Just sold all of my ETH – how much do I set aside for taxes?
Just sold all of my ETH – how much do I set aside for taxes?
I’ve been holding on to ETH since 2020, but I just sold all of my holdings (I had more than 6 ETH). Honestly, it just feels like a lot of the hot projects nowadays are on other blockchains that offer lower fees.
Part of me feels like I’m going to regret this, but I guess I can’t be too mad because I made a pretty good profit after holding for all of those years.
I do want to re-invest in other projects but I was wondering what you guys recommend in terms of setting money aside for tax purposes. I don’t want to be in a situation where the market crashes and I don’t have the cash to pay taxes to the IRS.
Also, I’m not sure how I’m going to calculate my capital gains/losses on some of my investments considering that I originally purchased a lot of my ETH on BlockFi (now bankrupt). Has anyone used CoinLedger or a platform like that to try to accurately calculate capital gains/losses in a situation like this? Or am I just going to have to take an L and put my cost basis as 0?
Appreciate any helpful responses!
Wouldn’t be selling the OG with all the developers, 100% uptime, highest decentralisation, minimal energy usage, best security and a wildly bullish roadmap for the new flash in the pan hotness… But you do you.
