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Author Topic: Taxation on the alts  (Read 4522 times)
blacksmithtm
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January 18, 2017, 01:08:54 PM
 #1

Hey

How do you calculate taxes on alt-coins bought and sold with Bitcoin? For example if i bought 10 bitcoins worth of Monero, and monero rose 10% and i decides to sell for that extra bitcoin, how does that become taxed? Furthermore if/when i decide to sell the 11 bitcoin i now have for fiat, how might that be taxed? Thank you in advance.
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January 18, 2017, 01:26:27 PM
 #2

Hey

How do you calculate taxes on alt-coins bought and sold with Bitcoin? For example if i bought 10 bitcoins worth of Monero, and monero rose 10% and i decides to sell for that extra bitcoin, how does that become taxed? Furthermore if/when i decide to sell the 11 bitcoin i now have for fiat, how might that be taxed? Thank you in advance.

Taxing who is taxing the altcoins the government has no control in these altcoins and I am not aware that there are ongoing taxation in the altcoin industry I also want to know the percentage,so I can use it as guide in my trading.

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January 18, 2017, 01:49:22 PM
 #3

Theres no tax is being implemented on either bitcoin or other cryptocurrencies. Government is not in control on any transactions being made on blockchain because it decentralize. Maybe you are reffering to fees if you are going to exchange you monero to bitcoin. Well, thats depends on exchange fees. Some exchange are charging low fees and some are not. You should go here https://bitcointalk.org/index.php?board=223.0

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January 18, 2017, 01:58:09 PM
 #4

Hey

How do you calculate taxes on alt-coins bought and sold with Bitcoin? For example if i bought 10 bitcoins worth of Monero, and monero rose 10% and i decides to sell for that extra bitcoin, how does that become taxed? Furthermore if/when i decide to sell the 11 bitcoin i now have for fiat, how might that be taxed? Thank you in advance.
Taxes?How could altcoin do have taxes even bitcoin doesnt have?Well if you are trading or buying monero then it suddenly increase its price and you convert it to bitcoin then you are just trading it to make profits and i dont see any taxations on those transaction i do only know about exchange fee but it isnt a tax.

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January 18, 2017, 01:59:45 PM
 #5

Hey

How do you calculate taxes on alt-coins bought and sold with Bitcoin? For example if i bought 10 bitcoins worth of Monero, and monero rose 10% and i decides to sell for that extra bitcoin, how does that become taxed? Furthermore if/when i decide to sell the 11 bitcoin i now have for fiat, how might that be taxed? Thank you in advance.

Bitcoin can't be taxed same with the alts. It's not literally taxable at your side but you are facing the fees of the said exchange that you performed your transactions. Yes a modified fees on their own and can considered as taxable in another form. It varies per exchange.

For much clearer view, you can head to the specific exchange and study their fees.

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January 18, 2017, 02:53:16 PM
 #6

Hey

How do you calculate taxes on alt-coins bought and sold with Bitcoin? For example if i bought 10 bitcoins worth of Monero, and monero rose 10% and i decides to sell for that extra bitcoin, how does that become taxed? Furthermore if/when i decide to sell the 11 bitcoin i now have for fiat, how might that be taxed? Thank you in advance.

i don't know how to calculate tax on altcoins and then sold with bitcoin. i think its different from one exchanges with other exchanges. the fee they applied is related with the volume average of all coins, but i don't know what is the calculation.

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January 18, 2017, 03:56:28 PM
 #7

Hey

How do you calculate taxes on alt-coins bought and sold with Bitcoin? For example if i bought 10 bitcoins worth of Monero, and monero rose 10% and i decides to sell for that extra bitcoin, how does that become taxed? Furthermore if/when i decide to sell the 11 bitcoin i now have for fiat, how might that be taxed? Thank you in advance.

Taxing who is taxing the altcoins the government has no control in these altcoins and I am not aware that there are ongoing taxation in the altcoin industry I also want to know the percentage,so I can use it as guide in my trading.

