Right now the markets are rising in our favours. Too bad the worlds markets are in FIAT.
Right now i wish to pay off some credit card debts i have. All in FIAT of course and yes i know i will have to pay tax on the capital gains.
Would i be making an ok choice to sell off some ETH right now to CAD to pay some debt off. as where markets are im in the position.
just wondering on the tax i have to pay, would i be paying more tax then what i will be writing off in credit card debt? thanks
I'm sure you've heard the old saying "Never invest money you borrowed". I think there's some real wisdom in that - it just seems smarter not to risk money that isnt actually yours. So if you've invested in crypto but also have debts you could pay off with some of those earnings, that might not be a bad idea. Get yourself out of debt first, so you've got a clean slate. Then you can decide how much extra to put into investments, without owing anything to anyone.
But I don't understand the part about taxes... How can you pay more in taxes than the credit card debt you're going to write off? That doesn't add up.