Topic: do you guys pay Taxes for profit? - page 16. (Read 1923 times)
Documents are important. I always keep the proofs of different transactions cause there are different situations in life. And money from ICOs I invest in new projects.
I do not pay any taxes because in my country there is no legislation to regulate this type of activity.
No, I do not pay taxes. The government does not see my profit, because it does not recognize the crypto currency. Voluntarily I do not want to do this.
I think this depends on the country you are permanently residing in. Some countries, have zero tax, whilst others have steep taxes - US is one, I believe.
Some countries give you a personal tax allowance (UK is one), but if you are unsure, you should always consult a tax advisor. I think the IRS was/is dealing with a lot of people not reporting their profits.
Here's an excerpt from CoinDesk.com
"Many cryptocurrency investors have made a fortune the past several years selling high-flying bitcoin and other cryptocurrencies for cash. Unfortunately, far too many of them in the U.S. did not report this taxable income to the IRS.
The agency figures hundreds of thousands of U.S. residents did not report income from sales or exchanges of cryptocurrency and it might be able to collect several billion dollars in back taxes, penalties, and interest.
In just a taste of what's to come: After a two-year battle with the IRS, Coinbase, one of the largest cryptocurrency exchanges, recently turned over information about 13,000 customers who had traded more than $20,000 worth over a two-year period.
Fortunately, the IRS has issued guidance - labeling cryptocurrency an "intangible asset" for investors subject to capital gains and loss treatment using the realization method."
Some countries give you a personal tax allowance (UK is one), but if you are unsure, you should always consult a tax advisor. I think the IRS was/is dealing with a lot of people not reporting their profits.
Here's an excerpt from CoinDesk.com
"Many cryptocurrency investors have made a fortune the past several years selling high-flying bitcoin and other cryptocurrencies for cash. Unfortunately, far too many of them in the U.S. did not report this taxable income to the IRS.
The agency figures hundreds of thousands of U.S. residents did not report income from sales or exchanges of cryptocurrency and it might be able to collect several billion dollars in back taxes, penalties, and interest.
In just a taste of what's to come: After a two-year battle with the IRS, Coinbase, one of the largest cryptocurrency exchanges, recently turned over information about 13,000 customers who had traded more than $20,000 worth over a two-year period.
Fortunately, the IRS has issued guidance - labeling cryptocurrency an "intangible asset" for investors subject to capital gains and loss treatment using the realization method."
No. In my country crytocurrencies transaction is a personal deals, it mean government can not control that, and no tax at all. But Purchase goods with crypto is banned 
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??
Of the above, I do not pay anything and do not use anything. Most countries of the world did not accept cryptocurrency. Therefore, there is no legal and tax framework in this regard. Therefore, it is difficult to understand how losses are accounted for or what kind of tax to pay on profits.
nope, depending on where you live because each country has its own rules, and for myself there is no such regulation in my country, but if needed I will do for my love cryptocurrency Grin
I guess not all country requires taxes for some country still do not classify crypto as a "job" and the profit here are not justifiably "income". There are some regulation provided for the transactions of alts but not so much ruling on the crypto. Maybe some consider the taxes as fees or the amount needed to complete a crypto transaction.
Someday I will sell my crypto and the US govt will take half of it from me in taxes. The money spent on electricity and gear is not deductible unless you form a corporate entity of some sort, and itemize them as deductions. But the income is taxable. I hope by 2020 they get it sorted out.
but what can they do? In any case, the government will make decisions in its favor, and this means necessarily taxation of all incomes of citizens. 
No. And this is my principled position. I'm not sure that I have to pay the government part of my income from the crypto currency.
I do not quite understand why accounting reporting is necessary. It's one thing when you need to report to the tax authorities, there certainly is a need for strict accounting. And personally for you, why you need it, on the stock exchanges you can look at the history of trades if necessary. In the meantime, the state has not taken the regulation of trade in crypto-currency into its tenacious hands, it is possible to sleep peacefully.
When I cashed out some coins into fiat, I sent 40% to the government right away.
Most of the counties wont require you to pay some taxes when it comes to cryptocurrencies,not unless you are from u.s or any country that restricts cryptocurrencies,that is why those people from countries which regulations doesnt exist yet they are very lucky because the government have some cuts to your profits.
I do not pay taxes on the profits that I received with crypto. In my country, this is not necessary. And I hope that it will not become mandatory.
I am not paying any taxes because in our country theres no existing regulations nor restriction with the cryptocurrencies which is why i am able to maximize the benefits of cryptocurrencies.If the government will be asking for some taxes i would be paying those,but as of now i am going to enjoy the tax fee cryptocurrencies,
If it's small amount, I don't think it's necessary to pay taxes
In my country we did not pay taxes when it comes to bitcoin because they believe that crypto currency is a scam, I don't know where they get that information.But they start to get research about it.
when I exchange crypto to paper money, I always get taxes and usually it reaches 10%. but that's okay for me. safe and well stored transactions.
Please avoid sending large amounts of coins during or in the hours immediately after the fork.
This is my personal opinion, but I think that the crypt is not related to taxes and in fact with countries. It is a decentralized system, why it should be equated to normal currencies?
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