I hold CRO tokens
When people are asking about cryptocurrencies I am often asked "Should I invest in Crypto". In my mind I liken it to asking someone "I have money, should I buy something".
My answer would be: What crypto are you talking about and why would you want to buy?
I like HIVE because it lets you earn money on the Hive Platform.
I like GLD because it helps support the community.
I hold CRO
... because the crypto.com infrastructure allows me to move my money TO and FROM Hive. Staking CRO allows me to get better rates when I'm buying and selling crypto. It gives me a weekly return. It also gives me a good cashback reward when I use their Crypto.com VISA card.
However, I like the 15% HBD return more than the 5% CRO return. So, moving forward I'll be taking my reward tokens from CRO and move them to HBD (or SURGE).
Then Trump got involved.
Now the CRO token was a utility token that really didn't do much. Well, it went down a lot but that was offset by the interest and VISA cashback. Net result: I didn't really use it enough to bother worrying about taxes.
However, once Trump group said they were going to buy a huge amount of CRO? The price doubled and taxation becomes a very real issue.
Which is why I have this account.
You see I have almost 150 different deposits into my CRO account and they are all small. Having to report all of those on my taxes would be brutal. Having money double. Tracking hundreds of small interest payments (taxable) co-mingled with Visa rewards (non-taxable) is a pain.
To keep things more orderly? I'll be moving the rewards from the Crypto.com system to Hive weekly. Keep track of how much is income and how much is reward and keep a running log.
End result: I'll have GLD token valued as my interest in the @cro.gld account and I'll have GLD token valued at my VISA cashback in the @crovisa.gld account. When tax time comes I'll easily be able to see exactly how much I have to claim as income.....and how much I dont.
Side benefit? I'll be supporting the GLD token
In the first week?
36.48 CRO token was sold (value $9.74)
CRO --> LTC --> HIVE and 47.6 HIVE was purchased at a value of $9.56
Fees involved in the transfer? $0.18 (USD)
668.04 GLD eventually purchased so $6.68 USD will be claimed as CRO income...once tax time comes and 668 GLD less available for sale :) Let's see what the end number is for this investment over time. But for now? Just making a post to get the ball rolling.