the question I have is this
mine LTC....pay my income tax on this...say 25% of what was mined....sell on coinbase....and pay (if less than a year) 40% capital gains tax
but
If I mine LTC and pay income tax on this ...again 25% but xfer the LTC to BTC I am hit with another 40% capital gains because in 2018 it is gonna act like cash
and no like kind?
or did I miss something
(if above is correct now I know why BTC and cypto's are crashing)
in USA
Few people pay tax from there bitcoin holdings. And no it doesn't work that way either.
in usa it works for income tax on mining..... then on your holdings of LTC from when you sell to usd you pay the capital gains on the value your LTC went up....
now they say xfering in usa from LTC to BTC is a taxable event.. no more like kind..crypto to crypto only can do that on property on this last tax bill here
which means if less than 1 year and a day 40% and crypto to crypto is the same as crypto to cash...a taxable event..you are hit again...
with the 40% capital gains if less than a year etc
thus better to just keep your mining in crypto (not spend it hard to do paying mining bills) so it sits in LTC till I xfer it for $$$
or I in 2018 have to mine for cash ...LTC to USD and then do what I wish with $$$ to crypto afterwards on buys
again, yes it is that f*cked it seems here
by addding a step...like xfer of LTC to BTC to pay for a product ..you are in the taxable event again and 40% due it seems
so confused
Poll
