Do traders pay income taxes?

[Wingo]

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 not regulated so there is no taxation in the income of traders. Also, it is difficult to tax because it is hard to track blockchain transactions and the identity of each wallet and the corresponding trader who uses it.

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[Kolikalex55]

In General, the cryptocurrency is anonymous and no one knows how much you received and how much money was withdrawn, but how much I know there is a tax in Australia.

[CryptoCoinArbitrage]

It depends of the tax regulation of each country  but traders should pay taxes on their profits at the end of each year.
Nothing can be said to be certain, except death and taxes.

[cescudero95]

If you are asking about US law (as defined by the IRS), then yes, technically any and all income should be reported and factor towards determining your taxable income.  If I hand you a dollar at the lunch table, technically you're supposed to report that as income, as defined by IRS rules.  Clearly, many traders and investors in cryptocurrency are likely not reporting realized gains, either out of naivety or conscious tax evasion.

[Daisuke]

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?

As far as I know there no tax here in crypto or i dont know but here in our country we dont haven taxes for crypto i dont know in some country

[astridwi]

I have never paid taxes directly because of the trade because there are no rules in our country yet, but I am sure the local exchange companies that we often use for exchanges and trade take fees for the activities we do either deposit or withdrawal and I am sure they pay taxes for exchange companies

[biznes35]

I guess not. All traders work in different residences and the company cannot keep track of all this. So either the trader pays or no one .

[aprilnot]

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?

in my country there are no regulations governing the tax on cryptocurrency. so no matter how much profit I get from Trading or mining I don't need to pay taxes. but the thing I don't like about this is that crypto doesn't have a clear status in my country.

[pinoyrichkids]

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?

Id like to state my reason, that in the laws of the land of a certain country, if it categorizes tax for crypto then its applicable to submit income tax, but here in my country Philippines, there was no laws that specifies income tax for crypto trading, hence the government is still in studies on how it could benefit in the economy, if it pushes.

[nambunamba]

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?

Yes i think in future there will be a complete regulations about profit that you gain from cryptocurrency, i believe there were several country that already have a tax for cryptocurrency for example japan. This news might give a picture about taxation of crypto gain in japan. https://cointelegraph.com/news/japanese-taxation-committee-seeks-to-simplify-cryptocurrency-tax-reporting

[79b79aa8d5047da6d3XX]

As far as I know if you are in Korea or Japan, you need to pay tax on crypto. And if you live in another country, you do not have to pay taxes. I have been trading for over a year and I have never had to pay any fees for my profit

[Dima95]

I think that the most of them try to avoid any taxes. However, i wouldn`t mind to pay taxes if they are around 5% of income.

[manbota]

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?

I believe that you need to pay taxes in the event that the country legalized cryptocurrency and provides clear conditions for the payment of taxes. But another question - today, only some countries have legalized cryptocurrencies, in the remaining cases, traders are forced to work without any legal norms.

[last7minutes]

Probably none of the traders cryptocurrency does not pay taxes because it is impossible to track , and I'm not a supporter of what we would pay taxes , it's just theft!

Personally, I trade infrequently and I do not pay any taxes for this activity although it is considered to be a kind of good business. I do not know any trader, who pays taxes, although I can guess that the guys exist in some European counties.

[JayCue]

I'm not yet sure if there is already a law regarding cryptocurrencies here in our country. I think there is no regulation yet but I know that time will come that the government will impose some laws in it since we are slowly adopting this technology.

[LoadingPage]

Probably none of the traders cryptocurrency does not pay taxes because it is impossible to track , and I'm not a supporter of what we would pay taxes , it's just theft!

Personally, I trade infrequently and I do not pay any taxes for this activity although it is considered to be a kind of good business. I do not know any trader, who pays taxes, although I can guess that the guys exist in some European counties.

maybe there are some traders who pay taxes but trade in real terms and have big shops, if at Crypto I don't think there is because in every country there are still those who have not been permitted and are not legal. maybe if permitted in each country, and the possibility of paying taxes is an opportunity.

[ipsec]

As far as I know companies brokers take on this task. When withdrawing money, they appeal to the Commission, part of which goes to pay taxes.

[ligerti]

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?

In each case, this decision depends on the tax requirements in a particular country. In my country, cryptocurrency is not legalized, so there are no legal rules governing the payment of taxes. But in fact, I will be very happy if in my country traders get the opportunity to legally work and pay taxes.

[rippar]

These taxes depend on county where trader lives in. For example, there are no taxes on crypto trading in Belarus, but Russia has this kind of taxes.

[Janevinex]

Well, I trade and do not pay taxes, the state does not help me to develop business and does not give anything in return , then why should I pay tax to the state ?)