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/biz/ - Business & Finance

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13202837 No.13202837 [Reply] [Original]

>41% tax on any crypto profit unless you kept them for a year
that's why I will never get into this shit

>> No.13202857

what does kept them for a year even mean? I kept all my money in crypto. I only made trades and didn't cashout to usd. does that count?

>> No.13202908

>>13202857
>kept them for a year
To encourage long term investing/saving, which is seen as better than mere trading, many countries offer lower tax rates to people who only sell things (for a profit) more than a year after buying. Usually "daytrading" (i.e. selling after less than a year) implies it's your job and is taxed the same as ordinary income.

>I only made trades
Depending on your country/tax authority, that counts as "selling" one crypto and buying another. That means you need to pay taxes for the sale during that tax year and also resets the "hold for a year" counter on the newly bought thing.

>> No.13202909

>>13202857
no

>> No.13202917

>>13202908
>>13202909
wtf thats fucked I refuse to pay!

>> No.13202942

>>13202837
What are you, some rich dude in California?

>>13202917
Well unless you're in Monero, the blockchains recording all your transactions are publicly available. Your tax collector can download a copy, see your trades, and then just needs to ask the exchange you used for identifying details.

>> No.13202947
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13202947

>>13202837
>become a multi-millionaire
>tether up for 365 days during the next bear market
>cash out to USD on the 366th day

>> No.13202965

>>13202942
Germany

>> No.13203022

>>13202965
No you're not, you're in Malta. You've been in Malta all your life. I've never even heard of Germany. Who mentioned Germany?

https://www.reddit.com/r/Stellar/comments/7o8qtd/malta_no_tax_on_crypto_eu_citizen_after_183_days/

My favorite things about Malta are its nice weather and low taxes.

>> No.13203094

>>13202837
>reporting crypto trades for taxes
never fren

>> No.13203150
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13203150

>>13202837
It's not too late to get into LINK. It will be at least another year out before it really explodes, still cheap.

>> No.13203386

>>13202965
Du verstehst die Gesetzeslage falsch. Du kannst die Steuern für einzelne Transaktionen nie umgehen, lediglich die für den Gewinn der durch Wertsteigerung entsteht, und auch das nur dann wenn die für FIAT kaufst und verkaufst.

>> No.13203483

>>13203386
Is it right that in Germany you have to pay taxes after making 600 euro profit with coins held less than one year, and no taxes if you held them for more than one year?
Does "holding" mean no transactions at all or can it still be traded on exchanges?

>> No.13203510

>>13203483
The only way it works is like this: Buy crypto for FIAT -> hold 1 year+ -> sell crypto for FIAT. Literally any other action voids it.

>> No.13203534

>>13202837
>trade
>"cash out" in USDT
>wait one year to convert USDT to fiat
Would that work?

>> No.13203560

>>13202947
oh so you just lost 20% for no reason? genius

>> No.13203561

>>13203534
how bout read the entire thread before replying with something someone else already said nig?
>>13202947

>> No.13203564

>>13202837
good thing tether is a crypto :)

>> No.13203611

>>13203561
>I have time to read your homosexual posts
Anyway do you confirm that's doable?

>> No.13203675

>>13203561
His suggestion doesn't work though. Holding one year does not magically remove any of the taxes you need to pay for transactions you've already taken, it just prevents you from having to pay taxes for the increased value of the asset that you're holding.

>> No.13204259
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13204259

>paying taxes
Lol if you’re smart you don’t have to. Fuck the Jews

>> No.13204524
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13204524

>these niggers don't even know how taxes work
WEW

>> No.13204622
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13204622

Thats why u use crypto to buy Gold and then Sell it for cash ;)

>> No.13204690

>>13202947
>hurrrrrrrrrrrrrrr
crypto to crypto is taxable. this includes pretty much any trade.
also in the us long term gains are taxable after a certain tax bracket

>> No.13204762

taxation is theft just avoid it.