Selling Ethereum - page 2. | Bitcointalksearch.org

Lantind

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Quote from: fahmimajannat on May 28, 2021, 12:45:16 PM

YOU should better to hold.
Because it has a grrat potential to reach 10k mark.
So hold if you can untill atleast it cross 5k.
Holding is a great thing. Cause it makes u rich not instant poor.

If what is holding is a coin that is clear and has potential and the market conditions can always be good, then obviously you will be rich, but if what you are holding is junk coins or shitcoin, then don't expect to be rich in any term.

fahmimajannat

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YOU should better to hold.
Because it has a grrat potential to reach 10k mark.
So hold if you can untill atleast it cross 5k.
Holding is a great thing. Cause it makes u rich not instant poor.

matico

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I will advice never to sell your position. If you got in lower then you will not be afraid of downturn in price. I have sold ether at $200, $400 and $900! I never saw that ether could sell for $4000 someday. Alas! It happens just a month and you can imagine my anguish!

so98nn

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I think op is asking whether he would be taxed on the principal amount or not? Most of the peeps are suggesting he should have hired an accountant but the fact is OP wants an answer whether he will be taxed for the same or not. The simple answer is no to this. Since you are just taking out the principal amount without stating the profits on the same you won’t be taxed. Because in the accounts that would be just 30k deposit and 30k return without any gains on the initial capital.
However, any amount credited to your account after this will be calculated as income source. So yeah the later one will be taxed for sure.

iTradeChips

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I guess it will not be long when other countries including mine will tax those who are earning in Cryptocurrency. I guess everything is being taxed nowadays and the U.S. might be the first country to do that (sorry I am not from the US so I am ignorant who first taxed their citizens that got a profit engaging in cryptocurrency). Personally I don't want to be taxed not because I hate the government or anything but rather this property is in the realm of digital space. No laws exist yet in our country engaging in digital assets and properties.

semobo

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Quote from: Dexion on May 28, 2021, 05:11:35 AM

From what I have experienced so far, I have never been required to pay taxes on my crypto profits, it's just that there are fees that must be paid in every transaction I make. I'm also looking for regulations that say there is a tax on crypto income until now I haven't found it, but if there was, I as a tax-compliant person would still pay it.

OP mentioned that he was from US where cryptos are regulated and being taxed for every conversion even for crypto to crypto they need track records.

Godwinpaul

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To be on the safe side, it's best to contact an accountant or tax consultant to assist you in the tax computation. The issue at hand is way more than what most persons on the forum could render quality advise on. United States government are already gaining from the cryptocurrency industry while Chinese government is busy imposing restrictions and ban.

masterrex

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Quote from: NatureMoves on May 26, 2021, 05:23:55 PM

If I invested 30k in Ethereum and when my investment goes up to 60k, and I sell 30k just to get my initial investment back, will I be taxed on that? I live in the United States and just bought Ethereum this year.

Actually, it brings more confusion to many users, it seems that the guidelines are not that clear enough to simplify the message to many US citizens that are crypto users or crypto investors, I guess you need help from a professional or expert on that IRS matters it seems that most of the suggestion here is just base on a personal opinion since you are a US citizen that's why you should seek also the help from a US citizen that was knowledgeable regarding that matter.

Dexion

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From what I have experienced so far, I have never been required to pay taxes on my crypto profits, it's just that there are fees that must be paid in every transaction I make. I'm also looking for regulations that say there is a tax on crypto income until now I haven't found it, but if there was, I as a tax-compliant person would still pay it.

Lantind

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Quote from: NatureMoves on May 26, 2021, 05:23:55 PM

If I invested 30k in Ethereum and when my investment goes up to 60k, and I sell 30k just to get my initial investment back, will I be taxed on that? I live in the United States and just bought Ethereum this year.

No, because there are no tax rules for that, and recently I read that if a YouTube user has a special income, he will be taxed if the user lives outside the Americas, now that's not the case for crypto.

traderethereum

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Quote from: NatureMoves on May 26, 2021, 05:23:55 PM

If I invested 30k in Ethereum and when my investment goes up to 60k, and I sell 30k just to get my initial investment back, will I be taxed on that? I live in the United States and just bought Ethereum this year.

Maybe if you withdraw your profit into your bank account, you need to pay the tax but if you keep the profit in the exchange, I think you do not have to pay the taxes.
I do not know how your government will apply the tax for people who make money online, but I suggest you follow their rule because that can make you safe from a problem.
You can ask your authorities about paying the tax from the crypto to understand how you can follow their rule.
You can hold your ethereum and not sell it right now as the price is down too deep.

ahmia39

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Quote from: NatureMoves on May 26, 2021, 05:23:55 PM

If I invested 30k in Ethereum and when my investment goes up to 60k, and I sell 30k just to get my initial investment back, will I be taxed on that? I live in the United States and just bought Ethereum this year.

