Post
Topic
Board Beginners & Help
Re: Tax Question, and where to find info question
by
Vcat500
on 13/12/2024, 10:18:00 UTC
You do not need to bother about this because you have no tax to pay when your family send you money. But if the coin increase in price, you will have to pay tax. The government might not know and some people can evade tax but being a good citizen will let you know when you should pay tax.

So it sounds like you are only taxed on the value of the coin. That makes sense. But I'm not sure if that's the case. In the US, you're taxed on income. So if you did a job for someone and they paid you, you would expected to pay income tax if your state required it and Social Security benefits to the Fed. This is complicated.

You can see the minimum amount that you can withdraw on exchanges when you click on withdraw and the coins. Also you will see the fee for the withdraw.

Yes, I see that. But the problem is, I needed to know this information before I made my purchase, not after the fact. Because I would not have any reason to withdraw if this was a long term investment and I would not know of this limitation until I withdraw at a later time. This could be a problem is the asset went up in value to a point I could not afford.  In a hypothetical example, If i had bought 32 bitcoin and the price went up to $100,000, I would not be able to afford another 400 coins to meet the withdraw requirement. This rule by the exchange is insane.