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Author Topic: Cryptocurrency and taxes, cash out  (Read 57 times)
Polo7
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September 11, 2019, 08:18:17 PM
 #1

Some Exchangers have limits per month,
Some have slow process like 2 days!


What is the best way to cash out?  And how about taxes?   If my bank account will Receive Some random ammounts funds from cryptocurrency dealing companies... Like a this is not clear to me.



How do i Even declare the cryptocurrency income?


But how is best way tax free?  Should i use just other accounts?  But then i have to give % to them... So it will be best to just paying taxes?
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September 11, 2019, 10:29:30 PM
 #2

Some Exchangers have limits per month,
Some have slow process like 2 days!


What is the best way to cash out?  And how about taxes?   If my bank account will Receive Some random ammounts funds from cryptocurrency dealing companies... Like a this is not clear to me.



How do i Even declare the cryptocurrency income?


But how is best way tax free?  Should i use just other accounts?  But then i have to give % to them... So it will be best to just paying taxes?



As i know only United State IRS already implementing crypto taxes, they make make letter to the coinbase and bittrex user if Im not wrong both exchange are forcing to sent all their users the identity of the through kyc indentity to get collect taxes from the crypto currency holders.
But I am not sure for the other exchange and other country how collect taxes from the crypto and I already nothing heard news about that scenario. In my country crypto is legal under AML from central bank, I think government they collect taxes form the local exchange.

semobo
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September 12, 2019, 10:57:46 AM
 #3

Some Exchangers have limits per month,
Some have slow process like 2 days!


What is the best way to cash out?  And how about taxes?   If my bank account will Receive Some random ammounts funds from cryptocurrency dealing companies... Like a this is not clear to me.



How do i Even declare the cryptocurrency income?


But how is best way tax free?  Should i use just other accounts?  But then i have to give % to them... So it will be best to just paying taxes?
If you receive funds from regulated exchanges then it will be taxed as per the taxation system of your country or if your country doesn't regulate the crypto yet then it will just fall under the income tax and also you can include the source of money from the exchange reports.

Polo7
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September 12, 2019, 12:37:44 PM
 #4

Some Exchangers have limits per month,
Some have slow process like 2 days!


What is the best way to cash out?  And how about taxes?   If my bank account will Receive Some random ammounts funds from cryptocurrency dealing companies... Like a this is not clear to me.



How do i Even declare the cryptocurrency income?


But how is best way tax free?  Should i use just other accounts?  But then i have to give % to them... So it will be best to just paying taxes?
If you receive funds from regulated exchanges then it will be taxed as per the taxation system of your country or if your country doesn't regulate the crypto yet then it will just fall under the income tax and also you can include the source of money from the exchange reports.



What ammount is tax free?
semobo
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September 12, 2019, 12:40:15 PM
 #5

What ammount is tax free?
Depends on where you are living!

Polo7
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September 12, 2019, 02:34:24 PM
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What ammount is tax free?
Depends on where you are living!



Im in Europe Finland and Uk
semobo
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September 12, 2019, 02:38:52 PM
 #7

Im in Europe Finland and Uk
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Bitcoin gains are taxed as capital income in Finland. They are treated the same way as dividens, rent or other similar income - labour taxation is a separate item.

Profits from Bitcoin trading become subject to income when they are traded into currency such as Euro or dollars, or alternatively when products are bought using the virtual cryptocurrencies. The tax percentage for capital income in Finland is 30% (in 2018) for sums under 30,000 euro and 34% in excess.

Tax will only need to be paid for the profits (cost-benefit) part of online Bitcoin trading. Citizens are expect to report their capital income in the annual tax filing. Before tax year 2017 unreported taxes were not collected, but now the tax authorities are employing technologies to match bank transfers and Bitcoin transactions.

This means the due amount can be collected as back taxes. In addition to trading with cryptocurrencies mining activities are also subject to taxes. Mining is seen as work requiring effort, and it is taxed like income from employment. Bitcoin mining is thus taxed using the progressive income tax.

