RE: How I deal with Hive earnings, crytocurrencies and taxes
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Since I never sell anything I limit my tax liabilities I just stack the stuff and leave it there! It’s not like I need it which I am grateful for and I am not in it to trade
I only buy Bitcoin and that just gets stashed away, I think limiting your taxable events are important and secondly if you need to reduce it jusy borrow against your Bitcoin for that tax year
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Yeah, I mainly just stack it aswell, but what if the prices rise up even higher and it's time to cash out a good amount to majorly lower my mortgage, for example? The bank and government will come knocking, asking how in the heck did I obtain so much money? So I try to keep everything documented as best I can.
Yeah I understand if you want to cash out you will need all that documentation! I just didn’t want to deal with all that drama so I just secure my Bitcoin and live within my means in fiat
I don’t want to see all that hard work stacking going to the govebmebt they already get enough of my fiat money
Yeah, I completely understand that.