I was an early- ish investor into btc 2016-2017. Things really took off in 2021. I had mainly just bitcoin and ethereum. However in 2021 when everything went crazy. I would trade out btc and ethereum for a bunch of alt coins trying to follow the Bitcoin - big alts - small alts flow people talked about. I was inexperienced and did not understand the concept every time I did this it created a taxable event. I was under some stupid impression that you weren’t taxed until you cashed out in USD. So when the crash happened I watched my portfolio go from about 330k to about 40k. AMP and ALGO were 2 of my bigger casualties. I never sold or bought anything since I’m still holding. My portfolio sits right now at 80k. 50% is ETH and the rest is spread between. SOL, LINK, LTC, BTC, AVAX, ALGO, and AMP
I owe IRS over 50k from 2021. I would like to hear some sensible opinions from this forum on what you guys would do in my position. I was really hoping to hold all of it to another big bull run but obviously there is no guarantee this will happen. Should I just cash out 50k and pay the IRS. Maybe cash out half now ? 25k? Any opinions that are trying to help are welcome.
No comments:
Post a Comment