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15016110 No.15016110 [Reply] [Original]

If the anon who posted this thread: >>15010038 sees this, just want to make some clarifications to my response: >>15011254

>After 5 years, get the quantity of chinkcoin you converted, the chink/ETH rate you used, and the ETH/USD rate you used. Multiplying these 3 numbers will give you the new USD value for that given amount of chinkcoins. Call it 'y'

I should not have said the "ETH/USD rate you used", it was probably more accurate to have said: the ETH/USD rate at the time of converting into Ether, as that was a crypto-to-crypto exchange, and so was a taxable event.

Once you were in ETH, you may also have potentially incurred short-term capital gains if the ETH/USD price mentioned above rose, before you could cash out to fiat from ETH. So you may also need to account for this, in addition to your long-term capital gain.

I haven't really looked much into the crypto tax situation, so I'm trying to figure it out as I go.

>> No.15016137
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15016137

>>15016110
In case anyone needs a quick and simple bitcoin QR code tool for sending and receiving check out:

https://www.bitcoinqrcodemaker.com