Ripple update: How do taxes work when trading?
So from what I remember/understand, if you cash out your crypto, they charge you depending on how long you’ve held it. I think it was a minimum of a year for it to be considered long term? That’s all well and good, but I’m still kind of confused on how trading taxes work. Say for example I have 1k xrp, and buy and sell over and over with usdt, until I end up with, say, 5k xrp. Do I have to pay a tax on each buy and sell? So if I sell 1k, and buy back 2k, I have to pay 40% of that profit? How does this work? Fuck uncle sam btw.
About Ripple (XRP)
Ripple connects banks, payment providers and digital asset exchanges via RippleNet to provide one frictionless experience to send money globally. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. XRP is the fastest and most scalable digital asset today.
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