How much have you put into crypto? How much have you cashed out

I invested in ETH when it was at $6 and made $15,000. I put half of that into my bank account.

Also,

>not putting everything you have into POSW

>>1986366
>>1986359
reported to the irs

>>1986369

I'm going to pay taxes like a good little boy so who cares.

New Yorker here, just found out I can go through Coinbase, should i jump off the Bittrex train?

>>1986373
wut?

>>1986371
Cryptocurrency is taxed as capital gains, but only if you hold it long term (over a year). Anything less and it's treated like earned income (which has higher taxes than capital gains).

Tl;dr hold your crypto for at least a year before cashing in unless you don't mind paying higher taxes on it

>>1986387

I trade, and unironically waiting a year for a cute little 10% tax deduction means you'll miss the moon and lose out on 50%.

In 2013, Bitcoin was only above $1000 for a week before crashing. I doubt anyone would've been happy to wait for their pedestrian filing details.

>>1986401
That's fair.

If I had a bunch of ETH that I converted into POSW, will it be taxed as capital gains if I withdraw in 6 months? Since I bought ETH a year ago

damn posw is the next big thing, just not mainstream yet cuz of low advertising skills

>>1986425
Agreed, cannot believe how lucky I am to have gotten on board so early

Cryptogod needs to post his POSW address so I can thank him

>>1986415
Sounds like a barter transaction to me.
But you should consult a tax lawyer, not an Ainu rice trading message board.

>>1986415

Assume that every sale is a taxable event regardless of whether it was into fiat or not.

Also, make enough gains to not care.

>>1986436
fuck off.