Topic: Crypto and Taxes? - page 2. (Read 216 times)
The major feature of crypto moneys are blockchain technology which providing decentralized anonymous processes. So it is basicly very hard it to be controlled by any government and getting taxes from it. The only way is they can force exchanges to share their datas to know what everybody is doing/trading. But still very hard...
No tax for owning crypto I think but there is a tax included when converting coins to fiat money.
does anyone know the rules in the uk?
I'm curious about how the state taxes you, and when you make money you choose to tax you, so when you lose money, the state gives you some compensation? Sounds interesting.
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
Yes I agree, for example check this link for Australia Tax law: https://www.ato.gov.au/General/Gen/Tax-treatment-of-crypto-currencies-in-Australia---specifically-bitcoin/
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
That is why all ICO conditions that you do not reside in the US. Only law-abiding Americans will pay tax on profits that can not be traced.
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
Tax treatment of cryptocurrencies varies widely from country to country. In Australia, it will be treated as personal use asset if the cost of bitcoin is $10K or less. Please see below:
Using bitcoin for personal transactions
Generally, there will be no income tax or GST implications if you are not in business or carrying on an enterprise and you simply pay for goods or services in bitcoin (for example, acquiring personal goods or services on the internet using bitcoin).
Where you use bitcoin to purchase goods or services for personal use or consumption, any capital gain or loss from disposal of the bitcoin will be disregarded (as a personal use asset) provided the cost of the bitcoin is $10,000 or less.
Using bitcoin for personal transactions
Generally, there will be no income tax or GST implications if you are not in business or carrying on an enterprise and you simply pay for goods or services in bitcoin (for example, acquiring personal goods or services on the internet using bitcoin).
Where you use bitcoin to purchase goods or services for personal use or consumption, any capital gain or loss from disposal of the bitcoin will be disregarded (as a personal use asset) provided the cost of the bitcoin is $10,000 or less.
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.
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?
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?
Jump to: