Crypto and Taxes? | Bitcointalksearch.org

emoji00

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Quote from: talinabtc on January 04, 2018, 08:34:26 AM

If you have a huge amount of crypto profits, consider moving to the Netherlands and paying taxes here for a bit. We have a wealth tax instead of a capital gains tax (around 1%). Wealth tax usually sucks, but in the case of crypto itś pretty sweet Cheesy

So, how long do you have to live in the Netherlands to be able to pay a reduced tax? I personally do not plan to move as I consider myself a long term hodler, but eventually either or other people I know are interested in knowing more ´bout it.

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Quote from: kleinkrypto on January 04, 2018, 02:04:00 AM

Quote from: hx6688 on January 04, 2018, 01:05:48 AM

from what I know only US has taxes on bitcoin, US has a complex taxing system, if you are in US better to find a professional accounting. if you are in other places, no need to bother it

Thats not the truth, a lot of countries in Europe like France and Germany are although havin taxes on the win you make with cryptocurrencies

The first person that I spoke about bitcoin got a nice bag of them in 2012. She Hodled long years and what was a large amount became a few millions. For her, it made perfect sense to look for a jurisdiction that was easy on btc taxing and that happened to be Germany.

ALWASA

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Quote from: Ailmand on January 04, 2018, 08:14:56 AM

Quote from: JumboCactuar on January 04, 2018, 12:18:16 AM

Hi,
Does anyone have an understanding of how taxes work with cryptocurrency?

I read about capital gains tax, but what if the BTC i have was donated to me at first?

For now, there is no country yet that has imposed any taxes on bitcoin or any activities related to it. However, there are a lot of talks with regards to it because , I think, many countries have already foreseen the big effect that bitcoin would have in the market, and any country, for sure, would want to strike it big when that happens. I have read many write-ups regarding countries aiming to regulate the use of bitcoins or impose taxes on it for government profit. I think this is an inevitable step for some countries to gain control over it, hopefully, it won't be too strict that people would be discouraged to keep on using it.

I also heard many stories about having a tax for crypto industries because I think the government well somehow be benefited on these knowing that many of the people actually use this from time to time.

talinabtc

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If you have a huge amount of crypto profits, consider moving to the Netherlands and paying taxes here for a bit. We have a wealth tax instead of a capital gains tax (around 1%). Wealth tax usually sucks, but in the case of crypto itś pretty sweet Cheesy

mariangpalad

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Thats insane,to what happened in U.S? decentralized assets are having taxes what the heck is that?

AjithBtc

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Majority of the users do trading through the services available. In specific everything is done for bitcoin to altcoins. Very few get into bitcoin to fiat trading, this will cause the taxation to the users who were into this particular form of trading. As more governments were regulating bitcoin, expect taxation for bitcoin similar to other commodities.

barlo357

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In the first place where or what specific agency goes the taxes? It should be have one specific agency so that we know our taxes goes. And we didn't submit anything like Tax Identification Number .So for now it's so blur.

Matthewmorris4

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For now i think no taxes for crypto and its environment, this is decentralized system, and not like the centralized banking system
But, it also depends on the regulation of the each country, but since now i didn't heard about country that apply taxes for crypto

emoji00

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Quote from: JumboCactuar on January 04, 2018, 12:18:16 AM

Hi,
Does anyone have an understanding of how taxes work with cryptocurrency?

I read about capital gains tax, but what if the BTC i have was donated to me at first?

Depending on your jurisdiction it may vary from 0 to anything, but in general: if you receive a donation or a gift that is in itself subject to taxation, so you´d need to pay at the moment you got them. Also capital gains are taxable as you said in most places.

Ailmand

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Quote from: JumboCactuar on January 04, 2018, 12:18:16 AM

Hi,
Does anyone have an understanding of how taxes work with cryptocurrency?

I read about capital gains tax, but what if the BTC i have was donated to me at first?

