Topic: do you guys pay Taxes for profit? - page 3. (Read 1923 times)
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.
I think no need to pay taxes for profits. I thought that taxes are for companies, employers and employees only who earns wages and salaries. In the world of crypto, you do earn only profits for your hardwork in joining bounties and buying from ICOs.
I think you should not worry about it. As far as I know there are no clear laws that obligate to pay taxes on this activity.
Well, if needed to pay taxes as required by law, i will comply because i am a law abiding citizen, but i think in connection to crypto currency there is no required taxes or fees to pay in behalf to to the government so i rather enjoy this kind of investment, while free from all charges.
I think that we pay all the commissions and so there is a profit tax. Those pains are very difficult to call profits, what people earn in the programs of generosity. Well, if it is an investment, then there is already another matter. Although if the state gives you, then of course you need to pay. If not, then no! This is just my opinion!
I do not pay taxes for profit, because in my country there is no law on cryptocurrency.
In many countries, crypto-currencies have not yet been officially recognized. Therefore, it is very difficult to determine exactly how to count possible incomes.
I don't pay taxes , but i think by the end of this years, laws will be adopted to crypto and there will appear rules regulating this issue. I keep thinking that some people will illegaly cash out crypto avoiding law
i pay my taxes because dont want trouble
It all depends on your residence country. Even if there are no laws regulating cryptocurrency, that is, a tax on citizens' income, this is in case of transfer to Fiat. Further, everything also depends on the country, for example, in my country, I can not pay taxes from such operations
I dont pay any taxes for profit here in my country, I am not really sure if it is depends on the amount or it is depends where I claimed my profit in fiat but I believe that most of people that lives here, doesnt need to pay any taxes.
3. what do you do in cases of profit from ICO's
WHAT SHOULD I DO??
It depends from the regulation in your country. Personally I do not trade so much but in case I made some huge profit then I will declare what I traded from cryptocurrencies to fiat since it is a fixed and precise price. WHAT SHOULD I DO??
Well if you have local exchange then all of your transactions can be found in transaction history for that local exchange. Even MEW has an history when you transferred in and out of your tokens. Etherscan.io is the best tool for you to check the transaction history. Well profit in doing bounty campaigns are good if you think it will have a good chance to double the market price better hold that crypto.
At the moment I have not received any rewards from the main forum so I have not got any profit yet. But if I am profitable later on, I will definitely pay taxes in accordance with regulations.
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??
This got me really confused. I ain't paying taxes for a profit of mine. I pay taxes for the improvement of my country, for some progress, and advancement not for mine but fot the whole country and countrymen. It is very tough to release my money out of nowhere but as you see the progress, your tax is so worth better than I expect, unless it got corrupted by a greed government. How I wish for such people to be eradicated for such trustworthy position.
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.
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??
Yes, I pay tax. Laws will vary depending on where you are in the world, but it is important to follow the rules and pay any taxes due. It is naive to think that crypto is anonymous and the authorities will never catch you.
In the UK, one thing that people may not realise is that crypto-to-crypto trades are taxable events, it's not just crypto-to-fiat. You do get a tax-free allowance under capital gains of around £11k per year, so if you are only dealing in small amounts then you are probably okay. It's always best to get professional advice though.
Yes, but I only pay taxes when I make a sale into local money and the tax is deducted when I withdraw the money. And I pay taxes when making a deposit from my credit card into my wallet. In addition I do not pay any taxes on the profits I get from crypto coins.
Most countries don't have a specific law on cryptocurrency and taxes, my country too. So I don't have to pay taxes for my profit. But the problem is that I have to prove their origin. Fortunately, in my country, everything is easy, you just don't break the law, everything is resolved quickly.
If you have large amounts, then you undoubtedly need to consult a lawyer and deal with this issue, and if the amount is not large, I think there is no point!
I think when we do transactions online using crypto taxes were already taken out in the form of fees. It would be the establishment's task to do this so there will be no effort in our part. Government will give their best effort just to gain taxes from the community.
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