Short Term Capital Gains Tax

Fellow traders,

I am curious to know how everyone is dealing with the short term capital gains tax that we are subject to while trading cryptos. The tax is about 20% if an asset is held for a period less than 1yr. Does anyone have any workarounds with some magic accounting loophole? Or is everyone HODLing for >1yr?

I know there is a bit of a debate going on regarding crypto to crypto trades and whether or not they are taxed. I have talked to accountants and legal counsel and IT IS taxed at the same rate.

submitted by /u/ajdduke619
[link] [comments]

Read More

Popular posts from this blog

World Economic Forum Bitcoin Discussions Validate the Movement

The World Economic Forum WEF has long been a lightning rod of global discussion on economic, social and political trends. This years gathering in Davos, Switzerland, was no exception.Blockchain technology emerged center stage last week as a key discussion theme, receiving praise from attendees for its cutting-edge potential. Bitcoin and the future of cryptocurrencies, too, were highly discussed topics at the forum, not just casually but also in an official session and a few panel discussions.
Read more