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Fastpow (OP)
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September 11, 2018, 07:22:06 AM |
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I'd like to start trading, but what happens when you get profit from a new coin? you pay taxes as individual (like capital gain) or you must open a registered company?
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bitChipper
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September 11, 2018, 03:40:32 PM |
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I'd like to start trading, but what happens when you get profit from a new coin? you pay taxes as individual (like capital gain) or you must open a registered company?
You don't have to be a registered company, but there can be advantages if you are. For example mining coin can be taxed as income and have tax benefits if you are a company because you can write off a ton of expenses like electricity cost or cost of equipment ect. When it comes to trading the question to your answer can be pretty broad, if you are serious about trading you should do some research first and be prepared. When you make profit it will be considered capital gains, either long or short. Long term is more than 2 years (I think) and short term is less than that. Long term capital gains is like %10 on only your gains. Short term is more, I think 20%. It will also depends on your country, in the USA we are expected to pay taxes on crypto to crypto trades, so you should definitely keep good track of all your trades. If I were you I would skim through this reddit post, there is a lot of good information in there: https://www.reddit.com/r/CryptoCurrency/comments/7nzqky/2017_taxes_we_need_to_get_serious/ |
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Handsome Boy
Copper Member
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I ❤ ₿itcoin and Ethereum
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September 11, 2018, 03:47:19 PM |
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if I personally do not pay taxes from my trading income, because I think trading is still illegal in my country so there is no reason for me to pay taxes.
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Docnaster
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September 11, 2018, 04:02:08 PM |
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Cryptocurrency traders are usually only required to pay taxes on their profits, however it is quite difficult to track how much profit these people are earning, therefore there is a lot of scope for underestimation of tax owed, whether intentional or otherwise. However, a lot of exchange actually report directly to the IRS, so it might not be long until they get an unpleasant surprise.
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charlotte04
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September 11, 2018, 04:19:03 PM |
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I'd like to start trading, but what happens when you get profit from a new coin? you pay taxes as individual (like capital gain) or you must open a registered company?
You don't want anyone to ask you for taxes for your trading since you can obviously lose sometimes. But I know that trading platforms do pay taxes and those platforms costs you fees for taxes. |
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Coingram
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September 11, 2018, 04:42:48 PM |
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I think it depends on tax legislation of their citizenship. In Belarus for example, crypto is out tax, you dont need to pay taxes and your can have mining firm - no taxes
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Skroojee
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Activity: 434
Merit: 10
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September 12, 2018, 11:52:14 AM |
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It all depends on the country in which you live. Personally, I can trade as much as I want and will not pay taxes, but at the same time the tax will have questions to me if I withdraw too much money on the cards.
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iancortis
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September 12, 2018, 03:50:39 PM |
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It all depends on the country in which you live. Personally, I can trade as much as I want and will not pay taxes, but at the same time the tax will have questions to me if I withdraw too much money on the cards.
yeah thats, right. depending their systems if they had a lot of regulations. but here in my county all traders here i think is freely do what they want and not paying taxes at this time. maybe soon. not sure! |
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Tallay
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September 14, 2018, 05:08:17 PM |
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I believe it relies upon impose enactment of their citizenship. In Belarus for instance, crypto is out duty you don’t need to pay assessments and your can have mining firm no expenses
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Xeonhp
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September 14, 2018, 05:15:33 PM |
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I'd like to start trading, but what happens when you get profit from a new coin? you pay taxes as individual (like capital gain) or you must open a registered company?
My friend does not have to pay taxes for doing trader. That's why so many people in my country do that. But the risk of doing trader is very high, we should find out before participating. |
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Upercusa
Newbie
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Activity: 56
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September 14, 2018, 05:25:56 PM |
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It depends on the country. Many of them are going to impose taxes on mining, trading and so on.
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btCHOOop
Newbie
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Merit: 0
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September 14, 2018, 05:46:57 PM |
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You don't have to be a registered company, but there can be advantages if you are. other hand crypto trader are pay their tax based on their income. but it is more difficult to track income.
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bit-freedom
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September 14, 2018, 05:59:26 PM |
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Different countries have different tax treatment for income from crypto trading. Do you mind disclosing your resident country? If not, I suggest you to check your local tax rules.
I believe both individual and company are allowed to trade crypto. You can compare the taxes for both of them and use the one that bring you more benefits.
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Muhammad Muneeb
Full Member
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📱 CARTESI 📱 INFRASTRUCTURE FOR DAP
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September 14, 2018, 06:12:02 PM |
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I'd like to start trading, but what happens when you get profit from a new coin? you pay taxes as individual (like capital gain) or you must open a registered company?
the treatment will be different in every country. it should treat under the other incomes and the relevent tax rate for the other incomes should be applied to btc gains |
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Wittycoin
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September 14, 2018, 06:16:05 PM |
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I'd like to start trading, but what happens when you get profit from a new coin? you pay taxes as individual (like capital gain) or you must open a registered company?
Cryptocurrency is decentralized and whatever gain or profit you may have, you are not obliged to pay tax. You can enjoy all your profit on cryptocurrency because it is tax free. |
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Walero
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September 14, 2018, 06:43:27 PM |
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Since I have been trading i have never for one pay tax because nobody knows when I do my transaction and how I did it. That is the decentralized aspect of crypto currency. Then you don't need to register a company to start trading unless you want to own an exchange.
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sotovid
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“The Premier Digital Asset Management Ecosystem”
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September 14, 2018, 07:01:11 PM |
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I think paying taxes is worth it, if you earn so much money that this tax will not affect your capital. And beginners should not, still you or anyone will not track.
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Asmh85
Jr. Member
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Activity: 182
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September 14, 2018, 07:07:49 PM |
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It depends on where you are and how do you want to act, in Europe the tax is high but you are still have others way to sell your profits hand to hand or any other possible way.
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Sylvial
Jr. Member
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Activity: 182
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September 14, 2018, 07:20:40 PM |
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In my country cryptocurrencies are not considered legal, so tons of traders around here are on a holiday as they don't get taxed. But there are indications this might happen soon as Remitano froze user accounts citing orders by the FIRS to start taxing crypto trading.
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krystaltoken
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Activity: 555
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September 15, 2018, 10:23:54 PM |
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Well Cryptocurrency is decentralized and mobile in nature, whatever profit you make no one takes notice. But on the other hand, Traders rely on exchangers and internet providers who charge them for services and in turn pay taxes to the government. You get profit from a new coin and you pay taxes as individual. This indirectly traders pay income taxes.
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