Golden Baronet of the Realm
- 117d 17h 12m
are you paying taxes on your doge?
Capital gains tax is only after you hodl it for 12 months, otherwise it is income tax, which also includes swapping one coin for another coin if you did not hold the first coin for 12 months. Same goes for stock.I'm assuming at the end of the year I'll have to pay capital gains tax on my profits...? Same as stocks right?
Capital gains tax is only after you hodl it for 12 months, otherwise it is income tax, which also includes swapping one coin for another coin if you did not hold the first coin for 12 months. Same goes for stock.
right now it is so fucking expensive to trade/use ETH and BTC(2 of the big 3 players) that I simply do not understand how they could ever be used for daily interaction.
Yes you are correct, it is 4 am where I am, short term capital gain tax is right, not income tax It just that short term capital gain is taxed as regular income.My understanding is that you pay capital gains taxes on both stocks and crypto. If you hold either asset for less than a year, you pay the short-term capital gains tax. If you hold either asset for more than a year, you pay the long-term capital gains tax.
Please let me know if this is incorrect.
Here's a super interesting question that no one can answer:
When you buy doge on RH you aren't actually buying doge, you're just betting on the price. You never possess or own actual doge, even though your RH account indicates you do. You can't xfer doge off your RH account for this reason- because you never actually have it.
In this case, you'd pay income tax on doge, not short-term cap gains, right? I'm thinking you would count it as gambling winnings. No idea of this would help or hurt your tax bottom line.
I haven't found one. If there was a better place doge would be even higher than it is. Everyone is struggling to find a place to buy/sell. I still use RH even though they suck bc they are free and I'm already set up there.Where is a good place to sell doge? Every place I've looked at looks super dodgy.
Doge has a value that is entirely meme based. You should only buy it if you have enough free time to check its value every 20 minutes because it could dump to nothing or moon in an extremely short period of time.
It is a meme. It has no use case, project, or intrinsic value.
I've been cautious with doge because it doesn't make sense as a long-term investment (for reasons already stated in this thread). That said, I'm finding myself being forced to revise my thinking a little bit.
Ostensibly, there are better cryptos for long-term investment, but here are the facts:
1. Doge is popular. Really, really popular. People are hanging onto the coin they are buying and it's been driving up the floor steadily.
2. For whatever reason Musk seems absolutely intent on turning doge into a legit coin. He's also now bringing other celebs (Snoop Dogg, Gene Simmons) into the mix. At first I thought Musk was just going to pump it once or twice for a laugh, but this seems to be something more for him.
3. Doge is still relatively hard to find and sell for a lot of people. The laws of supply and demand dictate that because demand is high, a supply will be made available. When it does, it's reasonable to think even more people will be investing in it, driving the price up further.
For these reasons, I'm going to invest a decent amount of money into doge during the next big dip. Nothing life-breaking, but at least a few thousand, with the idea of holding onto to most of that for the relative long-term.
The one question I have with doge is the "unlimited cap" thing. The biggest thing hurting doge from actually becoming a legit currency is that they can make limitless amounts of it. Is that something that can be changed? Can a cap be added?