If you hold crypto for over a year it’s subject to capital gains tax right?

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If you use your crypto to buy a Tesla, does that trigger a taxable event?
Does that happen with other currencies?

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Long term capital gains vs short term, assuming you sell. Simply holding is not taxable.

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Gotcha. Thanks!

Crypto is treated as an asset for tax purposes... you have a basis (what is cost you to buy) and sales proceeds (the net amount you generated from selling the asset). If you held the asset for less than a year, you pay short term capital gains (taxes as regular income) , and if you held more than a year is long term capital gains ( probably 15 or 20 percent for most on here). If you buy a Tesla with the proceeds it does not update your tax obligation

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Yes

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