Yes, there is no tax on bitcoins or the altcoins. All of them are tax free. I think OP is referring to the trading fee which most of the exchange deducts when we trade the coins. It is not a tax but a detection for performing the transactions on their exchanges.

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Idrisu
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January 18, 2017, 04:39:28 PM
 #8

Paying tax on bitcoin and other altcoin will undermine it's value as a currency. Bitcoin is a currency and at such we have to see as so. Currency or money is what we use for exchange of goods and services and determine it's values'. If bitcoin and other altcoin is treated as property it means it's values as money has been undermined, if we pay tax on cryptocurrencies like gold, silver and oils' it means bitcoin has been treated as goods.

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January 19, 2017, 12:33:00 AM
 #9

Hey

How do you calculate taxes on alt-coins bought and sold with Bitcoin? For example if i bought 10 bitcoins worth of Monero, and monero rose 10% and i decides to sell for that extra bitcoin, how does that become taxed? Furthermore if/when i decide to sell the 11 bitcoin i now have for fiat, how might that be taxed? Thank you in advance.

If you're talking about the trading fees and all of it depends on the exchange agreement. If the question is refer into the institutional tax and there is no tax for your money, dude. It's simple.

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January 19, 2017, 12:35:38 AM
 #10

Taxes. Crypto.

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January 19, 2017, 04:39:03 AM
 #11

Hey

How do you calculate taxes on alt-coins bought and sold with Bitcoin? For example if i bought 10 bitcoins worth of Monero, and monero rose 10% and i decides to sell for that extra bitcoin, how does that become taxed? Furthermore if/when i decide to sell the 11 bitcoin i now have for fiat, how might that be taxed? Thank you in advance.

If you're talking about the trading fees and all of it depends on the exchange agreement. If the question is refer into the institutional tax and there is no tax for your money, dude. It's simple.

I believe he is talking about tax, I know someone paying tax on his Altcoins and BTC trade income, I don't know how he did his calculation, but the reason he gave is that his brother once had problem with government and he does not want to pass through that ordeal himself

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January 19, 2017, 06:01:48 AM
 #12

Hey

How do you calculate taxes on alt-coins bought and sold with Bitcoin? For example if i bought 10 bitcoins worth of Monero, and monero rose 10% and i decides to sell for that extra bitcoin, how does that become taxed? Furthermore if/when i decide to sell the 11 bitcoin i now have for fiat, how might that be taxed? Thank you in advance.

you need to consult a professional my friend, any suggestion here may be worse than doing nothing for you.

but as far as i can tell you, i believe you report taxes on the profit you make from trading and if you calculate it after some time not each trade. so for example you make 20% and lose 10% and make 5% then you report total of 15% profit and pay taxes on that.

but also at the same time i think in countries like US they consider bitcoin a commodity so maybe having bitcoin may be subjected to taxes. again as i said consult a professional lawyer or something.

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January 19, 2017, 08:06:42 AM
 #13

Hey

How do you calculate taxes on alt-coins bought and sold with Bitcoin? For example if i bought 10 bitcoins worth of Monero, and monero rose 10% and i decides to sell for that extra bitcoin, how does that become taxed? Furthermore if/when i decide to sell the 11 bitcoin i now have for fiat, how might that be taxed? Thank you in advance.

I just wanna know, where did you get the information that in every transaction that you wanna make in the altcoin there is tax charge? If you  know the definition of Bitcoin it is decentralized, which is referring that no one is controlling bitcoin nor even the government, companies, or any businesses in the world.

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January 19, 2017, 11:49:49 AM
 #14

Nobody/No any government is taxing on bitcoin or altcoin trading so i don't think there is any need to calculate tax for altcoin.  Wink


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January 19, 2017, 08:18:48 PM
 #15

Hey

How do you calculate taxes on alt-coins bought and sold with Bitcoin? For example if i bought 10 bitcoins worth of Monero, and monero rose 10% and i decides to sell for that extra bitcoin, how does that become taxed? Furthermore if/when i decide to sell the 11 bitcoin i now have for fiat, how might that be taxed? Thank you in advance.

