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
Those kind of questions are too specific and you are better off asking them to a lawyer or an accountant that lives on your country.
This is because the legislation on each country is different, as in some countries if you have held your assets for a period longer than a year then you can sell them without paying any tax, now unless the credit card debt you are carrying was very high, it could be a better move to just wait until ETH became even more valuable, this way you could pay your debts and still have some money left once you sold it.