My vehicle is on its way out I think. For the last few years every 5k has resulted in a $1000 to $1500 repair. It needs another one now. So I’m considering unloading it. Money is tight and a large car payment isn’t something we can really do right now. I’ve considered selling some btc to offset some of the cost. Without going into too many details, I’m looking for advice or perspectives on a couple things.
One, selling seems to be a pain from a tax perspective in terms of computing the gains on the btc I sell. Has anyone gone through this? I don’t have much, but what I have is on cold storage. So I would have to sign up for an exchange and sell it there?
Is this stupid? Should I just avoid this at all costs?
Login to reply
Replies (6)
Could you borrow against your stack? @strike I haven’t done this but I’ve heard others have
Dont give that greedy shark your bitcoin.
That’s exactly what I did with mine. I did all the KYC at Kraken and sent it there and to sell for CHF. Receiving the CHF back onto my bank account took quite a while (a week or so).
I don’t know your legislation. But here in Switzerland BTC is simply treated as foreign currency. So course gains are tax-free (if you’re not a trader by profession).
But beware: it may be very important that the BTC were already in your tax balance sheet for wealth-tax before they are just going to appear in your bank account from nowhere.
What options are you considering for solution, let’s start there. These aren’t right or wrong, just need to know what the options are for you in your life.
current car
brand new car? hd truck?
used vehicle but meets what criteria?
I can break this down but only if I know what your acceptable end states are in terms of vehicle.
It’s a 15 year old Hyundai Santa Fe. 155k miles. In good shape it’s maybe worth 4500 private sale. Half that for trade in. Less in its current state (caliper failed and ruins rotors and pads. Also has a coolant leak.)
Was hoping to get a ridgeline for my next car. I need something with some clearance for driving two tracks when I’m hunting and something some space for my kids hockey gear and the occasional lumber purchase. So needs to be a small truck or another crossover type car. Preferably a truck.
In an ideal world I would’ve gotten another five years out of this, given it to my kid when she turns 16, and then spent that time saving for the ridgeline.
I could probably sell enough to at least cover a down payment on a used ridgeline that’s only a few years old. My concern with going with something too old is that I have very little mechanical knowledge of cars. So I’d be worried about buying something older that either I can’t evaluate the state that it’s currently in (bc I lack the knowledge and end up getting screwed) or that is going to give me the same issues as the one I currently have (bc it’s older and has many miles and things just start breaking). So basically, it wouldn’t make sense to unload this for another car in the 5-8k range. I should drop the 1300 to get the current one fixed and cross my fingers.
So it’s kind of between drop the 1300 and hope or drop some btc on something that I can (probably) get a lot more time and miles out of.
Yeah, I’ve heard of that. Makes me nervous.