Who has to pay taxes on cryptocurrencies?

moneystery

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Quote from: DeathAngel on May 30, 2024, 02:03:41 PM

Most of us trigger a capital gains tax event when we sell any of our Bitcoin for profits. In my country we pay 20% on profits over a small figure. There are many countries that don’t charge any tax at all though on Bitcoin sales.
There’s a list of 16 of the best countries in the world for Bitcoin here https://tokentax.co/blog/crypto-tax-free-countries

20% is a very high tax for bitcoin sales, because in my country the government here will only charge 1% for each transaction, be it sales or purchases, and it will go directly to the individual tax report. indeed, over time, bitcoin trading is increasingly taxed by the government, and it seems more unfair in some countries that impose excessive taxes on traders. but as bitcoin users we can only submit to these regulations because we also need to exchange bitcoins into our local currency.

thecodebear

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Quote from: isabellajones on May 30, 2024, 01:52:42 PM

In the early days of cryptocurrency development, it seemed like a tax-free field. However, the IRS and other regulatory agencies are quickly catching up with the cryptocurrency market. In the future, investors will need to report their transactions and use tax-saving strategies to maximize their total returns in the cryptocurrency market.

Code:

BTC

Code:

cryptocurrencies.

It's not just in the future. At least here in the US the rules for paying taxes on cryptocurrency trades/sells has been clear for like 7 years. Anyone who hasn't been doing this is a tax cheat criminal and is at risk of having the IRS F up their life.

to answer your question: anyone who sells or spends cryptocurrency that is in profit must pay taxes on that profit.

SATWAT

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In our country we are having ban on this all but still many are doing this business and also paying taxes on their income which is interesting because recently we are having few cases while peoples are deducted amounts which were coming through exchanges as they are giving all details to governments with many accounts are also blocked which is terrible thing.

Few soft corner peoples in government are also working on this to bring this all in tax-net and then allow peoples to have used this all without any problem because government is understanding this can't stop this all and having ban is also not good so bringing peoples into tax-net is much better and suitable for them.

kentrolla

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Eloncoin.org - Mars, here we come!

There is a 30% tax on profit in my country and 1% TDS on every transaction as they are not crypto friendly and trying to discourage people from trading or investing as the tax will eat up all your profit when clubbed with TDS at every transaction hence people have started using foreign exchanges which has been banned and used through VPN. Taxing on crypto is unjust to be honest.

Lanatsa

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Quote from: isabellajones on May 30, 2024, 01:52:42 PM

In the early days of cryptocurrency development, it seemed like a tax-free field. However, the IRS and other regulatory agencies are quickly catching up with the cryptocurrency market. In the future, investors will need to report their transactions and use tax-saving strategies to maximize their total returns in the cryptocurrency market.

Code:

BTC

Code:

cryptocurrencies.

I would tell you that all over the years that i have been dealing up with crypto and made up some significant amount of money but so far i haven't been able to pay up taxes with those earnings. Yes, not paying up tax
is something that not recommended since this is really that something that pertains about economic development or other correlated things but we know that not all government are really that good when it comes on applying those taxes for the development and this is why some citizens would really be that evasive when it comes to paying up their taxes and this is where crypto is really the right choice or thing.
The good thing about crypto is that no one could be able to know on how much you do hold, how much you do earn and how much you do possess and overall.

If things turns out to be strict then government would really be that mainly be that dealing up with those centralized platforms on which imposing those strict regulation which needs up to be complied.
If you are a user that who do make out that kind of engagement or usage of such service or platform then this is something that you could really be make yourself that getting traced or someone
who would really be that

Stalker22

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Quote from: isabellajones on May 30, 2024, 02:52:07 PM

Sorry, I think you misunderstood me. I am in the United States myself.

Then forget waiting for the future! You are already required to report capital gains taxes from your cryptocurrency trades. It is happening now - the taxman isnt waiting for the future! Wink

isabellajones

newbie

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Quote from: philipma1957 on May 30, 2024, 02:27:59 PM

At op are you fishing 🎣?

maybe people don’t want to reveal they earn enough to be taxed and the county they live in.

I am well known on bitcointalk and many people know me here, so I do not mind telling you:

I live in the USA
I earn enough to be taxed on my crypto.

Sorry, I think you misunderstood me. I am in the United States myself.

adaseb

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Depending on which country you are from, crypto is treated like a commodity and you need to pay taxes on any earnings. Same if you mined it with your laptop in 2009 and same if you got some Uniswap airdrop. There are some countries which treat crypto as tax free but most countries are not under that category.

Consult a tax professional if you are unsure. Many exchanges KYC and they might send your documents over to the IRS or whatever agency handles taxes in your country. They have started to crack down lately because too many people haven't been paying their share.

philipma1957

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'The right to privacy matters'

At op are you fishing 🎣?

maybe people don’t want to reveal they earn enough to be taxed and the county they live in.

I am well known on bitcointalk and many people know me here, so I do not mind telling you:

I live in the USA
I earn enough to be taxed on my crypto.

Falconer

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Quote from: DeathAngel on May 30, 2024, 02:03:41 PM

Most of us trigger a capital gains tax event when we sell any of our Bitcoin for profits. In my country we pay 20% on profits over a small figure. There are many countries that don’t charge any tax at all though on Bitcoin sales.
There’s a list of 16 of the best countries in the world for Bitcoin here https://tokentax.co/blog/crypto-tax-free-countries

My country's government has levied a crypto asset transaction tax which will be effective from 2022 or to be precise on May 1 2022. We traders or investors will be taxed every time we make a transaction, whether between crypto to crypto or when we convert crypto to fiat. The minimum percentage set so far is 0.21% per transaction, that does not include trading fees. Not only that, the government also requires every user who is a taxpayer to report their annual taxes.

Annual crypto tax revenues are huge, especially when there are large trading volumes taking place across all licensed exchanges. On the one hand, I must say it is a very unpleasant thing, they require us to pay taxes regardless of profit or loss. This means that every transaction will be subject to tax, whatever it is.

isabellajones

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Quote from: DeathAngel on May 30, 2024, 02:03:41 PM

Most of us trigger a capital gains tax event when we sell any of our Bitcoin for profits. In my country we pay 20% on profits over a small figure. There are many countries that don’t charge any tax at all though on Bitcoin sales.
There’s a list of 16 of the best countries in the world for Bitcoin here https://tokentax.co/blog/crypto-tax-free-countries

then where are you from

DeathAngel

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Most of us trigger a capital gains tax event when we sell any of our Bitcoin for profits. In my country we pay 20% on profits over a small figure. There are many countries that don’t charge any tax at all though on Bitcoin sales.
There’s a list of 16 of the best countries in the world for Bitcoin here https://tokentax.co/blog/crypto-tax-free-countries

isabellajones

newbie

Activity: 14

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In the early days of cryptocurrency development, it seemed like a tax-free field. However, the IRS and other regulatory agencies are quickly catching up with the cryptocurrency market. In the future, investors will need to report their transactions and use tax-saving strategies to maximize their total returns in the cryptocurrency market.

Code:

BTC

Code:

cryptocurrencies.

Topic: Who has to pay taxes on cryptocurrencies? (Read 89 times)