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Author Topic: Does money you have in the form of bitcoin need to be declared for debt IVA?  (Read 57 times)
SQuincy
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October 22, 2020, 11:25:56 AM
 #1

Hi all,
I have some money in the form of bitcoin and I'm working with an IVA advisor currently to sort out a repayment plan to pay off my debts. I cant seem to find an answer on their website about whether I need to declare income from bitcoin? I don't want to have to pay more monthly, than I can afford, so can I just declare my salary? Has anyone else had experience of this? Any advice is appreciated. Thank you
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mich
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October 22, 2020, 11:59:21 AM
 #2

Hi all,
I have some money in the form of bitcoin and I'm working with an IVA advisor currently to sort out a repayment plan to pay off my debts. I cant seem to find an answer on their website about whether I need to declare income from bitcoin? I don't want to have to pay more monthly, than I can afford, so can I just declare my salary? Has anyone else had experience of this? Any advice is appreciated. Thank you

If this is a creditor company you are asking about then you should let them know of you Bitcoin in your possession.

The last thing you are going to want if for the Government to find out and then you could owe fines for not being honest.

Hope things work out for you in this manner.



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peter0425
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October 22, 2020, 12:43:23 PM
 #3

Hi all,
I have some money in the form of bitcoin and I'm working with an IVA advisor currently to sort out a repayment plan to pay off my debts. I cant seem to find an answer on their website about whether I need to declare income from bitcoin? I don't want to have to pay more monthly, than I can afford, so can I just declare my salary? Has anyone else had experience of this? Any advice is appreciated. Thank you
obviously you created that account and this thread to Promote that Site ,and nothing is serious about your question.
Nice trying but most of us are not use in clicking links coming from an obvious account that create just to put a thread and give links.

semobo
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October 23, 2020, 06:35:18 AM
 #4

Hi all,
I have some money in the form of bitcoin and I'm working with an IVA advisor currently to sort out a repayment plan to pay off my debts. I cant seem to find an answer on their website about whether I need to declare income from bitcoin? I don't want to have to pay more monthly, than I can afford, so can I just declare my salary? Has anyone else had experience of this? Any advice is appreciated. Thank you
If you are getting the salary in bitcoin and repaying them also in the form of bitcoin then you don't have to report anything but if it is in the form of fiat banking transactions then obviously you should report it and it depends on your country where you are living.

SQuincy
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October 23, 2020, 10:37:06 AM
 #5

Hi all,
I have some money in the form of bitcoin and I'm working with an IVA advisor currently to sort out a repayment plan to pay off my debts. I cant seem to find an answer on their website about whether I need to declare income from bitcoin? I don't want to have to pay more monthly, than I can afford, so can I just declare my salary? Has anyone else had experience of this? Any advice is appreciated. Thank you

If this is a creditor company you are asking about then you should let them know of you Bitcoin in your possession.

The last thing you are going to want if for the Government to find out and then you could owe fines for not being honest.

Hope things work out for you in this manner.



Okay, thank you, I really wasn't sure, but better safe than sorry I suppose, I didn't know if bitcoin would count as an actual asset
SQuincy
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October 23, 2020, 10:45:14 AM
 #6

Hi Peter, Sorry if it seemed like that, I am genuinely having this issue and wanted to ask people that knew about bitcoin, as thought others may have had a similar issue  Huh

Hi semobo, No my salary is from my job, its separate from the bitcoin, and I'm in the UK. I will just tell them, I don't want a fine like mich said or to make my finances worse in anyway

Thanks for the advice all
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