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ruby0heneri

@ruby0heneri

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Still, Dogecoin remains over 48% lower than its all-time high of $0.73, which was hit nearly four years ago on May 8, 2021, CoinMarketCap data shows.
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Shortly after the website’s launch, Dogecoin’s price briefly surpassed $0.40.
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On Nov. 27, 2024, Dogecoin flipped Porsche’s $56.1 billion market cap, driven by endorsements from Musk and speculation around the launch of an exchange-traded product (ETP) for the memecoin.
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Crypto commentator Mark Thomas said in a Jan. 1 X post, “The one time that FIFO can be good is if your sale date is more than one year after the earliest crypto you bought, but less than one year after the latest crypto you bought.”
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He said this would be because investors might “unintentionally” sell their earliest purchased assets — those with the lowest cost basis — first, thereby “unknowingly maximizing their capital gains.”
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Chandrasekera warned that imposing this rule immediately could have “been disastrous” for many crypto taxpayers during a bull market.
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“You won’t have to be locked into FIFO as before,” Cointracker head of tax Shehan Chandrasekera said in a Dec. 31 X post.
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FIFO, otherwise known as “First In, First Out,” is the default method for calculating capital gains tax in the US. It is calculated by assuming the oldest cryptocurrency bought is sold first, pushing up a taxpayer’s capital gains.
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The initial IRS ruling stated that if investors holding crypto assets with a CeFi broker don’t select their preferred accounting method, like HIFO (Highest In, First Out) or Spec ID, the broker will default to reporting sales using the FIFO method.
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The United States Internal Revenue Service (IRS) has issued a temporary relief for a rule that would have defaulted crypto holders on centralized exchanges to a less-than-ideal accounting method.
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Despite China’s anti-crypto antics, former Binance CEO Changpeng “CZ” Zhao said it will be one of the countries to adopt a Bitcoin reserve strategy. At the Bitcoin MENA event in Abu Dhabi, Zhao said the country could move fast on policies if it wanted to. He said the government must “do it at some point.”
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China has banned crypto transactions since 2019. The Chinese government said it aimed to reduce energy expenditures from mining and greenhouse fuel emissions. Financial institutions were also prohibited from dealing with digital assets and crypto mining.
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Because crypto assets are illegal in the country, China has not been buying BTC. The country’s Bitcoin holdings were acquired through asset seizures linked to illicit activities.
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Crypto commentator Mark Thomas said in a Jan. 1 X post, “The one time that FIFO can be good is if your sale date is more than one year after the earliest crypto you bought, but less than one year after the latest crypto you bought.”
0 reply
2 recasts
16 reactions
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ruby0heneri
@ruby0heneri
He said this would be because investors might “unintentionally” sell their earliest purchased assets — those with the lowest cost basis — first, thereby “unknowingly maximizing their capital gains.”
0 reply
1 recast
16 reactions
ruby0heneri pfp
ruby0heneri
@ruby0heneri
Chandrasekera warned that imposing this rule immediately could have “been disastrous” for many crypto taxpayers during a bull market.
0 reply
1 recast
15 reactions
ruby0heneri pfp
ruby0heneri
@ruby0heneri
“You won’t have to be locked into FIFO as before,” Cointracker head of tax Shehan Chandrasekera said in a Dec. 31 X post.
0 reply
1 recast
15 reactions
ruby0heneri pfp
ruby0heneri
@ruby0heneri
FIFO, otherwise known as “First In, First Out,” is the default method for calculating capital gains tax in the US. It is calculated by assuming the oldest cryptocurrency bought is sold first, pushing up a taxpayer’s capital gains.
0 reply
2 recasts
12 reactions
ruby0heneri pfp
ruby0heneri
@ruby0heneri
The initial IRS ruling stated that if investors holding crypto assets with a CeFi broker don’t select their preferred accounting method, like HIFO (Highest In, First Out) or Spec ID, the broker will default to reporting sales using the FIFO method.
0 reply
1 recast
12 reactions
ruby0heneri pfp
ruby0heneri
@ruby0heneri
The United States Internal Revenue Service (IRS) has issued a temporary relief for a rule that would have defaulted crypto holders on centralized exchanges to a less-than-ideal accounting method.
0 reply
2 recasts
11 reactions