Source: https://metropolitan.fi/page/bitcoin-cryptocurrency-tax-in-finland

For further details about how much tax was imposed on capital gains you need to google it.

Polo7
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September 12, 2019, 05:44:21 PM
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Im in Europe Finland and Uk
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Bitcoin gains are taxed as capital income in Finland. They are treated the same way as dividens, rent or other similar income - labour taxation is a separate item.

Profits from Bitcoin trading become subject to income when they are traded into currency such as Euro or dollars, or alternatively when products are bought using the virtual cryptocurrencies. The tax percentage for capital income in Finland is 30% (in 2018) for sums under 30,000 euro and 34% in excess.

Tax will only need to be paid for the profits (cost-benefit) part of online Bitcoin trading. Citizens are expect to report their capital income in the annual tax filing. Before tax year 2017 unreported taxes were not collected, but now the tax authorities are employing technologies to match bank transfers and Bitcoin transactions.

This means the due amount can be collected as back taxes. In addition to trading with cryptocurrencies mining activities are also subject to taxes. Mining is seen as work requiring effort, and it is taxed like income from employment. Bitcoin mining is thus taxed using the progressive income tax.

Source: https://metropolitan.fi/page/bitcoin-cryptocurrency-tax-in-finland

For further details about how much tax was imposed on capital gains you need to google it.



Wich is best Country to cash out cryptocurrency?
boyptc
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September 12, 2019, 07:09:33 PM
 #9

Where do you live? the rule will depend on your jurisdiction and the best way to know about taxation is to go directly to your tax bureau. They will be the one to explain how you will be taxed if there's no clear taxation about cryptocurrency in your country.

It's best for you if you will hear it from them.

Polo7
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September 12, 2019, 07:13:24 PM
 #10

Where do you live? the rule will depend on your jurisdiction and the best way to know about taxation is to go directly to your tax bureau. They will be the one to explain how you will be taxed if there's no clear taxation about cryptocurrency in your country.

It's best for you if you will hear it from them.


How is in Uk?
I heared that  Uk is Good Country for your money matters Uk is Good Place to cash out, I might be Wrong but That's i heared
boyptc
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September 12, 2019, 08:02:12 PM
 #11

How is in Uk?
I heared that  Uk is Good Country for your money matters Uk is Good Place to cash out, I might be Wrong but That's i heared
I'm not from there so I don't have anything to say about them but I've seen discussions like this before on Legal.

You may want to continue this thread on that section --> https://bitcointalk.org/index.php?board=74.0

semobo
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September 13, 2019, 05:02:31 AM
 #12

Im in Europe Finland and Uk
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Bitcoin gains are taxed as capital income in Finland. They are treated the same way as dividens, rent or other similar income - labour taxation is a separate item.

Profits from Bitcoin trading become subject to income when they are traded into currency such as Euro or dollars, or alternatively when products are bought using the virtual cryptocurrencies. The tax percentage for capital income in Finland is 30% (in 2018) for sums under 30,000 euro and 34% in excess.

Tax will only need to be paid for the profits (cost-benefit) part of online Bitcoin trading. Citizens are expect to report their capital income in the annual tax filing. Before tax year 2017 unreported taxes were not collected, but now the tax authorities are employing technologies to match bank transfers and Bitcoin transactions.

This means the due amount can be collected as back taxes. In addition to trading with cryptocurrencies mining activities are also subject to taxes. Mining is seen as work requiring effort, and it is taxed like income from employment. Bitcoin mining is thus taxed using the progressive income tax.

Source: https://metropolitan.fi/page/bitcoin-cryptocurrency-tax-in-finland

For further details about how much tax was imposed on capital gains you need to google it.



Wich is best Country to cash out cryptocurrency?

You can't simply cashout in any country? You are supposed to have a bank account in that country to cashout.

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September 13, 2019, 07:04:48 AM
 #13


You can't simply cashout in any country? You are supposed to have a bank account in that country to cashout.

You can transfer your funds to a core wallet, and then sell the Bitcoin for cash with a P2P transfer. Alternatively, just buy a car, and sell that for cash.

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