Taxing who is taxing the altcoins the government has no control in these altcoins and I am not aware that there are ongoing taxation in the altcoin industry I also want to know the percentage,so I can use it as guide in my trading.

Yes, there is no tax on bitcoins or the altcoins. All of them are tax free. I think OP is referring to the trading fee which most of the exchange deducts when we trade the coins. It is not a tax but a detection for performing the transactions on their exchanges.
[/quote
agree in fact there is no tax on any crypto currency either it is bitcoin or any other alt coin, all of them are still tax free and can say that the main reason will be that crypto currencies are not legal anywhere and therefor there is  no rules to impost tax on any illegal item, therefore the government have to consider bitcoin al legal if they want to get tax on bitcoin.
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January 19, 2017, 08:19:54 PM
 #16

Nobody/No any government is taxing on bitcoin or altcoin trading so i don't think there is any need to calculate tax for altcoin.  Wink

That's not true. Governments are taxing profit on bitcoin and bitcoin trading.
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January 20, 2017, 05:01:51 AM
 #17

in taxing only bitcoin and only few country is regulated about tax
japan is tax all bitcoin exchanger site to convert yen japan

if altcoin is nothing is tax, nothing regulation nothing tax

                                   
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January 20, 2017, 05:52:04 AM
 #18

in taxing only bitcoin and only few country is regulated about tax
japan is tax all bitcoin exchanger site to convert yen japan

if altcoin is nothing is tax, nothing regulation nothing tax

What you told is correct the country which has implemented the tax then the bitcoin users have to show the transaction in tax law, even if you are trading in altcoin but in that bitcoin is the source of income so this trades will also come under tax law if in that country have tax law on cryptocurrency














 

 

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January 20, 2017, 06:55:53 AM
 #19

Hey

How do you calculate taxes on alt-coins bought and sold with Bitcoin? For example if i bought 10 bitcoins worth of Monero, and monero rose 10% and i decides to sell for that extra bitcoin, how does that become taxed? Furthermore if/when i decide to sell the 11 bitcoin i now have for fiat, how might that be taxed? Thank you in advance.

you need to consult a professional my friend, any suggestion here may be worse than doing nothing for you.

but as far as i can tell you, i believe you report taxes on the profit you make from trading and if you calculate it after some time not each trade. so for example you make 20% and lose 10% and make 5% then you report total of 15% profit and pay taxes on that.

but also at the same time i think in countries like US they consider bitcoin a commodity so maybe having bitcoin may be subjected to taxes. again as i said consult a professional lawyer or something.

This is the best suggestion here in my opinion,  even if altcoin is not taxed, you still need to declare your profit to the government. Especially if your government is very strict when it comes to tax implementation.



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dunfida
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January 20, 2017, 07:15:30 AM
 #20

Hey

How do you calculate taxes on alt-coins bought and sold with Bitcoin? For example if i bought 10 bitcoins worth of Monero, and monero rose 10% and i decides to sell for that extra bitcoin, how does that become taxed? Furthermore if/when i decide to sell the 11 bitcoin i now have for fiat, how might that be taxed? Thank you in advance.

you need to consult a professional my friend, any suggestion here may be worse than doing nothing for you.

but as far as i can tell you, i believe you report taxes on the profit you make from trading and if you calculate it after some time not each trade. so for example you make 20% and lose 10% and make 5% then you report total of 15% profit and pay taxes on that.

but also at the same time i think in countries like US they consider bitcoin a commodity so maybe having bitcoin may be subjected to taxes. again as i said consult a professional lawyer or something.

This is the best suggestion here in my opinion,  even if altcoin is not taxed, you still need to declare your profit to the government. Especially if your government is very strict when it comes to tax implementation.
This would depend on a certain individual if he would declare or not regarding on its income but i dont think this would be implemented on alts.For bitcoin it would possible but for alts i dont think soo.Theres no tax on this but only fees anytime you convert your alts to bitcoins.






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