Quote from: the artful bodger on December 31, 2017, 10:06:16 PM

Quote from: txtravwill on December 31, 2017, 09:31:31 PM

Quote from: Enjel on December 31, 2017, 09:24:11 PM

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)

I thought Trumps tax bill was meant to simplify taxes. What's it changed for you?

Yeah, 15% was just an example. I plan on HODL'ing.

As a relatively poor college student, my tax rate will be significantly lower.

I think my parents pay the AMT, which I have no idea why, since I thought it was meant for rich people with loopholes. The new tax bill will put an end to that, which is one good thing.

Trump tax bill will also reduce the number of income tax classes from like 7 to 3. So that's simplified.