The current bull market is centred around #WIF and #PEPE with WIF priced at $2.08 and PEPE at $ 0.00000788 . And on the other hand #BTC has hit ATH, with more news hopping in the feed that what if it lands ATH at $100k ! The volatility of the prices is increasing significantly.
The volatility means that all eyes shall be on the market for the next phase. In all these ups and downs, incurring both gains and losses are a prospect for all investors of these coins.But to actually regain your losses is it possible? Yes, while you calculate your taxes for all your capital gains on Kryptos.io , for your unrealised losses - Tax Loss Harvesting can always be the beacon of hope.
To actually get up to the pace you can always check our Tax Guides and see for yourself the benefits and the methods to proceed ahead.
Will BTC fall again ? It broke record after record, exceeding $71,000. $69,000 was a very important resistance point, but it exceeded it considerably and reached up to $71,000. The most important point here is that $BTC has now moved away from the 69,000 level and it has become difficult to fall below that level again. In this way, we can say that both $69,000 and $70,000 are now a support point for Bitcoin.
So will Bitcoin rise further from now on? Yes ,as per reports. Thanks to the approval of applications #Halving and #ETF , Bitcoin now has more momentum in the long term. These two positive factors are actually factors that will have an impact in the long term, not in the short term. For this reason, we can see Bitcoin testing above the $ 100,000 level this year.
Even though if you incur unrealised losses in future, With Kryptos you can gain them back through Tax Loss Harvesting and calculate your taxes in no time.
You can check our guide here on Tax Loss Harvesting: https://kryptos.io/blog/kryptos-advanced-guide-to-crypto-tax-loss-harvesting.
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🚨 The IRS has dropped new crypto tax reporting guidance, and it’s taxing news for all of us! 🧠💸
1/5 The new rules require detailed reporting of crypto transactions, covering everything from sales to exchanges. If you're into crypto, it's more crucial than ever to keep your taxes aligned to avoid penalties. 📊💼
1/ 📰 Europe's MiCA is finally here! 🌍 This landmark regulation sets a new standard for crypto across the EU, aiming to create a unified market and boost consumer protection. MiCA covers everything from stablecoins to crypto asset service providers. 🇪🇺 #CryptoRegulation #MiCA
1️⃣ #Crypto is taxable as capital gains (19%-28%). 2️⃣ Mining is taxed up to 47%. 3️⃣ File using Modelo 100 by June 30. 4️⃣ Report holdings >€50,000 with Model 721. 5️⃣ Wealth tax may apply. 6️⃣ Keep detailed records for 5 years. 7️⃣ Staking income is taxed like savings income. 8️⃣ Use FIFO method for accounting. 9️⃣ Non-compliance can lead to hefty penalties!
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