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Altcoin Investing and Taxes

Tom Lee of Fundstrat Global Advisors on Bitcoin

Tax liabilities are always on the minds of many altcoin investors this time of year and it could be stressful. Now there are some methods of reducing such risk according to an article in Bitcoinmagazine. To minimize tax liabilities, one can open a Crypto 401k or an IRA retirement account. Also there are ways, according to the new IRS cryptocurrency tax guidance calculating your gains and losses can be identified and monitored, and like stocks, if one were to hold crypto positions for one year, the long-term capital gains can fade – so if you hold positions this is to your advantage. We suggest that you spend a bit time with your accountant and find some solutions to protect your hard-earned profits in a world that has become progressively suited for traders and investors. Imagine buying Bitcoin or any other altcoin in March and April of 2020 and holding it for over a year? Lower taxes and what might be a great trade. Good luck positioning and investing.

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Disclaimer: We do not provide investment advice or strategies, this article is not intended as such but only to provide you the reader with information. Please conduct your own research before any investment of any kind.

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