It's insanely difficult to keep track of all your trades, all your transactions, all of the coins you get that you don't even know you own (for example, im sure you and anyone that owns bitcoin, owns bitcoin forks which the person doesn't even know he owns).
There's also the problem of loss of trading history, dead exchanges, and like I said random forks. Signature campaign income is also hard to keep track.
If anyone has reported signature campaign income and other similar bitcoin related income please let us know, a lot of us are too paranoid to report these gains because we don't know what to expect.
Topic: do you guys pay Taxes for profit? - page 26. (Read 1923 times)
Until I start earn a few hundred thousands dollars per year i will not worry about taxes. Im long holder , so i don't cash out cryptocurrency and don't spend that, so right now i don't care. Actually im waiting for government resolutions to understand how i should report about my profit.
Each country has its own tax law and opportunities to conceal income. You need to consult with financial analysts from your country. It's worth the money. But if you have a lot of cryptocurrency then you can save a lot of money. Perhaps you will be cheaper to withdraw money to a foreign account.
I have small amount so i do not worry about it . It depends about your country and coin. Consult with a accountant when you will be have a lot of coins, but know you do not need to worry about it now
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??
You need to check what legislation is in your country because it may have different requirements from other countries. But rather, I think income from trading is taxed on tax profit. Better check with an accountant.
It depends on the country you are leaving but in my country, the bank will pay all the taxes before you get your money. That is more or less 15% of your cash out will be for the taxes and transactions fees.
As crypto user, we are not paying our taxes straight from our pockets but in everytime we get money from banks and coin exchanges.
As crypto user, we are not paying our taxes straight from our pockets but in everytime we get money from banks and coin exchanges.
It depends on the country if there are already implemented law about taxation of cryptocurrency profit. In my country which is Philippines, theres no tax yet in crypto earnings. If that happens in the future, i will be willing to declare all of my earnings in crypto and paid the right tax
I'm in Canada.
I didn't use an accountant, I just declared capital gains and paid tax on everything I sold to Fiat through Kraken or Quadriga, mostly because they know exactly who I am and I assume they will be reporting that to the government at some point.
I didn't report any altcoins trades that happened on sites like Binance or BitFinEx.
If you want to declare your gains from an ICO you should report it like any other trade - you are deemed to have sold Ethereum/Bitcoin when you payed into the ICO and bought Coin X, so gains on the Bitcoin/Ethereum are realized at that point.
I didn't use an accountant, I just declared capital gains and paid tax on everything I sold to Fiat through Kraken or Quadriga, mostly because they know exactly who I am and I assume they will be reporting that to the government at some point.
I didn't report any altcoins trades that happened on sites like Binance or BitFinEx.
If you want to declare your gains from an ICO you should report it like any other trade - you are deemed to have sold Ethereum/Bitcoin when you payed into the ICO and bought Coin X, so gains on the Bitcoin/Ethereum are realized at that point.
It depends a lot on the country of residence. For example, in Europe, almost every country has a different way to categorize cryptocurrencies and hence capital gain (some countries are exempt)
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??
not currently, because in my country there is no regulation about cryptocurrency, so for taxes and other things related in this cryptocurrency is still classified as floating, not allowed but also not prohibited
3. mostly i just mix it in all of my asset, i often make a portofolio of profit from trading, ICO or something else
We are wiling to pay tax once govt. regulate crypto currency, because tax from crypto currency will increase govt. revenue and govt. can use this amount for further improvement for country . here in our country crypto is not regulated, we are only paying exchange fee in order to convert crypto into fiat.
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 live in a country where the government is plundering its own population. I do not see any reason why I should have to pay taxes. If I earn a lot of money, then I will move to another country and pay them there. 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??
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??
here in my country, crypto is not taxable. but it depends on the person if they want to pay their tax or not. But just like the others said, if we are talking about the big money here you must pay taxes so you don't have a problem to the authorities.
For now I still don't have to pay taxes for crypto income. In my country there are still no law related to cryptocurrency so people still can use it as usual to earn money and exchange it into cash without paying any pennies for taxes. I think this case will not last so long, in next few months I think the gorvenment in my country will create a new law for cryptocurrency and cryptocurrency trader and investor.
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
In my country, you only pay taxes on cryptocurrency is when our altcoins will be converted into cash before the fiat money will be handed to us - the bank are already getting 12% tax and 1% bank transaction fee so there's no need to pay right out of our pockets because the bank is working or paying our taxes on our behalf.
If you plan on paying taxes on your crypto maybe its easiest to track how much goes in and how much comes out. thats much easier than tracking every transaction.
For example if you use coinbase as your method of deposit, you can go to coinbase and get a history report of everything you deposited for the year. And the same will show for how much you withdrew for the year. You can get a nice pdf report and then use these numbers on your taxes. Otherwise it seems like a nightmare to track ico and other transactions because the price of crypto is constantly fluctuating and there is no good / easy way to calculate everything. I am sure other exchanges also have these types of reports.
Good luck on your taxes. And if you find a better or easier method to calculate everything, let me know.
For example if you use coinbase as your method of deposit, you can go to coinbase and get a history report of everything you deposited for the year. And the same will show for how much you withdrew for the year. You can get a nice pdf report and then use these numbers on your taxes. Otherwise it seems like a nightmare to track ico and other transactions because the price of crypto is constantly fluctuating and there is no good / easy way to calculate everything. I am sure other exchanges also have these types of reports.
Good luck on your taxes. And if you find a better or easier method to calculate everything, let me know.
Everything will depend on how tight is your tax service, in fact with the profit should be taxed, but in the case of crypto currency this issue is not regulated in all countries yet. There is still a difficulty in calculating profits, because tokens and coins can be profitable in one currency, but they are unprofitable in another currency.
Say I traded for a year with one investment , is that consider a long term gain??
of course not in my country there is no taxation for bitcoin players, so safe there is no profit cuts, but chances are in some big countries I hear they apply taxes for those who get profit from playing bitcoin. you may be able to hide your profits not to be seen by tax people.
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