Spent some time looking into it and found out that my possible tax burden this year for my regular income looks like it could be substantially less, which would be freaking amazing.
More importantly, because I bought my Bitcoin over a year ago, it will be considered a long term investment and be taxed at probably a 0% federally if my personal tax bracket is 15%, which it very well seems likely based on the standard deduction change for this year. That essentially means that ANY amount I sell the bitcoin at would be basically TAX-FREE gains (minus state income tax). That's fucking incredible. The next thought I have is, should I hold the other coins for at least a year as well?
The reality is, that even if I don't hold them a year, they will be taxed federally at 15% based on my personal tax bracket. Pretty interesting to know.
No comments:
Post a Comment