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Author Topic: Taxes when many own the same wallet  (Read 787 times)
remotemass
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January 28, 2014, 11:29:04 PM
 #1

Does it change anything in terms of gains you have to declare for taxes when many people own the same wallet?
What about if these people that own the same wallet live under different jurisdictions?

Would be great there was a torrent file of all referenced materials of the paper: "How to Build Time-Lock Encryption" by Tibor Jager. And having its magnet link published on bitcoin blockchain!
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HairyMaclairy
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January 29, 2014, 12:45:59 AM
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Certainly makes things more complicated than they need to be.  You will need to allocate tax liability to the owners in proportion to their respective ownership.  Won't be easy if you have to price every coin for CGT purposes.
empoweoqwj
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January 29, 2014, 04:53:57 AM
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Does it change anything in terms of gains you have to declare for taxes when many people own the same wallet?
What about if these people that own the same wallet live under different jurisdictions?

You don't get taxed on "amount stored in wallet". You have to declare what you own personally. And whether you get taxed on those BTC depends entirely where you live on this lovely planet.
hilariousandco
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January 29, 2014, 05:45:53 PM
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Won't you only pay taxes if he sell crypto into fiat?

The person who gets the fiat pays the taxes?

Yeah, at least in the UK you only have to pay tax when you sell it.

Timerondsc
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March 04, 2014, 06:04:23 PM
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I don't quite understand how a few people can own the same wallet
bitcointaxes
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March 05, 2014, 12:12:48 AM
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Yeah, at least in the UK you only have to pay tax when you sell it.

This varies by country.

For instance, in the US you are due to pay CGT on a tax-event, which can be selling into fiat, trading into alt-coins or spending.

This is also true in the UK if your original intention was as an investment. It's a new and grey area, but you won't get a free CG ride for long.

OP: You will need to work out each person's coins and the coin's cost basis, and then you can calculate the gains when they are spent or sold. Until then, depending on your country, you don't need to do anything.

https://bitcoin.tax - calculate taxes for Bitcoin and digital-currencies
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