Frank26  

 Question: “Is this going to be a capital gain?” A lot of people desperately do not want to pay taxes.  I believe they live in this world they create where taxes never exist.  I’m sorry, if you honestly think you’re going to be able to get involved in this and exchange this currency, that’s called a capital gains, without having to pay any taxes you’re delusional…Yes you’re going to pay taxes, that’s why it’s important to have a receipt…held for one year you’ll probably be in the 20% tax bracket…if you don’t have a receipt, you lost it, you’ll probably be in the 40%.  Biden just said a couple days ago he wants to increase those taxes over 50%…capital gains… [Note:  Consult your tax professional at the appropriate time to determine the right tax for your unique circumstances.]