Topic: Do traders pay income taxes? - page 12. (Read 1578 times)
Why would you need company for trading crypto and which business will the government collect tax for?. I don't think its possible to pay taxes on blockchain trades. But those exchange or trading sites to pay tax and coin creators too, because they are establishment?
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.
I think it depends on crypto regulation rules in your country . Most traders do not pay taxes simply because they do not have to do it by law, because the crypto is still not regulated in their country at the legislative level . The only problem can arise when you earn really a lot on trading and you need to somehow legalize this income.
I bring profit the small sums and to different payment service providers. The tax on the activity did not pay also to me yet and no questions existed about it yet.
In many country crypto trading is tottally illegal but many people who belongs there they used earn by trading crypto. So they need not to pay taxes indeed how much they profited from the trading.
If you are able to register for the tax on the result of your trading, that could be better, but if not i think there is nothing to worry about.
since you are trading on your own with no company included.
since you are trading on your own with no company included.
Yes they should be declaring trading profits, it depends on county to country but you should follow the regulations in your area
As I know some people pay income tax because they are a millionaire so they must use bank account for his money withdrawal. When you trade and make a some profit after all you need to withdraw money, then you need any kind of bank so when you withdraw your money via Bank then you should need to pay Income Tax because government follow you how many dollar you withdraw in a month. It is depend on withdrawal if you have a lot of to draw in a month so we should pay income tax.
It really depends on country where you lives but normally trades gain are considered like capital gain with traditional investments to it have to go to taxation...
If people make profit with crypto then they need to pay taxes. But people can avoid the taxes if they wish because government can't be monitoring your profit anyhow.
It seems to me that even profit from cryptocurrency still is not assessed in any way. In order that from you to levy income tax from cryptocurrency it is necessary to include changes in the legislation of each country.
If people make profit with crypto then they need to pay taxes. But people can avoid the taxes if they wish because government can't be monitoring your profit anyhow.
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?
Maybe in some places, traders and investors are paying taxes because its required on their place. Personally, I'm not paying any income tax when I'm trading simply because there is no regulation yet here in my place and no one for sure wants to pay taxes from their profit here. I think even in the future, its hard for the government to impose taxes to those individuals who earn through cryptocurrency.
You're supposed to if you make a profit but most probably don't. Taxes are a part of any sort of business.
As far as I know, trading coin does not pay taxes, because there are no regulations governing if a trader has to pay taxes from a portion of the income earned. but only pay a fee when we want to buy and sell new coins. on all exchanger there will be deductions from the balance if you make a sale.
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?
One of the reason why people invest in bitcoin, they want to hide their money for avoiding tax.
But as a good people, we have to pay tax for our country
Crypto trading this time do not imposed taxes, but it depends on your country of origin, if the cryptocurrency has been regulated, expect that you need to pay the right taxes, but if the country does not regulate yet the cryptocurrency, taxes is a NO. Ive been reading some of this information and based on what ive heard.
On the exchanges take commission for the withdrawal of funds. While not large, so there are no special disappointments.
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 it depends on what country you belong. In our country if you are registered as a company, then you are really expected to pay your taxes.
If you call it a personal business and register in the government, you pay tax.
If you’re trading independently but not registered as a worker, you don’t pay taxes in a sense you pay tax through your payment in exchangers where you exchanged your money.
As for me, if i will be taxed, I don’t have problem with it because I know it can help the economy of my nation.
Different country different rules, you need to ask in your local board and maybe some crypto expert will give you suggestion, I don’t have pay income tax because my country haven’t announcement accept cryptocurrency or it’s illegal, so I just direct withdrawal profit to my bank account
Mostly It depends on the country that you are based in. As an exemple, in my country, traders are not paying any taxes, however for big amount of money you must go and register your cash and how you got them at the financial institute.
Jump to: