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Author Topic: crypto earnings  (Read 711 times)
rantastic4
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March 04, 2018, 08:49:42 AM
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guys how to get around local tax laws and convert crypto earnings into legal fiat?
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March 04, 2018, 09:02:49 AM
 #2

It is the subject matter of your jurisdiction if Bitcoin is not illegal in your country then you can definitely convert your Crypto to fiat currency and paid tax as per the law. In my country, Bitcoin is not illegal but still, it is not even legal too so in such case we have to show our crypto earnings as income from other sources and pay 30% tax on the same. I would recommend you to research the law in your jurisdiction and if possible also consult the legal expert in this case.
Silentsweeper
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March 04, 2018, 09:41:18 AM
 #3

In my opinion, Bitcoin/cryptos should not be taxed because we already buy cryptos with our hard-earned money which is already taxed in our respective countries
But some countries are really confused on whether to consider Bitcoin/cryptos as a commodity, currency, or an asset.
There are bitcoin taxes in different countries.(like GST, VAT, Service Tax, CGT (Capital Gains Tax)
Denmark is undoubtedly one of the most friendly Bitcoin/crypto countries in the world.
In Denmark Bitcoin/crypto trades are not taxed, and your capital gains on BTC are tax exempted under the light of this Danish rule.
In Singapore Bitcoin is neither considered a currency nor a commodity.
silverstar43
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March 04, 2018, 09:44:04 AM
 #4

Tax laws and regulations differ so you will need to be more specific on your location.
Try looking for local CPA that understand how file.
https://bitcoin.tax/cpa is the first site to pop up, but there are plenty of sites now.

Tonestra
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March 04, 2018, 09:45:11 AM
 #5

This is a new issue really. But I suggest that all crypto investors should pay their taxes. It helps the regulators believe that we all have a future together.
Bytem3
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March 04, 2018, 09:45:50 AM
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Depends on the country you live in. For example, in Slovenia there's no tax on trading. So if you bought Bitcoin for $500 and sold at $1000, you don't pay any tax. But if you mined those bitcoins then you pay tax. For example, Croatia has fixed 12% on any crypto earnings, which is pretty cool Wink

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aoluain
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March 04, 2018, 09:50:39 AM
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This is something I have not researched fully in my country (ireland). I have a
vague recollection that I am able to 'earn' a certain amount before having to
pay tax but as for earnings from investments IDK.

The argument that our wages are taxed already and we shouldnt have to pay
further taxes doesnt wash because everything else we buy is taxed also.

To date I have liquidated some crypto out of necessity and not paid tax.
If its small amounts I recon it is safe to declare nothing.


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bobrova
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March 04, 2018, 09:57:07 AM
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Depends on the country you live in. For example, in Slovenia there's no tax on trading. So if you bought Bitcoin for $500 and sold at $1000, you don't pay any tax. But if you mined those bitcoins then you pay tax. For example, Croatia has fixed 12% on any crypto earnings, which is pretty cool Wink

So any person from Slovenia who is interested to mine some bitcoins should make the set up in another country. I noticed a celebrity in a neighboring country doing this and was not able to understand the reason behind it. Later I found that the tax regulations were not strict in that country. He had to set up a company there though for this but that investment is worth it as this is a long term investment. Another problem that he might had to face in his own country was that electricity is not available 24 hours. A generator may be arranged for this but it will be very costly.
desi92
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March 04, 2018, 10:01:35 AM
 #9

It is the subject matter of your jurisdiction if Bitcoin is not illegal in your country then you can definitely convert your Crypto to fiat currency and paid tax as per the law. In my country, Bitcoin is not illegal but still, it is not even legal too so in such case we have to show our crypto earnings as income from other sources and pay 30% tax on the same. I would recommend you to research the law in your jurisdiction and if possible also consult the legal expert in this case.

