ah taxes the one thing that can take the fun out of any party when it comes to crypto the tax people are waiting around the corner with their calculator ready for even the slightest misstep you know in most countries crypto is taxed as property that means every time you trade sell or even buy a coffee with your Bitcoin it's a taxable event imagine buying a coffee and then getting a tax bill that'll be $5 for the latte and oh here's a form for your capital gains to make matters even more fun you need to keep track of the purchase price and the sale price to calculate your gain or loss it's like being a contestant on The Price is Right but saying the wrong number could mean actual trouble and don't even get me started on mining taxes if you mine crypto it's like you're running a business you get income and guess what if you said the government takes a part of your gains well done you're right but it's not all doom and gloom if you hold your crypto for more than a year you might qualify for long-term capital gains tax which is usually lower than shortterm
Ready to join the Musk Empire? Believe in the project? 🤔 Join now