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gidaahmad
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February 26, 2019, 11:57:14 PM |
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You do not need to bother to think of coin sales tax, because it is automatically on the exchanger. Of course, each exchange has a different fee. an average of 0.5% per transaction. And there is an exchanger without fees.
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"If you don't want people to know you're a scumbag then don't be a scumbag." -- margaritahuyan
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posi
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February 27, 2019, 12:03:19 AM |
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You do not need to bother to think of coin sales tax, because it is automatically on the exchanger. Of course, each exchange has a different fee. an average of 0.5% per transaction. And there is an exchanger without fees.
You're right with what you said but this does not work for all countries and in Germany people pay taxes per every successful trade or crypto to fiat transaction while some countries taxnwere pay by the crypto currency exchange. I will advice the OP know how crypto tax are pay in his country. |
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joeperry
Sr. Member
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Bons.io Telegram Casino
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February 27, 2019, 12:12:23 AM |
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In my experience on exchanges platforms on where the trading happens there are no actual taxes you need to pay when selling your altcoin for bitcoin but every exchange sites has their own trading fees where in you need to pay a little amount in order to do transactions but some exchange don't have this.
Probably you're asking how do they earn? They are earning through withdrawals if you can notice that whenever you withdraw there's a withdrawal fee you needed to pay in order to withdraw your funds... This is how exchange earn.
To answer your question and conclusion, no there's no tax whenever you sell your altcoin for bitcoin just fees on during exchange (trading) or during withdrawal.
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Dreamchaser21
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February 27, 2019, 12:18:44 AM |
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You do not need to bother to think of coin sales tax, because it is automatically on the exchanger. Of course, each exchange has a different fee. an average of 0.5% per transaction. And there is an exchanger without fees.
Yes, its the job of the exchange and you can easily see the fees when you withdraw your funds. You are still not subject to income tax, unless you declare it and you have to pay for that. Personally, I’m not paying any taxes aside from the fees and its really good.  |
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ulhaq
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February 27, 2019, 01:29:04 AM |
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Do I need to pay taxes if I sell an alt coin for bitcoin then rebuy a different alt coin. I never took out actual USD so I am unsure how that would work. Or am I only taxes on actual USD made when I cash out?
Well, if you want to be honest with your country , then of course you can show them trading on your account , and from the profits to pay taxes, but for example in my country the payment for the crypto currency is not yet until 2021! What country is this? |
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Chinsmokers
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February 27, 2019, 01:53:24 AM |
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It depends on the country, other countries requires you to pay taxes every time you pay and withdraw. But other countries doesnt require you to pay taxes
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libert19
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February 27, 2019, 03:29:48 AM |
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If there are tax laws then yes you need to pay, some exchanges also keep track of your orders/transactions to make things easier for you.
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ottogary
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February 27, 2019, 03:43:24 AM |
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Do I need to pay taxes if I sell an alt coin for bitcoin then rebuy a different alt coin. I never took out actual USD so I am unsure how that would work. Or am I only taxes on actual USD made when I cash out?
All i know i that, we won't get charged with tax if we are exchanging between altcoin vs bitcoin vice versa. what we have to pay would be the transaction fee for the miner's reward. |
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Sarastiche
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BITCOIN IS THE CURRENCY OF THE GLOBE
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February 27, 2019, 09:23:55 PM |
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Tax payment is dependent on your country of residence, In my home country government do not regulate CRYPTO transaction, so tax are not collected from transaction emanating from CRYPTO, I only pay tax when my banking transaction exceed 10,000, 000. For government to collect tax it has to be only when you convert your Altcoin to fiat.
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Hotrod_88
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March 27, 2019, 06:57:51 PM |
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If it's direct transaction from altcoin to bitcoin with no any fiat in the middle or any bank transaction, you won't need to pay for taxes because they can't track that.
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wow.magic
Jr. Member
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March 27, 2019, 07:06:13 PM |
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If it's direct transaction from altcoin to bitcoin with no any fiat in the middle or any bank transaction, you won't need to pay for taxes because they can't track that.
