Jul 22, · Shane Brunette is the founder of CryptoTaxCalculator – Australian made crypto tax software that helps you automate your cryptocurrency tax return.. Disclaimer: The opinions expressed in this article are those of the guest feuerwehr-matzenbach.de do not necessarily reflect the opinions or views of feuerwehr-matzenbach.de Disclaimer. This promotional campaign is run exclusively by . feuerwehr-matzenbach.de, the best crypto tax resource out there. Automatically calculate taxes owed using a variety of methods on every kind of altcoin. Supports all major exchanges and wallets. (feuerwehr-matzenbach.de) submitted 2 years ago by wooferwolf to r/Crypto_General. 1 comment; share; save. Feb 21, · may have been the year of the crypto investor, and returns were beyond heady. But it's now, and interest in crypto remains high. It may even be .
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That rule applies not just to cryptocurrencies, but any income you make — selling stocks, cashing out of bonds or even selling your house. Generating wealth means you owe the IRS. But for many inexperienced investors, tax repercussions can be a surprise. Cryptocurrency in particular attracts younger investors, Bloomberg reports , with 58 percent of bitcoin investors falling between the ages of 18 and 34 years old.
To avoid finding yourself in a position where you can't pay the IRS, Losi has some straightforward advice: If you've seen a large increase in wealth in a calendar year, from cryptocurrency gains or the appreciation of other assets, set a portion of it aside in anticipation of tax payments.
Put the cash in something liquid like a money market account, says Losi, so that you can easily take it out when you need to pay taxes, but you don't have to worry about it decreasing in value. Spending the entirety of your windfall or reinvesting it in something risky can leave you in a lurch come tax time.
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