Every country and sometime every state has different law regarding bitcoin so my country law would be very different with yours there.
Try to read more news about your country law and try to search the idea to convert bitcoin into fiat after that.
paul00
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March 04, 2018, 10:02:39 AM
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I think there is no such way for us to avoid local taxes imposed for our earnings in bitcoin. Whether Bitcoin is legal or illegal in your country, taxes impose in the country would still prevail on transactions. I think it's either the website or the personal account would shoulder this cost
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March 04, 2018, 10:07:11 AM
 #11

If by some chance Bitcoin is illegal in your country then you can try getting a Free Payoneer account which includes a Debit card linked to a US bank account.

You can then sell your BTC on an exchange of your choice or even localbitcoin.com and withdraw to your Payoneer account. Your Payoneer debit card can be used at most ATM's around the world

It may not be a perfect solution to avoid paying taxes but it will keep you relatively under the radar in your country UNLESS you are moving large volumes.
simple999
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March 04, 2018, 10:11:59 AM
 #12

I do not even know, an interesting question, just do not declare your income and that you are doing crypto-currencies! Or participate in exchanges where there is no need to verify the identity!
cryptorTUX
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March 04, 2018, 10:17:49 AM
 #13

guys how to get around local tax laws and convert crypto earnings into legal fiat?

Better try to find a lawyer in your country and ask him these questions. What I can tell you and other people here on forum might be totally irrelevant to your situation because we might live in totally different places on earth and thus different countries. Tax should be paid and it is good to see that you are not trying to evade this by opening some offshore or "laundering" money which you got from your investment. Contact people who should know this outside of this forum such as lawyers. Good luck mate!

I do not even know, an interesting question, just do not declare your income and that you are doing crypto-currencies! Or participate in exchanges where there is no need to verify the identity!
Bud try not to go around because we want to comply with laws and not evade them if we want countries to see crypto as something they can regulate at least some part of it. Not chase every human being who possesses some. This is an example why these talks shouldn't be on forum, many people don't understand much things about this world.
camport
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March 04, 2018, 10:32:37 AM
 #14

In the UK i believe you get around £11,000 tax free profit but any more and you need to pay Capital gains tax

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Ranly123
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March 04, 2018, 10:38:26 AM
 #15

guys how to get around local tax laws and convert crypto earnings into legal fiat?

If the government in your country regulates cryptocurrency then you will have no problem in changing your stock to fiat currency. all the while, if cryptocurrency is prohibited in your country, then that's the time you have to go through blockchain to change crypto to fiat for as long as you have the credit cards which accept crypto. You will have to go through some process in exchange to do that though like in coinbase.

neo444
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March 04, 2018, 11:18:05 AM
 #16

Visit bestchange.com and you can find an exchange site but make a comparison in their fee of transaction before
 
peter1
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March 04, 2018, 11:31:39 AM
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Cryptocurrencies are unregulated, with the exception of South Korea, which is backed by the country's exchanges, and exchanges in other countries are unregulated, so there is no tax issue.

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March 04, 2018, 11:40:31 AM
 #18

guys how to get around local tax laws and convert crypto earnings into legal fiat?

I live in Norway and went to ask in the local tax office how it works. The woman working there just looked confused when i tried to explain (she only heard about bitcoin before) and the conversation ended with that she said that basicly dont mention it until you have made more money out of it? But the rules are that it is taxed just like regular shares. My question was if I should pay tax for every transaction when changing between different coins or only when converted into fiat...

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mostkey
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March 04, 2018, 11:47:28 AM
 #19

guys how to get around local tax laws and convert crypto earnings into legal fiat?
actually it's easy to solve this problem. we live to register the results of our income to the taxation agency and register the job as IT or internet marketing. register the amount of monthly income so that we will still pay us even though the actual income through crypto
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March 04, 2018, 12:02:30 PM
 #20

guys how to get around local tax laws and convert crypto earnings into legal fiat?

Maybe the simplest way is to sold coins to someone directy,so you need to find buyer,meet with him and get cash in hand.On this way you will not pay any tax because there is no trace of any transaction.But this way of selling should always be carried out in public place and never take with you more then you agree to sell.

Another way is to buy something with crypto and then sell that for fiat to your friends,relatives-you get cash they get what they want.Although there are not too many sellers who accept crypto,you can find interesting stores just using Google search.

There is also ATMs option,but in this case you have to pay a fairly large fee on your transaction.

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