I think there is no tax when you buy and sell Crypto, it's just that you need to pay maker and taker fees. But taxes will occur if you have made crypto a real currency. Taxes that you have to pay through the bank. And as long as you haven't withdrawn it, the tax will be borne by the exchange platform in America.

pawanjain

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Quote from: NatureMoves on May 26, 2021, 05:23:55 PM

If I invested 30k in Ethereum and when my investment goes up to 60k, and I sell 30k just to get my initial investment back, will I be taxed on that? I live in the United States and just bought Ethereum this year.

Taxation differs from country to country. So you will have to do a little research and find out the taxation guidelines for cryptocurrency for your country.

Also, you don't have to pay the tax just for selling the cryptocurrency. You will only be taxed when you withdraw the gains to your bank account.
You can keep buying and selling until you want. Taxations levy only when you withdraw the profits to fiat.

aditasetia123

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Quote from: Helex on May 27, 2021, 08:04:41 AM

slap your self if you are selling eth below 10k, not financial advice Grin

you wrong , OP playing very safe. even ethereum price drop its no problem for him , maybe he can buyback using initial capital so get doubled is ethereum amount.psychology safe now and emotion could controlled when he already hold their money back. next step only wait new all time high for ethereum.

Helex

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slap your self if you are selling eth below 10k, not financial advice Grin

semobo

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Quote from: electronicash on May 27, 2021, 05:18:54 AM

Quote from: semobo on May 27, 2021, 05:10:59 AM

Quote from: bittick on May 27, 2021, 04:56:37 AM

But i think you're not gonna pay for capital gain taxes before you really make the "capital gain" or the profit is still an unrealized profit but i could be wrong, better ask the professional.

OP is asking he have to pay the taxes when he doubled the invested capital which is what he mentioned as $60K with the capital money 30K then the capital is 30K+ Gains is 30K, when OP reporting the moved 30K as capital where he invested then there is no tax for it and I can sure that I am right in that.

seem you are very sure about it. users who are not from US aren't aware of that. there is no tax law yet in my country so its yet not for us. as far as i know Bitcoin is considered a property in US but since there was an announcement lately about $10K for a capital gain so the next $30K that will be withdrawn by the OP will be taxed correct?

Bitcoin and every cryptocurrencies are considered as assets that is why there is a capital gain tax in place that, In the US or any other country the capital gain taxes are calculated in the same way but the only difference is tax rates.

In general, we need to pay capital gain taxes once we invest in assets and making profits from it, if we are cashing out the asset within one year of invested time then it is short-term capital gains, and anything over 1 year time period then its long term capital gains.

If we only took the capital and let the gain to grow then you have to pay taxes only at the time of cashing out the gains.

Gozie51

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Quote from: devollito on May 27, 2021, 04:15:24 AM

So in the US every capital gain will be deducted to tax now ? Where did they know if this guy already get a capital gain ? He said that he only withraw it for $30k. Is the us base exchange track every user transaction at what price they bought ? And if this guy does not report to IRS wwhat happen ? And how much the penalty ? In my country there is no tax for crypto.

I think that countries who regulate tax and taxing on income would always look for ways to tie incomes to be taxed and crypto is not far from such. I think that could be done through the banks which is the easiest way to identify incoming income and payment of tax won't be escaped. In the Nigerian kind of pattern where some accounts were tied to the banks, so such kind of accounts can't escape paying tax on such incoming income, that is just an example.

grabpopcorn536

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I don't know about this, if you register an account and KYC in another country before coming to the US and withdraw money through your national bank account before coming to the US, your profits are preserved. I have some friends in the US who have connected with some people overseas so that they don't have to withdraw money from banks in the US.

electronicash

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Quote from: semobo on May 27, 2021, 05:10:59 AM

Quote from: bittick on May 27, 2021, 04:56:37 AM

But i think you're not gonna pay for capital gain taxes before you really make the "capital gain" or the profit is still an unrealized profit but i could be wrong, better ask the professional.

OP is asking he have to pay the taxes when he doubled the invested capital which is what he mentioned as $60K with the capital money 30K then the capital is 30K+ Gains is 30K, when OP reporting the moved 30K as capital where he invested then there is no tax for it and I can sure that I am right in that.

seem you are very sure about it. users who are not from US aren't aware of that. there is no tax law yet in my country so its yet not for us. as far as i know Bitcoin is considered a property in US but since there was an announcement lately about $10K for a capital gain so the next $30K that will be withdrawn by the OP will be taxed correct?

semobo

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Quote from: bittick on May 27, 2021, 04:56:37 AM

But i think you're not gonna pay for capital gain taxes before you really make the "capital gain" or the profit is still an unrealized profit but i could be wrong, better ask the professional.

OP is asking he have to pay the taxes when he doubled the invested capital which is what he mentioned as $60K with the capital money 30K then the capital is 30K+ Gains is 30K, when OP reporting the moved 30K as capital where he invested then there is no tax for it and I can sure that I am right in that.

Topic: Selling Ethereum - page 2. (Read 407 times)