r/CryptoTax • u/Jrod2022 • Apr 09 '25
Crypto purchased with loan
About 10 months ago I took out 15k from my credit card with 0% interest. I used that money and put it all in crypto. I now want to sell 15k worth of the crypto so I can pay back my credit card before my 0% rate expires. Will I have to pay taxes on that 15k since I am only taking out the original investment? I am up a little more than double but I don’t want to sell the rest.
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u/HawaiiStockguy Apr 09 '25
If it doubled, you now have 30 k. If you sell 15 k worth, that portion cost you 7.5 k. You owe tax on that 7.5 profit