Paying taxes are such a pain. Too much money is being drained from me that I dont really understand why they take so much |
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mrdeposit
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March 27, 2019, 08:14:13 PM |
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If it's direct transaction from altcoin to bitcoin with no any fiat in the middle or any bank transaction, you won't need to pay for taxes because they can't track that.
It should not be that simple. As far as I know, if there is earnings, the tax have to be paid. The rules should be thoroughly researched on google, then should make decision. |
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gendang_cinta
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March 27, 2019, 10:06:20 PM |
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If it's direct transaction from altcoin to bitcoin with no any fiat in the middle or any bank transaction, you won't need to pay for taxes because they can't track that.
It should not be that simple. As far as I know, if there is earnings, the tax have to be paid. The rules should be thoroughly researched on google, then should make decision. maybe for now only a few countries are applying to pay taxes or maybe there is no such country. but from what I hear, crypto owners will be taxed every year such as vehicles and homes. I have not confirmed whether it is banar or not. maybe someone will explain later to you. |
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princeyeboah
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March 28, 2019, 01:04:40 AM |
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Of course, every trader who makes a successful buy/sell order pays tax indirectly. Exchanges are taxed by the governments and users of these exchanges are charged trading fees. Also, the final conversion of crypto to fiat comes with the payment of tax indirectly as these registered crypto merchants are taxed by the governments.
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overnight03
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March 28, 2019, 01:14:20 AM |
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Do I need to pay taxes if I sell an alt coin for bitcoin then rebuy a different alt coin. I never took out actual USD so I am unsure how that would work. Or am I only taxes on actual USD made when I cash out?
It actually depends on how you are selling your bitcoins. It depends on whether your local exchange includes taxes on your buy/sell. If I need some money then I sell my Bitcoins to my close friend and he pay me in cash so I don't pay any taxes right now. It is a good idea when we buy and sell bitcoin without paying taxes, in my country there is no need to pay taxes when buying or selling bitcoin because my country prohibits bitcoin and we have a place (website) to buy and sell Bitcoin like you say |
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Sephire
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March 28, 2019, 01:19:51 AM |
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Taxation of cryptos is a new and complex area that will vary for different countries. Even most of the CPAs do not know how to go about handling crypto taxes.
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kevinzxz
Full Member
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👉bit.ly/3QXp3oh |🔥Launchpad on TON
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March 28, 2019, 01:23:27 AM |
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Do I need to pay taxes if I sell an alt coin for bitcoin then rebuy a different alt coin. I never took out actual USD so I am unsure how that would work. Or am I only taxes on actual USD made when I cash out?
in my opinion you only have to pay taxes from the USD that you cash out, because if you only trading altcoin and bitcoin, in my opinion it hasn't given you income yet, so you don't need to pay taxes if you haven't cash out to USD. |
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tsaroz
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★Bitvest.io★ Play Plinko or Invest!
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March 28, 2019, 01:24:51 AM |
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No you don't pay taxes to any government but the exchange do take a fees for helping you to carry out the exchange. That fees would be the operating profit of the exchange and the exchange itself don't pay tax for it. But in some cases, you are likely to pay taxes when you are withdrawing your crypto into fiat.
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Fundamentals Of
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March 28, 2019, 01:26:07 AM |
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Do I need to pay taxes if I sell an alt coin for bitcoin then rebuy a different alt coin. I never took out actual USD so I am unsure how that would work. Or am I only taxes on actual USD made when I cash out?
It could be possible that a portion of the fees you paid when you did the buying and selling will go to the taxes that are paid by the exchange platform. That is, if the platform itself is duly registered in the country it is operating. You might not be paying taxes directly, only indirectly. If you cash out, it is basically the same rules. Very seldom, if at all, will you encounter directly paying taxes every time you do cash outs. That would probably be shouldered by the company using the fees you are paying. |
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icalical
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March 28, 2019, 05:07:03 AM |
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If what you meant by taxes is the tax that you pay to a government, I don't think you pay any tax if you just buy/sell alt-to-btc or btc-to-alt you might need to pay taxes if you buy/sell bitcoin to Fiat money, but it also only occur in some exchange.
However, you still need to pay the exchange fees if you buy/sell alt to bitcoin. Most of exchange have fees, only small number of exchange does not have exchange fee, only withdrawal fee.
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