Cryptocurrency-related tax frauds

[iRespo]

I've read about a new initiative to fight tax crime and money laundering with cryptocurrency. What my obligations are regarding crypto investments? What is the risk?

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[nitrocryptonitro]

Well, it really depends on the country where you plan to declare your incomes.
Most of the countries haven't got any specific rules concerning crypto-currencies yet .
So if you have a lot to declare, you'd rather go and look for a good tax expert specialized in crypto-currencies.
And do not rely too much on what everybody says, only s specialist would be able to give you a precise answer.

[squatter]

It depends on your jurisdiction, your filing status, the amounts in question and other details. You might have more success asking on the Legal board. That's where most tax discussion takes place.

In most jurisdictions, you'll owe capital gains taxes on any trading/investment profits. For example: If you buy 1BTC at $1,000 and sell at $10,000 that's $9,000 in capital gains. That gets multiplied by your capital gains tax rate to determine your tax liability.

[MintDice]

As others have said, tax regulations are still not set in stone in many countries, not to mention the guidelines that are in place for some governments are still hard to decipher at times. Where are you located? The following article covers taxation policies for different European nations: https://medium.com/kriptomat-blog/cryptocurrency-taxation-policies-in-eu-member-countries-72664a67ded2

If you are located in the U.S. you can check out our blog post on crypto taxes: http://bit.ly/TaxSeasonCrypto

Hope this helps