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Do I have to pay taxes on this 700% profit I made in cryptos in the last ten days?
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To avoid headaches later on there are two things we need to know about crypto currencies and the IRS, the first thing is that YES, they are taxed and the second is how they are taxed.
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Now that you know that uncle Sam takes a slice of the pie, I will tell you how he takes it. The IRS sees crypto currencies, (Bitcoin, Ethereum ICOs) as properties, so like capital assets, stocks or the solid real state you will not owe any tax on gains until you sell them.
It is also very important that you know that if you bought 10 Bitcoins at $1,000 and they have gone up to $5,000 and you want to purchase a house and transfer that bitcoin to the person who is selling you the house, you still have to pay taxes on that gap of $40,000 that you earned.
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There are two different rates at which you could be taxed. If you bought and sold within 365 days this is considered short term capital gains and are taxed as ordinary income. If you bought and HODL for over 365 days and then decided to sell the this falls in the category of long term capital gains and are taxed a a preferential rate. πŸ’°
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"Bitcoin is exiting because it shows you how cheap it can be. Bitcoin is better than currency in that you don't have to be physicly in the same place.." (Bill Gates)β €
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Lmao who has experienced this feeling?
Comment below the coin that made you freak!

- From the future - How long until we see numbers like these? Months? Years? Never? #bitcoin

Your faith is in math or a mathematical framework.
Algorithms are the future.
Cryptographic technology is part of your ecosystem.
A future generation seeking faster payments, cheaper payments, financial inclusion, increased privacy transactions, and blockchain technology software.
Welcome to the wonderful world of complexities in the 4th Industrial Revolution.
Your economy is evolving 🌐
#bitopia #bitcoinworldwide #bitcointechnology #bitcoin #altcoins #cryptocurrencies #virtualcurrency #virtualwallets #blockchaintechnology #evolvingeconomy #millennials #millennialshoppers #millennialdisruptionindex #gen2020 #internet #internetofthings #economy #digitizedeconomy #decentralizeddigitaleconomy #techfundingandtechtrading #technocracy #4thindustrialrevolution #inmathwetrust #verisinnumeris #p2p

Harmony.

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