12 ms·
Just pay your taxes. Really it isn't that hard. If you've maintained the asset for several years you get a tax break, there are sites out there that are designe
by je_bailey 5y ago
Just pay your taxes. Really it isn't that hard. If you've maintained the asset for several years you get a tax break, there are sites out there that are designed to assist with the tracking of crypto currencies. Yes you may be able to bypass all the algorithms and systems that the US has in place to track this stuff but why? Just pay your damn taxes.
- bagacrap 5y agoActually it is pretty hard if you, y'know, buy stuff with a cryptocurrency, because every purchase is a taxable event! Also hard if you bought your crypto on a less well known and/or now-defunct exchange like Poloniex because the reports they generate are relatively hard to understand. My CPA couldn't understand the notation as there was no mention of USD and I had to break it down for them. In comparison, paying taxes on stock gains is pretty easy because the brokerage generates a 1099 with all the calcs done for you.
- christiansakai 5y agoWhat is this? "If you've maintained the asset for several years you get a tax break" Just capital gain?
- je_bailey 5y agoThere is both short term and long term capital gain taxes in the US. For some reason I was thinking you had to hold it for more than one year but apparently it's one. If you hold the asset for longer than a year the tax rate on it is either 0%, 15%, or 20% depending on your tax bracket