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Discussion Starter · #1 ·
Looking for any who are investing? Currently I hold some dogecoin and a little bit of bitcoin. I'm also looking at ethereum. Im new to this so any input would be :thumbup:
 

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ABC123 said:
I read on Reddit mostly. That doge spike last week was nice, made a nice profit and re bought in at 29c.
How do taxes work? Say you made $1,000 profit selling doge and bought back in. Do you pay taxes as income next April on the $1,000?
 

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Discussion Starter · #5 ·
CenlaLowell said:
I'm in ethereum, stellar lumens, digibyte, bitcoin, and usdc. All long term plays so I don't know anything about taxes, but I'm imagining it's like stock 20% short term, 15 % long term capital gains taxes.
Any one of those in particular for a noob like me you'd recommend? Im trying to diversify my portfolio, and in it for long term gains.
 

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Discussion Starter · #6 ·
I was seeing SAFEMOON and ADA being tossed around as long term potential "lotto tickets."
 

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cubsfan24 said:
CenlaLowell said:
I'm in ethereum, stellar lumens, digibyte, bitcoin, and usdc. All long term plays so I don't know anything about taxes, but I'm imagining it's like stock 20% short term, 15 % long term capital gains taxes.
Any one of those in particular for a noob like me you'd recommend? Im trying to diversify my portfolio, and in it for long term gains.
Try to research what they will be used for an invest in what you like. This is play money for me so if I blow this account up no harm no foul. I use voyager
 

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cubsfan24 said:
I was seeing SAFEMOON and ADA being tossed around as long term potential "lotto tickets."
Heard a little about them not enough for me to invest though. Maybe after much more research I may decide differently
 

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How do taxes work? Say you made $1,000 profit selling doge and bought back in. Do you pay taxes as income next April on the $1,000?
[/quote]

Yes you pay taxes on gains. But if you re-invest the profits/gains you won't. It's like owning a business in a way.
 

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Discussion Starter · #13 ·
uts said:
Been in BTC, ethereum and litecoin since 2016. Now diversified into a few DeFi ones as well.

For starting I would stick with the big names. Wait for a dip, it will correct 30% soon.
Im in on Ethereum.
 

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ABC123 said:
How do taxes work? Say you made $1,000 profit selling doge and bought back in. Do you pay taxes as income next April on the $1,000?
Yes you pay taxes on gains. But if you re-invest the profits/gains you won't. It's like owning a business in a way.
[/quote]

This is false. You pay taxes anytime you sell any crypto for a profit. The IRS issued guidance on this very issue as it's not treated like a property reclassification (i.e., sell a property and have 60 days to buy a new one).

You might owe estimated taxes now depending on your profit. If it's 1k then I wouldn't worry. If it's 100k and your income was 50k last year then you're required to pay up to last year's taxes in Q1.

Also depends if you're trading in a tax deferred account...then, no taxes now.
 

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Bump.... Anyone have a heart attack over the latest crypto roller coaster? I have a hard time getting in "for real", but I've got some play money in at the moment, more so to force myself to learn and understand crypto better.
DOGE, ANKR, ALGO are my el cheapo entries. ALGO also does staking, which I believe ADA does as well, but I believe it's a bit harder to get in on it with ADA. Coinbase allows ALGO staking on their exchange, but they take a 25% cut, so I've transferred to a local wallet (as should be done anyway!).
 
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