I have been wondering. Let's say John is a US RESIDENT and he bought 2 bitcoin for example at $64,000 and then the correction happen to $30,000. After holding for two years and John became ill and want some funds and then decide to sell at $30,000. Is he going to pay tax at a loss?
So if I buy crypto at 100 dollers and I sell it at 100,000 in 4 weeks right less then a year and tax season is still 9 mounths away does the money get taxed as soon as I sell my bitcoin or do I put aside 37% of what I made to be safe for tax season
Excuse me, but congress makes law and so far there are no crypto laws so if they ask you for the tax money I would ask them to take you to court and then turn around and slap a civil lawsuit on them! And if there's any agents reading this just try to tell me otherwise! The fact is Congress has not made law yet because it allows their Banker friends to set up and get ready without getting in trouble! People better do their research before you get wrecked!
Can you write off gas fees?
I have been wondering.
Let's say John is a US RESIDENT and he bought 2 bitcoin for example at $64,000 and then the correction happen to $30,000.
After holding for two years and John became ill and want some funds and then decide to sell at $30,000.
Is he going to pay tax at a loss?
You only pay taxes on net gains, you can only deduct losses up to $3,000 per year, I think losses carry over to the next year too.
Go for long term only
Great insights on cryptocurrency! Can't wait to see where the market goes next.
So if I buy crypto at 100 dollers and I sell it at 100,000 in 4 weeks right less then a year and tax season is still 9 mounths away does the money get taxed as soon as I sell my bitcoin or do I put aside 37% of what I made to be safe for tax season
I want to know that without paying taxes full amount of tax you can't withdraw the money on crypto currency ??
I am having this problem right now
And to pay tax, i have to add more fund to my account. It can't be withhold from my account balance. Is it legal though?
What is the best way to make money from investing in crypto currency
@@becky6696 This just surprised me because I also invest with Jane forbes
F o r b e s 4 👈👈
👆👆 That's her user💯name
@@francisluis831 really
Day trade them
Excuse me, but congress makes law and so far there are no crypto laws so if they ask you for the tax money I would ask them to take you to court and then turn around and slap a civil lawsuit on them! And if there's any agents reading this just try to tell me otherwise! The fact is Congress has not made law yet because it allows their Banker friends to set up and get ready without getting in trouble! People better do their research before you get wrecked!
I’m interested to hear your thoughts on crypto regulations in 2024.
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Grt