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has anyone withdrawn $20k or more of btc/eth to their bank account?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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Jancarlo
@jancarlo
The moment you exchange the BTC or ETH to any other currency, whether it be another cryptocurrency or FIAT, it is a taxable event and treated like a capital gain or loss. Long term capital gains (held for >1 year) are taxed at a lower rate than short term.
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lightcap
@lightcap.eth
Highlighting the importance of tracking your tax lots.
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