In the case you're describing, it will be considered as an income and so you will have to pay the same taxes rate as if you work IRL.
Usually, I mean for most countries, you do not pay a tax if you haven't sold your bitcoins.
It's the sale that triggers the tax event. For example, you receive BTC today and later you sell on December when the price is $40,000. You will be taxed on the base of $$40,0000
Increased in value or not doesn't really matter. What matter is its value on the day you sell your BTC
Topic: Question about bitcoin taxes and signature campaign payment on this forum - page 2. (Read 331 times)
June 07, 2021, 10:33:30 AM
June 07, 2021, 09:19:25 AM
Bitcoin and cryptocurrencies generally are banned in my country for now, but I know the government will still one day legalize cryptocurrencies. If cryptocurrencies are later legalized in my country and paying crypto taxes are mandatory, what do you think about this below.
All what I have read about crypto taxes are:
With all I have read about crypto taxes, I do not yet know how I should pay crypto tax for any signature campaign paid on this forum unless the bitcoin paid later has net increase. But if it has not yet increase in value, this means no taxes to be paid. Is that correct?
All what I have read about crypto taxes are:
- only capital gain will be taxed
- capital gain will not be taxed if there is a capital loss until no losses again
With all I have read about crypto taxes, I do not yet know how I should pay crypto tax for any signature campaign paid on this forum unless the bitcoin paid later has net increase. But if it has not yet increase in value, this means no taxes to be paid. Is that correct?
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