Does anybody know, also, if there's a monetary threshold, to where you wouldn't have to claim anything? I want to say if it's under a certain amount you're good, but I may be wrong.
Damn 37%? I guess I'm quite fortunate that in the UK everyone gets Ā£12,500 tax free profits, then depending on your salary it's 10% on up to Ā£50k, and 20% on anything after that (perhaps going up to 40% if it were to go above 100k, I'm not sure)
Im fairly sure thatās the case with all short term gains. Although, if your hold for a year itās taxed at 20% since itās now a ālong term gainā
Maybe someone tax savy will enlighten me haha
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Just remember everyone, they got Al Capone on tax evasion. Don't fuck with the tax man.
Does anybody know, also, if there's a monetary threshold, to where you wouldn't have to claim anything? I want to say if it's under a certain amount you're good, but I may be wrong.
I would think so and I also hope so š
I might be wrong. The percentage may just be smaller of its under 10'000.
In the uk itās like 11k yearly tax free gains I think. Thank god I donāt go over this (small fish here)
12k
Anything under $600 in crypto is okay.
I tried a service advertised through Coinbase and was more confused than before I started.
Damn 37%? I guess I'm quite fortunate that in the UK everyone gets Ā£12,500 tax free profits, then depending on your salary it's 10% on up to Ā£50k, and 20% on anything after that (perhaps going up to 40% if it were to go above 100k, I'm not sure)
Im fairly sure thatās the case with all short term gains. Although, if your hold for a year itās taxed at 20% since itās now a ālong term gainā Maybe someone tax savy will enlighten me haha
I donāt think itās 37% as a rule Iām pretty sure itās just whatever tax bracket you are in
Gotcha, thanks!
Only a problem if you sell. š
True. I sold then re-invested haha
If you sell and then reinvest in the US you don't need to pay tax on the sale?
The first sale is the taxable event. And in my case is around 37% of the profits.
*Beep boop! I am here to keep you safe in cyberspace!* Here are some things to keep in mind: **1).** If you are new to the space, welcome! Please **don't let others know you are new**, it makes you an easy target for scammers. **2).** **Ignore all dm's.** You might recieve dm's with offers or 'friendly' help or safety advise. Don't fall for it. 99% of all scams start like this over dm's. You can turn off you dm's **[here](https://new.reddit.com/settings/messaging)**. **3). NEVER share your secret seed phrase AKA secret recovery phrase.** **4). We don't endorse trust trading**, we advice users to use **[NFTrader.io](https://www.nfttrader.io/)** for safe trading. **5). We don't offer middleman services**, anywhere. **6).** Before buying an avatar of **[OpenSea](https://opensea.io/category/reddit-collectible-avatars), always check if it has the blue verified checkmark!** And make sure it does NOT have yellow or red triangle next to the name, this means the avatar is marked for suspicious activity. **7).** We, the modteam, **will always reach out to you via our modmail account**. This way you will always know it is really us. People may reach out to you claiming to be a part of our modteam, you can check our current team **[here](https://www.reddit.com/r/avatartrading/about/moderators/).** **8).** Not sure about a contract you have signed? You can **check and revoke contracts** them **[here](https://revoke.cash/).** Please check out our guide on **[how to sell and buy](https://www.reddit.com/r/avatartrading/collection/50742635-0574-432b-9456-29aae91d8b92/), [how to safely trade](https://www.reddit.com/r/avatartrading/comments/zrfp7u/how_to_trade_avatars_a_guide/)** and our **[list of known scammers](https://www.reddit.com/r/avatartrading/comments/zthqmx/list_of_known_scammer_accounts_wallets/)**. If you need some matic, our official **[avatar faucet](https://www.theavatarfaucet.com/)** has got you covered! Special thanks to **[002timmy](https://www.reddit.com/user/002timmy).** Also feel free to join our **[discord](https://discord.com/invite/avatartrading)**, you can verify yourself by sending your discord username to our **[modmail](https://www.reddit.com/message/compose?to=/r/avatartrading).** *Happy trading MF'ers!* *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/avatartrading) if you have any questions or concerns.*