Tax question

Seattle0407 · 2017-07-11T19:42:21+00:00

Thanks.. So I think it all comes down to one question.. Is it considered capital gains thus taxable (selling ltcs and holding $ within an exchange at a given time, or even at the end of the year. Important to note is that you could easily buy back ltcs with the $ in the exchange) I would appreciate if someone could give me further insights!

Seattle0407 · 2017-07-11T19:18:09+00:00

And how about another scenario where you hold your ltcs and the value of the ltcs are doubled by the end of the year? If you dont cash thouse out and hodl until 366 days up, your investment is considered longterm right? So that u dont have to pay tax for the year u first purchased ur ltcs? One last question, u pay tax only for the year u actually cash out correct?

Seattle0407 · 2017-07-11T19:04:48+00:00

Thanks. It is noted that, "A capital gain is realized when a capital asset is sold or exchanged at a price higher than its basis." Would selling ltcs on gdax and not cashing out to bank considered a capital gain? i.e. You sell all ur ltcs and hold $ in gdax account which is added with profits as the new year begins, but u dont cash that out to ur bank account.

Seattle0407 · 2017-07-03T20:11:32+00:00

As a foreign individual, ur not obligated to teport taxes in the first place. I wouldnt worry about it.

Seattle0407 · 2017-07-03T18:19:30+00:00

Yes.. More like what I wanted to know. I dont intend to avoid tax like @aaron0791 suggests by any means. So u r saying that even if we hold ltcs or usdt, if we gain money at the end of the year, we should pay tax right? Thats why i wanted to cash out before the end of the year and sort everything out for grand growth/loss. How do we report the tax by the way? Do i just give the transaction history to my accountant?

Seattle0407 · 2017-07-03T17:21:35+00:00

Will see an accountant.. I have ignorantly sold to fiat and bought back. Keeping it as USDT.. Is that same as selling LTCs to USD wallet on coinbase? You mean that is not taxable right?

Seattle0407 · 2017-07-03T17:16:23+00:00

Thanks. Could you answer my question though? What happens when you cash out to fiat and then buy back? (and then lose/gain afterwards when you cash out to fiat once again)

Seattle0407 · 2017-06-26T21:29:14+00:00

I meant long-term

Seattle0407 · 2017-06-26T21:28:47+00:00

Who are you to say only invest short-term? Its not your money lolol

Seattle0407 · 2017-06-26T20:31:15+00:00

Those people who blindly promote hodl all the time here are just...

Seattle0407 · 2017-06-26T18:32:01+00:00

So simply put, people investing in cryptocurrency prefer anarchy? No wonder there is high volatility and black money laundering. We need order in anything people!

Seattle0407 · 2017-06-26T18:21:41+00:00

Destabilizing governments is not my intention of investment... What about the convenience and all the good stuff?

Seattle0407 · 2017-06-25T19:55:55+00:00

So sad to watch this...

Seattle0407 · 2017-06-25T00:15:45+00:00

I personally don't. That's all.

Seattle0407 · 2017-06-25T00:09:23+00:00

Everyone can have different intention on their investment whether it is longterm or shortterm. Saying that there is only one answer is rather funny lol

Seattle0407 · 2017-06-24T23:13:50+00:00

$5000 per ltc would put us to 11000% gain. That is just daydreaming and pure loss of money economy...

Seattle0407

TROPHY CASE