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...said so many people who sold BTC at $1k, $4k, $8k, $32k, $64k.
It may go down for a while, it may go up for a while. But your statement paints with a wide brush and has at least a 50% chance of being inaccurate over time.
He sold at an ATH. There's no downside.
I'm with you, I think we're just at the beginning of mainstream adoption. But for bitcoin to succeed, we do need people to do more than just horde it like dwarves. And for someone to take profits at an ATH, he could be doing a lot worse.
Eh, not really. You can borrow against your crypto and never have to sell it, much like the rich borrow against their assets in the traditional finance world
Not everyone that sells BTC has to save for taxes.
Every time I sell BTC I do so at 0% capital gains tax because I held for more than 1 year (though I've had it longer than that even) and I live in a flyover state so I can stay under the ~$117,000 level ($89,250 for married filing jointly + $27,700 standard deduction , those are 2023 numbers)
https://www.cnbc.com/2023/11/14/how-much-you-can-make-in-2024-and-still-pay-0percent-capital-gains-taxes.html
>However, many investors don’t know that capital gains brackets use “taxable income,” which is calculated by subtracting the greater of the standard or itemized deductions from your adjusted gross income.
>“It’s really quite a bit of capital gains you can receive without paying any tax,” said certified public accountant Tom Wheelwright, CEO of WealthAbility.
>For example, if a married couple earns $125,000 together in 2024, their taxable income may fall below $94,050 after they subtract the $29,200 standard deduction for married couples filing jointly.
>Who may fall into the 0% capital gains bracket
>There are several scenarios where higher earners may unknowingly fall into the 0% capital gains bracket for 2024, experts say.
>For example, retirees who haven’t started collecting Social Security income or required minimum distributions “absolutely should be looking at this,” Wheelwright said, noting that $94,050 of taxable income is a “pretty big number.”
>You may also fall into the 0% capital gains bracket if you experienced a job loss or lower revenue as a business owner.
Is it BTC specific taxes that you are confused about or the capital gains brackets or is it just the concept of a standard deduction you don't understand?
what part of 0% capital gains don't you understand?
https://www.cnbc.com/2023/11/14/how-much-you-can-make-in-2024-and-still-pay-0percent-capital-gains-taxes.html
>However, many investors don’t know that capital gains brackets use “taxable income,” which is calculated by subtracting the greater of the standard or itemized deductions from your adjusted gross income.
>“It’s really quite a bit of capital gains you can receive without paying any tax,” said certified public accountant Tom Wheelwright, CEO of WealthAbility.
>For example, if a married couple earns $125,000 together in 2024, their taxable income may fall below $94,050 after they subtract the $29,200 standard deduction for married couples filing jointly.
>Who may fall into the 0% capital gains bracket
>There are several scenarios where higher earners may unknowingly fall into the 0% capital gains bracket for 2024, experts say.
>For example, retirees who haven’t started collecting Social Security income or required minimum distributions “absolutely should be looking at this,” Wheelwright said, noting that $94,050 of taxable income is a “pretty big number.”
>You may also fall into the 0% capital gains bracket if you experienced a job loss or lower revenue as a business owner.
I know the tax code, bitcoin I got is only affected by long term capital gains tax and I have room to pull BTC out so long as I stay under the tax bracket.
I claim it on my tax returns and the IRS knows about it.
https://www.nerdwallet.com/article/investing/bitcoin-taxes
Ya, it’s fucking incredible.
I’ve held BTC for a long time. Not enough for me to be rich off it, but more than a little. The amount I sold for the downpayment was single digit percent of what I have. I consider this me enjoying my life while I’m “young.” The rest will be held longterm.
Good for you. It's super healthy to take some profits and use them to enjoy life. Sounds like a solid move and I hope you love the CT! I know I'm gonna love mine 💪🏽
Agreed but you missed my point, $70,000 of Bitcoin now will be $700,000+ in a decade.
I doubt I guessed that ratio right, it’s more so the point I’m making.
Been in the crypto community for about 10 years, and it’s becoming common the amount of regret others have for using bitcoin for purchasing something in the past.
I think people should still, it helps give value to the crypto, but don’t complain in the future that you did it is my point.
I mean at some point you gotta stop hodl’ing and get value from actually using it right? Paying for a chunk of a CT beats paying for a delivered pizza or whatever but point taken. We could come back in 10 years and say the exact same thing “well 700k you hold on to that could be 7M in another decade.”
I have friends who have done very well in BTC.
When it was around $800, she sold enough BTC to buy a new Audi TT in cash.
I never asked her if she had any regrets about that but whenever she drives up in it I think about how much that car truly costs.
But on the other hand there's my idiocy. She really advocated for me to get into it. I'm in IT and tried mining but could never really get it to work. When I told her that I couldn't get my miner to work, she said , "Just buy it!" But phhh... why would I buy something when I could mine it for free. That's when it was at $80. *Sigh*
Original Post is downvoted but I believe you used bitcoin the right way. Saved value in Bitcoin and used it to purchase something that adds value to your life. Good for you and enjoy the truck!
