Capital Gain Tax on Crypo

[p_xpto]

Hi All,

I read through multiple sources of information and it is mentioned we need to pay tax when you sell or trade crypto.

I believe that does not apply for when e.g. you buy BTC (or other) from USDT after buying this last with fiat?

Thanks in advance

[boyptc]

Where do you live?

Of course buying it won't have significant gains on you and that's why it's not yet taxed. But when the time comes and you're about to sell, there's the gain that you have to declare.

I'm also confused on this. But what if you have sold and you're in losses? Are you still going to provide some tax on it based on how much you've bought it since you're at loss?

Much better to consult an accountant on your area.

[Suzume]

I belong from Bangladesh and everyone aware with that cryptocurrency is illegal profession in our country. Those who are connected with it everone doing it secretly. That's the reason some time it's cost high to withdraw the earning and investment safely. They do besides business and other work show their income source. It's risky to do crypto in our country but it's has a bright future that's the reason we all are connected with it by taking risk.

[p_xpto]

I live in UK currently.

As I understand you can deduct your losses on crypto which should account for tax-free limit. Check koinly and blockpit, links below.

https://koinly.io/guides/hmrc-cryptocurrency-tax-guide/

https://blockpit.io/en/tax-guides/crypto-tax-uk-hmrc/

[boyptc]

I live in UK currently.

As I understand you can deduct your losses on crypto which should account for tax-free limit. Check koinly and blockpit, links below.

https://koinly.io/guides/hmrc-cryptocurrency-tax-guide/

https://blockpit.io/en/tax-guides/crypto-tax-uk-hmrc/

Not from there so I am not familiar with those taxation laws that the country is implementing. If these articles are telling the same thing, then that's all you have to do for you to obey.

Good for you that you're trying to educate yourself on doing this, while some are trying to avoid it.

[PrivacyG]

I belong from Bangladesh and everyone aware with that cryptocurrency is illegal profession in our country. Those who are connected with it everone doing it secretly.

Please make sure you are using Tor then.  I presume you do not want your country to find Internet logs of your identity talking about avoiding your Law.