Are there tax benefits to repaying the loan and receiving

Question

Celsius Community

Elmo

Are there tax benefits to repaying the loan and receiving

BTC and then selling off enough to pay myself back over just taking the balance in cash?

0

14.01.2024

5 ответов

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Aaron Lasher

There was a call recently on X and the consensus was that if you are outside the US, you might as well take the set-off treatment. If you are in the US, paying off the loan will avoid having it being considered “forgiven,” and will not be a taxable event. I am not a lawyer nor accountant. Just passing on what I heard.

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10 месяцев назад

Elmo Автор вопроса

Aaron Lasher
There was a call recently on X and the consensus w...

Yea but me having to sell a portion of it to pay myself back, after paying off the loan, will the sale be considered income or will I only be taxed on the gain?

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10 месяцев назад

Aaron Lasher

Elmo
Yea but me having to sell a portion of it to pay m...

I believe a forgiven loan is income.

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10 месяцев назад

Simon G

Depends how you reported it. Basic cpital gain & loss rules apply

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10 месяцев назад