I pay 39.6% tax on any short term gain. That's profane.
that's why I like crypto, keep assets away from .gov and big banks
???
You still have to pay taxes on Crypto gains, though.
I pay 39.6% tax on any short term gain. That's profane.
that's why I like crypto, keep assets away from .gov and big banks
???
You still have to pay taxes on Crypto gains, though.
Not if they were in a Roth. Again, we're all investing post-tax $ in them. Wouldn't it be nice if the gains were tax free?
Not sure I follow that. Any money you invest into crypocurrency, and make a profit on, is taxable income. I don't think where it came from matters, does it?
I mean, if Coinbase et al get audited and the gov sees your account, your deposits, buys, and sells... that's all it sees, numbers. And it wonders why you didn't report those numbers.
...alpo is concerned about people's future retirement savings but loves the social security system...
Not anymore. I'm whole, and then some. Now, I'm just letting it ride. I may throw a couple hundred in the sub one cent coins, just to gamble.
that's basically what I'm doing now. I hope to let my GPU mining rig purchase more GPU mining rigs through revenue. Three days ago my $3400 was worth $2300. Yesterday it was worth $4900. Now it's $3920. Insane swings, and I'm not even drinking for free from waitresses in lingerie . XRP and CVC are my most expensive holdings
Did a little diversifing this afternoon. Got a steal on some XVG. It was tanking when I bought, now it’s holding $0.04 higher from when I got some.
My buddy is in CVC and he sold on that spike today.....did you buy before or after it spiked?
With an IRA you can deduct from your income however much you put into the IRA the year you fund it (up to allowed max). But when you take it out all the gains are taxed as income. With a Roth IRA, you invest funds but do not deduct them from the amount you pay income tax on. Since that money has already been taxed, all the gains and the balance can be withdrawn tax free later.
if we put $3000 in crypto as post-tax Roth IRA dollars and it's worth $3,000,000 at retirement, you withdraw it and get $3,000,000. As it stands now, you'd pay income tax on $2,997,000 if you withdraw it all at retirement. The numbers are extreme to highlight my point. I don't think we can currently buy crypto with IRA accounts. But if they are considered property by IRS and you can do self-directed IRA real-estate investing...why not????
i'm saying I would rAther pay the tax on $3000 and hope it spikes up. Because either way I've already paid income tax on the $3000, whether in Roth IRA crypto or normal account crypto. Alpo is arguing that the lack of ability to deduct the $3k loss if you lose everything negates the upside potential of tax-free gains. I strongly disagree.
alpo is concerned about people's future retirement savings but loves the social security system...
Gotcha....basically you are playing with the houses money then? I bet if BTC pops back to $20,000 you may take a little profit.........or am I wrong on that. I am waiting patiently for LTC to come back down.....I sort of expect a sell off tomorrow, but who knows with this stuff. I see Ripple is up now that Doc sold.
CVC not doing well. I'm down $1000 from max, still up a bit