For the USA plebs:
We've got one more day to choose an accounting method for anything accumulated thus far.
What method are y'all picking and why?
FIFO (first in, first out) LIFO (last in, first out) HIFO (highest in, first out)
I keep seeing different recommendations from different people, or people saying "ask your accountant" ... C'mon as if I have an accountant? I'm just an everyday degen.
I'm planning to hold for 10+ years and wait a year before selling anything to avoid any short term cap gains. If I do sell it would be gradual, bit by bit.
(Yeah yeah I know maybe we won't need to ever sell, that would be great, but just planning for any scenario here.)
So... I'm thinking for simplicity's sake, either FIFO or LIFO?
If one waits a year before selling then any btc sold will be taxed at the long term rate.
LIFO would minimize taxes upfront. FIFO would mean you're paying less taxes with each sell as time goes on.
Still not sure which to choose, curious what some of you have opted for and why?
[link] [comments]
You can get bonuses upto $100 FREE BONUS when you:
π° Install these recommended apps:
π² SocialGood - 100% Crypto Back on Everyday Shopping
π² xPortal - The DeFi For The Next Billion
π² CryptoTab Browser - Lightweight, fast, and ready to mine!
π° Register on these recommended exchanges:
π‘ Binanceπ‘ Bitfinexπ‘ Bitmartπ‘ Bittrexπ‘ Bitget
π‘ CoinExπ‘ Crypto.comπ‘ Gate.ioπ‘ Huobiπ‘ Kucoin.
Comments