welter
@fun
has anyone withdrawn $20k or more of btc/eth to their bank account? how is it taxed? what's the best way to withdraw crypto to bank/cash with litte to no tax?
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Greg
@greg
the taxable event is when you sell, not transfer afaik sell in coinbase for USD (this incurs capital gain/loss), withdraw to bank (this is not a taxable event afaik). coinbase will generate a report for you next tax season or do the first part onchain and use a crypto tax tool to keep track
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welter
@fun
mmmmm okay so selling btc for usdc is taxable? does this include swaps like eth/degen? do you have any videos or resources on this?
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Greg
@greg
yes and yes maybe start here https://www.coinbase.com/learn/crypto-basics/understanding-crypto-taxes
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lightcap
@lightcap.eth
Sadly 100%
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Snibb123.eth
@snibb123
Yeah, assuming you’re in the U.S., any swap or purchase is a taxable event on the gain or loss. That’s partly why people borrow off their crypto instead.
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