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Showing results for tags 'capital gains'.
Obviously the main aim of the game for everyone here is to buy low, sell high and walk away with full pockets. I for one am a little clueless about how crypto profits are treated in the UK. I did hear one person suggest that currently they are treated as gambling wins, and therefore tax free (which would be b-e-a-utiful) however I do have a feeling they don't fall into that gategory and will be subject to capital gains tax. Does anyone happen to have any first hand experience in this matter? Or maybe know of any handy resources. I will most likely speak to my financial adviser when the time comes, but it never hurts to be ahead of the game.
As a follow up to another chat topic started this morning (US time), I suggest that the community keep this topic as active as possible so those who are interested in info, analysis and personal experience about US taxes as they relate to crypto assets can become smart about how to trade, hodl or leverage their holdings with a decent understanding of what the tax implications may be. Let the games begin. PS: I am not a tax specialist, tax accountant or other legal advisor re: these matters. I have had 35+ years of business dealings (successes and failures) that have had huge tax consequences. I have studied, I continue to read, I am forever curious, I have owned multiple businesses, consulted with others and worked in environments from sole proprietor to international Fortune 500 companies. I've likely picked myself up more times than most people have fallen so my foolishness over the years has stuck enough to offer a few ideas here and there. I wish everyone who's looking to make a decent return from their hopes and investments in XRP much success. Cheers.