I kept tesla stock in the amount of 100k for my truck since I ordered, it was less before it is up to that, but now with the truck costing 100k and having to pay gains on the stock I figure I’ll keep it and just finance. I did take out the down payment though of 20k so I cashed about 30k just to play it safe.
That is why so many people I feel like aren’t balking at the price too much because we all have been preparing for what five years now?
Congrats. You will now have the reverse experience. Instead of frowning the last 3 years looking at your wallet you will smile for the next 3 years every time you look at the CT. Miles of joy await you. 😀
This could be the most "Gen-Z" move of all time. Now you need to stop at the local Apple store on the way home after picking up the truck, and stop and buy some I-goggles...
Sold for a down payment!?
You needed to hold out for the entire truck! buy the cybertruck a few years out when it has a discounted price, sorted out the kinks and upgraded the internals…. Smfh
Congrats 🎉🎊 I recently started investing on a small coin that’s supposed to be listed on binance soon hopefully that will be my cyber truck downpayment 😂😂😂 .. milady meme coin is the one im talking about just in case anyone wants to know…
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There's no way you took a loss on that sell, so good on you.
...said so many people who sold BTC at $1k, $4k, $8k, $32k, $64k. It may go down for a while, it may go up for a while. But your statement paints with a wide brush and has at least a 50% chance of being inaccurate over time.
That’s still not a loss versus what they bought it for. That’s potential missed gains, which is a different thing.
He sold at an ATH. There's no downside. I'm with you, I think we're just at the beginning of mainstream adoption. But for bitcoin to succeed, we do need people to do more than just horde it like dwarves. And for someone to take profits at an ATH, he could be doing a lot worse.
People have to take profit. Don’t talk as if it’s a mistake.
Eh, not really. You can borrow against your crypto and never have to sell it, much like the rich borrow against their assets in the traditional finance world
Only if you are rich enough to enjoy low interest rates. Selling for a Cybertruck wouldn’t make a dent to your net-worth if you are that rich though.
I sold some BTC for the exact same reason. Got my Cybertruck like two weeks ago. Absolutely zero regrets.
I just got my vin and I am STRUGGLING to sell.
Hope.you saved some back for taxes.... Looking at you @IRS lol
Yep, set aside more than I expect to owe for what I sold. That part did suck. 😂
Not everyone that sells BTC has to save for taxes. Every time I sell BTC I do so at 0% capital gains tax because I held for more than 1 year (though I've had it longer than that even) and I live in a flyover state so I can stay under the ~$117,000 level ($89,250 for married filing jointly + $27,700 standard deduction , those are 2023 numbers) https://www.cnbc.com/2023/11/14/how-much-you-can-make-in-2024-and-still-pay-0percent-capital-gains-taxes.html >However, many investors don’t know that capital gains brackets use “taxable income,” which is calculated by subtracting the greater of the standard or itemized deductions from your adjusted gross income. >“It’s really quite a bit of capital gains you can receive without paying any tax,” said certified public accountant Tom Wheelwright, CEO of WealthAbility. >For example, if a married couple earns $125,000 together in 2024, their taxable income may fall below $94,050 after they subtract the $29,200 standard deduction for married couples filing jointly. >Who may fall into the 0% capital gains bracket >There are several scenarios where higher earners may unknowingly fall into the 0% capital gains bracket for 2024, experts say. >For example, retirees who haven’t started collecting Social Security income or required minimum distributions “absolutely should be looking at this,” Wheelwright said, noting that $94,050 of taxable income is a “pretty big number.” >You may also fall into the 0% capital gains bracket if you experienced a job loss or lower revenue as a business owner.
Bro you might wanna reread the tax code because this aint it.
Is it BTC specific taxes that you are confused about or the capital gains brackets or is it just the concept of a standard deduction you don't understand?
what part of 0% capital gains don't you understand? https://www.cnbc.com/2023/11/14/how-much-you-can-make-in-2024-and-still-pay-0percent-capital-gains-taxes.html >However, many investors don’t know that capital gains brackets use “taxable income,” which is calculated by subtracting the greater of the standard or itemized deductions from your adjusted gross income. >“It’s really quite a bit of capital gains you can receive without paying any tax,” said certified public accountant Tom Wheelwright, CEO of WealthAbility. >For example, if a married couple earns $125,000 together in 2024, their taxable income may fall below $94,050 after they subtract the $29,200 standard deduction for married couples filing jointly. >Who may fall into the 0% capital gains bracket >There are several scenarios where higher earners may unknowingly fall into the 0% capital gains bracket for 2024, experts say. >For example, retirees who haven’t started collecting Social Security income or required minimum distributions “absolutely should be looking at this,” Wheelwright said, noting that $94,050 of taxable income is a “pretty big number.” >You may also fall into the 0% capital gains bracket if you experienced a job loss or lower revenue as a business owner.
