crypto currency

[disneysteve]

Selling at the top of a significant gain is definitely a good exit strategy. As far as the IRS goes, also keep in mind some of the required reporting with your taxes next year. I don't know if they're treated differently somehow, I just recall there being questions about crypto when I was doing my taxes.

Crypto is treated as an investment asset the same as stocks so it’s subject to capital gains.

[kork13]

If you do sell be sure you’ve owned the assets for over a year to get the long term capital gains tax rate rather than the short term rate.

Selling at the top of a significant gain is definitely a good exit strategy. As far as the IRS goes, also keep in mind some of the required reporting with your taxes next year. I don't know if they're treated differently somehow, I just recall there being questions about crypto when I was doing my taxes.

[disneysteve]

Yes cryptos. I haven't kept track as to the exact unrealized gains of all my accounts so I decided to tally it just now. These numbers are the 1 year gains, not the balances.
Ledger +$30,000
Coinbase +$4000
Robin Hood +6000
Coinbase Wallet +2000
So, I'm sitting on +$42,000 in unrealized gains today. Debating to take the profits and buy a new 2023 Chevy Trailblazer for $21,999.

If you do sell be sure you’ve owned the assets for over a year to get the long term capital gains tax rate rather than the short term rate.

[QuarterMillionMan]

Yes cryptos. I haven't kept track as to the exact unrealized gains of all my accounts so I decided to tally it just now. These numbers are the 1 year gains, not the balances.
Ledger +$30,000
Coinbase +$4000
Robin Hood +6000
Coinbase Wallet +2000
So, I'm sitting on +$42,000 in unrealized gains today. Debating to take the profits and buy a new 2023 Chevy Trailblazer for $21,999.

[LivingAlmostLarge]

From crypto?

[QuarterMillionMan]

1 year made $30,900 (212%)

[QuarterMillionMan]

Bitcoin this week went from $60,000 to $65,000 today. Gold is $2385, silver is $29.50.

[QuarterMillionMan]

1) opt in to win cryptos
2) buy any amount
3) chance to win (I'll play)

[QuarterMillionMan]

BTC today jumped from $66,000 to $70,000 but seemed to have stalled.

[QuarterMillionMan]

You got me thinking and I was debating cashing out the lowest .10 cents worth of onyxcoin but I don't want to have to pay let's say a $3 processing fee on the back end for cashing out. I'm sick of fees after paying the $310 rollover Roth IRA fee.

[QuarterMillionMan]

I haven't tried cashing out the free cryptos but I think you a right that they'll be adding in their fees.

[disneysteve]

QMM, can you actually cash out all of that free stuff? Is there a fee if you do? There must be some catch as they never truly give you anything for free.

[QuarterMillionMan]

These were all free cryptos from Coinbase's "learn & earn."

[QuarterMillionMan]

Ledger $26,451
Robinhood $6391
Trade Station $5500
Coinbase $4264
Coinbase Wallet $2000

Mostly all BTC, but also ETH, LTC, Solana, Shiba, etc.

Today my Ledger balance is $43,000 (in Dec 2023 it was $26,451). I didn't buy or sell in my Ledger since that time. I did however have to liquidate my Trade Station cryptos but cannot cry over split milk at this point.

[QuarterMillionMan]

Bitcoin $63,158 today.