Topic: Do I pay taxes when I sell an alt coin for bitcoin? - page 2. (Read 19314 times)
When an altcoin is traded for bitcoin there will be a trading fee for that, apart from this I don't find any fee being levied on the respective trade. Countries have regulated the use of cryptocurrency as well have levied taxes, and these taxes were levied upon the transaction done from bitcoin to fiat. This too isn that effective, and these are the factors that make governments oppose cryptocurrency as it is hard to tax them.
Do I need to pay taxes if I sell an alt coin for bitcoin then rebuy a different alt coin. I never took out actual USD so I am unsure how that would work. Or am I only taxes on actual USD made when I cash out?
in my opinion you only have to pay taxes from the USD that you cash out, because if you only trading altcoin and bitcoin, in my opinion it hasn't given you income yet, so you don't need to pay taxes if you haven't cash out to USD.
I agree with this, from reviewing all the published information. It is unrealized as you point out.
In my country there are no clear rules about cryptocurrencies so there is no obligation to pay taxes, actually I hope the government immediately legalizes crypto so that it can provide additional income for the country.
Dont think so
Crypto to crypto transaction is not taxable but crypto to fiat is if not mistaken
But it really depends on your country tho
Anyhow Crypto taxing has different rules and regulations in different continent
it all depends on the exchange you are using and not on the country. each exchange has its own rules on the introduction of a commission or its cancellation Crypto to crypto transaction is not taxable but crypto to fiat is if not mistaken
But it really depends on your country tho
Anyhow Crypto taxing has different rules and regulations in different continent
That includes tax. relaxation fee and withdrawal of course it will also be included in the tax from the exchange company, without us knowing that bitcoin has been taxed without doing anything else complicated.
If what you meant by taxes is the tax that you pay to a government, I don't think you pay any tax if you just buy/sell alt-to-btc or btc-to-alt you might need to pay taxes if you buy/sell bitcoin to Fiat money, but it also only occur in some exchange.
However, you still need to pay the exchange fees if you buy/sell alt to bitcoin. Most of exchange have fees, only small number of exchange does not have exchange fee, only withdrawal fee.
Basically, the tax has already applied to the exchange site but if there will be a tax for income and it will be a different thing that totally depends on the regulation that already applied in any country. It will need a lot of time to discuss. However, you still need to pay the exchange fees if you buy/sell alt to bitcoin. Most of exchange have fees, only small number of exchange does not have exchange fee, only withdrawal fee.
Do I need to pay taxes if I sell an alt coin for bitcoin then rebuy a different alt coin. I never took out actual USD so I am unsure how that would work. Or am I only taxes on actual USD made when I cash out?
Actually you can send this money to your card and no one will ask where they come from you , I did so and everything went well , but if you want to pay taxes then pay
You always pay. Remember this phrase, you always really overpay. As soon as you bring your funds to the exchange, you pay for the input and withdrawal, but the exchange only pays for the withdrawal.
Dont think so
Crypto to crypto transaction is not taxable but crypto to fiat is if not mistaken
But it really depends on your country tho
Anyhow Crypto taxing has different rules and regulations in different continent
Crypto to crypto transaction is not taxable but crypto to fiat is if not mistaken
But it really depends on your country tho
Anyhow Crypto taxing has different rules and regulations in different continent
I think it depends majorly on your county law and the ways by which u actually trade it for fiat currency.. I have trusted individuals I sell to so I seldom use exchangers nor get to pay taxes..
As far as I know and what I have been experiencing is that you can exchange your tokens with anyone. But for that, you need to pay certain amount for trading. And in another case, when you transfer your coins to another exchange, you also need to pay some certain fees. And when you sell coins and withdraw fiat money, you have to pay tax the government has fixed.
I do not pay anything. I do not see much point in this. As long as the government does not normally arrange everything, I'm not going to pay anything. Of course, except for the commission which is on the platform where the exchange takes place.
No, you just need to pay the trading fees which was for the services of exchanges.
the exchange fee is precisely if the tax might be that the government cannot yet issue taxes from crypto currency transactions because the government in my country still prohibits crypto currency for transactions and the government cannot provide tax on the crypto currency itself 
Why pay taxes to the government while the country is banned crypto? Of course this is a funny thing, if the country expects tax from crypto activity then the first thing to do is to legalize crypto immediately.
I don't pay pax when I sell my alt for Bitcoin but rather a transaction fee to the exchange which the amount varies depending on the exchange platform through which you are selling or even buying
As far as I know, when converting from one cryptocurrency to another, taxes are not levied. As a rule, taxes are levied at the termination of cryptocurrency in fiat. Yes, and the sale of one cryptocurrency and the purchase of another is very difficult to track. In addition, it is necessary to take into account that taxation is applied when people earn a certain profit. Selling one cryptocurrency and buying another does not give us profit yet and there is no point in taxing such operations. However, each of us needs to follow the legislation of our country and know it well.
If what you meant by taxes is the tax that you pay to a government, I don't think you pay any tax if you just buy/sell alt-to-btc or btc-to-alt you might need to pay taxes if you buy/sell bitcoin to Fiat money, but it also only occur in some exchange.
However, you still need to pay the exchange fees if you buy/sell alt to bitcoin. Most of exchange have fees, only small number of exchange does not have exchange fee, only withdrawal fee.
However, you still need to pay the exchange fees if you buy/sell alt to bitcoin. Most of exchange have fees, only small number of exchange does not have exchange fee, only withdrawal fee.
Do I need to pay taxes if I sell an alt coin for bitcoin then rebuy a different alt coin. I never took out actual USD so I am unsure how that would work. Or am I only taxes on actual USD made when I cash out?
It could be possible that a portion of the fees you paid when you did the buying and selling will go to the taxes that are paid by the exchange platform. That is, if the platform itself is duly registered in the country it is operating. You might not be paying taxes directly, only indirectly. If you cash out, it is basically the same rules. Very seldom, if at all, will you encounter directly paying taxes every time you do cash outs. That would probably be shouldered by the company using the fees you are paying.
No you don't pay taxes to any government but the exchange do take a fees for helping you to carry out the exchange. That fees would be the operating profit of the exchange and the exchange itself don't pay tax for it. But in some cases, you are likely to pay taxes when you are withdrawing your crypto into fiat.
Do I need to pay taxes if I sell an alt coin for bitcoin then rebuy a different alt coin. I never took out actual USD so I am unsure how that would work. Or am I only taxes on actual USD made when I cash out?
in my opinion you only have to pay taxes from the USD that you cash out, because if you only trading altcoin and bitcoin, in my opinion it hasn't given you income yet, so you don't need to pay taxes if you haven't cash out to USD.
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