Thankfully my country doesn't have laws for bitcoin or any other cryptocurrency. Which means as long as I spend my bitcoins and not cash them out I do not have to pay for anything.
For example, lets say I earned bitcoin from employer as a bonus and its enough to go for a small vacation during the weekend, if I spend it on Expedia that means I do not have to declare any earnings at all since all I did was earn bitcoins and spend bitcoins without cashing it out to fiat currency at all. I can buy stuff online and actually use them like computer parts or steam wallet funds and so forth without declaring anything since it allows me to keep it on bitcoin.
I only have to declare what I cash out and even that is incredibly small considering I don't have to declare anything under 25 thousand dollars per year and anything over I am still free of that initial of 25 thousand but living in a third world country I can't dream of making that much anyway.
Topic: Don't report tokens earned from a employer as a bonus to the IRS until you sell? (Read 126 times)
January 09, 2019, 02:56:11 PM
January 08, 2019, 11:14:01 PM
Tax laws in most countries are extremely complex, each government is considering desirable taxation spots for cryptocurrencies, but it's depend on different country contain different rules, I'm confused that why need to report tokens earn if nobody know you have crypto assets? otherwise, just make sure don't cash out big amount in single transaction to your bank account to avoid triggers bank system.
January 08, 2019, 09:23:19 PM
I think tax is collected based on your income
So if you have a token or Bitcoin
You can pay tax when you convert to fiat
And that’s why I believe it was decentralized anyways
So if you have a token or Bitcoin
You can pay tax when you convert to fiat
And that’s why I believe it was decentralized anyways
January 08, 2019, 08:54:37 PM
I think thats how it works . You pay tax / report earnings only when you cash out . I guess it depends from Country . Heard there is some Countries where you need to pay tax for every trade you make =D Anyway why somebody should know you got crypto ? Ofcourse when you gonna cashout to your bank account then thats another question .
January 08, 2019, 08:51:35 PM
Just making sure on this...
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