Topic: When to report crypto on taxes? - page 2. (Read 353 times)
It really depends on what country you are in. I came across a thread where a person didn't like paying taxes but he did pay and that's important if your country ask for taxes even if it's about crypto. It's good enough that a country encourage cryptocurrency other than country that ban crypto.
You have to report taxes when you convert it into fiat money with your bank accounts because it is possible to see that from where you go money and if your government has regulations for taxing crypto income then ou should file taxes based on it or it will just come under normal income tax depends on your country as well.
Not always.
If you bought cryptocurrency for cash or got it for free somewhere like from a giveaway, a faucet, won in an online casino, got it somewhere else where you did not use your bank account or credit card and did not do KYC.
In short if you got your crypto anonymously you don't have to report it. It's impossible to trace it back to you as long as you don't sell it for fiat on exchanges.
If your situation is different you have to check how your country sees it. Some countries will want only to know about sales for fiat and other will want to know everything.
You have to report taxes when you convert it into fiat money with your bank accounts because it is possible to see that from where you go money and if your government has regulations for taxing crypto income then ou should file taxes based on it or it will just come under normal income tax depends on your country as well.
Otherwise, you WILL regret it later..
IDK know how the "tax" works for the USA, where did they know your history trading crypto. I mean there's is a chance someone not paying the tax, but it's kinda weird went the government can track u because not paying the taxes xD really curious about thats. In my country, all depends the honesty each person fill up the tax document about their earning Freelance, Trading and other earning methods also there is a minimum income included in tax payments around 60 Million IDR/Years. So basically if we the earning more than 60 Million IDR exceeds the minimum tax income you should pay the tax but sometimes the person not filled up their earning or even not doing a reported tax so he avoided to paying the tax and government still can't really track him.
The first time I see someone thinking the date to send your income report for the taxes is the same worldwide.
And contrary to what you think, there really are people who pay taxes on cryptos.
Otherwise, you WILL regret it later..
In my twenties, I tried to cheat the system, how stupid it was, years after I had to pay an amount with 4 digit numbers.
Never again...
Now I'm so happy to pay taxes
And contrary to what you think, there really are people who pay taxes on cryptos.
Otherwise, you WILL regret it later..
In my twenties, I tried to cheat the system, how stupid it was, years after I had to pay an amount with 4 digit numbers.
Never again...
Now I'm so happy to pay taxes
If you live in the usa, you should report all your crypto transactions. If you don't know how, sign up for a site like bitcoin.tax.
Otherwise, you WILL regret it later..
Otherwise, you WILL regret it later..
I don't think there are any tax reports on crypto But that's exactly what the value of crypto is where you stand If crypto is controlled by the government then you don't have to report tax. If it is not controlled by the government why don't we have as many dollars as there are taxes We can do as we wish In the case of our country there is no tax It will depend on your country but you can report crypto on tax if you have it in your country.
Yes, it varies wildly depending on your country.
I am in the UK, and I have paid tax on crypto assets. Here, it is treated as capital gains, and crypto-to-crypto trades are taxable, not just crypto-to-fiat (guidance here), and there is a threshold below which you pay nothing. Personally I paid tax for my first year in crypto, after which I was fully aware of the tax implications and have kept my dealings since then well below the threshold.
I would reiterate the advice above: pay your taxes! Blockchains are (generally) immutable and transparent; your history is there for all to see. As soon as you withdraw to fiat or verify yourself on an exchange, your identity is tied to your crypto dealings. Of course there are mixers and other ways around this, but it's up to you if you want to worry about the tax man catching up with you in say 10 years' time...
I am happy to give basic advice to anyone in the UK - probably PM me as I may miss a response here. But in general, if you have concerns or are unsure of anything it is best to consult a professional. There are accountants out there who deal with crypto gains.
I am in the UK, and I have paid tax on crypto assets. Here, it is treated as capital gains, and crypto-to-crypto trades are taxable, not just crypto-to-fiat (guidance here), and there is a threshold below which you pay nothing. Personally I paid tax for my first year in crypto, after which I was fully aware of the tax implications and have kept my dealings since then well below the threshold.
I would reiterate the advice above: pay your taxes! Blockchains are (generally) immutable and transparent; your history is there for all to see. As soon as you withdraw to fiat or verify yourself on an exchange, your identity is tied to your crypto dealings. Of course there are mixers and other ways around this, but it's up to you if you want to worry about the tax man catching up with you in say 10 years' time...
I am happy to give basic advice to anyone in the UK - probably PM me as I may miss a response here. But in general, if you have concerns or are unsure of anything it is best to consult a professional. There are accountants out there who deal with crypto gains.
Does anyone ever claim/report their crypto purchases/sales?
What is your threshold for reporting?
I was thinking no one bothers unless you withdraw hundreds of thousands of dollars.
What is your threshold for reporting?
I was thinking no one bothers unless you withdraw hundreds of thousands of dollars.
All depends on your country and the jurisdiction you live in, so it's hard to tell without some more information from your side. But there is one thing, I can say: Pay your taxes.
Does anyone ever claim/report their crypto purchases/sales?
What is your threshold for reporting?
I was thinking no one bothers unless you withdraw hundreds of thousands of dollars.
What is your threshold for reporting?
I was thinking no one bothers unless you withdraw hundreds of thousands of dollars.
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