Topic: crypto earnings - page 3. (Read 770 times)
As of now crypto earnings weren't regulated. Very few countries around the globe have compiled laws that enforce the cryptocurrency to legit fiat. Few countries have added the cryptocurrency along with gold. Anyhow there isn't perfect law to be followed, hope cryptocurrency earnings will be regulated as the usage and adoption grows with time.
guys how to get around local tax laws and convert crypto earnings into legal fiat?
as of now, there is no bitcoin tax law in our countryin my opinion its ok not to report it if your only converting small amount of bitcoin to fiat
but still, ask for some legal advice in your country
because in some country, if you sell some Bitcoin at a profit that you purchased in the last few years
you will have to report short term capital gains on your tax return and pay ordinary income tax rates.
guys how to get around local tax laws and convert crypto earnings into legal fiat?
It is normal that when you convert your crypto into fiat taxes will get in the way. There's no way you can get around it or else it would be considered illegal. If you want it to be converted into legal fiat, then do your job and just pay the taxes. There are still some other ways but still there are fees, it's just that the value is lower compared to taxes. Whenever you are investing in crypto, you should study already how you can convert it into fiat in a more convenient and low fees way so that you would not lose too much money in the process. guys how to get around local tax laws and convert crypto earnings into legal fiat?
I don't think that there is a "get around" for taxes, period. You either pay what's owed of you, or don't, and risk being audited and all of the other consequences that follow such course of actions. To convert your cryptocurrency into fiat, you have to go through a medium, usually in the form of an exchange. Which may require KYC/AML compliance. It's alright for me to have tax with my crypto earnings too for as long as this if for the benefit of my own country, why not, for as long as it is reasonable enough and not just like what most of them are implementing that they wanted to earn with our income of 20-30% which for a normal person like me is a big sum of money. So, right now, i am still enjoying the freedom for not obliging to pay tax on my crypto earnings.
guys how to get around local tax laws and convert crypto earnings into legal fiat?
I don't think that there is a "get around" for taxes, period. You either pay what's owed of you, or don't, and risk being audited and all of the other consequences that follow such course of actions. To convert your cryptocurrency into fiat, you have to go through a medium, usually in the form of an exchange. Which may require KYC/AML compliance. guys how to get around local tax laws and convert crypto earnings into legal fiat?
I don't think that there is a "get around" for taxes, period. You either pay what's owed of you, or don't, and risk being audited and all of the other consequences that follow such course of actions. To convert your cryptocurrency into fiat, you have to go through a medium, usually in the form of an exchange. Which may require KYC/AML compliance. What I love about cryptocurrencies is where you can learn how to generate money from anywhere. Do you like to watch a movie, here write reviews or do not forbid advertising. Do you like walking, here are the rewards for the steps. If you want to blog, here you can get recognition and money. It is exciting to try everything.
I am still studying cryptocurrencies, but I am amazed that you can find passive income without really worrying whether you have a lot of knowledge or not. But of course, expectations are not always met. I tried to mine Monero on a laptop. I’ll tell you, this method is good and does not require special attention, but it suits those who have a powerful graphics card. otherwise, you can get less than $ 50 per month. And it turns out that even walking and using applications that will support you financially for physical activity are more profitable.What I love about cryptocurrencies is where you can learn how to generate money from anywhere. Do you like to watch a movie, here write reviews or do not forbid advertising. Do you like walking, here are the rewards for the steps. If you want to blog, here you can get recognition and money. It is exciting to try everything.
I am still studying cryptocurrencies, but I am amazed that you can find passive income without really worrying whether you have a lot of knowledge or not. But of course, expectations are not always met. I tried to mine Monero on a laptop. I’ll tell you, this method is good and does not require special attention, but it suits those who have a powerful graphics card. otherwise, you can get less than $ 50 per month. And it turns out that even walking and using applications that will support you financially for physical activity are more profitable.guys how to get around local tax laws and convert crypto earnings into legal fiat?
