do you guys pay Taxes for profit?

[Cnut237]

Yes, I would pay taxes once I had withdrawn to fiat.
It will depend on your country, but if you are withdrawing a large amount it may be sensible to consult an accountant.

[bitkanu]

im from vietnam and i dont have to pay tax for everything

That's the problem. So many people think that if something is still unregulated they won't pay the taxes when the real thing is that when someone gaining wealth by earning from profit or any else there's always tax that needs to be paid.
When someone's wealth increasing, it's such a responsibility for a good citizen to pay for the taxes regularly, it's the truth, a hard truth.

[lelou]

It depends on the country you're living in. In my country, the only fees I pay is the conversion of bitcoin to fiat and a small fee for withdrawing the fiat through the bank.

[jorenpo]

-snip

it depends on the country you live in. If crypto is regulated on your country then you must pay taxed of it.
also depends of how much you'll earn. If you earn a lot then you must declare your profit so you don't have a problem about it.

[Coffee135]

It depends on the country you're living in. In my country, the only fees I pay is the conversion of bitcoin to fiat and a small fee for withdrawing the fiat through the bank.

There are no such countries. You don't pay taxes because your account goes through very small amounts. The tax authorities do not keep track of such transactions. But as soon as the situation changes, you may become a violator of the law. Only transactions in cryptocurrency are not taxed because the state does not recognize them as a currency.

[Samkol26]

if its a good tax sytem it shouldnt be a problem

[igor2727]

In my country do not know yet what the law is for crypto currency. But the deputies have accumulated

[quierx16]

here in my country virtual currency such as crypto and other online currency doesn't recognize by the state as currency. so I don't need to pay tax on it.but If you earn a lot on it I advice to file and declare your earning so you don't have a problem with the Internal Revenue.

[farland7]

I did not deal with the tax police, but in my country, failure to pay taxes is a serious crime, for which provided criminal liability.

[sazon84]

I always wonder why we have to pay taxes on profits?  Do you think the state will pay us compensation when we are at a loss?  Right now, for example, I doubt that all investors have huge profits when the crypto-market is red.

[Aivengo111]

so as not to attract the attention of financial bodies, I use commercial, rather than state, banks to withdraw money when selling coins.

[andthereyou]

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??

In my case, I don't pay taxes , only transaction and withdrawal fee when buying and selling coins in cryptocurrency exchange.
1. No I don't use accounting service. We can use excel calculation for that if needed.
2. Yes of course we need to keep track of our trade history. Excel calculation is very useful.
3. I have not participated in an ICO.

You should pay taxes if your government required it. Take profits if you gain investing in an ICO or existing coins. Keep track of investing or trading strategy if it not works for you, then try another one until you master the art.

[Kippah]

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??

Short answer: 1. yes ask your tax advisor about this but only in case you take crypto out of the exchange acount, convert it in fiat and send it to you bank account. Then your profit on trading is called capital gain and it is taxable under income tax.  Lot of people however ismply leave their money on their crypto exchange account and dont do anything with it until they want to take it out.

2. I believe you see all your transactions on your crypto account. the math is however easy. How much you have - how much you invested = your capital gain.

3. Profit from ICOs is the same. Taxable as capital gain.

Help me to understand how the ICO investors choose and monitor the ICOs they invest in. If you ever invested in at least one ICO fill in this questionnaire (below). Our aim is to build community due diligence initiative to screen the ICO projects for the community and help you decide which project to support.


https://tilburglawschool.eu.qualtrics.com/jfe/form/SV_3sCWmLd0wY1OK3P

[rockstarr]

If you are from the U.S or any country that has some tax regulations about cryptocurrencies you should follow the regulation or else you will have some problem.I am living to non-us country that is why i am not paying any taxes,there are no such regulations about cryptocurrencies in our country that is why  i am one of those lucky people in the world.

We need to pay taxes especially in the countries that follow this regulation because it is use to pay a project that implemented by the government.

[Tipsters]

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??

In my case, my profit is not taxable. My only problems are the GAS and the transaction fees. We do not need to use accounting services and I will tell you what you need to do in case you will earn profit from ICOs. First create an account on many exchange sites but make a background check on the site before creating an account on it. Second, you will need an application wallet that can convert bitcoin or ethereum into fiat money. Lastly, learn to trade wisely on the exchange site that you are using and try to accumulate or buy GAS for your first trade.

[kakawin]

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??

In my case, my profit is not taxable. My only problems are the GAS and the transaction fees. We do not need to use accounting services and I will tell you what you need to do in case you will earn profit from ICOs. First create an account on many exchange sites but make a background check on the site before creating an account on it. Second, you will need an application wallet that can convert bitcoin or ethereum into fiat money. Lastly, learn to trade wisely on the exchange site that you are using and try to accumulate or buy GAS for your first trade.

The state considers that it is necessary to pay taxes from any profit, even from trade in crypto currency. But if you do not pay taxes on the profits received from crypto currency, it will remain only on your conscience because the state is unlikely to be able to find out about it. 

[happyme1818]

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??

I don't think it is necessary unless you convert it to fiat currency. There are many country that haven't any law regarding cryptocurrency. The government still have a hard time thinking how can they get a  tax from holders of cryptocurrency.

[CrimsonGT]

I think it depends on a policy of your government. For me it is still tough legislative field, I would think about it if I have to get big amount in fiat.

[Odora]

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??

we can not do all the things, it's good also in the things that matter we use the services of professionals, I think it's good if you try to use accounting services.

[Nagricoin]

I hope at next year I will pay taxes)