How do I avoid tax on crypto - page 11.

hitrawal91

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Quote from: Franke666 on January 25, 2018, 10:03:48 AM

If I make money on crypto currencies. How do I avoid as much tax as possible?

Right now Bitcoin doesn't come under any currency or it cannot be controlled by any Authority or government in any country because it has not been made legal in many countries and that's the reason it is decentralized. But if you are holding the bitcoins in the form of assets for long-term investing or if you are trading the bitcoins for short-term profits then you are getting the capital gains which indirectly means it is the source of income for you and you have to pay a certain amount of tax on the capital gains according to your normal tax slab rate in your country.

If you are from Indian Country then you can make a note of this TWO ARTICLE LINKED BELOW, where everything is clearly explained in detail.

http://www.businesstoday.in/money/tax/bitcoin-gains-tax-cryptocurrency-income-from-other-sources-capital-gains-short-term-gains-income-tax-returns/story/263434.html

https://timesofindia.indiatimes.com/business/india-business/bitcoin-sale-profit-is-taxable-capital-gains-for-investor/articleshow/58691027.cms

spngebob

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Quote from: Franke666 on January 25, 2018, 10:03:48 AM

If I make money on crypto currencies. How do I avoid as much tax as possible?

Buy stuff with bitcoin if you don't have to pay tax for bitcoin transactions(not sure in which countries you have to pay tax for this, do research for your country)
When exchanging bitcoins to your local currency I will suggest you to pay tax, you will get into trouble if you don't pay it. Don't act like child.

mobnepal

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Quote from: Franke666 on January 25, 2018, 10:03:48 AM

If I make money on crypto currencies. How do I avoid as much tax as possible?

If you are not making huge amount than you can sell your crypto for some local guy so that your government will have no record of your btc transaction and you are not liable for tax. But if you are making good amount of money than its better to pay tax and remain safe from any legal trouble in future.

I will happily pay taxes if our government will ever take it by opening doors to legal local bitcoin trading platform. Sad

noormcs5

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Quote from: aardvark15 on January 25, 2018, 10:58:17 AM

Quote from: Franke666 on January 25, 2018, 10:03:48 AM

If I make money on crypto currencies. How do I avoid as much tax as possible?

I’m not familiar with tax laws outside of the United States, but in the US, if you hold your investment for over a year, you will pay long term capital gains rather than short term. This means your taxes will probably be lower if you hold for over a year. Day trading is going to be all short term capital gains and a paperwork headache. I’ve decided to do fewer trades than I did in the past for this reason.

I think every country has tax laws on the certain amount earned by the individuals but the taxable amount and actual amount of taxes varies. People trying to find ways to avoid taxes make government make more strict rules. Whether you earn money from day trading or any other method, the amount which you will withdraw in local fiat will be taxable.

Quote from: MFahad on January 25, 2018, 10:53:56 AM

Quote from: Franke666 on January 25, 2018, 10:03:48 AM

If I make money on crypto currencies. How do I avoid as much tax as possible?

First of all why do we think in negative directions and why we need to save our money by violating the government laws. Government has made the rules for the benefit of the community and country and we should follow it.
If you make money and your government has certain tax slabs you should pay it , rather than to avoid them.

How good the world would become if everyone pay their taxes honestly but unfortunatly we always look for things which are benefit to ourself and not care about the others.

udivkx

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To do this, try not to use the exchangers exchanged by the state for buying and selling - they are taxed. Use private exchangers, limited liability.

VitKoyn

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Quote from: Franke666 on January 25, 2018, 10:03:48 AM

If I make money on crypto currencies. How do I avoid as much tax as possible?

Does your country have tax law/regulation for cryptocurrency? if your country don't have, you don't have to worry about that until they announce that they will. If yes, and you don't want your cryptocurrency gains to be taxed, there are few ways to avoid being taxed but I think it will give you some difficulties. You can look for a direct buyer of your cryptocurrencies peer to peer trade, there are risk of doing this so you still need and pay an escrow to avoid being scammed. Another way is transfer to a country that has no regulation about cryptocurrency and use their local exchange to convert it to fiat. But it is not advisable to do this, just pay your tax if needed.

Carlsen

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The most important thing about crypto currencies what we can all do is to keep it legal.
There is already enough bad publicity in the media, I don't think the average user should start doing things on the boarder of legality with it.

The way how bitcoins are taxed differ in many countries. If it's not really clear, ask a local tax consultant.

aardvark15

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Quote from: Franke666 on January 25, 2018, 10:03:48 AM

If I make money on crypto currencies. How do I avoid as much tax as possible?

I’m not familiar with tax laws outside of the United States, but in the US, if you hold your investment for over a year, you will pay long term capital gains rather than short term. This means your taxes will probably be lower if you hold for over a year. Day trading is going to be all short term capital gains and a paperwork headache. I’ve decided to do fewer trades than I did in the past for this reason.

MFahad

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Quote from: Franke666 on January 25, 2018, 10:03:48 AM

If I make money on crypto currencies. How do I avoid as much tax as possible?

First of all why do we think in negative directions and why we need to save our money by violating the government laws. Government has made the rules for the benefit of the community and country and we should follow it.
If you make money and your government has certain tax slabs you should pay it , rather than to avoid them.

izanagi narukami

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Quote from: Franke666 on January 25, 2018, 10:03:48 AM

If I make money on crypto currencies. How do I avoid as much tax as possible?

Depend on your government policy.

Luckily my government still not legalize bitcoin yet so I can still earn bitcoin without paying any tax.
For who already legalized by government, there is no other way since when people not paying the bitcoin tax, they are against the law.

It's fair, IMO

stompix

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Blackjack.fun

Quote from: Franke666 on January 25, 2018, 10:03:48 AM

If I make money on crypto currencies. How do I avoid as much tax as possible?

Simple
1. Move to a country that has 0 taxes or lower taxes on gains made from crypto trading.
2. Sell your coins for cash directly in person, then stash the bills under the mattress.
3. Hire a pretty good lawyer specialized in this....

Depending on which country you live in you might get away with the second option...or end up in jail.

It would also be nice if you would tell us where you're from...
Since it's one thing if you live in the US or Moldova.

Caesar-Giulius

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Buy, sell and store real cryptocurrencies

Quote from: Kprawn on January 25, 2018, 10:13:39 AM

Quote from: Franke666 on January 25, 2018, 10:03:48 AM

If I make money on crypto currencies. How do I avoid as much tax as possible?

Bitcoin is a currency, not some solution to avoid paying taxes. The moment when people start using Bitcoin or any other

Crypto currency as a method to avoid paying taxes, then the government will step in and ban it. I would much rather pay the

taxes and be done with it, than sleeping with open eyes, waiting for the Police to raid my house in the middle of the night.

That is no way to live your life... rather pay those taxes. Wink

I agreed that avoiding tax is not cool. Since you have made some money with crypto, why not pay some tax to your government. Bring some positive sides of crypto.

Kprawn

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Quote from: Franke666 on January 25, 2018, 10:03:48 AM

If I make money on crypto currencies. How do I avoid as much tax as possible?

Bitcoin is a currency, not some solution to avoid paying taxes. The moment when people start using Bitcoin or any other

Crypto currency as a method to avoid paying taxes, then the government will step in and ban it. I would much rather pay the

taxes and be done with it, than sleeping with open eyes, waiting for the Police to raid my house in the middle of the night.

That is no way to live your life... rather pay those taxes. Wink

Franke666

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If I make money on crypto currencies. How do I avoid as much tax as possible?

Topic: How do I avoid tax on crypto - page 11. (Read 18699 times)