Topic: Bitcoin and Crypto currency Tax Declaration Solution (Read 393 times)
To me, this app is not necessary. I'm not going to pay taxes for the use of bitcoins. I am sure that the government did nothing to ensure that we can run easily. Tax is not a payment for something that the government exists. Taxes thanks to the creation of good conditions for life. I think think of most bitcoin users.
There should already be something out there floating around for your country. It's not going to be free though. Just note that there is no one-size-fits-all app of this kind.
If you know exactly how you want the system to work, you could also hire a programmer to write software for you. If it's just simple accounting, it should be fairly simple to code. Heck, some people do their taxes on Excel.
The safest option would be to consult your accountant, though they may not want to disclose any software they know of. Still, they know what they're doing, and taxes are not to be messed around with. You may end up with piles of fines by trying to save a few bucks.
If you know exactly how you want the system to work, you could also hire a programmer to write software for you. If it's just simple accounting, it should be fairly simple to code. Heck, some people do their taxes on Excel.
The safest option would be to consult your accountant, though they may not want to disclose any software they know of. Still, they know what they're doing, and taxes are not to be messed around with. You may end up with piles of fines by trying to save a few bucks.
The tax declaration depends on your local law entirely. However, just to be on a safer side, try to report the income you have made from crypto currency in your tax information sheet. The income means, the amount you have cashed out to fiat and not the digital holding. I also do the same thing. In my country's tax information sheet, we have a placeholder called "income from other sources". So I add the amount that I have cashed out in fiat under this head. Because bitcoin in my cold storage doesn't add up to my income. It can be considered as an income when I cash it to fiat. I add that amount just to be on a safer side and to save myself from the tax authorities.
Dear All,
I would like to know if some of you use an application to collect and summarize all their transaction for the tax declaration.
Would it be great to have such app or website ?
Thanks!
I would like to know if some of you use an application to collect and summarize all their transaction for the tax declaration.
Would it be great to have such app or website ?
Thanks!
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