RE: Higher Taxes Could Mean Higher Bitcoin Lending Rates
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This is great guidance, thank you!
In the US, altcoins aren't like-kind anymore, which means for every altcoin I receive (even 0.01HP here from Hive) I'm supposed to put it in my ledger, at its current market price, as income.
Which means I'm now in this awkward spot where if I plan on continuing to accumulate altcoins as payment for things like writing online, I'm going to have to either earn fiat or sell some of my crypto to pay my taxes!
Now, interestingly, what I can do is sell the coins that have depreciated since I received them, and then take that as a capital gains loss, to reduce my tax burden! I wasn't doing crypto stuff for the last tax year, but I'm really curious to see how this plays out when I'm wrapping up my books for this year.
Y'all have any similar issues around altcoins? I know you're stacking sats (and I think I've said, I agree with that,) but you're here on Hive earning tokens too, so... yeah. Is that a problem for y'all or what?
So the vast majority of my crypto was purchased, regarding HIVE and any crypto I earn that has to first be put into fiat here and then it will be part of my income tax.
So I can pick amount I want to cash out as income pushing me into a higher tax bracket so all I do is power it up and I don’t have to worry about that so much.
If I trade the HIVE for another coin then yes that’s part of cap gains if I make profit. So to save me a headache I just power it up and support the network