New answers tagged cryptocurrency
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If you moved your cyrtpocurrency to Coinbase, no one but you has any idea how much you paid for it, or even when you originally acquired it. As such, Coinbase won't be able to report the cost-basis to the IRS.
If you move cash into Coinbase and then buy and sell crypto, they will report cost-bases to the IRS, and report it to you in the Form 1099 family.
3
I'm not completely clear on your question, because it seems to make trading cryptocurrencies (CC for short) harder than it really is.
Also, be careful using the word "property"; CCs are property in the same sense that stock shares are property, but they are not "real property". Some people see the word "property" and internally convert it to "land".
As ...
3
For stocks:
(1) Buy $100 worth of asset
(2) Sell position for $110
$10 gain
(3) Buy $110 worth of asset
(4) Sell position for $100
-$10 loss
A cycle consists of four trades and the net gain from these two closed trades is zero so there is no tax due.
Now you do it again with (5), (6), (7) and (8) which is a repeat of trades (1) through (4).
...
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First off, given your research, or lack thereof, thus far, you seem to be aiming to speculate on a coin price fluctuating. Given that margin trading and/or future contracts are commonly offered with up to 125x leverage, you can go short/long the highest market cap coin on leverage and achieve significant returns if your aim is indeed speculating/day-trading, ...
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But lately I've been looking at Cryptocurrencies and I want to Invest some Money into it. Does Anyone have any recommendations on how much to Invest and where. Really any advice is appreciated.
Yes.
I have always said that to invest in gold, the best choice is a gold mine. Or, a mining equipment manufacturer.
To invest in cryptocurrencies, there are two ...
2
recommendations on how much to Invest
No more than what you're willing and able to completely lose. The value will heavily sway on people's confidence that it'll be useful/valuable in the future so having a significant chunk of the value you put into it completely tank isn't out of the question.
and where
An exchange. Coinbase is the simplest US-based ...
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