He explained why his long-term capital gains are 0: Because his marginal tax rate is only 15%. I.e. he doesn't make enough money to have to pay taxes on long-term capital gains. (Short-term capital gains are a different category and are governed by different rules.)
-
Want to remove ads? Register an account and login to see fewer ads, and become a Supporting Member to remove almost all ads.
He explained why his long-term capital gains are 0: Because his marginal tax rate is only 15%. I.e. he doesn't make enough money to have to pay taxes on long-term capital gains. (Short-term capital gains are a different category and are governed by different rules.)
dhanson865
Well-Known Member
I posted detailed reasons why above but if you need a TL;DR here it is:
Now you know my AGI is between $18,651 and $75,900 and I owned my bitcoin for several years.
Seems like noone is interested. Now try it with Bitcoin. I will sell you TM3 for 1,000,000 bitcoins. Seems like Bitcoin has some real value afterall
Seems like noone is interested. Now try it with Bitcoin. I will sell you TM3 for 1,000,000 bitcoins. Seems like Bitcoin has some real value afterall
Seems like my monopoly money joke failed to hit home with the cryptocurrencies. I don't understand why bitcoin is so hard to understand for some people. It's basically small fragments of actual coins yes? bits of coin.... bitcoin. Simple.
I dont get what you are trying to say here at all. Bitcoin is not fragment or anything its just a name for an internet protocol.
Seems like noone is interested. Now try it with Bitcoin. I will sell you TM3 for 1,000,000 bitcoins. Seems like Bitcoin has some real value afterall
Bitcoin has value as long as people are willing to give something of value for it. I would sell you my Model 3 for far less than a million Bitcoin. But I would sell them immediately and I would be extremely careful how I did it. Bitcoin has value, but it has no protections for a person who hands over Bitcoins in return for something else. IOW, when you buy something with Bitcoins, if the seller doesn't come through, or the thing you bought turns out to be a cheap imitation, you have no recourse. Your Bitcoins are gone and there's no way to get them back.
When I buy something with my credit card, if the product is not as advertised, the bank can reverse the charge and I get my money back.
Monopoly money has no value because nobody is willing to give anything for it. Worse yet, the Monopoly get-out-of-jail-free card is no good either.
What I’m saying is that if you take a coin, and a really really big hammer, hit it a few times.... then take those little pieces.... the tiny bits of the coin. The bitcoins as it were, save them up and ta da! Money money money! It’s genius. Mark me down for 20 of these fantastic coin bits.
I totally understand bitcoin now, yay.
dhanson865
Well-Known Member
Are you aiming that at me? If so you must have missed the screenshot above in post #63.
edit: wow just looked at the single chart, yeah, I'd agree that someone in the 15% tax bracket filing single shouldn't be buying a new car of any kind. They should buy used.
More of a general statement, but your screenshot is why I specified being single. It's much more realistic if you're filing married.
oripaamoni
Member
I sold 1 btc on coinbase and going to use that money for the down payment.
sold in december or now? better to wait a month or two. i think 1 btc == 1 M3 is soonish.
(i admit to being a bit of a bitcoin maximalist)
oripaamoni
Member
dhanson865
Well-Known Member
You think bitcoin (BTC) will be above $30,000 any time in 2018?
If it even got to $20,000 again I'd sell another chunk, and again at $25,000. But since it's under $10,000 right now I'm not holding my breath.
Fun fact - Bitcoin was ~$420 back on April 1 2016 when we all put down $1K for a Model 3.
If, instead, you had put that money in Bitcoin and then sold in December-ish of 2017, you could have made over $35K which buys you a Model 3 - but 2 years later and without the tax rebate
I would be very surprised if Bitcoin breaks $25K this year and only a low chance of reaching the previous high as well. There needs to be quite a bit more work done to scale Bitcoin to allow faster, cheaper and more plentiful transactions before it can justify such a price.
If, instead, you had put that money in Bitcoin and then sold in December-ish of 2017, you could have made over $35K which buys you a Model 3 - but 2 years later and without the tax rebate
I would be very surprised if Bitcoin breaks $25K this year and only a low chance of reaching the previous high as well. There needs to be quite a bit more work done to scale Bitcoin to allow faster, cheaper and more plentiful transactions before it can justify such a price.
Lol. I had to laught. You are obviously new to the crypto world. Well, let me tell you. I have been to crypto since 2011. Bitcoin seen like DOZENS of dips like these. Honsestly this December dip is one of the weakest. We have seen 80%+ dips regularly. Eg. 13$ to 2$. 30$ to 3$$. 1200$ to 120$. So 20k$ to 10k$..... thats normal. We will be back to 20$ “in 3 months maybe, 6 months definately” and maybe even see 50k$ this year. Welcome to cryptos,bro!
Fun fact - Bitcoin was ~$420 back on April 1 2016 when we all put down $1K for a Model 3.
If, instead, you had put that money in Bitcoin and then sold in December-ish of 2017, you could have made over $35K which buys you a Model 3 - but 2 years later and without the tax rebate
I would be very surprised if Bitcoin breaks $25K this year and only a low chance of reaching the previous high as well. There needs to be quite a bit more work done to scale Bitcoin to allow faster, cheaper and more plentiful transactions before it can justify such a price.
Lol. Nice fun fact
Thanks god I have plenty of BTC from 2011-2012. Anyway the lightning network is in works and already runing testnets, so not so much work has to be done for faster cheaper transactions. Never underestinate bitcoin. People hoped that bitcoin could reach 2k$ at 2017 ( was at 1k$ at the begining) and really nobody expeted it to hit 20k$ instead At 10k$ its a wet dream for me. Expected to hit 10k$ in 2030Similar threads
