Hello guys! I made a huge profit in January with a certain stock. I’m not sure if I get classified as a professional trader.
So here my question:
For my safety, I have put a certain amount aside. Since I can’t do anything with this money anyway, would it be smart if I buy USDC and stake it for a year? You get about 12% staking reward in just one year. And since USDC is not changing his value there’s no volatility risk.
Does anyone have experience with staking cryptos in relation to taxes?
Just a tiny side node: There are no 12% p.a. risk free - nowhere as of today! Not even 2% IMHO
Whats “huge” in relation to your NW? I’d be fine with your approach for like ~5% max of my NW. More than that, I’d put the money in a savings account (If I’m going to need the money in the next few month) or invest it in a broad index ETF (else)…
Technically you’re giving a loan to some entity and you get interest in return. That interest should be taxed as regular income no matter if crypto or fiat.
Why not? Buy an apartment or house?
I personally don’t trust anybody with my BTC unless I hold the keys to the wallet.
I quadrupled my total net worth. And would only stake the amount which is for the taxes, if I need to pay taxes. The rest of the profit is in ETFs and stocks.
First of all, chances are you won’t get classified as a profesonal trader, there’re plenty of topics on the forum about this.
If you have money that needs to be used in the short term and thus remain in a low risk investment you’d better leave them sleeping in a bank account.
They can sell it as risk-free, but a fixed income investment returning 12%/year is pretty much guaranteed to come with higher risk than junk bonds.
I read some of them. But I have still no clue if I get classified or not. It’s a 50/50 chance.
I would only use the money for the 2022 taxes. I have enough in my bank account to pay the taxes and fill the pillar 3a for this year.
Yes, maybe it sounds too good to be true. And as I understand it, I would also have to pay tax again on the reward.
So I end up to just leave it on my bank account for over a year and a half or are there any other suggestions? I get only about CHF 70 in interest on my savings account haha (yes I know, more than other ppl)
Then I’m not sure which part of the jurisprudence/guidelines you’re worried about. You bought one stock and got lucky, that’s it, there’s nothing professional about it.
Edit: do keep the evidence to demonstrate the source of the income though, in case they ask questions.
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