do you guys pay Taxes for profit?

[josegr4ham]

In my country there isn't any rule that obliges us to pay taxes for our cryptocurrency profit

[Japinat]

In my country there isn't any rule that obliges us to pay taxes for our cryptocurrency profit

What country are you living now, you are lucky because you can maximize your income.
In our country also, the law is not so strict about bitcoin and what I earn is I completely enjoy it, but I believe in the future I will be oblige
to pay but until such time will arrive, I will have to enjoy the present.

[Zeraphine]

If you want to share your income with your country, so why not?  Most traders are happy because their governments haven’t issued any tax policy as to crypto yet.

[leow]

In our country, only those who are engaged in the extraction of cryptocurrency are obliged to pay taxes. Traders do not have to do this. Maybe in the near future and will oblige many to do it. The question is, how will the state be able to track such traders? In addition, there are many ways how to withdraw their profits bypassing local banks. Generally time will tell.

[jikurpa]

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 now in my country there is no government still not fully inaugurated as currency and what may the government give legal force if it is not legal, the government also prohibits direct transaction using cryptocurrency that I know

[Monkeyseemonkeydo]

I wish paying taxes cus that would mean that cryptocurrency been legalized. But we still have it at the grey sector of economy at the most countries of the world

[nerove]

I dont pay taxes because then i withdraw crypto to fiat in my country i pay around 15% fees, and if there will be more taxes then i can go minus.

[Ab-Soul]

No, I don't pay taxes. Crypto currency is not taxable. It's like trading stock market, when you win you don't pay tax. Why? Because when you lose government can't give you insurance. They don't do anything when you lose money, so why would they cut something when you win? It would be robbery.

[chocopapaya]

This will 100% depend on what country you live in because all countries taxes are different.

For america, yes you do need to pay taxes on your crypto because they are categorized as securities.
You would declare your earnings when you file taxes and you can either try to figure out how much you have to pay on your own or through an accountant, or the IRS will tell you.
Of course, you could just not declare it but if you are suddenly rolling around in Lambos while you only declared your 50k a year salary and not your crypto earnings, then prepare to be audited.

Now, should I throw out some evil advice?

The simplest way to avoid having to pay taxes is to cash out directly into an offshore bank account that is a tax haven (like panama, seychelles, monaco, etc.).
It is fairly easy to set up bank accounts in these countries, there are even services that will do it for you so you don't have to go to them.
You will have online access to your funds and most likely a card to access them through atms anywhere.

In order to do this, you will have to cash out peer to peer, that means you directly sell to someone and avoid exchanges all together.
This is actually way easier than it sounds, just use localbitcoins, its like an ebay for btc.
They use an escrow service to facillitate exchanges so it is entirely secure.
Just post how much btc you want to sell and for what price, and have them pay through international wire directly to your offshore bank account.

So how do I know about all of this and that it works?
I don't know! Because I am a person with integrity and have never used crypto to avoid paying taxes...

[papagravel]

As if I did not want to save money, but to pay taxes it is the duty of every person.
When I changed the crypt for small amounts, I did not pay taxes. But now when the amounts have become decent I decided to make it so calmer.

[skip60]

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 depends on which country you live in

for small amounts i dont think it is easy to understand if you did profit or not

but, all of a sudden if you stransfer 1 million usd to your account, for sure they will make you pay the tax if it is not a tax free country

[baeva2]

In my country, mining, as well as the acquisition and alienation of tokens, carried out by individuals, are not considered entrepreneurial activities, and tokens are not subject to declaration.

[hubballi]

I had payed taxes showing as short term gain just like what we are doing in shares trading profit. But last week our government run institute RBI have banned to use cryptocurrency and all banking and other government agencies are giving three month time to close all exchanges. So now i cannot show it in tax it is not legal to use cryptocurrency in my country.

[Biastar]

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 depends on which country you live in

for small amounts i dont think it is easy to understand if you did profit or not

but, all of a sudden if you stransfer 1 million usd to your account, for sure they will make you pay the tax if it is not a tax free country

Yep! It most likely this it, it dependent on which you transact from. It may be regulated and taxes will be imposed. More so with countries that have legalized cryptos.
On the other hand, in countries where it is neither legal nor illegal taxes will not be imposed. Unless you transact in a bank where fees are imposed. Though I don't really know if it fall under taxation protocol.

[susuberuang]

in my country there is no tax for bitcoin trading players if in taxes it seems bitcoin already controlled by the government and taxation that ultimately make the main purpose of bitcoin to fail because my knowledge bitcoin created with the aim that can not be mastered by whoever it is.

if you rely on someone sinya and you are in mintai money then you should avoid it better you learn yourself to be able to get more profit.

[whatthesith]

What if we tell the tax office that somebody hacked our wallets and stole money? 

[paxaway21]

I do not pay taxes for my income because I do not charge them anymore and if there is a tax collector they do not know who are the users and investors of bitcoin and more than those who are earning it.

[RoolBi]

I like this market because when I invest in sales I do not need to pay taxes. If my country collects taxes to serve the interests of the country, I am willing to pay taxes, but unwanted ones happen when the authorities collect taxes for corruption. So I do not like paying taxes and that is why I like investing in this market.

[silverleafy]

in my country there is no tax for bitcoin trading players if in taxes it seems bitcoin already controlled by the government and taxation that ultimately make the main purpose of bitcoin to fail because my knowledge bitcoin created with the aim that can not be mastered by whoever it is.

if you rely on someone sinya and you are in mintai money then you should avoid it better you learn yourself to be able to get more profit.

Where do you live that you don´t have to pay taxes from cryptocurrencies? I want to live there .

[Fiord]

I live in Ukraine, there is no any lows for crypto, but I think I have to pay taxis any way, and they are 18% presents from income, so I decided it is too much, and not paying.