BTC India
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I’ve been stacking but just now realized I don’t know how to unstack… to sell BTC. How is BTC treated tax wise? Do I treat each purchase separately or take an average of gains?. Not planning on selling but I think it’s something I should know because I would like to use BTC in place of fiat at some point soon.
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View Reddit by stormin711 – View Source
Ouch…depends on country…US tax law each purchase is treated separately…can choose either first trade or last trade but you have to be consistent…the value difference you achieved is the gain you realize…held over a year and it’s a capital gain…less than a year it’s ordinary income.
Edit to add: not an expert…I use koinly for my taxes
Oh wow, you’re not alone! IMO, understanding tax implications is crucial for responsible crypto usage. Kudos for being proactive!🔥
You don’t, you HODL.
Yolo it
lol there’s an uptick of posts lately of people wanting to sell or pretending they don’t want to sell but still want to know how 😂😂 this is why some people are destined to remain poor. No patience and unable to control their emotions. It’s okay though, let the banks get your coins, they’ll probably hold for longer than you
Spend your bad money (i.e fiat) tax free while stacking sats then move to a country with no tax on bitcoin (e.g. Portugal? Malta, El Salvador) and retire
Just. Pay the taxes.
It’s just a 1099 event. You make a note, add it to Capital Gains when you file. Cut a check to the IRS. Not difficult at all.