Capital Tax Gains?

[jcfrag]

So I was just looking at the possibility of what I might have to pay if and when this bubble pops, and it is not looking so bad after all....... It is actually better then what I paid when I worked and paid taxes out of my pay check!!!  Plus I have definitely  held this currency longer then a year, and even kept the receipts of my purchase proving how long I have held them. ( short term being a year or less. Long term being more then a year) !!!! 

I pulled this off of the Nerd Wallet site and know nothing about their reputation either. 

Granted, regardless of this info I will still use my CPA if and when the time comes...but looks pretty promising!

Unless I'm just not understanding the info here, which is why I'm interested in others opinions concerning this. I know no one here is a tax consultant, and if you are, most of us are not aware of it. And if you want, just to be safe, say nothing!  

 

Concerning the new rules for 2018, at the bottom here it states:  Looking for the 2018 capital gains tax rates? There is no change — they’re 0%, 15% and 20%. You can dig into our full breakdown of the new tax law, or check out what investors should know about the new rules.

 

2017 Capital Gains Tax Rates: Breakdow

Single filers

Income	Tax bracket	Short-term capital gains rate	Long-term capital gains rate
Up to $9,325	10%	10%	0%
$9,326 to $37,950	15%	15%	0%
$37,951 to $91,900	25%	25%	15%
$91,901 to $191,650	28%	28%	15%
$191,651 to $416,700	33%	33%	15%
$416,701 to $418,400	35%	35%	15%
$418,401 and over	39.6%	39.6%	20%

Looking for the 2018 capital gains tax rates? There is no change — they’re 0%, 15% and 20%. You can dig into our full breakdown of the new tax law, or check out what investors should know about the new rules.

Edited April 7, 2018 by jcfrag

[Shedagal]

Why do you think this will be Cap Gains?  After many exhaustive discussions on this site, the conclusion by many (including Adam) is that the exchange will be taxed as ordinary income.  I would suggest you research DV member ExecConsult and read his explanation on the subject.

[one2one]

exchanging one currency for another should not be taxed:

one option might be to cash in a little bit at one time

or go to a foreign country which has no capital gains

[jcfrag]

1 hour ago, Shedagal said:

Why do you think this will be Cap Gains?  After many exhaustive discussions on this site, the conclusion by many (including Adam) is that the exchange will be taxed as ordinary income.  I would suggest you research DV member ExecConsult and read his explanation on the subject.

Thanks She, will do. Mark did say  in the thread   "I'm glad you have found my posts helpful. I can't imagine riding the roller coaster for 6 years. You deserve an RV.

My analysis says 35% ordinary income plus any state and local taxes on ordinary income. There are "some" things that can be done to reduce taxes but they would really depend on your personal circumstances, goals, family, etc....

Best of Blessings,

Mark"

 

I personally bought into the OGIT mindset, but others I know have not. I watch and try to learn so maybe I can point in the right direction now. Once it happens we will all be running for a tax pro.  

Edited April 7, 2018 by jcfrag

[js214]

Read recently on here that it falls under General income.

[ChuckFinley]

On 4/7/2018 at 11:48 AM, jcfrag said:

Thanks She, will do. Mark did say  in the thread   "I'm glad you have found my posts helpful. I can't imagine riding the roller coaster for 6 years. You deserve an RV.

My analysis says 35% ordinary income plus any state and local taxes on ordinary income. There are "some" things that can be done to reduce taxes but they would really depend on your personal circumstances, goals, family, etc....

Best of Blessings,

Mark"

 

I personally bought into the OGIT information thread linked" rel="">OGIT mindset, but others I know have not. I watch and try to learn so maybe I can point in the right direction now. Once it happens we will all be running for a tax pro.  

OSI my friend OSI. 

[js214]

11 hours ago, ChuckFinley said:

OSI my friend OSI. 

? or is that a VIP thing?