Crypto and Taxes?

[JumboCactuar]

Hi,
Does anyone have an understanding of how taxes work with cryptocurrency?

I read about capital gains tax, but what if the BTC i have was donated to me at first?

[Queen12]

No country currently seems to have a tax on the cryptocurrency, so there is no need to worry about it, which should depend on national policy.

[yolucky]

Tax treatment of cryptocurrencies varies widely from country to country. In Australia, it will be treated as personal use asset if the cost of bitcoin is $10K or less. Please see below:

Using bitcoin for personal transactions

Generally, there will be no income tax or GST implications if you are not in business or carrying on an enterprise and you simply pay for goods or services in bitcoin (for example, acquiring personal goods or services on the internet using bitcoin).

Where you use bitcoin to purchase goods or services for personal use or consumption, any capital gain or loss from disposal of the bitcoin will be disregarded (as a personal use asset) provided the cost of the bitcoin is $10,000 or less.

[hx6688]

from what I know only US has taxes on bitcoin, US has a complex taxing system, if you are in US better to find a professional accounting. if you are in other places, no need to bother it

[AliCris]

That is why all ICO conditions that you do not reside in the US. Only law-abiding Americans will pay tax on profits that can not be traced.

[kleinkrypto]

from what I know only US has taxes on bitcoin, US has a complex taxing system, if you are in US better to find a professional accounting. if you are in other places, no need to bother it

Thats not the truth, a lot of countries in Europe like France and Germany are although havin taxes on the win you make with cryptocurrencies

[yolucky]

from what I know only US has taxes on bitcoin, US has a complex taxing system, if you are in US better to find a professional accounting. if you are in other places, no need to bother it

Thats not the truth, a lot of countries in Europe like France and Germany are although havin taxes on the win you make with cryptocurrencies

Yes I agree, for example check this link for Australia Tax law: https://www.ato.gov.au/General/Gen/Tax-treatment-of-crypto-currencies-in-Australia---specifically-bitcoin/

[LAODINGTOU]

I'm curious about how the state taxes you, and when you make money you choose to tax you, so when you lose money, the state gives you some compensation? Sounds interesting.

[easypeasy]

does anyone know the rules in the uk?

[lelou]

No tax for owning crypto I think but there is a tax included when converting coins to fiat money.

[Mihaylovic]

The major feature of crypto moneys are blockchain technology which providing decentralized anonymous processes. So it is basicly very hard it to be controlled by any government and getting taxes from it. The only way is they can force exchanges to share their datas to know what everybody is doing/trading. But still very hard...

[xEisen]

Hi,
Does anyone have an understanding of how taxes work with cryptocurrency?

I read about capital gains tax, but what if the BTC i have was donated to me at first?

In the US it seems the taxes for cryptocurrency can be complex. You should expect that you have to pay SOME tax on your cryptocurrency otherwise the IRS might come looking for you! I tried to read into it via the IRS but it's pretty confusing. It seems to be they want you to report EVERY gain/lose when trading cryptocurrency. They expect it to be recorded so it can be verified I presume? I also believe that an income tax is expected from the profits of your cryptocurrency when turned into fiat currency. It's a real mess...I think the IRS is asking for tips/suggestions regarding cryptocurrency but I don't know where exactly you would go to email/mail them.

[kevoh]

does anyone know the rules in the uk?

There's already an interesting discussion on the tax rules in the UK on this Bitcointalk thread . It's pretty much detailed and you can learn from there.

[easypeasy]

does anyone know the rules in the uk?

There's already an interesting discussion on the tax rules in the UK on this Bitcointalk thread . It's pretty much detailed and you can learn from there.

Thanks bud appreciated

[CryptoScorpio]

No country currently seems to have a tax on the cryptocurrency, so there is no need to worry about it, which should depend on national policy.

No. You are wrong. Some European countries have taxed cryptocurrencies. Almost 50% of tax is charged for cryptocurrency returns there. And I think it is too much for risky gains.

[CryptoClown]

In my country where crypto currency is gaining more attention, there is still no such thing as crypto taxes as far as I know so probably there's some countries who have taxes as mentioned on the comments above. I am not sure how my country's government would be able to implement crypto taxes as it can't even handle the country's tax issues itself 

[Rules85]

In my country, the trade in bitcoin has been shut down, but the state plans to tax the mine, and a stupid country always makes a fool of it.

[zikabra]

Hi,
Does anyone have an understanding of how taxes work with cryptocurrency?

I read about capital gains tax, but what if the BTC i have was donated to me at first?

It depends only on laws in your country, but as far as I know whenever you exchange any kind of cryptocurrency to your local currency and withdraw that money to bank you have pay tax, how much tax you will pay is something you should research directly in your local tax office. This is not only for crypto, for everything that you sell you need to pay tax.

[JoyofCrypto]

It really depends where you are from, every country has different taxes and if you want more information you should at least tell us which country you are from. Personally where I live I have to pay 15% from my crypto earnings.

[Futourist]

Hi,
Does anyone have an understanding of how taxes work with cryptocurrency?

I read about capital gains tax, but what if the BTC i have was donated to me at first?

Depends on the jurisdiction. In most of them things are still undefined. In my country donations are still in the grey area, since it's hard to separate those from money laundering. Gifts here are taxed anyway, so I'm sure crypto donations will be too.