Topic: Do traders pay income taxes? - page 13. (Read 1578 times)
Tax is not apply to trading in crypto but some country are on that to make it work by collecting tax from every crypto trader which as brought about regulating and legalized the crypto but it all depends on your country if is allow and if the tax has been impose on trader but most are not paying now cause crypto is still decentralized and not control by any government .
They themselves do not know what they did, because the crypt on the blockade is decentralized and no taxes are needed. And if someone paid taxes, he was and did not participate on his platform or did something wrong.
I think they are if the wallets designed by their country requires tax/es to pay before some cash-out requests then they are paying it but if there's not then they only pay the transaction fee/s in the exchange they are traded.
all move to denmark there are no taxes on crypto
or if you are amateur just gambling on shitcoins with no training and just guessing if they will go up or down it will be gambling and again zero tax for some countries like uk and others.
or if you are amateur just gambling on shitcoins with no training and just guessing if they will go up or down it will be gambling and again zero tax for some countries like uk and others.
That pretty much depends on the country where you get your income for trading and that certain country's tax system. But I know many people who don't pay tax from crypto earnings at all, they use to go to bitcoin ATMs, even travel to different countries and get fiat from there.
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?
Sure, it all depends on the country you are a resident. However, it is counted as capital gains.
You can open a company, but it's harder to withdraw fiat to the company's bank account, as far as I am aware on coinbase it will be quite an issue. They stopped for a while, not sure what's happening now if you can open an account on coinbase as a company.
What works for me, is being as a self-employed, once you withdraw you pay the taxes from the gains.
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?
The question is interesting, of course. In General, the income tax will have to pay, I think, to come to the tax and declare. Perhaps, if you do it professionally, there are taxes for self-maintenance, in each country in different ways. I do not think that you just need to run and register an individual entrepreneur, first you need to learn how to not lose money.
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?
actually i think it depends on the country you work in and on the conditions you have for your working process
in most countries, crypto trading is still illegal or unauthorized, thus you do not pay any taxes.
To pay or not to pay, you will have to check you country regulations
To pay or not to pay, you will have to check you country regulations
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?
The question is interesting, of course. In General, the income tax will have to pay, I think, to come to the tax and declare. Perhaps, if you do it professionally, there are taxes for self-maintenance, in each country in different ways. I do not think that you just need to run and register an individual entrepreneur, first you need to learn how to not lose money.
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?
In our country cryptocurrency is not illegal and not legal but we had a freedom.What earn in this cryptocurrecy was no taxes because it is not a registered income.
I don't think so trading is not considered as income but still, it's your amount which matters if you have a higher amount trading then, of course, you have to pay income taxes but if you have smaller amounts and you are creating because of your individual profit then you do not have to. There is a line which if you cross only then you have to pay income tax. But still there transaction fees which are being deducted no matter you win or lose you have to pay those trading charges from every order you do.
If I'm not wrong there was a quite detailed post about this in Reddit, it was about a lawyer who talked about how you should pay taxes on cryptos, I think the trick was when you change cryptos to fiat, there you had to pay taxes, and if I'm not wrong they enter the field of capital gains, a quick google search can give you better answers, remember to put reddit on the search bar.
There are 2 factors to consider when paying trading tax. What country you live in, and what coins you trade. If you like in the USA and trade on coinbase then you are likely to pay tax. In an undeveloped country where you can trade privacy coins - no taxes
Well the trading platform is already taking something from you every time you make an order (buy or sell).
After that, it is their problem to pay the taxes. They do make a lot of money out of it so I think it wont be a problem for you.
The thing you should be thinking about is how are you going out with that profit that you made.
Remember, when a lot of money is getting out from the crypto world it is being questioned. Just do not use banks to avoid this.
After that, it is their problem to pay the taxes. They do make a lot of money out of it so I think it wont be a problem for you.
The thing you should be thinking about is how are you going out with that profit that you made.
Remember, when a lot of money is getting out from the crypto world it is being questioned. Just do not use banks to avoid this.
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.
I have never paid tax on my profits. Even I will tell honestly and I don't plan to do it. I don't see what I have to pay for.
I don't know which country you are from, but here in Germany you can easy come in prison, if you don't pay ur Taxes.
We must pay for everything here, not only for trading but even for incomes from POS
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?
Paying tax in trading depends on the country you are residing. If there is no clear regulation about taxation of cryptocurrency in your country it is fine not to pay tax. If you reside in the US you have to pay your tax because they are very strict in taxation.
Trading on centralized exchanges you will have to pay taxes, but if you just occasionally buy or sell something on decentralized exchanges,it will be difficult to find you to pay taxes, although it is possible if you wish. in our country, there is no legal regulation of this activity, but if you transfer cryptocurrency to fiat money in large amounts,you will be noticed and asked many questions))))
In my country, trading crypto is on grey zone. traders here are on holiday. unless you want to make loans or dealing with banks, you can submit tax based on the profit you made, of course it can be manipulated.
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