400 thousand dollars tax on Bitcoin trading student!
A student has been having a hard time because of this situation. In Reddit , an article titled es I ruined my life by crypto trade, “reveals the story of a Californian student who invested more than 5,000 dollars in more than one subcoins. After a few correct trade, the student saw that his initial investment reached about 880 thousand dollars at the crypto summit of December 2017. After obtaining this amount, he explains why he did not withdraw from the crypto trade:
I told myself I should have listened now. I shouldn’t invest anymore. But I decided to do it when I made a million dollars. And then, ONLY won the stock tanks.
After the collapse of the market, the erek few bad ICOs ın or the investing student lost the original profit of 880 thousand dollars by 85% and reached the level of 125 thousand dollars. The bad part is that the total tax liabilities totaled about $ 400,000.
Crypto taxes levied on gross profit
Although the student does not send any money, taxes are applied to transactions between the crypto currencies, ie from Ethereum to Bitcoin. In addition, since earnings have been earned in the previous year, the tax amount applies to earnings without being offset against losses. The student applied to Reddit with mixed problems to get advice. Some answered the student kindly, while others criticized him by cruelly.