Do traders pay income taxes?

[tadpole_bitfrog]

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?

that is perfectly possible. Because trading and making money on the Crypto market is considered a form of business and the employer will have to pay taxes. That is a must, but we need to be protected by law. I do not want to have more scams in this market anymore.

[kidbounty]

I myself have never paid taxes on profits that I get from trading, mining and others, because there are no rules governing it all. in my country there is no regulation that regulates everything on cryptocurrency. but even though there is no regulation but crypto is not illegal.

[Cactushrt]

Im trading also coins especially new ones i gain profits and i never pay taxes because they cant also track my income.

[rippar]

It depends on a country the trader live in. Some countries like USA have taxes on income, but in Belarus there are no taxes on the crypto income.

[coinpedia240]

As a trader I don’t pay taxes for trading income its not necessary. If it needed you have to pay but you don’t need a registered company if you have you can get some advance advantages.

[Utyg]

I think such a tax would have taken root in countries such as Switzerland. Since not one respectful trader does not want to give his earned tokens. There is no such tax in Russia. Then, therefore, why pay.

[cryptoVinc5599]

It is depending on your country tax legislation. some country have to pay taxes and in some country it is out of taxes.So it is depending, which country are you from.

[cryptofan999]

This is totally depending which country are you from.Some country, according to their legislation on taxe, just accept income taxes. So you just have to pay income taxes.In crypto market you are anonymous, How govt will find you out.

[cryptoking963]

Many exchange platform used give taxes from the benefit but don't know the which protocol they maintain. But there are some confusion bitween tax and crypto. But if goverment stand with crypto then there will be a easy regulation of tax with crypto.

[buharikx31]

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?

It depends on a country where you living for example in country we dont have any kind of regulation for people who's earning from cryptocurrency trading.And there is no real way to monitor activity of people who are trading tokens for your currency because they came from other people just like a money transaction, there is no possible way to look for this trades from the side of goverment

[cryptoVinc5599]

Taxe is responsibility for every citizen. So if there are any regulation about crypto tax then everyone need to pay tax for their profit.

[christofyler]

I can't really say they pay tax.... Traders only pay for transaction fee but maybe when regulation of ICO come in tax may then be involve.... That why we have to bear the risk involve since no one is controlling the transactions.

[GmBoom]

I don't think that is necessary as long as you make a single account to make good trades. You already pay for the use of the exchange because the exchange will negate your funds a very small percent when you are doing a trade, buy, and sell and making withdrawals.

[tee-rex]

This is totally depending which country are you from.Some country, according to their legislation on taxe, just accept income taxes. So you just have to pay income taxes.In crypto market you are anonymous, How govt will find you out.

That wouldn't be difficult provided there is an intention to do so. Quite naturally, if you are earning just enough to provide for a living and not the one like that of a millionaire, it is not very likely the tax authorities will be interested in the source of your income, though your mileage may vary. But if it is measured in the range of millions, they may get interested, then you have to answer some questions asked and you'd better have the required taxes paid to get off cheap and unscathed. They can easily find out when you decide to cash out as all big transactions are recorded and then thoroughly analyzed for money laundering and similar criminal activities.

[ImSuparmin]

I have no idea what taxes are in the crypto world, and I want to know that, can you explain to me what is tax? What is tax income? and how can I do it?

[bolbau]

for now, as long as I do crypto trading there has never been an individual tax deduction that I received. in the context of my country (Indonesia) I feel the tax burden has been made when we make money withdrawals and trade in the local crypto market. tax costs are calculated along with the fees set by the crypto market, later they will pay taxes to the government on behalf of the company. I think this is one of the things that keeps the government from issuing negative issues related to crypto, they want to make a profit, they want individual income tax, but they have not yet got the right regulations and rules related to it.

[Cryptolord_ng]

In my country, government are not really into cryptocurrency and we don't pay tax individually but I still belief that I pay tax so far I pay some % for trading on exchange and the exchange is paying tax, definitely I'm also paying tax

[Ulya63]

Well, in my a country there are no such laws to pay for trading cryptocurrency. Even if there were not many people would agree to pay such a huge amount for it. In the world of cryptocurrency today, you have money, but tomorrow you don’t have it, and then no one will be able to prove the opposite. Then it turns out no one will know that you have money if you are trading on the exchanges where kyc is not required then why pay.

[Noizebtc]

I do not think that many traders pay taxes on their profits. Firstly it is very difficult to track down and in General how they will know how much the trader really earned money this year. Fuck them.

[maaldaz]

I don't really sure about that, if we done it personally without getting listed in any company, i think it won't be necessary for it. except if even though we are working alone but count as a small company, then we need to pay an income tax.