crypto currencies and taxation - did you take care of it already?

[Gecko8]

Hello All,
I was wondering, how you guys are dealing with the topic of taxation of any gains by dealing with altcoins and bitcoins. I am aware of, that some of you have no problem, as there is no tax due in your country. But in regions like the US or Europe this is another story. Particularly having conducted some trades on exchanges makes it a lot more complicated as just have bought some bitcoins and not touched for at least a year. Are there any analytics tools out, which could be helpful? How to deal with loses? For example how can I proof I lost e.g. coins at coinsmarket exchange, in case they will not come back? Actually I do not even have a screenshot of my balance there as the shut down was not expected on my side. Any advice appreciated!

[mazdafunsun]

For now taxation are only for your fiat money. so if you are not withdrawing fiat from exchange - there will not be any problems with tax.
In europe you could try to hide your money from local revenue agency in another europen countru. of course not for large amounts and time

[AlexaSonda]

as a citizen we must obey taxes, maybe its calculation if we will swap the alt into fiat money and withdraw it into conventional bank. but I support the tax from crypto, if the government legalize it.

[Gecko8]

For now taxation are only for your fiat money. so if you are not withdrawing fiat from exchange - there will not be any problems with tax.
In europe you could try to hide your money from local revenue agency in another europen countru. of course not for large amounts and time

Mmmhh, I do not know exactly how it works in Europe. But when I understood correctly the approach of US taxation, also exchanges between crypto currencies are not regarded as same of a kind and they also will ask for taxes on those gains. Does anyone know, whether this is the same in Europe?

[chutchmcgillicutty]

as a citizen we must obey taxes, maybe its calculation if we will swap the alt into fiat money and withdraw it into conventional bank. but I support the tax from crypto, if the government legalize it.

I disagree.

Why do we owe our slavemasters a damn thing? Governments are no better than organized crime.

I look forward to AI overlords one day...

[walterw]

Why do we owe our slavemasters a damn thing? Governments are no better than organized crime.

What are you talking about? What do you think, who builds the streets, public buildings, schools, universities, hospitals, etc.? Everyone who works and pays taxes contributes to this.

Once you convert your coins to Fiat, you have to pay taxes. How much tax you have to pay depends on where you live. But it also depends on the value in which you convert the coins.
In some countries, you only have to pay taxes starting at a certain limit. For example, if you have converted $ 10,000 worth of coins, and the specified limit is $ 6,000, then you have to pay taxes.
But if you are underneath, you do not have to pay anything.