Well,This is a new issue really. But I will suggest that all crypto investors should pay their taxes when & where it was needed. It helps the regulators believe that we all have a future together.Not to just for me or myself do it for all.
guys how to get around local tax laws and convert crypto earnings into legal fiat?
Maybe the simplest way is to sold coins to someone directy,so you need to find buyer,meet with him and get cash in hand.On this way you will not pay any tax because there is no trace of any transaction.But this way of selling should always be carried out in public place and never take with you more then you agree to sell.
Another way is to buy something with crypto and then sell that for fiat to your friends,relatives-you get cash they get what they want.Although there are not too many sellers who accept crypto,you can find interesting stores just using Google search.
There is also ATMs option,but in this case you have to pay a fairly large fee on your transaction.
guys how to get around local tax laws and convert crypto earnings into legal fiat?
actually it's easy to solve this problem. we live to register the results of our income to the taxation agency and register the job as IT or internet marketing. register the amount of monthly income so that we will still pay us even though the actual income through crypto guys how to get around local tax laws and convert crypto earnings into legal fiat?
I live in Norway and went to ask in the local tax office how it works. The woman working there just looked confused when i tried to explain (she only heard about bitcoin before) and the conversation ended with that she said that basicly dont mention it until you have made more money out of it? But the rules are that it is taxed just like regular shares. My question was if I should pay tax for every transaction when changing between different coins or only when converted into fiat...
Cryptocurrencies are unregulated, with the exception of South Korea, which is backed by the country's exchanges, and exchanges in other countries are unregulated, so there is no tax issue.
Visit bestchange.com and you can find an exchange site but make a comparison in their fee of transaction before
guys how to get around local tax laws and convert crypto earnings into legal fiat?
If the government in your country regulates cryptocurrency then you will have no problem in changing your stock to fiat currency. all the while, if cryptocurrency is prohibited in your country, then that's the time you have to go through blockchain to change crypto to fiat for as long as you have the credit cards which accept crypto. You will have to go through some process in exchange to do that though like in coinbase.
In the UK i believe you get around £11,000 tax free profit but any more and you need to pay Capital gains tax
guys how to get around local tax laws and convert crypto earnings into legal fiat?
Better try to find a lawyer in your country and ask him these questions. What I can tell you and other people here on forum might be totally irrelevant to your situation because we might live in totally different places on earth and thus different countries. Tax should be paid and it is good to see that you are not trying to evade this by opening some offshore or "laundering" money which you got from your investment. Contact people who should know this outside of this forum such as lawyers. Good luck mate!
I do not even know, an interesting question, just do not declare your income and that you are doing crypto-currencies! Or participate in exchanges where there is no need to verify the identity!
Bud try not to go around because we want to comply with laws and not evade them if we want countries to see crypto as something they can regulate at least some part of it. Not chase every human being who possesses some. This is an example why these talks shouldn't be on forum, many people don't understand much things about this world.
I do not even know, an interesting question, just do not declare your income and that you are doing crypto-currencies! Or participate in exchanges where there is no need to verify the identity!
If by some chance Bitcoin is illegal in your country then you can try getting a Free Payoneer account which includes a Debit card linked to a US bank account.
You can then sell your BTC on an exchange of your choice or even localbitcoin.com and withdraw to your Payoneer account. Your Payoneer debit card can be used at most ATM's around the world
It may not be a perfect solution to avoid paying taxes but it will keep you relatively under the radar in your country UNLESS you are moving large volumes.
You can then sell your BTC on an exchange of your choice or even localbitcoin.com and withdraw to your Payoneer account. Your Payoneer debit card can be used at most ATM's around the world
It may not be a perfect solution to avoid paying taxes but it will keep you relatively under the radar in your country UNLESS you are moving large volumes.
I think there is no such way for us to avoid local taxes imposed for our earnings in bitcoin. Whether Bitcoin is legal or illegal in your country, taxes impose in the country would still prevail on transactions. I think it's either the website or the personal account would shoulder this cost
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