay it.
OP mentioned that he was from US where cryptos are regulated and being taxed for every conversion even for crypto to crypto they need track records.
To be on the safe side, it's best to contact an accountant or tax consultant to assist you in the tax computation. The issue at hand is way more than what most persons on the forum could render quality advise on. United States government are already gaining from the cryptocurrency industry while Chinese government is busy imposing restrictions and ban.
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.
Actually, it brings more confusion to many users, it seems that the guidelines are not that clear enough to simplify the message to many US citizens that are crypto users or crypto investors, I guess you need help from a professional or expert on that IRS matters it seems that most of the suggestion here is just base on a personal opinion since you are a US citizen that's why you should seek also the help from a US citizen that was knowledgeable regarding that matter.
From what I have experienced so far, I have never been required to pay taxes on my crypto profits, it's just that there are fees that must be paid in every transaction I make. I'm also looking for regulations that say there is a tax on crypto income until now I haven't found it, but if there was, I as a tax-compliant person would still pay it.
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, because there are no tax rules for that, and recently I read that if a YouTube user has a special income, he will be taxed if the user lives outside the Americas, now that's not the case for crypto. 
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.
Maybe if you withdraw your profit into your bank account, you need to pay the tax but if you keep the profit in the exchange, I think you do not have to pay the taxes. I do not know how your government will apply the tax for people who make money online, but I suggest you follow their rule because that can make you safe from a problem.
You can ask your authorities about paying the tax from the crypto to understand how you can follow their rule.
You can hold your ethereum and not sell it right now as the price is down too deep.
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.
I think there is no tax when you buy and sell Crypto, it's just that you need to pay maker and taker fees. But taxes will occur if you have made crypto a real currency. Taxes that you have to pay through the bank. And as long as you haven't withdrawn it, the tax will be borne by the exchange platform in America.
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.
Taxation differs from country to country. So you will have to do a little research and find out the taxation guidelines for cryptocurrency for your country.
Also, you don't have to pay the tax just for selling the cryptocurrency. You will only be taxed when you withdraw the gains to your bank account.
You can keep buying and selling until you want. Taxations levy only when you withdraw the profits to fiat.
slap your self if you are selling eth below 10k, not financial advice
you wrong , OP playing very safe. even ethereum price drop its no problem for him , maybe he can buyback using initial capital so get doubled is ethereum amount.psychology safe now and emotion could controlled when he already hold their money back. next step only wait new all time high for ethereum.
slap your self if you are selling eth below 10k, not financial advice
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.
OP is asking he have to pay the taxes when he doubled the invested capital which is what he mentioned as $60K with the capital money 30K then the capital is 30K+ Gains is 30K, when OP reporting the moved 30K as capital where he invested then there is no tax for it and I can sure that I am right in that.seem you are very sure about it. users who are not from US aren't aware of that. there is no tax law yet in my country so its yet not for us. as far as i know Bitcoin is considered a property in US but since there was an announcement lately about $10K for a capital gain so the next $30K that will be withdrawn by the OP will be taxed correct?
In general, we need to pay capital gain taxes once we invest in assets and making profits from it, if we are cashing out the asset within one year of invested time then it is short-term capital gains, and anything over 1 year time period then its long term capital gains.
If we only took the capital and let the gain to grow then you have to pay taxes only at the time of cashing out the gains.
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.
I think that countries who regulate tax and taxing on income would always look for ways to tie incomes to be taxed and crypto is not far from such. I think that could be done through the banks which is the easiest way to identify incoming income and payment of tax won't be escaped. In the Nigerian kind of pattern where some accounts were tied to the banks, so such kind of accounts can't escape paying tax on such incoming income, that is just an example.
I don't know about this, if you register an account and KYC in another country before coming to the US and withdraw money through your national bank account before coming to the US, your profits are preserved. I have some friends in the US who have connected with some people overseas so that they don't have to withdraw money from banks in the US.
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.
OP is asking he have to pay the taxes when he doubled the invested capital which is what he mentioned as $60K with the capital money 30K then the capital is 30K+ Gains is 30K, when OP reporting the moved 30K as capital where he invested then there is no tax for it and I can sure that I am right in that.seem you are very sure about it. users who are not from US aren't aware of that. there is no tax law yet in my country so its yet not for us. as far as i know Bitcoin is considered a property in US but since there was an announcement lately about $10K for a capital gain so the next $30K that will be withdrawn by the OP will be taxed correct?
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.
OP is asking he have to pay the taxes when he doubled the invested capital which is what he mentioned as $60K with the capital money 30K then the capital is 30K+ Gains is 30K, when OP reporting the moved 30K as capital where he invested then there is no tax for it and I can sure that I am right in that. 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.
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.
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.
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.
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.
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.
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.
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).
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
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
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.
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