legal – How do I calculate the maximum amount of Bitcoin that I can sell before having to pay taxes?
I currently have 1 BTC left.
Over the years, I have spent a total of $14,648 USD to buy Bitcoin now and then.
I have to pay 30% on the profits when selling Bitcoin.
Does not this mean that, if I currently sell Bitcoin amounting to exactly $14,648 USD, that means $0 profits (since it’s the exact amount that I’ve spent in fiat to buy Bitcoin), meaning I have to pay $0 in taxes this time?
Of course, from that moment on, I have to pay 30% on the total sum I “take out” in fiat from my remaining Bitcoin.
Have I understood this correctly? Is this not completely reasonable and fair? I could really use $14,648 USD right now, and it would actually be sort of a “relief” in a way to know that from that point on (assuming no further Bitcoin purchases), it’s 30% on the total amount and I don’t have to think about how much the “profits” are.