satoshipacioli on Nostr: Following up on yesterday's tax tip... You might have heard about tax lost ...
Following up on yesterday's tax tip...
You might have heard about tax lost harvesting. Selling bitcoin and then buying it right to recognize a loss for a given tax year.
But would you ever want to harvest a tax gain? Maybe if your gains are taxed at zero percent.
Let's walk through an example.
You are retired/didn't have any income for the year. You have 1 bitcoin purchased over a year ago at $60k. Bitcoin goes up to 100k. You could potentially sell, buy it right back. Realize the $40k gain taxes at zero %. And your new cost based goes from $60k to $100k
Bitcoin Tax Tip of the day.
Bitcoin held over a year is taxed at a lower rate in the US.
Even the IRS wants you to Hold.
Published at
2024-10-30 17:45:04Event JSON
{
"id": "f8610c5854c4d507b6400aaf6adfc2d87b3717a14bc0f0b292d45920b313fc2a",
"pubkey": "68fee7bb7c2ac11f7206a8171e6b9514ab5d8d311413dd1af8690778ceae0ed0",
"created_at": 1730310304,
"kind": 1,
"tags": [
[
"e",
"a77fdb6f04860ed32a4bc32a432fea8e98f25279cb66eaa38777247583fdc54c",
"",
"mention"
],
[
"p",
"68fee7bb7c2ac11f7206a8171e6b9514ab5d8d311413dd1af8690778ceae0ed0",
"",
"mention"
],
[
"q",
"a77fdb6f04860ed32a4bc32a432fea8e98f25279cb66eaa38777247583fdc54c"
]
],
"content": "Following up on yesterday's tax tip...\n\nYou might have heard about tax lost harvesting. Selling bitcoin and then buying it right to recognize a loss for a given tax year. \n\nBut would you ever want to harvest a tax gain? Maybe if your gains are taxed at zero percent. \n\nLet's walk through an example. \n\nYou are retired/didn't have any income for the year. You have 1 bitcoin purchased over a year ago at $60k. Bitcoin goes up to 100k. You could potentially sell, buy it right back. Realize the $40k gain taxes at zero %. And your new cost based goes from $60k to $100k\n\n\nnostr:nevent1qqs2wl7mduzgvrkn9f9ux2jr9l4gax8j2fuukeh25wrhwfr4s07u2nqpremhxue69uhkummnw3ez6ur4vgh8wetvd3hhyer9wghxuet59upzq687u7ahc2kpraeqd2qhre4e299ttkxnz9qnm5d0s6g80r82urksqvzqqqqqqydlu5s4",
"sig": "ec6f0b9bd01328cc183187525a0620666154f505fedc45a538b7336275ee831a8627d6ded01f1f221711073545d2dd830a51b5deb6bfded0fa7bc6afbd24fdea"
}
