crypto earnings - page 4. | Bitcointalksearch.org

desi92

full member

Activity: 210

Merit: 106

Quote from: Dudeperfect on March 04, 2018, 05:02:49 AM

It is the subject matter of your jurisdiction if Bitcoin is not illegal in your country then you can definitely convert your Crypto to fiat currency and paid tax as per the law. In my country, Bitcoin is not illegal but still, it is not even legal too so in such case we have to show our crypto earnings as income from other sources and pay 30% tax on the same. I would recommend you to research the law in your jurisdiction and if possible also consult the legal expert in this case.

Every country and sometime every state has different law regarding bitcoin so my country law would be very different with yours there.
Try to read more news about your country law and try to search the idea to convert bitcoin into fiat after that.

bobrova

jr. member

Activity: 84

Merit: 4

Quote from: Bytem3 on March 04, 2018, 05:45:50 AM

Depends on the country you live in. For example, in Slovenia there's no tax on trading. So if you bought Bitcoin for $500 and sold at $1000, you don't pay any tax. But if you mined those bitcoins then you pay tax. For example, Croatia has fixed 12% on any crypto earnings, which is pretty cool Wink

So any person from Slovenia who is interested to mine some bitcoins should make the set up in another country. I noticed a celebrity in a neighboring country doing this and was not able to understand the reason behind it. Later I found that the tax regulations were not strict in that country. He had to set up a company there though for this but that investment is worth it as this is a long term investment. Another problem that he might had to face in his own country was that electricity is not available 24 hours. A generator may be arranged for this but it will be very costly.

aoluain

legendary

Activity: 2380

Merit: 1343

This is something I have not researched fully in my country (ireland). I have a
vague recollection that I am able to 'earn' a certain amount before having to
pay tax but as for earnings from investments IDK.

The argument that our wages are taxed already and we shouldnt have to pay
further taxes doesnt wash because everything else we buy is taxed also.

To date I have liquidated some crypto out of necessity and not paid tax.
If its small amounts I recon it is safe to declare nothing.

Bytem3

full member

Activity: 602

Merit: 107

Depends on the country you live in. For example, in Slovenia there's no tax on trading. So if you bought Bitcoin for $500 and sold at $1000, you don't pay any tax. But if you mined those bitcoins then you pay tax. For example, Croatia has fixed 12% on any crypto earnings, which is pretty cool Wink

Tonestra

newbie

Activity: 28

Merit: 0

This is a new issue really. But I suggest that all crypto investors should pay their taxes. It helps the regulators believe that we all have a future together.

silverstar43

copper member

Activity: 57

Merit: 1

always a satoshi short

Tax laws and regulations differ so you will need to be more specific on your location.
Try looking for local CPA that understand how file.
https://bitcoin.tax/cpa is the first site to pop up, but there are plenty of sites now.

Silentsweeper

member

Activity: 149

Merit: 14

In my opinion, Bitcoin/cryptos should not be taxed because we already buy cryptos with our hard-earned money which is already taxed in our respective countries
But some countries are really confused on whether to consider Bitcoin/cryptos as a commodity, currency, or an asset.
There are bitcoin taxes in different countries.(like GST, VAT, Service Tax, CGT (Capital Gains Tax)
Denmark is undoubtedly one of the most friendly Bitcoin/crypto countries in the world.
In Denmark Bitcoin/crypto trades are not taxed, and your capital gains on BTC are tax exempted under the light of this Danish rule.
In Singapore Bitcoin is neither considered a currency nor a commodity.

Dudeperfect

hero member

Activity: 1190

Merit: 534

It is the subject matter of your jurisdiction if Bitcoin is not illegal in your country then you can definitely convert your Crypto to fiat currency and paid tax as per the law. In my country, Bitcoin is not illegal but still, it is not even legal too so in such case we have to show our crypto earnings as income from other sources and pay 30% tax on the same. I would recommend you to research the law in your jurisdiction and if possible also consult the legal expert in this case.

rantastic4

newbie

Activity: 5

Merit: 0

guys how to get around local tax laws and convert crypto earnings into legal fiat?

Topic: crypto earnings - page 4. (Read 770 times)