Do traders pay income taxes? - page 14.

Kittygalore

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Quote from: Docnaster on September 11, 2018, 12:02:08 PM

Cryptocurrency traders are usually only required to pay taxes on their profits, however it is quite difficult to track how much profit these people are earning, therefore there is a lot of scope for underestimation of tax owed, whether intentional or otherwise. However, a lot of exchange actually report directly to the IRS, so it might not be long until they get an unpleasant surprise.

This is true. This is one of the advantage of cryptocurrency in which this kind of transactions cannot be identified or somewhat cannot be traced that is why it is much better earning profit into it. And also we can see the good side of it through knowing that the profit you will earn is tax free.

cryptomanspbmgdn

copper member

Activity: 308

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cryptocurrency created for independence!we don't have to pay anyone anything!there are so many taxes in my country, but I don't see it as worthy of living. Recently, the retirement age has been increased and now the elderly have to work even more...

Open4lies

sr. member

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I don't really know if all countries are the same or not but seem like traders come from few countries don't have to pay taxes for their crypto trading income cause their governments still dont' have clearly rule about cryptocurrency and cryptocurrency income but I think in the future when these governments have clearly rule for crypto and crypto income then these trading will be investigated and they'll have to pay taxes for their crypto trading income before.

adzino

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www.Crypto.Games: Multiple coins, multiple games

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?

Depends on the country you are living. In the US, the law varies from state to state, but most of us who are subjected to US tax regarding gains from trading crypto currencies will have to pay. The Internal Revenue Service (IRS) does not consider crypto currencies as a currency, but property. Exchanging of property with gain are subject to pay taxes. So, you will have to report your gains and file your taxes if you are trading.

yogg

legendary

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Here, you don't have to pay taxes as long as you do not cashout from crypto.
If you get fiat, then you must declare it and you will be taxed on that fiat.

Kemileye

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In this part of the world, crypto trader are not paying any tax. Trading in my country is without tax became cryptocurrency has not been regulated in my country.

Prosperityforall

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Basicly traders have to pay taxes,but it refers to stock trading. As for crypto trading,it is not regulated yet,so there is no special rule to crypto trading,you aren't oblogated to pay

Viscore

hero member

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Live with peace and enjoy life!

Quote from: Athanasios Motok on September 20, 2018, 06:01:33 PM

At this point in time, I have not heard of traders paying tax on profits for trading. Of course , you may have already introduced rules in your country, but in my country, you can do everything as long as the law does not prohibit.

Maybe your country isn't imposing tax but it is already happen in other country. Of being unregulated form of investment, government isn't forcing crypto holder's and traders to include their income from crypto together with their real stock investment. That's is why, tax is just free for now.

helsing03

newbie

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large whales pay.

banks38

jr. member

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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?

Why the hell would you pay taxes? If you kept your privacy they have no idea who you are unless you cash out in some government run POS like Coinbase. You did not sign up to pay taxes so why would you? Your central bankers are printing fiat daily and then taking half your money. This is done to keep you a slave and on the treadmill.

Remember they are taking you work and using it to drop bombs and missile on countries with no central banks. Innocent people are dying from your tax dollars. Save a life and half your money by telling the government to fuck off.

Athanasios Motok

full member

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At this point in time, I have not heard of traders paying tax on profits for trading. Of course , you may have already introduced rules in your country, but in my country, you can do everything as long as the law does not prohibit.

delton22

newbie

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Quote from: kingzpro on September 20, 2018, 05:10:10 PM

Yes crypro trading is taxable in many countries around the world, i know in usa there is a strict tax policy and you have to file tax returns on crypto gains every year, so you have to follow the tax policies in the country where you live.

cryptocurrencies normally fall into the capital gains tax category for casual users in the U.K., being considered investments. However, some traders might be liable to income tax, depending on how regularly they trade and the volume of those operations.

kingzpro

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DIFX - Digital Finacial Exchange

Yes crypro trading is taxable in many countries around the world, i know in usa there is a strict tax policy and you have to file tax returns on crypto gains every year, so you have to follow the tax policies in the country where you live.

Lucas777

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Justice as a Service Infrastructure

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.

Denreal

jr. member

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Cryptocurrency operates with a decentralized system of transaction. Therefore, it is not subject to any governmental influence that charges tax. So you are not directly charged with any form of tax in transacting cryptocurrency. Although, i got to know that exchange sites, most especially the popular ones are charged with tax, which indirectly are deducted from customers that use their sites for trading or any form of transaction. Which was why i said you are not directly charged with tax.

Bill205

newbie

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It depends on which country the trader lives in and also depends on if he wants to cash out his cryptocurrency or not. If the income exceeds more than the limits set by the government to pay the income tax, then yes.

santino11

full member

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NO, as the government will never payback what is the trader's loses.
though if this will get the cryptocurrency and ciruclation works bettr then i would be really going to have that.
But remember that in the market we will gain if we will have more that what we out.
every single percent is a good amount to have.

chip1994

sr. member

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HEX: Longer pays better

As I know there are no traders pay taxes for their income by trading cryptocurrency

. In my country, there are so many traders and investors investigated because they exchange so many cryptocurrencies into cash, they earned thousands dollars by trading without paying any dollars for taxes and know they're being investigated at police office

). I think in the near future, all governments will control all acitivies in crypto world and all of us will have to pay taxes for crypto income soon.

erox

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It all depends on your country of residence. If you are from USA then you have to pay tax.

rimueng agam

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If at present there is no trader paying this tax because the government does not legalize the cryptocurrenny world so that the government is not entitled to tax and we are not required to pay it

Topic: Do traders pay income taxes? - page 14. (Read 1578 times)