Topic: Do traders pay income taxes? - page 3. (Read 1578 times)
I remember that some of my friends in the US had to pay taxestaxes when they made a profit. And they are not shared that the coin should be bought, because if they share they will be punished by law. However, in my country, the trader still does not have to pay that fee, and I think it is bad if the trader has to pay taxes
I have been involved in this market for a long time, but I do not see anyone paying taxes on electronic money, so it is very difficult for the state to manage these sources of income. They are also quite difficult
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 don't think we need to pay taxes in trading. But actually, we pay tax indirectly. By paying a transaction fee everytime we withdraw or deposit is our tax however, it is not called as income tax rather a corporate tax. This is the goodness of cryptocurrency because even if we will not pay tax, we receive our money fully.
I don't pay taxes on cryptocurrency trading as in my country still there is need for clear regulation. But there are some countries where cryptocurrency traders need to pay taxes, read this article for more information about tax breakups
https://www.google.co.in/amp/s/bitcoinexchangeguide.com/top-countries-cryptocurrency-trading-profits-tax-rates-around-the-world/amp/
https://www.google.co.in/amp/s/bitcoinexchangeguide.com/top-countries-cryptocurrency-trading-profits-tax-rates-around-the-world/amp/
It depends on country you are from, some countries like united states pays taxes for trading cryptos because of other countries like in the third world countries, they don't pay taxes for trading cryptos.
It's very interesting question. It depends on where you live. If you live in country where crypto is not legalized, you don't need to pay anything to the government. But if crypto is legalized, you need to read laws about it.
Well, I trade and do not pay taxes, the state does not help me to develop business and does not give anything in return , then why should I pay tax to the state ?)
These taxes depend on county where trader lives in. For example, there are no taxes on crypto trading in Belarus, but Russia has this kind of taxes.
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 each case, this decision depends on the tax requirements in a particular country. In my country, cryptocurrency is not legalized, so there are no legal rules governing the payment of taxes. But in fact, I will be very happy if in my country traders get the opportunity to legally work and pay taxes.
As far as I know companies brokers take on this task. When withdrawing money, they appeal to the Commission, part of which goes to pay taxes.
Probably none of the traders cryptocurrency does not pay taxes because it is impossible to track , and I'm not a supporter of what we would pay taxes , it's just theft!
Personally, I trade infrequently and I do not pay any taxes for this activity although it is considered to be a kind of good business. I do not know any trader, who pays taxes, although I can guess that the guys exist in some European counties.
I'm not yet sure if there is already a law regarding cryptocurrencies here in our country. I think there is no regulation yet but I know that time will come that the government will impose some laws in it since we are slowly adopting this technology.
Probably none of the traders cryptocurrency does not pay taxes because it is impossible to track , and I'm not a supporter of what we would pay taxes , it's just theft!
Personally, I trade infrequently and I do not pay any taxes for this activity although it is considered to be a kind of good business. I do not know any trader, who pays taxes, although I can guess that the guys exist in some European counties.
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 believe that you need to pay taxes in the event that the country legalized cryptocurrency and provides clear conditions for the payment of taxes. But another question - today, only some countries have legalized cryptocurrencies, in the remaining cases, traders are forced to work without any legal norms.
I think that the most of them try to avoid any taxes. However, i wouldn`t mind to pay taxes if they are around 5% of income.
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As far as I know if you are in Korea or Japan, you need to pay tax on crypto. And if you live in another country, you do not have to pay taxes. I have been trading for over a year and I have never had to pay any fees for my profit
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?
Yes i think in future there will be a complete regulations about profit that you gain from cryptocurrency, i believe there were several country that already have a tax for cryptocurrency for example japan. This news might give a picture about taxation of crypto gain in japan. https://cointelegraph.com/news/japanese-taxation-committee-seeks-to-simplify-cryptocurrency-tax-reporting
The implications for your taxes due would be significant, depending upon the choice (either FIFO or LIFO methods) you make. So I would suggest to try LIFO and FIFO calculators to decide which method is better for you. Here are the links for very easy-to-use handy Excel sheet for calculating the gains (after commissions) in bitcoin (or other cryptocurrency) trading using FIFO and LIFO methods.
Bitcoin Cryptocurrency FIFO Gain Calculator for Taxation https://www.eloquens.com/tool/3MdIAv/engineering/cryptocurrency-excel-templates/bitcoin-cryptocurrency-fifo-gain-calculator-for-taxation
Bitcoin Cryptocurrency LIFO (Last In First Out) Gain Calculator for Taxation https://www.eloquens.com/tool/3B4lfy9X/engineering/cryptocurrency-excel-templates/bitcoin-cryptocurrency-lifo-last-in-first-out-gain-calculator-for-taxation
Bitcoin Cryptocurrency FIFO Gain Calculator for Taxation https://www.eloquens.com/tool/3MdIAv/engineering/cryptocurrency-excel-templates/bitcoin-cryptocurrency-fifo-gain-calculator-for-taxation
Bitcoin Cryptocurrency LIFO (Last In First Out) Gain Calculator for Taxation https://www.eloquens.com/tool/3B4lfy9X/engineering/cryptocurrency-excel-templates/bitcoin-cryptocurrency-lifo-last-in-first-out-gain-calculator-for-taxation
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?
Id like to state my reason, that in the laws of the land of a certain country, if it categorizes tax for crypto then its applicable to submit income tax, but here in my country Philippines, there was no laws that specifies income tax for crypto trading, hence the government is still in studies on how it could benefit in the economy, if it pushes.
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 my country there are no regulations governing the tax on cryptocurrency. so no matter how much profit I get from Trading or mining I don't need to pay taxes. but the thing I don't like about this is that crypto doesn't have a clear status in my country.
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