Preparation for taxes - page 2. | Bitcointalksearch.org

icanscript

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Quote from: gregyoung14 on February 24, 2016, 04:15:17 AM

Quote from: icanscript on February 24, 2016, 04:04:12 AM

Quote from: Prinny on February 24, 2016, 03:27:52 AM

How do I file for taxes while earning any crypto currency such as bitcoin, litecoin, DASH, etc?

Depends how much you earn and how you use it....

if its a hobby it doesn't have to be declared, if your earning BTC for a living like 50+ a month and withdrawing to your bank, then maybe you do have to do declare.

I've never declared taxes for my BTCs. Does that get me into trouble?

If its a hobby no. I am sure you will be fine. as long as its not your main income.

I once made 20k on BTC, withdrew to bank, didn't say a thing.

But this is UK, I guess it depends what country your in and how close they monitor your finances.

gregyoung14

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Quote from: icanscript on February 24, 2016, 04:04:12 AM

Quote from: Prinny on February 24, 2016, 03:27:52 AM

How do I file for taxes while earning any crypto currency such as bitcoin, litecoin, DASH, etc?

Depends how much you earn and how you use it....

if its a hobby it doesn't have to be declared, if your earning BTC for a living like 50+ a month and withdrawing to your bank, then maybe you do have to do declare.

I've never declared taxes for my BTCs. Does that get me into trouble?

icanscript

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Quote from: Prinny on February 24, 2016, 03:27:52 AM

How do I file for taxes while earning any crypto currency such as bitcoin, litecoin, DASH, etc?

Depends how much you earn and how you use it....

if its a hobby it doesn't have to be declared, if your earning BTC for a living like 50+ a month and withdrawing to your bank, then maybe you do have to do declare.

Orangina

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Quote from: Prinny on February 24, 2016, 03:51:26 AM

What if I start mining for bitcoins for example, do I have to report the coins earned as income?

I don't think so ,I mean you will be paying the bills for electricity (produced by that miner) , that should be enough Huh

Prinny

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What if I start mining for bitcoins for example, do I have to report the coins earned as income?

n0ne

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Quote from: Prinny on February 24, 2016, 03:27:52 AM

How do I file for taxes while earning any crypto currency such as bitcoin, litecoin, DASH, etc?

Already everything is taking place anonymously. Now whats the need to file for taxes. If you do trade face to face there won't be any transaction history, so no need of adding such income for preparation of taxes.

Prinny

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How do I file for taxes while earning any crypto currency such as bitcoin, litecoin, DASH, etc?

Topic: Preparation for taxes - page 2. (Read 2958 times)