For now i`m not having idea recently I communicated with auditor as I bougth crypto currency initial using fiat currency that can be investment. Later whatever I`m doing in exchanges will not consider. Finally I`ve to pay tax for the whole money I withdraw from local exchanges.
Topic: do you guys pay Taxes for profit? - page 17. (Read 1923 times)
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.
Here in the philippines cryptocurrency is legal and known by central bank of the philippines but as of today we don't pay tax yet for the profit we gain from cryptocurrency
Depends on your country’s tax regulations. 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.
For further assurance i would advice you to consult an accountant.
I don't use accounting services because i doubt accountant here know about crypto and the regulations regarding it, so far there's no regulation for crypto in my country so i don't pay taxes for profit as i'm not sure if i can report my losses so i won't pay it until there's a more clear regulation about crypto in my country.
I don't use accountant service cause my income isstill small and till now in my country there are no laws regulating for cryptocurrency, So I have not yet paid taxes on the profit received from cryptocurrency.
In order to pay taxes on profits in the first it still has to be earned and in the last 3 months it is very difficult to do it. It is now more or less something like a market turn and we are seeing green days. If viewed from the taxation side, so far the crypto-exchange exchanges are not subject to anyone except their owners, the states can not track the money that is there in turnover, so the taxation in this area is very difficult to implement. The only thing that you can impose a ban on the withdrawal of funds from your wallet to your card if you do not pay taxes))
Try not to deduce in Fiat large sums per person, break up into small amounts and use the help of family and friends!
It really depends on what country you are from, but if you want to avoid future issues, I recommend paying the taxes as long there is a law implying to do so. Better safe then sorry.
yes here in Germany iam paying about 30% fees when i cashout bitcoins into Euro XD
But when i hold these coins for more than 1 year there is no fee .....not really much regulations here.....
regards
But when i hold these coins for more than 1 year there is no fee .....not really much regulations here.....
regards
I live in Ukraine, there is no any lows for crypto, but I think I have to pay taxis any way, and they are 18% presents from income, so I decided it is too much, and not paying.
If there is a possibility not to pay tax, then I do not see the point of doing this. The state prevents us from working in this field so I do not understand why I should pay it for my income here. 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 do not have to pay any taxes on my profits. Normally I exchange my profits into bitcoin. then I resell the bitcoin to my friends. and I never pay taxesi 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??
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??
In the US, only 0.04% of taxpayers talked about their crypto-currency income to the tax service,
Therefore, I think you should not worry. 
For whom should I pay taxes? I buy coins in other country, sell them in another and cash I get in a third country. And all these countries are not the state where I am an resident. I am not an American. So I don’t pay any taxes for my profits.
After struggling with how to report taxes, I kind of/sort of decided to not pay them, you know?
Speaking of which, have you guys heard the news about Poland's crypto tax hovering at around 100% for money crypto users? They also seem needlessly/endlessly elaborated for the sake of being elaborated – or maybe it's just me?
Speaking of which, have you guys heard the news about Poland's crypto tax hovering at around 100% for money crypto users? They also seem needlessly/endlessly elaborated for the sake of being elaborated – or maybe it's just me?
There is nothing bad paying taxes for profit, since it will bring income revenue into your account, and apart from that it even make sense to pay taxes it give freedom from tax authority
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.
That's right. In my country if you want free taxes, your income must below 5k USD per year. if you have big amounts to convert i think you consult a accountant.
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??
you have lots of problem as if you're engaged in big investment,why needed accounting service do you have hundreds of thousands capital to ask for this?ive been in crypto for a couple of years ive gain big amount for all of my transactions,and investments but i managed this with my wife,without the hell of any other individual and company. 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 live in Ukraine, there is no any lows for crypto, but I think I have to pay taxis any way, and they are 18% presents from income, so I decided it is too much, and not paying.
You don't pay because you have the option of not paying. Because the state allows not to pay taxes on income received outside its territory. 
As of now, No. Since tere is no policy with our government and this cryptocurrency is considered as remittance. But sooner, rules may change and cryptocurrency income will be taxed in my opinion, but not now or in a year or two.
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