crypto tax

[Anonymous No.17198805]

how is taxation on crypto in your country? if/when you cash out to fiat
I was looking into crypto during the last boom, was it 2018? but completely lost interest after I learned how pozzed the Swedish taxation is with having to declare every single trade you make between coins and taxed out the ass in the end which can either leave you in tax debt and pozz your life (like that one guy) even if you made 0 literal gains or just don't earn anything from your trades at all in the end if you made too many trades even though it looked good. it's bad enough having a flat tax when you cash out but that... lol
it was only good here in the early days before taxation of crypto and guys cashed out on bitcoin early

so what do you do with your earnings, do you just go full scam dodge taxes and escape to some shitty country and cash out there or what are the rules in your country?

[Anonymous No.17199259]

>>17198805

EU here, we get taxed for gains and can't deduct losses so I just don't report anything because the fines are cheaper.

[Anonymous No.17199284]

>>17199259
there is always a threshold where it becomes a proper crime with jailtime, anon
Don't do this unless you are playing with $500 lunch money

[Anonymous No.17199345]

>>17199259
Canadian here, we get taxed on 50% of our capital gains and then if you’re in the top tax brackets you pay around 40–50% so effectively you pay like 25% on your gains.

[Anonymous No.17199346]

>>17198805
I don't bother bc who's got time for all that shit? Instead I'm waiting until I hit 2m then I'll cash out juuuuust enough to pay the tax on it here and move to Portugal. Then I'll cash out the rest tax free

[Anonymous No.17199477]

>>17199346
How does this work? Could I “move” to Portugal for like a month and then come back to Canada? I have Pork chop citizenship. If I do well enough I might just move permanently and get a cutie rural trad poverty-stricken catholic waifu.

t. Portuguese-Canadian

[Anonymous No.17199634]

>>17199477
>>17199477
lol didn't realised you porked too

tbhfamalam I'm not sure exactly how it works now, I'm pretty sure before brexit I could move there no questions asked. I'm pretty sure that it means renting a place, getting a utility paid then telling HMRC/ Canada Revenue to fuck off using evidence of life there. What I do know is that if the tax on 2m mad gainz would be 500k, then it's got to be worth spending 50k (even 490k!) doing Whatever It Takes

[Anonymous No.17199659]

>>17199259
not like eu has the same taxation laws across all countries

>>17199284
read one story about a swede who pozzed his life and got lifetime unpayable debt from taxes that just keeps growing

>>17199346
why cash out to pay anything at all then and not just cash out in another country in the first place?

again the taxation here completely ruined any faith I have in crypto too dodgy laws, the tax office didn't even know what to do themselves for the longest time don't know if they still do or have improved anything

fuck skatteverket :^)

[Anonymous No.17199748]

This is you will never make it. Worry about making money first before paying taxes.

[Anonymous No.17199823]

>>17199748
taxes are directly intertwined with making money you larping cuck. what good is it if i can't cash out and get indebted for life because my country fucked me in the ass?
ofcourse I need an exit plan to cash out before shitcoins crashes

for now it seems better to speculate on actual stonks and trade there where I would have full control on taxes from the get go and not this pozzed shit
so why would I invest in shitcoins then

[Anonymous No.17200125]

>>17199823
Once you make enough money, you hire an accountant. You're literally worrying about a problem that doesn't exist right now. This is the mentality of somebody who will not make it.

[Anonymous No.17200222]

>netherlands.
None
It is counted as holding or trading valuta

[Anonymous No.17200245]

>>17199259
>EU here, we get taxed for gains and can't deduct losses
Not in my country (which is unfortunately EU).

[Anonymous No.17200294]

Burger here.

I used TurboTax and luckily last year had fewer than 200 transactions, which means I could use CoinTracker for free to generate a capital gains CSV (luckily, I was already using Cointracker). Was very easy.

However with >200 transactions (probably the
case for me this year) there is extra cost & I believe you have to use the TurboTax desktop software instead of the web client.

I hate the fact that I pay taxes on my crypto but as a pragmatist it's the simpler choice. Being audited and dealing with paperwork in several years about things happening today is not worth my time. And if I wanted I could always make a new Monero address and not list it in CoinTracker.

BTW, claimed a slight loss & got a $3k refund.

[Anonymous No.17200426]

[Anonymous No.17200600]

>>17198805
So hypothetically, why couldn't you just claim that your paper wallet was stolen and you lost it all?

[Anonymous No.17200632]

>>17199259
>cant deduct losses but they take profits
I honestly want to murder your politicians. Like straight up set them on fire.

