I inherited some digital coins and now aim to sell a portion. Can anyone confirm if the reported drastic lower tax-free thresholds and increased CGT rates are accurate?
Considering my experience with UK cryptocurrency and inheritance, I can confirm that the situation is more complex than it appears at first glance. Inherited coins are typically valued at the market price on the date of inheritance, which becomes your base cost for future gains. This base cost sometimes means that even a modest rise in value can be taxed. The reduced allowances and increased rates have been verified by my discussions with tax professionals. Therefore, it is essential to get tailored advice, as personal circumstances can significantly change the expected tax liabilities.
from wha i seen, it seems accurate. the tax free limit is real narrow now, so inheritted coin bases get taxed quicker than expected. best double-check with a local tax guy to steer clear of unwantd surprises.
hey guys, i’ve been lurkin in this topic for a while and its pretty perplexin how the tax rules shift around inherited crypto. i had a chat with a friend in the biz and he mentioned that sometimes the base cost recalculation can be even more tricky than it seems, especially if you’re juggling multiple coin types or doing a series of sells over time. ive been wonderin though, does anyone here have any experience with how the device used for valuing these coins might affect the reported gains? sometimes it seems like these small nuances could make a huge difference. would love to hear any insights or added resources if someone has 'em.