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re: Any CPAs that specialize/knowledgeable in crypto in SE LA?
Posted on 12/25/23 at 6:39 am to slackster
Posted on 12/25/23 at 6:39 am to slackster
quote:
nothing about your advice is accurate.
Educate me then. What would you recommend and what is wrong about my advice?
This post was edited on 12/25/23 at 6:44 am
Posted on 12/25/23 at 9:28 am to horsesandbulls
I don’t know anything about bitcoin, but why would the services that trade/ buy/ sell them not do this for you like equities companies do?
Posted on 12/25/23 at 9:42 pm to horsesandbulls
quote:
Educate me then. What would you recommend and what is wrong about my advice?
You don’t just calculate gains, and you don’t just calculate assets sold after a year. You have to account for all sold assets, regardless of timeframe. You separate them by one year or less and greater than a year. You potentially can aggregate them, but you need to know the individual sales first.
You also pay various tax rates on the net short and long term gains. Short term gains are taxed at ordinary income levels. Long term gains are taxed at either 0%, 15%, or 20%. You may also owe a Medicare surcharge tax of 3.8%.
So yeah, your advice was inadequate at best.
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