Bitcoin
Bitcoin
Out of context: Reply #2007
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- nb-3
Let’s say you assume there is a dip coming. You want to sell your Bitcoin so you can buy back into the dip.
Where do you put that money?!
If I sell btc for USD it triggers a tax event. I’m taxed very high (New York) so cashing out my Bitcoin immediately loses me like 35%.
I would not mind paying taxes, but I’m not really earning that USD, I’m just waiting to buy back in.
So how do I do this? Because if I have to lose 35% every time I sell... I’m holding until I retire.
- Uniswap to stablecoinzaq
- @zaq Crypto trades are also a taxable event. Please do not answer basic finance questions without googling it first.nb
- Hm ok it’s 15% tax because it’s long term Capital Gains (in my case.) Still, 15% is a big dip to call right every time.nb
- I don't envy you americansdrgs
- Taxed to death!nb
- HODLGuyFawkes
- 0% tax in Portugal if held at least a yearESKEMA
- Can’t move to Portugal right now. Lolnb
- Personal reasonsnb
- Tax the rich! You’re rich, nbNBQ00
- If you're american, even if you move you still need to send money back to your freedom fund.ESKEMA
- DOGECOINshapesalad
- Who the fuck is taking 35%!?monospaced
- Oh. Income tax. It’s not considered a capital gains income? That would be closer to 10%. I guess it’s considered gambling earnings. Shitty.monospaced
- A brokerage would allow you to reinvest and not count it as income until you withdraw after a sale. Didn’t realize Bitcoin didn’t do the same.monospaced
- Capital gains is tied to income. I’m in a similar position myself, where short term capital gains tax is 35%, but only 15% long term.5timuli
- The highest rates right now are 37%/20%, but I think the short term is bumping up to 39.6% under Biden’s tax plan. Not sure about long term though.5timuli
- TL;DR... also hodling.5timuli
- nb, it's very brave of you to seek financial advices on a creative forum, and then complain about it.zaq
- Lol creative forumnb
- VPN to Portugal lolAQUTE