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Started By
Message
re: Crypto and taxes.
Posted on 7/22/21 at 12:56 pm to GumboPot
Posted on 7/22/21 at 12:56 pm to GumboPot
quote:
Are federal taxes required to be paid on the $20K of USD appreciation?
Yes
quote:
Does it matter that the Bitcoin was never converted to USD before the transaction was made with the dealership?
No
2
Posted on 7/22/21 at 1:02 pm to Mingo Was His NameO
However to me one year ago the price of the truck was 1.67 Bitcoin. A year later the price has come down to 1 Bitcoin.
We now have to pay gains taxes on all products that reduce in price?
ETA: can I declare losses on purchases on goods that go up in price?
We now have to pay gains taxes on all products that reduce in price?
ETA: can I declare losses on purchases on goods that go up in price?
This post was edited on 7/22/21 at 1:04 pm
Posted on 7/22/21 at 1:06 pm to Mingo Was His NameO
quote:
quote:
Are federal taxes required to be paid on the $20K of USD appreciation?
Yes
quote:
Does it matter that the Bitcoin was never converted to USD before the transaction was made with the dealership?
No
If i convert my money to pesos and a year later back to dollars, i would have to pay taxes if there were gains in the currency exchange?
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