Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
txtravwill
on 31/12/2017, 21:31:31 UTC
Capital gains taxes on digital currencies is not a big deal anyways. It would never kill crypto in the first place.

I don't mind paying 15% returns on 100% gains.


It is better to (when you cash out) be very careful, and pay the full tax, lest the IRS mafia come knocking at your door to throw you in prison.

Just make sure you do your homework.  15% isn't the top capital gains bracket, 20% is.  Also NIIT of 3.8% is taxed on it.  Also state/local tax and your income rate.  Also AMT applies if knocks your income up higher.

Can't stress that enough.  Actual rate we will pay on gains from Illinois USA here is 20% + 3.8% + 4.975% + AMT = ~29%+  (more if you live in states with higher income taxes even)