question about crypto taxes
Hello all
In short, I'm bipolar, and during an episode last month I got really fixated on crypto, and I spent all my savings on Bitcoin even though I know jack shit about it. Is there a way out, or am I one of you now?
I have it all in a cold wallet, so it is mine, but would I be able to sell approximately the original USD amount I purchased without paying taxes even if BTC as a whole has increased in value since then? Example: If I buy 50k, which turns to 55k, would I then be able to sell a portion of BTC to regain the 50k back in USD without paying capital gains while still having the "gained" 5k in my wallet? I know this is a pro BTC sub, so you'll probably say keep it there, but I'd still like to see my options.