Yes, I would pay taxes once I had withdrawn to fiat.
It will depend on your country, but if you are withdrawing a large amount it may be sensible to consult an accountant.
Topic: do you guys pay Taxes for profit? - page 23. (Read 1892 times)
im from vietnam and i dont have to pay tax for everything 
I did not paid any taxes and thank God. Because I'm sure that taxes are more than big. But how much we shoud pay?
No taxes in my country, on buying/selling crypto if you are doing that as an individual and not as a service to/for others. In this case and in case of mining you are obliged to pay taxes. But I believe that as in most of EU countries the regulations will become more clear in next months and upcoming years. What is interesting is that some of the political parties are already having on the agenda "crypto free of taxes" what is a nice add on to the usual agenda.
Fortunately my country is just beginning to work on the legal and financial status of cryptocurrencies, so those of us who are dedicated to this issue can still enjoy the benefits of working in a legal limbo where nothing is still clearly determined. In addition, according to the country's tax system, my earnings level is still too small to have considerable tax charges, but as soon as my income increases and there is propper legislation in this matter, I would be willing to pay the corresponding taxes.
There isn’t any rules for crypto currencies tax in my country. It depend on which country you are a resident of, better check with your tax authority to have a clear answer.
Here in Europe many countries have a rule, which makes selling crypto tax-free after holding an asset for a year. Selling earlier means the gains have to be taxed as additional income.
This takes the fun out of daytrading of course and it was the main reason I switched to a longterm portfolio.
Probably it's a good idea to think longterm anyways as in my opinion daytrading is 90% luck, unless you have insider information.
This takes the fun out of daytrading of course and it was the main reason I switched to a longterm portfolio.
Probably it's a good idea to think longterm anyways as in my opinion daytrading is 90% luck, unless you have insider information.
I'm a law-abiding citizen and I'm ready to pay taxes from any of my income. But I don't want taxes to be very high. It seems to me that the optimal percentage of the tax is 10-15 percents. I'm ready to pay this amount to the state in order to work in crypto quietly.
Tax legislation is different everywhere, but I wonder how much you have to pay in your country?. In some countries the issue of cryptocurrency is not regulated by the state at all.
It depends where are you and where is your bank. Different countries have different laws. Best for you is to check what is the situation in your country and proceed accordingly.
I do not pay taxes. It seems to me that this is not fair. Crypto is a separate industry from the state. And I see no point in paying taxes in this case.
How insane is it to expect people taking high risk with their already taxed money to again pay 30% tax on gains. If we loose money do they pay us 30%??? NO! So why are we expected to pay the filthy people OUR money!
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??
It depends on the country you re living in. If the country has an existing law about cryptocurrency, you need to consult a consultant. Since government cannot interfere in transaction of cryptocurrency, Ibelieve it is not taxable unless you convert it to fiat currency. 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??
the state intimidated people. Who wants to pay. Whoever does not want does not pay. If you have a really impressive account and want to buy some property, then of course there will be issues, from where the property is. So if you do not want to be asked extra questions at a big expense, then you pay taxes.
1) No, I dont use accounting services because I dont need that kind of services right now. I am not making a living feom cryptocurrencies yet, so I dont make a lot of profit out of ICO's
2) Again, no because I dont make a lot of profit from trading coins
3) Well, in my country there are no laws specifically about paying taxes from profits earned through cryptocurrencies but I guess the profits earned from trading coins can be categorized at "profits feom other sources". If you dont make a lot of profit I think you should not pay any taxes because governments usually dont check accounts with small transactions. If you make big profits you should pay taxes because you could receive a fine for that. It also depends on the laws in your country, you should check them and also consult with a business advisor
2) Again, no because I dont make a lot of profit from trading coins
3) Well, in my country there are no laws specifically about paying taxes from profits earned through cryptocurrencies but I guess the profits earned from trading coins can be categorized at "profits feom other sources". If you dont make a lot of profit I think you should not pay any taxes because governments usually dont check accounts with small transactions. If you make big profits you should pay taxes because you could receive a fine for that. It also depends on the laws in your country, you should check them and also consult with a business advisor
That's a quite serious issue. In my country cryptocurrency are not regulated yet, but something needs to be done. We all prefer to pay taxes that are rightly due, rather than living in the uncertainty of making something wrong. You can see the regulation also as a protection for investors.
There are indeed many problems in calculating profits, because you can be gaining against one currency ($ for instance), but at the same time in loss against another one (BTC for example), but above all exchanges do not provide any transaction history even more so tax reporting. Trading through different exchanges and keeping transaction track manually is absolutely impossible and without any value.
There are indeed many problems in calculating profits, because you can be gaining against one currency ($ for instance), but at the same time in loss against another one (BTC for example), but above all exchanges do not provide any transaction history even more so tax reporting. Trading through different exchanges and keeping transaction track manually is absolutely impossible and without any value.
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 pay taxes, because i save my profit in my bank account after cashout it. and every month they reduces the balance in my account with the record as income tax. so in other way, i pay tax for my profit 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 save my money in my father bank account
Any capital gains pays taxes!!
Not really necessary if your country doesnt have any regulations you shouldnt pay any of those taxes,but if the country you are living in has some regulations you should follow or else you will have big problems at the end,you shouldnt be following anyones order if the government doesnt have any regulations yet and it means you can enjoy the benefits of cryptocurrencies.
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 pay taxes, because i save my profit in my bank account after cashout it. and every month they reduces the balance in my account with the record as income tax. so in other way, i pay tax for my profit 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??
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