For now, there is no country yet that has imposed any taxes on bitcoin or any activities related to it. However, there are a lot of talks with regards to it because , I think, many countries have already foreseen the big effect that bitcoin would have in the market, and any country, for sure, would want to strike it big when that happens. I have read many write-ups regarding countries aiming to regulate the use of bitcoins or impose taxes on it for government profit. I think this is an inevitable step for some countries to gain control over it, hopefully, it won't be too strict that people would be discouraged to keep on using it.

spring07

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This is really interesting as far as i am concerned. Cyrptocurrencies is supposed to be decentralized and without the government regulations, how then is it possible to track my cyrptocurrency earnings and consequently tax me?

Futourist

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Quote from: JumboCactuar on January 04, 2018, 12:18:16 AM

Hi,
Does anyone have an understanding of how taxes work with cryptocurrency?

I read about capital gains tax, but what if the BTC i have was donated to me at first?

Depends on the jurisdiction. In most of them things are still undefined. In my country donations are still in the grey area, since it's hard to separate those from money laundering. Gifts here are taxed anyway, so I'm sure crypto donations will be too.

JoyofCrypto

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It really depends where you are from, every country has different taxes and if you want more information you should at least tell us which country you are from. Personally where I live I have to pay 15% from my crypto earnings.

zikabra

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Quote from: JumboCactuar on January 04, 2018, 12:18:16 AM

Hi,
Does anyone have an understanding of how taxes work with cryptocurrency?

I read about capital gains tax, but what if the BTC i have was donated to me at first?

It depends only on laws in your country, but as far as I know whenever you exchange any kind of cryptocurrency to your local currency and withdraw that money to bank you have pay tax, how much tax you will pay is something you should research directly in your local tax office. This is not only for crypto, for everything that you sell you need to pay tax.

Rules85

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In my country, the trade in bitcoin has been shut down, but the state plans to tax the mine, and a stupid country always makes a fool of it.

CryptoClown

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In my country where crypto currency is gaining more attention, there is still no such thing as crypto taxes as far as I know so probably there's some countries who have taxes as mentioned on the comments above. I am not sure how my country's government would be able to implement crypto taxes as it can't even handle the country's tax issues itself Grin

CryptoScorpio

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Quote from: Queen12 on January 04, 2018, 12:26:28 AM

No country currently seems to have a tax on the cryptocurrency, so there is no need to worry about it, which should depend on national policy.

No. You are wrong. Some European countries have taxed cryptocurrencies. Almost 50% of tax is charged for cryptocurrency returns there. And I think it is too much for risky gains.

easypeasy

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Quote from: kevoh on January 04, 2018, 04:19:11 AM

Quote from: easypeasy on January 04, 2018, 03:54:37 AM

does anyone know the rules in the uk?

There's already an interesting discussion on the tax rules in the UK on this Bitcointalk thread . It's pretty much detailed and you can learn from there.

Thanks bud appreciated

kevoh

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Quote from: easypeasy on January 04, 2018, 03:54:37 AM

does anyone know the rules in the uk?

There's already an interesting discussion on the tax rules in the UK on this Bitcointalk thread . It's pretty much detailed and you can learn from there.

xEisen

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Quote from: JumboCactuar on January 04, 2018, 12:18:16 AM

Hi,
Does anyone have an understanding of how taxes work with cryptocurrency?

I read about capital gains tax, but what if the BTC i have was donated to me at first?

In the US it seems the taxes for cryptocurrency can be complex. You should expect that you have to pay SOME tax on your cryptocurrency otherwise the IRS might come looking for you! I tried to read into it via the IRS but it's pretty confusing. It seems to be they want you to report EVERY gain/lose when trading cryptocurrency. They expect it to be recorded so it can be verified I presume? I also believe that an income tax is expected from the profits of your cryptocurrency when turned into fiat currency. It's a real mess...I think the IRS is asking for tips/suggestions regarding cryptocurrency but I don't know where exactly you would go to email/mail them.

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