Like many on here most of my cryptos I’m holding for the long run really. I’d love to take out profit in years from now and be glad I held on so long and got in when I did.
With that said, this was my first year in crypto so I didn’t know what I was doing all the time. I also started out on shit like Dogecoin too where selling it off at a certain point made sense. There have also been times where my wallet went dry and I unfortunately needed to sell off little bits of eth here and there. 🐦
With that said I’m currently letting Koinly figuring out how much profit I actually made and I’m hoping it isn’t much. But lesson learned for the future- fuck selling in general. 😅
How is your crypto tax season coming along?
I’m starting to regret ***not*** profit taking.
Definitely gonna owe this year, but I wasn’t going to NOT sell doge at 2,300% profit
Absolutely. Huge pain in the ass and now I owe the feds.
Profit taking??? …good joke mate 🙂
Profits? What’s that?!
Reminder to everyone is much cheaper to pay capital gains tax instead of income tax. You must hold crypto longer then a year to begin from this. Everything up to 40k in income for the U.S. is tax free under capital gains vs the 10-12% for income tax.
On paper I lost money. But, I didn’t sell everything. Just some so it looks like a loss.
No problem for me, because I am not from the states.
As an Australian I’m stuck holding for 12 months unless I want to pay the full brunt of CGT. If I hold for 12 months I can apply for a discount on CGT
I’m too lazy to sell.
No, I filled my bags enough to buy this tasty dips and also paying the taxes. Thanks SHIB, I got lucky on that.
I don’t understand how someone regret earning money. If you don’t sell you don’t have to pay taxes
>How is your crypto tax season coming along?
I just bought a boat.
Profit and my portfolio?
Not a chance!