Do traders pay income taxes? - page 11.

Minusha

jr. member

Activity: 67

Merit: 3

Quote from: lubah on September 21, 2018, 04:23:22 PM

No traders do not pay profits from trading and I believe that it is wrong that traders would now pay profits from the sale of bitcoins. Today it is better to be engaged in accumulation of coins, than trade.

Where they don't pay taxes from trading profils?? In Germany we pay it very sure, we only don't pay if we hold longer than one year.

chengyinoing

newbie

Activity: 252

Merit: 0

I think the system is different in every country. It should be treated on the basis of other income. Cryptocurrencies are not legal in our country, so there is no tax.

sherwinsamsung

jr. member

Activity: 201

Merit: 1

GPTCash Weekly Airdrop: https://discord.gg/cujJP4k

Quote from: Fastpow on September 11, 2018, 03:22:06 AM

I'd like to start trading, but what happens when you get profit from a new coin? you pay taxes as individual (like capital gain) or you must open a registered company?

i think this will depend on which country the exchanges is registered and what citizenship the trader has. most countries usually tax their people on their profits, which includes profits from crypto trading. but to declare or not will be entirely depend on oneself specially if the country government is not strict.

Hanebel

full member

Activity: 363

Merit: 100

I trade with no government tax being collected to my profits. I don't know if there are those who have to pay taxes being a trader. I only pay minimal amount of trading fees and it goes to the platform itself. You don't have to worry about the tax since you can go anonymous if you want.

Hartmas

full member

Activity: 378

Merit: 100

Quote from: Fastpow on September 11, 2018, 03:22:06 AM

I'd like to start trading, but what happens when you get profit from a new coin? you pay taxes as individual (like capital gain) or you must open a registered company?

And how to pay taxes for non-existent money. You make a profit in the form of assets and not funds for calculation, so I do not see any obstacles and fears.

leonix007

sr. member

Activity: 1008

Merit: 297

Grow with community

Unless you're a registered crypto trader which is actually doesn't required or even exist then its not obligated to pay for taxes

Though it may possible to declare how much income you are making its the exchange who in the first place taxing you

might be a local or international

Its also ironic in the country which doesn't approve crypto taxing people with it

OnceTwiceThird

member

Activity: 606

Merit: 10

Based on how the rule of cryptocurrency and bitcoin law at each country, many country still not allowed for using bitcoin and cryptocurrency as payment and no needed for paying taxes for government. Maybe better not allowing for bitcoin keep for have pay taxes.

Harrsionrangers10383

newbie

Activity: 280

Merit: 0

Quote from: Fastpow on September 11, 2018, 03:22:06 AM

I'd like to start trading, but what happens when you get profit from a new coin? you pay taxes as individual (like capital gain) or you must open a registered company?

I think paying taxes on crypto to crypto trades depending on the country. At my country, Vietnam , we don't pay anything !
Crypto is so fresh at my country, so there are no laws that apply!

Getcoinsite

sr. member

Activity: 714

Merit: 260

Quote from: Fastpow on September 11, 2018, 03:22:06 AM

I'd like to start trading, but what happens when you get profit from a new coin? you pay taxes as individual (like capital gain) or you must open a registered company?

You didn’t mentioned from what region you are so we can give enough advice that applicable in your location,because if you have local exchangers or even local wallets the you can simply start trading without any government interference.just like me i am buying bitcoin from our local wallet then i am buying altcoins from that bitcoin to the exchangers so thats how my trading life runs

popkiko

jr. member

Activity: 90

Merit: 5

I think it is depend on your country becuase here in my country if you registered as individual user as a trader and you gain a lot of profit base on your country you need to pay for taxes, its kind of sole proprietorship in terms of bussiness.

lyfecoin

jr. member

Activity: 198

Merit: 1

Yes,traders by law are obliged to pay taxes on their profits.Some people may think that they can cheat and get away .But sooner or later they can be caught when they are audit for money trail or when the tax authorities request data from exchanges.Many people are not aware that many exchanges and even localbitcoins.com shares data of traders with local tax authorities

fulled

full member

Activity: 644

Merit: 103

I think no, because all the fee we paid is for order fee, but this will be good if we paid some taxes for monthly gain, it will help the crypto world itself, because regulator will think crypto is a source of their income

coinsycrip09

full member

Activity: 910

Merit: 100

Quote from: Harriti on September 23, 2018, 04:40:21 PM

If you're not going to exchange your cryptocurrency into cash so you no need to pay taxes but if you do that although you dont' have to pay but you still should. In some countries, people don't have to pay taxes although they cash out their cryptocurrency but in the future government will take a look back and catch them all.

you are right, indeed some countries do not currently impose taxes on crypto.
maybe because some of these countries have not officially legalized cryptocurrency,
but i am sure that in the future the government will impose a tax for each user, sooner or later it will surely arrive.

akihiro101117

member

Activity: 364

Merit: 10

Quote from: Fastpow on September 11, 2018, 03:22:06 AM

I'd like to start trading, but what happens when you get profit from a new coin? you pay taxes as individual (like capital gain) or you must open a registered company?

cryptocurrency trading is under regulations now, in the us they are trying to legalize trading cryptocurrencies to fiat via listing on current fiat exchanges. but the etf decision is moved to february and from there, we will have a look on the rules and guidelines of cryptocurrency trading

Fishthatgirl3

newbie

Activity: 68

Merit: 0

I do pay.
When you get profits you will pay on the profits. Some countries have rules for long term investments, ones that are longer than a year or so.
Long term investments will be taxed less than short term ones.

nicolas1979

sr. member

Activity: 826

Merit: 252

Quote from: Fastpow on September 11, 2018, 03:22:06 AM

I'd like to start trading, but what happens when you get profit from a new coin? you pay taxes as individual (like capital gain) or you must open a registered company?

Until now I don't need to pay taxes from trading/ investment activity because I use crypto market, not currency or commodities product. Many countries have different opinion and law about this activity, as long included legal financial instrument we should pay taxes. We only need pay transactions fees and like or not that is the rules. Just follow the policy and have a nice trading.

kiemnhieutien

member

Activity: 490

Merit: 17

I didn't pay any crypto tax yet. But i think the government are getting tax from me because everything i buy is already taxed, and this tax is added into the services price.

imoet

member

Activity: 322

Merit: 10

homt.net

Quote from: Fastpow on September 11, 2018, 03:22:06 AM

I'd like to start trading, but what happens when you get profit from a new coin? you pay taxes as individual (like capital gain) or you must open a registered company?

It depends on what country you live and we can see from the law which made by the goverment. In my country cryptocurrency still illegal so many of traders still not pay taxes. Maybe it will change if it is legal.

Vispilio

legendary

Activity: 2114

Merit: 1656

There are ways to get around income tax, unless you are a US citizen; then if the amount is worth it IRS will chase you around the world, try to strong-arm other governments into forced cooperation, make your life very difficult for you if / when you get back to the States, part of the reason why so many American citizens are preferring to even resign from citizenship, every individual deserves a free life.

sweetrose1968

newbie

Activity: 434

Merit: 0

in canada According to the CRA, tax rules apply to digital currency transactions, including those made with cryptocurrencies. Using digital currency does not exempt consumers from tax obligations.

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