when you guys cash out big bucks.. do ye pay the capital gains or what? im wonderin how to get around that lol
in the u.s., hold everything in a roth vehicle. requires foresight.
Looks like he's in the UK (hello...)
As far as I can tell, you're taxed on income at the exchange rate at the time of earning.
Then if your bitcoins appreciate and you cash out, you are liable for capital gains on them, minus the £10k allowance of course.
There
ireland actually.. its really a grey area here.. no official statement has been released as to how to handle the tax on cryptos.. and also.. it they state bitcoin and not cryptocurrencies.. would that not be a loop hole so i can sach out to euro from another crypto?
I don't see why not. And don't worry, the Irish will follow whatever happens in Britain, eventually. Well that is the normal order of things, and I say that as an Irishman myself. Unsless an EU directive is released that changes that. Anyway.. you'd be right about the loophole, but i don't think they'll be THAT stupid (but it's Ireland, so ya never know!) i think eventually they'll come up with a bill copying Britain and call it virtual currency or cryptocurrency act or something. Until then, keep it small, and no one will know.
Unless you are self employed and do your own taxes, in which case you'd be liable for an audit if the DID suspect anything.
Otherwise, keep it small, and fly under the rada and they will never know.
Yeah !