01-09-2021, 02:42 AM
A word of warning for those of you trading - Remember to set aside an appropriate am
<!-- SC_OFF --><div class="md"><p>I can only speak for the US but when you trade a currency for another currency you will be taxed on the gains. Before you go buy a Tesla, make sure you have set some aside for taxes. </p> <p>Additionally, in a nightmare scenario where you trade your highly profitable crypto for a crypto that immediately tanks you are still on the hook for the gains you made even though you lost all or most of your money. Now, you can offset this with losses but that requires you to sell the crypto that you lost money on in the current year. Shouldn't be an issue since it is only January but some people really got caught up by this in the bull run of 2017. </p> <p>Cheers!</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/DukeofDemacia"> /u/DukeofDemacia </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ksv9h8/a_word_of_warning_for_those_of_you_trading/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ksv9h8/a_word_of_warning_for_those_of_you_trading/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>I can only speak for the US but when you trade a currency for another currency you will be taxed on the gains. Before you go buy a Tesla, make sure you have set some aside for taxes. </p> <p>Additionally, in a nightmare scenario where you trade your highly profitable crypto for a crypto that immediately tanks you are still on the hook for the gains you made even though you lost all or most of your money. Now, you can offset this with losses but that requires you to sell the crypto that you lost money on in the current year. Shouldn't be an issue since it is only January but some people really got caught up by this in the bull run of 2017. </p> <p>Cheers!</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/DukeofDemacia"> /u/DukeofDemacia </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ksv9h8/a_word_of_warning_for_those_of_you_trading/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ksv9h8/a_word_of_warning_for_those_of_you_trading/">[comments]</a></span>Kind Regards R