do you guys pay Taxes for profit?

[Aaarono]

If you are an American citizen damn sure you have to pay taxes. Other countries on the other hand, still don't have any reglementations about it.

[Bounty_Hunter]

I can't pay taxes on the profit from crypto. In my country, cryptocurrencies are not an asset\currency and therefore are not subject to tax laws

[Spaffin]

In my country, the tax on income received from operations with crypto currency has not yet been introduced, so I do not deal with this problem. However, I think that there will be some amount in the income that will not be taxed. It seems to me that I will not have much turnover for taxation.

[cryptoux]

Really depends on the situation and the country you are living in,in our country there are no existing regulations about the cryptocurrencies that is why i am enjoying the benefits of having and using cryptocurrencies,but if you are living in countries like U.S you should pay your taxes so you wont have any problem in the future because the IRS will find its way to hunt you down.

[Hopeful2017]

Hi.

i didn't traded so much of my crypto for FIAT so i didn't dealt with that question yet.

however i think it's an issue need to be dealt with.

1. do you use accounting services?
2.if so, do you keep documentation of all traded or bought coins?
3. what do you do in cases of profit from ICO's

WHAT SHOULD I DO??

For me, no. I dont pay taxes from my gain in bitcoin. The government in my country doesn't look after the investment nor the encashment of bitcoin to cash. Since my gain is directed to the bank, I believe the bank is the one deducting the tax.

[Dakshkapoor]

Yes, during the withdrawal of money from crypto i pay tax to the government as it is the strict restriction in my country. But i am happy to pay tax as it is for my own profit.

[maimainguyen05]

At the moment I think almost people in this forum don't have to pay taxes for crypto income cause cryptocurrency is not legalized worldwide so it's not currency or goods as well so nobody has to pay taxes for it and I'm also the same . Cryptocurrency is not legalized in my country yet so I don't have to pay taxes for my crypto income but I think it'll not last for so long when cryptocurrency is becoming more popular day by day.

[Coffee135]

At the moment I think almost people in this forum don't have to pay taxes for crypto income cause cryptocurrency is not legalized worldwide so it's not currency or goods as well so nobody has to pay taxes for it and I'm also the same . Cryptocurrency is not legalized in my country yet so I don't have to pay taxes for my crypto income but I think it'll not last for so long when cryptocurrency is becoming more popular day by day.

Everyone has to pay taxes. You also have to pay taxes in the case where you use the operation to exchange cryptocurrency for Fiat. The law of any state claims that it is profit. In this situation, the state is in a advantageous position. They are not obliged to accept bitcoin in order to require you to pay taxes. Everything will change only when we have the opportunity to abandon the exchange operations.

[rudolfaxl]

Hi.

i didn't traded so much of my crypto for FIAT so i didn't dealt with that question yet.

however i think it's an issue need to be dealt with.

1. do you use accounting services?
2.if so, do you keep documentation of all traded or bought coins?
3. what do you do in cases of profit from ICO's

WHAT SHOULD I DO??

It's a piquant question for many of us at this forum. To be honest I don't pay taxes yet. I was trying to manage this question many times, but due to the complexity of the "correct" cashing out in my area I'm still don't solve it... I don't cash out large amounts and try to use crypto directly so it's not so harmful for my conscience yet

[FiveReels]

As long as it is taxable it will be paid and I will surely pay for it. But when it says it does not need for a tax why should I bother. There are some things that are subject to tax and some are officially not. I don't think any other government will pursuit you if the one you have profited with has no incorporation of tax. It just depends I guess.

[Sanchos]

I don't understant how goverment can proof, than I make profit at ICO or some cryptocurrencies? You can withdraw your profit in other contries, which will not deliver information to your county. You can sell BTC at 18000 and say that you don't earn anything, because you buy at 19000. Btc wallets without any names and surnames

[chaosfourever]

I sure how you pay your taxes. Yes it sucks, but at least in the USA it is the law. Pretty sure they will know when you account magically gets a lot of money into it. An they will eventually find out. Taxes are what did in Al Capone. Pay your taxes.

[Bergiolia]

i didn't traded so much of my crypto for FIAT so i didn't dealt with that question yet.
however i think it's an issue need to be dealt with.
1. do you use accounting services?
2.if so, do you keep documentation of all traded or bought coins?
3. what do you do in cases of profit from ICO's
WHAT SHOULD I DO??

Taxed aren't that difficult in my country.
Taxes are being paid before you hold your money so we expect we had paid taxed required in every Crypto earners before we get them.
So, the calculation would be, if I am going to cash out my Ethereum of worth $100 then I am expecting to get $85 because 12% for the tax and 3% for the baking transaction fee.
That's how we get our money and pay tax out of Crypto earnings.

[Shenzou]

Hi.

i didn't traded so much of my crypto for FIAT so i didn't dealt with that question yet.

however i think it's an issue need to be dealt with.

1. do you use accounting services?
2.if so, do you keep documentation of all traded or bought coins?
3. what do you do in cases of profit from ICO's

WHAT SHOULD I DO??

For me personally i have never had to pay taxes, not because i am not exchanging a huge amount of money from bitcoin to fiat, but because i don't use direct ways to do that, i don't know if people use bitcoin debit card to convert from bitcoin to fiat so they actaully have to pay taxes and fees, but what i do is i go on a peer to peer exchange site like localbitcoin and find somone who is looking to buy bitcoin for a good price, and i meet up with him in person and he gives me my money frr of charge.

[Ging]

Hello indeed youneed to pay to gain for example the time you spent in my mind is the biggest tax we pay to profit no pain no gain.

[bskousen]

I learned the hard way, always pay taxes. Its not worth the issues you will get if audited.

[breeze170]

Nope I don't cause noone really cares as I experience. Noone ever asked me how I made that much money and made it through my bank account, maybe because its just no more than 100-200 dollars a month.

[Lerikaweb]

From your nickname it is hard to make out what country you are from. Anyway, i don't think that any accountant will be able to legally describe where your gains have come from:)

[lorapalmer]

You need to check the laws of your country about the taxes. So you will get the idea of what is taxed in your country and what is not, and its procedure.

[kinki32]

Hi.

i didn't traded so much of my crypto for FIAT so i didn't dealt with that question yet.

however i think it's an issue need to be dealt with.

1. do you use accounting services?
2.if so, do you keep documentation of all traded or bought coins?
3. what do you do in cases of profit from ICO's

WHAT SHOULD I DO??

Always I tried to participe in pre-sale ICO because they getting a big profit. If you not a whale investor you don't need documentation. Better you need waste time on important things for investments like searching all information about team and details about concept.