Ripple update: Paying taxes on profits in US
Hello all, I’ve been very curious lately about how this whole capital gains stuff works. So let me kick a scenario; I buy 200 XRP at $0.50 and 2 months later it skyrockets to $500 per XRP. I now have 200 XRP that’s worth $100,000. If I sell my xrp and transfer that $100,000 into my bank account, what steps do I take from there so I don’t end up in jail for not paying taxes? I don’t know where to learn this kind of stuff so I figured you guys could help me out. Thanks!
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.
Don’t forget to share the post if you love it !