You are viewing a single comment's thread from:
RE: Why is Quintric More Tempting than Bitcoin As A Store Of Value - Legal Tender Laws Explained
Zack, I have many questions about Quintric in relation to Capital Gains (CG). Is there a source I can consult about this? - besides the Quintric white paper which has the same info you've posted here. Meanwhile - what happens regarding CG when you sell Quintric into fiat? I saw somewhere that CG applies in that instance, but I thought that was the whole point - legal tender to legal tender - CG would be N/A. Maybe I've got it all wrong, or I misunderstood. But please advise.
You dont sell your Quintric for fiat. You sell it and receive US minted legal tender coins. If you end up selling the coins im not sure the best way to reduce the CG tax.
Gains on collectible coins like American Eagles fall into a different category for capital gains taxes.
You have a reportable capital gain on American Eagle coins if you sold coins you own and received a price greater than the price you paid for the coins. It is important to remember that there is not a taxable gain unless you sell your coins. If you owned the coins for one year or less, your profits will be classified as short-term gains. Owning the coins for longer than a year before selling puts the profits into the long-term gain category.
https://finance.zacks.com/capital-gains-american-eagle-coins-taxable-3604.html