As far as I know my country hasn't mandated tax has to be paid on crypto, yet, not sure what I will do if they do. I've not actually sold any for fiat thus far so tax isn't really on my mind anyway.
But as far as I know if you cash out money in bank more than the limit we need to pay tax.
Topic: do you guys pay Taxes for profit? - page 11. (Read 1865 times)
This is one of the reason why some countries ban cryptocurrency as they cannot implement taxation in everyday transactions which costs around millions of fiat currency or dollars. It is really hard to implement such taxation because transactions are implemented on a global scale which countries cannot keep track of. I will depend on an individual if they want to pay their countries taxes which I doubt most of us do.
It depends on the law and regulations that you have in your local. Every country has its own regulations regarding cryptocurrency. Many countries doesn't have a clear regulation yet.
Yes it is really depends which country you belong with such lawful provisions to get paid taxes with your profit earned. Here in our country we've not forced to pay taxes because bitcoin users are not totally great in numbers but it started slowly growing right now, because people are aware the great benefit of bitcoin that helps elevate their financial stability.
Yes, it depends on which country or state you belong. In our country, there is still no clear ruling about the cryptocurrency taxation so we never know. I hope it stays like this
But sooner maybe, government will tax his like what India is proposing right now.Link: https://www.coindesk.com/india-considers-new-tax-on-cryptocurrency-trades/
It depends on the law and regulations that you have in your local. Every country has its own regulations regarding cryptocurrency. Many countries doesn't have a clear regulation yet.
Yes it is really depends which country you belong with such lawful provisions to get paid taxes with your profit earned. Here in our country we've not forced to pay taxes because bitcoin users are not totally great in numbers but it started slowly growing right now, because people are aware the great benefit of bitcoin that helps elevate their financial stability.
It depends on the law and regulations that you have in your local. Every country has its own regulations regarding cryptocurrency. Many countries doesn't have a clear regulation yet.
So you came on this earth to own someone some money? You came here to pay of your dues. 
It depends on the country you live. You need to know regulations well. However, if you are dealing with small amounts i dont think that would be an issue in most cases. For further assurance i would advice you to consult an accountant.
To pay tax for profit from crypto-currencies, in my country I do not yet practice this. In addition, if you are talking about large amounts, then perhaps it can not do without attention, but if you own not so much money - then this question disappears.
Now that's the big question isn't it. DO we pay taxes and how are they calculated. Say, for example, you file your icome as profit, that might open the box of pandora for the regulator. They might consider your cryptos as shares-like profits and you could end up paying taxes for your whole portfolio and you have to make some trading history (the horror!). If they consider my cruptos of the year 2017 as shares on which I have to pay taxes, I'd be bankrupt by now (since it's 2018 and I have like 40% left).
You could play it like this: buy gold with BTC --> sell gold to fiat (--> put fiat on prepaid mastercard) --> buy stuff
There would never be any bank (transaction) involved...
You could play it like this: buy gold with BTC --> sell gold to fiat (--> put fiat on prepaid mastercard) --> buy stuff
There would never be any bank (transaction) involved...
Here in our country, we still don't pay tax for our profit because there's no law yet about that. I guess if you want to monitor your gains in every trade you make, you can create your own spreadsheet. But if your country requires you to declare all your income in crypto to get taxed. Then should see an accountant, asap.
No, I do not pay taxes. In my country, the crypto currency is not legalized and I do not have to pay taxes on profits from crypto.
You are the first person in crypto who really wants topay taxes. Crypto is unique because currently you don't have to pay taxes due to lack of regulation.
And even those countries which implemented regulation, like Belarus, Denmark, it is free of charge regarding taxes
And even those countries which implemented regulation, like Belarus, Denmark, it is free of charge regarding taxes
Most exchanges will keep a record of your trading history for you. You can print this out at the end of the year and see what kind of taxes you owe. I think that is the most reliable way.
In my country there is still no legislation in this regard, and therefore users of cryptocurrencies can still enjoy the advantages of being located in a sector of the economy where a legal vacuum prevails.
However, the legislative chambers have already approved a law that aims to regularize the use of cryptocurrencies that has not yet fully entered into force, but it is expected that within a few months the central bank will issue the corresponding provisions that would make cryptocurrencies regulated crypto assets, but still not notice a significant change in their tax treatment.
However, the legislative chambers have already approved a law that aims to regularize the use of cryptocurrencies that has not yet fully entered into force, but it is expected that within a few months the central bank will issue the corresponding provisions that would make cryptocurrencies regulated crypto assets, but still not notice a significant change in their tax treatment.
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??
Actualy its will,been taxes only if this cryptocurrency investment would become regulated by the government in my country,but for us now we only paid a processing fee everytime we make a transaction to change into fiat our cryptocoins that our earning coming from ICO participation or bounty hunting when we make an exchange into our local exchanges wallet by converting into a paper money.
Not yet. My country hasn't found a good way yet to tax our earnings that we make in crypto but soon they will and every one will have to pay taxes. Also I expect they will tell us to pay some back taxes on the profits which we have made from cryptos in the past which is where the problem will arise from.
Not sure where you guys live, but for instance in europe you have to pay tax in almost any country except denmark. Check out denmark, it is a crypto heaven, zero tax regardless how much you make.
I earned a little in crypto. I think that the tax office have not interested in me. When earnings become significant, it is possible that the relevant laws will be enacted and I will know what to do.
Are not. In my country I have not accepted Crypto and the government can not manage all of our BTC trading activities. So I do not lose any tax from the profit of the BTC. I only charge per transaction.
As long we are talking about small amounts i don't think it's a problem....
if you have big amounts to convert i think you consult a accountant.
if you have big amounts to convert i think you consult a accountant.
Yep! You must search the answers outside internet, find the financial expert if you want to do things in well
I agree on this, It is really hard to just enter a large amount of money in your bank account without the bank knowing where'd you get that large amount.
They will surely ask if you have paid taxes for it. And it will be a long process if you are not prepared, so always be ready.
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