do you guys pay Taxes for profit?

[andrejfilipov876]

With a small income, I do not see the point to bother . If you have a huge income then it is necessary to legalize everything . so the questions are not asked . + to all a withhold tax upon withdrawal the funds, better to learn from professionals.

[davida]

I do not pay tax for my profits in crypto because crypto is accepted in my country and I think it depends on the law of the country if the they accept crypto and moreover, in crypto you invest, hold and get profit so there is no need for an accounting service.

[Krabat]

It depends on what jurisdiction you are in. If you are in a country that tax this kind of activity then you have to pay taxes.
There are many countries where you do not need to pay any taxes.

[PIMPdev]

Just recently I have Withdrawed $1,000 from here and the right from my bank account and nobody yet did not ask me any questions about where did this money come from, or how did I earn them...

[sophiawhite]

I do it myself but of-course you need to pay taxes, people not paying taxes will probably be a big issue soon.

[endut15]

No, who pays tax for crypto? Even in usa people using coinbase were not paying any taxes, that might be better now. Tracking all the transactions is hard.

at this time is not much to apply the tax, because many countries also have not approved the bitcoin outstanding. so it has to wait time, and that sometimes it can be tax applied in our country too

[alsu5552018]

If in the country in which you live cryptocurrencies are not taxed, I think that you do not need to worry. But if you have to pay taxes on cryptocurrency, I would hire an accountant.

[Caelanpelley]

In Vietnam you do not have to pay anything for your profit from bitcoin. Because bitcoin in Vietnam is not considered legal, the law does not prohibit completely but also does not accept. So when you invest in e-money, you lose yourself.

[xuxunini]

Not all countries have implemented taxes on the cryptocurrencies yet, in my country they do not understand what blockchain technology is so they have classified all the cryptocurrencies as illegal, they think bitcoin is same as onecoin.lol

[longergou]

No, I think the government or banks should not participate in independent cryptocurrencies. They can have their own coins but cannot interfere with the original coins. I don't think they will consider your personal problems. When they collect taxes, I think the cryptocurrency will lose the market.

[kingdomofhearts]

As long we are talking about small amounts i don't think it's a problem....

if you have big amounts to convert i think you consult a accountant.

Why would you do that? The government has no involvement whatsoever in the transaction. Everything is purely digital and you earned your money on yourself. Not like you set up an office and the government allowed you to do business or something.

[Coinredd]

I earned a little in crypto. I think that the tax office have not interested in me. When earnings become significant, it is possible that the relevant laws will be enacted and I will know what to do.

[susankhardman]

Only if you are an American citizen. In most other countries there is no any reglementations about it. You need to check the laws of your country about the taxes.

[Jednopivo]

Depends on the country you reside in and what that country's tax laws are. But it's definitely worth looking into, especially for large amounts.

[criptoman83]

In my country, the cryptocurrency is not normally regulated yet and there are no clear conditions for it. Therefore, it is not possible to pay taxes yet. According to our law, if you get an income this year, you have to pay 13% tax. But if you get a loss next year, no one will compensate you.
In such circumstances, nobody wants to pay taxes at all.

[tekinekan98]

I don't pay taxes on the earnings on the cryptocurrency. In my country, the authorities have not come up with a tool that will allow to regulate cryptocurrencies. Perhaps soon will come into force new laws, but judging by the current situation in the market, taxes to pay nothing.

[DaryaDancova]

Here a lot depends on the amount you transfer to fiat and for which you want to pay tax. In our country now this is not completely thought out, so I think that now very few people are required to pay taxes from the cryptocurrency.

[blindminer]

The thread starters question is from february but still there are people answering to it...I hope for the threadstarter he cashed out in the meantime otherwise he won't need any services that determine how much tax to pay as there are no more profits left.

[rdelaney88]

Open an account in Portugal or Slovenia, withdraw into that account (these countries don't pay tax on crypto). Also look into a Revolut card

[ngocminh01101]

I would if I had some decent profit to declare and all that LOL. Yes, it is better to declare your profits, it is just not  good idea to risk being caught at least where I live.