Post
Topic
Board Beginners & Help
Re: Am I correct with this interpretation of capital gains taxes?
by
Cryptomiles1
on 28/10/2019, 16:46:16 UTC
Very specifically this has to do with tax brackets. I find myself in the $0 to $39,375 dollar range for income. According to the tax brackets for this, that means I pay 0% in capital gains if I decide to take some bitcoin out. Is that correct? Additionally, if I take out say, $50,000 does what I take out of bitcoin count as income and have an effect on my capital gains tax bracket status?

if I may say the tax is dependent  to some particular countries, mostly my country NGN, the rate with mine is defers compared to US or other country.
our tax rate is very low. e.g, for annual  Income tax in Nigeria is levied at a progressive rates capped at 24%. This are the applicable rates for personal income tax in Nigeria :
First 400,000: personal income tax rate of 7%
Next 700,000: personal income tax rate of 11%
Next 900,000: personal income tax rate of 15%
Next 1,000,000: personal income tax rate of 19%
Next 2,600,000: personal income tax rate of 21%
Above 4,200,000: personal income tax rate of 24%