Quote: (11-15-2017 10:16 AM)zoom Wrote:
I've thought about this and basically, I don't plan on selling until I can sell for a 15% capital gain. I'm willing to wait. There's no way I'm going to pay 35%.
Also, I can use the coins more as a currency. When the market is at an all-time high, I can buy stuff on overstock.com or wherever.
I agree with you paying 35% hurts, however just to play devils advocate what if Bitcoin runs up to $10,000, you don't sell and then it spends the next year at $5500, even paying 35% woudl have been better to cash out at the high. I'm bullish and a holder so I'm with you but just like looking at all sides.
In terms of buying stuff off overstock, would be nice is the government actually implements that rule about purchasing stuff with gains being not taxed if the item is under $600. As things currently stand technically speaking you should be tracking and reporting those gains. Will you get in trouble for it? Most likely not but just wanted to be clear that is the law.