I have the tax man to pay...so somewhat clueless on when I'm gonna sell some LTC to cover for such...
I will inform you all here, I always sell at the low and buy at the high...so at least some of you can time your buys to match my
ugly sales...(its a gift!)
surely if you don't sell them, it's not yet money... just keep 'em in the wallet.
But it is money. You can pay with litecoin no problem. As long as you can use something to pay for something else, shouldn't it automatically be considered 'money'?
when you sell is the key.....if the price is high ...you sell ..to cover expenses...if the price is low you have to sell more
also in the USA cryptocurrencies are considered property...if you sell before 1 year and 1 day it is 40% on capital gains and 10% to my state taxes (more or less)
and it is 20% on capital gains and 10% tax man..in that most of my LTC was at around $4.15 as you can tell this is gonna suck!
by the by ..I'm retired and trying to live off ALT hoard (saving BTC hoard) for the next 3 years..with hopefully mining at least into Fall 2018 worst case
thus have to keep ahead of the taxes that MAY be do..month to month..don't want to be caught behind the curve to tax man..if mining stops and income from
such stuff stops...or again..if price is low more ALT coins out the door like LTC to cover that optional stuff like: food/heat/clothing/medical etc
