MultiversX Tracker is Live!

How exactly is capital gains tax calculated on crypto gains? I have an example.

All Cryptocurrencies

by COINS NEWS 8 Views

Let's say hypothetically, I bought certain coins on a SOL wallet that doesn't require any personal identifiable information to set up.

I funded this wallet by sending USDC from a different wallet, the bought other coins with the USDC.

If hypothetically speaking I ended up making a large sum of money by converting gains to USDC, how will it work if I later decided to sell this USDC for fiat and send into a bank account?

Who will come knocking and what questions will I have to answer?

If hypothetically speaking I made 5M from a 10k investment, how exactly will anyone know this unless I tell them? What if I say I started with 2.5M already?

submitted by /u/notdoreen
[link] [comments]
Get BONUS $200 for FREE!

You can get bonuses upto $100 FREE BONUS when you:
πŸ’° Install these recommended apps:
πŸ’² SocialGood - 100% Crypto Back on Everyday Shopping
πŸ’² xPortal - The DeFi For The Next Billion
πŸ’² CryptoTab Browser - Lightweight, fast, and ready to mine!
πŸ’° Register on these recommended exchanges:
🟑 Binance🟑 Bitfinex🟑 Bitmart🟑 Bittrex🟑 Bitget
🟑 CoinEx🟑 Crypto.com🟑 Gate.io🟑 Huobi🟑 Kucoin.



Comments