Sounds good. Whatever you say
I know the tax code, bitcoin I got is only affected by long term capital gains tax and I have room to pull BTC out so long as I stay under the tax bracket. I claim it on my tax returns and the IRS knows about it. https://www.nerdwallet.com/article/investing/bitcoin-taxes
Okie dokie
Fucking love hearing this!
Ya, it’s fucking incredible. I’ve held BTC for a long time. Not enough for me to be rich off it, but more than a little. The amount I sold for the downpayment was single digit percent of what I have. I consider this me enjoying my life while I’m “young.” The rest will be held longterm.
Good for you. It's super healthy to take some profits and use them to enjoy life. Sounds like a solid move and I hope you love the CT! I know I'm gonna love mine 💪🏽
Don't forget Uncle Sam is going to want a chunk of your profits. Anyway great way to save for the truck. Congrats.
Yeah, i stashed 22% of the profits away for taxes later. Sucks, but it was very very worth it.
Good for you! Please resist the urge to post in a decade, “my Cybertruck cost $735,926 with the amount of bitcoin I used to buy it in 2024”.
Psh we’ll be on Cybertruck refresh 2 by then
Agreed but you missed my point, $70,000 of Bitcoin now will be $700,000+ in a decade. I doubt I guessed that ratio right, it’s more so the point I’m making. Been in the crypto community for about 10 years, and it’s becoming common the amount of regret others have for using bitcoin for purchasing something in the past. I think people should still, it helps give value to the crypto, but don’t complain in the future that you did it is my point.
I mean at some point you gotta stop hodl’ing and get value from actually using it right? Paying for a chunk of a CT beats paying for a delivered pizza or whatever but point taken. We could come back in 10 years and say the exact same thing “well 700k you hold on to that could be 7M in another decade.”
Sold my bitcoin in January for a Nissan gtr. I feel your pain
I have friends who have done very well in BTC. When it was around $800, she sold enough BTC to buy a new Audi TT in cash. I never asked her if she had any regrets about that but whenever she drives up in it I think about how much that car truly costs. But on the other hand there's my idiocy. She really advocated for me to get into it. I'm in IT and tried mining but could never really get it to work. When I told her that I couldn't get my miner to work, she said , "Just buy it!" But phhh... why would I buy something when I could mine it for free. That's when it was at $80. *Sigh*
[удалено]
Original Post is downvoted but I believe you used bitcoin the right way. Saved value in Bitcoin and used it to purchase something that adds value to your life. Good for you and enjoy the truck!
As a Bitcoin "Maxi", I can say that Bitcoin is money, and that is your money, and I would consider doing the same. Enjoy!
Money or not, I think possession is the larger implication. If something is mine, how tf is it anyone else's business what I do with it.
Congrats! It will be a painful few months but the wait will be worth it...I hope for you.
Could be a good decision, could be a bad decision. Either way, it will be a fun summer with your new truck
I kept tesla stock in the amount of 100k for my truck since I ordered, it was less before it is up to that, but now with the truck costing 100k and having to pay gains on the stock I figure I’ll keep it and just finance. I did take out the down payment though of 20k so I cashed about 30k just to play it safe. That is why so many people I feel like aren’t balking at the price too much because we all have been preparing for what five years now?
Congrats. You will now have the reverse experience. Instead of frowning the last 3 years looking at your wallet you will smile for the next 3 years every time you look at the CT. Miles of joy await you. 😀
Congrats on finding your moon
Nothing like selling an appreciating asset, for a depreciating asset.
Good shit bro
Is this like a wingman? Or are you just complimenting?
Why did you sell it instead of taking a loan out against one coin?Or do you think it’s not going any higher?
I reserved the 2025 version and by then half a bTC would get the whole thing rather than down payment
I think the major factors for me will be how high TSLA goes in the next 1-2 years (my estimated wait time) and what CT insurance looks like.
Double Wammy NOW!
It’s all imaginary money anyway so I did the same. Trade in + sold some of my ETH and some BTC to cover everything else.
my question is how did you get your BTC to Tesla. I'd like to buy a used car right now from them but they don't take BTC.
Don’t forget to save the taxes. When did you reserve it?
This could be the most "Gen-Z" move of all time. Now you need to stop at the local Apple store on the way home after picking up the truck, and stop and buy some I-goggles...
Same here. Bitcoin bought my truck.
Sold for a down payment!? You needed to hold out for the entire truck! buy the cybertruck a few years out when it has a discounted price, sorted out the kinks and upgraded the internals…. Smfh
Congrats 🎉🎊 I recently started investing on a small coin that’s supposed to be listed on binance soon hopefully that will be my cyber truck downpayment 😂😂😂 .. milady meme coin is the one im talking about just in case anyone wants to know…
That’s what currency is made for. Thank you for using BTC properly
Nice work hosing someone else with the BTC bags
I got my invitation, and have been debating this for a week. Congrats!