Where you are resident will determine a lot when it comes to the payment of tax on the profit made, "through crypto". Although if the amount is not so huge,i do not see the reason for this. I do nit pay tax on this where i am resident. We are allowed to operate freely.
Topic: do you guys pay Taxes for profit? (Read 1923 times)
I think that it doesn't needed. There is no problem if you do not pay taxes from the results of crypto. Also there isn't benefit from pay taxes.
Previously, I was not interested in this topic, and now when I want to trade legally, I have a question about taxes. However, our country has not yet come up with anything.
Hi.
i didn't traded so much of my crypto for FIAT so i didn't dealt with that question yet.
however i think it's an issue need to be dealt with.
1. do you use accounting services?
2.if so, do you keep documentation of all traded or bought coins?
3. what do you do in cases of profit from ICO's
WHAT SHOULD I DO??
Everything depends on the country in which you live, and how in this country belong to the crypto-currencies. Specify the country, you can be prompted by users who have encountered this.i didn't traded so much of my crypto for FIAT so i didn't dealt with that question yet.
however i think it's an issue need to be dealt with.
1. do you use accounting services?
2.if so, do you keep documentation of all traded or bought coins?
3. what do you do in cases of profit from ICO's
WHAT SHOULD I DO??
Yeah because we doesn't know if our country was also like his country too on how the crypto works at their own. I think there are too many kind of things different on every country so when you ask about that then try to ask on your country section that can understand you.
I do it.
My country does not tax on crypto profit. And it's also illegal to buy and sell crypto in my country.
That's why I use person or exchanges away from the juridiction of my country to trade crypto.
I'm a holder largerly. And I sell them to fiat currency payment gateway which are taxed while withdrawing.
My country does not tax on crypto profit. And it's also illegal to buy and sell crypto in my country.
That's why I use person or exchanges away from the juridiction of my country to trade crypto.
I'm a holder largerly. And I sell them to fiat currency payment gateway which are taxed while withdrawing.
In my country they haven't yet invented a system of control of the cryptocurrency. Therefore, I have not faced taxes on cryptocurrencies. But soon the government of my country will introduce a bill on cryptocurrencies. But judging by the state of the market today, the profit tax will have nothing to pay.
This is what the situation in our country too. There is no regulation as to how they will recognize cryptocurrency that's why those who earned from cryptocurrency do not pay taxes yet as far as I know. If the time would come when our government would require the people to pay tax then I would be willing to abide by it. Even those who are working online that are earning fiat for years as far as I know do not pay taxes so I don't think there would be a strict regulation about it sooner.
I'm trying to stay anonymous when bying or selling cryptocurrencies to avoid any taxes . Keep in mind that in some countries , people must pay taxes not from received profit , but from a total turnover , which can defeat any purpose of trading activity as for me . So the best we can do is to stay anonymous as long , as it possible .
Paying taxes for profit? I don't think this really happens in this current world of cryptocurrency. Citizens get profit from the assets the taxes will be used for in the country. I think that is the most advantage at hand. Taxes are paid for renovation and not for profit.
In my country they haven't yet invented a system of control of the cryptocurrency. Therefore, I have not faced taxes on cryptocurrencies. But soon the government of my country will introduce a bill on cryptocurrencies. But judging by the state of the market today, the profit tax will have nothing to pay.
Until there is clear legislation, I see no reason to let me be robbed by the government.
When the states agree, I will decide what to do.
When the states agree, I will decide what to do.
I don't pay income tax. and I think that this is my income and the state has no right to take my tax.
I think no need to pay taxes for profits. I thought that taxes are for companies, employers and employees only who earns wages and salaries. In the world of crypto, you do earn only profits for your hardwork in joining bounties and buying from ICOs.
I completely agree, there's no need to pay your money to some strangers. Moreover, the market makes us incur losses (very serious sometimes) even without paying taxes. If we also start to pay taxes, there will be no sense in dealing with cryptocurrencies.
Of course, the country's policy depends a lot and it can not be said straight away. Therefore, managing your money, you must know the economy.
Where you are resident will determine a lot when it comes to the payment of tax on the profit made, "through crypto". Although if the amount is not so huge,i do not see the reason for this. I do nit pay tax on this where i am resident. We are allowed to operate freely.
If you want to share your income with your country, so why not? Most traders are happy because their governments haven’t issued any tax policy as to crypto yet.
Hi.
i didn't traded so much of my crypto for FIAT so i didn't dealt with that question yet.
however i think it's an issue need to be dealt with.
1. do you use accounting services?
2.if so, do you keep documentation of all traded or bought coins?
3. what do you do in cases of profit from ICO's
WHAT SHOULD I DO??
i didn't traded so much of my crypto for FIAT so i didn't dealt with that question yet.
however i think it's an issue need to be dealt with.
1. do you use accounting services?
2.if so, do you keep documentation of all traded or bought coins?
3. what do you do in cases of profit from ICO's
WHAT SHOULD I DO??
No, i don't use accounting service
No, i don't document every trade or bought transactions as there are really too much
After selling to fiat, i always donate out 5-10% of my money to charity to help the world.
I believe when they got their aid or help, they become wiser and they will soon touch blockchain, this makes world a bigger and better place
It depends on your country's regulations. Mine doesn't have any regarding taxes for cryptocurrency income, profits, etc. (yet), so I have not had to deal with declaring that income, but if that time comes I will consult with an accountant.
Since I don't do many transactions I do have a record of my investments & bounty transactions. However, due to the anonymous / pseudonymous nature of most crypto wallets / accounts it might be hard to have them tax 100% of your transactions.
Like you, I have yet to exchange my crypto into fiat, but I did like @puremage111 donation idea.
I don't pay taxes on the earnings on the cryptocurrency. In my country, the authorities have not come up with a tool that will allow to regulate cryptocurrencies. Perhaps soon will come into force new laws, but judging by the current situation in the market, taxes to pay nothing.
All this time I never pay tax results from crypto because the Government in this regard is also not set about it and not through accounting. And I think we are in a lot more profitable because we can receive income completely. And why are very famous crypto and many entrepreneurs who try to work here because they are not taxable income?
Over the next few years, I do not plan to pay taxes on crypto currency, because in my country there are no laws regulating taxation from the crypto-currency market. And most likely these laws will appear only after a few years. Then it will be possible to return to this conversation. I will say even more, in the near future I do not plan to go to Fiat from crypto currency. Why lose profits?
It should be handled by any exchange who caters your crypto to fiat business, they are the one who's subjected to pay the taxes as they are businesses that governed by the government rules, right now there's no exact rules also from where am I, we don't have direct taxation so who ever owns crypto will remain taxes free as long as they will not convert it to fiat using another third party exchange.
I think this is the last question that you should worry about. Why pay taxes and hire an accountant. It is enough to keep a small paper diary with keys on the flogs. Make several debit cards for relatives or friends. And further worry about where to get tokens ether. To sell it and put it in cash.
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