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With rumors circulating for a 0% capital gains tax on crypto, this leaves me with one question…will it be applied retroactively or will it only apply to new gains?
1. It applies retroactively – If the law explicitly removes capital gains tax on all Bitcoin holdings, including unrealized gains, then you would not need to sell and rebuy. You would be able to sell at any time without tax implications. 2. It applies only to new gains – If the law only applies to gains realized after the bill’s passage, then existing unrealized gains (before the law takes effect) may still be taxable under the old rules. In that case, you might need to sell and rebuy to reset your cost basis to avoid future taxation. If it’s 2 we could see a massive dip in BTC from people locking in their gains. It will be a good buying opportunity!! submitted by /u/Obvireal [link] [comments]
1. It applies retroactively – If the law explicitly removes capital gains tax on all Bitcoin holdings, including unrealized gains, then you would not need to sell and rebuy. You would be able to sell at any time without tax implications. 2. It applies only to new gains – If the law only applies to gains realized after the bill’s passage, then existing unrealized gains (before the law takes effect) may still be taxable under the old rules. In that case, you might need to sell and rebuy to reset your cost basis to avoid future taxation. If it’s 2 we could see a massive dip in BTC from people locking in their gains. It will be a good buying opportunity!!
[link] [comments]
