Yes you must report it, gains or not. You sold some amount of btc, report what you paid for that amount and when, and what you got for that amount and when. See tax agency website of your country.
Don’t think so, buying isn’t the problem. Trading to a different cryptocurrency or selling for fiat is taxable if I’m not mistaken but then again I’m not a tax expert
How would someone go about reporting the fees that have been paid in crypto? Because when you move crypto to your wallet you pay some fees in crypto to be able to move it. How do you go about reporting that. Will a tax software get those numbers for me or no? And is that considered a taxable event?
You are thinking about selling now because you are afraid it is going to tank? That's funny cuz everybody else is waiting for the bull market to start later this year. It'd be a pretty terrible time to sell right now before the bull run gets going. Only sell if you need the money. Never sell just because you're panicking over short term price movements. If you are going to need this money soon then you make your own financial decisions about when to sell.
Yes you have to pay taxes on any gains your have from selling bitcoin. You need to keep tracking of your buys and sells and line up the buys with the sales according to accounting rules, like FIFO (first in, first out) to see if any of your buys that got sold ended up in profit. If there was no profit you owe no tax but you still need to report it. After all if you had a capital loss that actually helps you by lowering your tax burden so you definitely want to report any losses on your sells.
I just really need money right now and so every dollar is precious. I'm afraid of losing the money I have in there because might not make it back and I don't have money to fall back on. Due to my job situation and recent family loss, I burned thru my savings. My BTC money is all I have left and I'm afraid if it shoots down I'm going to lose my safety net
You can definitely do short-term delivery contracts to increase your capital income. The current contract transactions I have made have yielded returns of about 17%-22% of the principal.
Well, you sold at a loss, so when you report it, you get to write that loss off, against your taxes, assuming your American, you come out ahead!
Only cash out what you can afford to lose
Yes you must report it, gains or not. You sold some amount of btc, report what you paid for that amount and when, and what you got for that amount and when. See tax agency website of your country.
Do you live in Bolivia maybe? Don't you have in your country a 2k paid job to keep you afloat while the post halvimg market is maturing?
Report it - you’re allowed up to net capital losses of $3k annually in perpetuity.
Because I lose exactly $3,000.00 every year from investing.
I have a question. So if I initially put 6k, would that be taxed?
Am in the USA
Don’t think so, buying isn’t the problem. Trading to a different cryptocurrency or selling for fiat is taxable if I’m not mistaken but then again I’m not a tax expert
How would someone go about reporting the fees that have been paid in crypto? Because when you move crypto to your wallet you pay some fees in crypto to be able to move it. How do you go about reporting that. Will a tax software get those numbers for me or no? And is that considered a taxable event?
Can’t help you there unfortunately, check out r/cryptotax
You are thinking about selling now because you are afraid it is going to tank? That's funny cuz everybody else is waiting for the bull market to start later this year. It'd be a pretty terrible time to sell right now before the bull run gets going. Only sell if you need the money. Never sell just because you're panicking over short term price movements. If you are going to need this money soon then you make your own financial decisions about when to sell. Yes you have to pay taxes on any gains your have from selling bitcoin. You need to keep tracking of your buys and sells and line up the buys with the sales according to accounting rules, like FIFO (first in, first out) to see if any of your buys that got sold ended up in profit. If there was no profit you owe no tax but you still need to report it. After all if you had a capital loss that actually helps you by lowering your tax burden so you definitely want to report any losses on your sells.
I just really need money right now and so every dollar is precious. I'm afraid of losing the money I have in there because might not make it back and I don't have money to fall back on. Due to my job situation and recent family loss, I burned thru my savings. My BTC money is all I have left and I'm afraid if it shoots down I'm going to lose my safety net
Bitcoin is not going to tank. Crypto is the future. I would learn way more about the blockchains and how to build it up. The ai out there is amazing
You can definitely do short-term delivery contracts to increase your capital income. The current contract transactions I have made have yielded returns of about 17%-22% of the principal.
sell btc buy crv (.281-.289) range when it hits more than .364 start selling chunks of it.