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(US) Made ~28k this last few weeks on a random chain, now converted all to ETH. ST vs LT gains question?
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Why not keep it in an Ira? Dm if you have questions I hate seeing these post where bad advice pushes people to make poor LT financial decisions
if you mean hold for LT gains on the original coins, then no I made the right choice. Both of them are 30-40% down from ATH. Still better then purchase price. Seems like I sold both coins at the right time.
You realize a ST gain when you sell some crypto that you bought less than a year ago for a profit. It is a LT gain if you bought said crypto earlier than a year ago. Depending on your jurisdiction, the profit might be considered "realized" even if you didn't sell for fiat but swapped for a different crypto, because a crypto-to-crypto swap is considered as an event where you sell the first crypto (making a profit or a loss) and then buy the second one (establishing a new cost basis for it if you didn't have any, or updating the cost basis for it if you already held some). If I am not mistaken, that's the case for the US as well, meaning that letting that ETH sit won't make a difference on the ST gain taxes you already owe. If that ETH starts increasing in price and you sell for fiat or swap it for another crypto in longer than a year for profit, that'll be LT gain.
But here is the link to the post on Twitter https://twitter.com/MarathonDH/status/1707067548661928108?t=3Nk3hMfqFC_6Ojis3LT03w&s=19
I've got Revolut as well, but there's one BIG problem.. My IBAN starts with LT (Lithuania) and my mortgage provider doesn't accept payments from non-domestic IBAN numbers.. And there are more that wont accept it in combination with my home address.. So I'm still tied to my 'local' bank. 'One Europe'.. Such a joke..
5K gain. Tax rate depends on LT or ST. See irs.gov
Its all good my friend, I am just jelly of the Dec buyers. 25k LT is really solid though I agree w ya.)
Yea it's a LT store of value not a get rich quick scheme. The value of gold and fiat is all over the place
Reminder to stake it...hodl LT.
There will be with the lightning network. For now it’s a LT asset
As I recall those LT BTC hodlers (like me) hold 69% of BTC in circulation. There's that magic number again!
Another , big event is here, The HOPE Ecosystem, featuring the distributed stablecoin $HOPE, aims to provide frictionless and transparent next-gen financial infrastructure and services accessible to everyone. By bridging CeFi and TradFi use cases to DeFi, the all-in-one HOPE Ecosystem provides a comprehensive set of use cases for $HOPE, including swap, lending, custody, clearing, and settlement, while incentivizing users to participate in the ecosystem and community governance through $LT.
Wait wut? So LT Cap gains is 7%, which sounds amazing considering in the US most pay 15- 22%, so how are they treating staking rewards?