[Anonymous No.17200840]

>>17198805
I live in Portugal, if I cash out my crypto Do I still get taxed from the money I magically started with?

Let’s say I started with 10k some years ago and was now 100k still cash out 100k no taxes?

[Anonymous No.17200870]

Some anon did a good thread about this the other day, basically said to cash out in a European country to avoid tax, check archives

[Anonymous No.17200878]

I live in the Bahamas.
I win this fucking thread.

[Anonymous No.17201011]

>>17198805
sluta ens tänka på sånt, du kommer bli rövknullad om du försöker undvika skatter

[Anonymous No.17201059]

>>17200878
Lol @ hurricane fodder

[Anonymous No.17201080]

Finnanon here my plan

>cash out enough to move to crypto taxfree EU country
>pay taxes for that sum
>cut all official ties to finland so that I become a limitedly taxable person
>hope that the process is over in less than a year

[Anonymous No.17201136]

>>17198805

you CANNOT just move to another country bro, cash out your gains, move back, and think you can avoid paying taxes to the country you live right now.
See some examples (source OECD):
>Sweden
or who have previously been resident in, and still have close ties to, Sweden, are liable to income
tax and must report their worldwide income.
>Norway
Individuals who stay in Norway for more than 270 days during a thirty-six month period, will be
deemed tax resident from 1 January of the year in which the stay exceeds 270 days.
>Finland
A resident national who
has left Finland (and surrendered his place of main abode here, if any) is, however, considered to be
resident in Finland even if he is not physically present in Finland for a continuous period of more than six
months within any period of time until three years have elapsed from the end of the year in which he left
the country
>Ireland
An individual is resident in the State where he/she is present in the State:
for 280 days or more in total in the tax year and the preceding tax year (“look back test”).
If you leave the country, you will continue to be ordinarily resident until you have been non-resident for 3 continuous tax years.
>Italy
According to Article 2 (2-bis) of the Italian income tax code, an Italian citizen is presumed to be
a tax resident of Italy if she/he cancels herself/himself from the Municipal population register
and moves her/his residence to a Territory/State considered as tax privileged according to the
Italian legislation.

Almost all developed countries in the world have rules like this to prevent exactly such a thing from happening.
Now stop making these shitty tax threads. Unless you already live in a shithole it is not possible to avoid the taxes legally. Not to mention 99.9% of you would still not move anywhere even if it was possible, which it isn't.

[Anonymous No.17201172]

>>17201080
älä edes ajattele asiaa
et tule saamaan rajoitettua verovelvollisuuden hakemusta läpi. Sillä ei ole yhtään mitään vitun merkitystä vaikka ei olisi kämppää, mitään omaisuutta, työtä tai perhettä suomessa, eivät silti myönnä hakemusta läpi, ainakaan ensimmäisenä vuonna.

t. 3 vuotta ulkomailla asunut, 2 hakemusta tehty, jopa valittanut hallinto-oikeudelle, vieläkin yleisesti verovelvollinen Suomeen... ja ei, ei ole mitään siteitä.

[Anonymous No.17201435]

UK here
11700 capital gains allowance
Will just take out the amount each year which equates to less profit than 11700.
Totally legal

[Anonymous No.17201473]

>>17199477
6 months in Portugal to be resident. That's my plan also.

[Anonymous No.17201506]

in germany you pay 25% on gains but only if you sold within one year of buying. So hodling a coin for one year and then selling means you dont have to pay any taxes

[Anonymous No.17201516]

>>17201506
pretty based for a country with otherwise ridiculous tax laws

[Anonymous No.17201539]

>>17198805
>cashing out
Nope. You are here with us forever anon.

[Anonymous No.17201568]

>>17198805
Germany here. If I hold a coin for a year, the gains are tax free. If I sell earlier, I will be taxed according to my income tax rate, capital gains tax don’t apply here Bc it’s not considered a capital investment. Every trade is a taxable event, crypto to crypto too.

[Anonymous No.17201600]

>>17201435
But you also have to pay crypto to crypto tax, you need to file a self assessment every year even if you don't cash out to GBP

[Anonymous No.17201620]

>>17198805
>>17199659

What do you think their feet smell like?

[Anonymous No.17201755]

>>17201059
I'm talking strictly about crypto taxation when I say I win this thread
The Bahamas has no capital gains tax or income tax. Just shit like real property tax, 12% VAT (for goods) and payroll tax
I realize and acknowledge the downsides of living here, such as hurricanes, crime (at least in Nassau), and the fact that all of the islands here will probably be underwater in a century or so due to rising sea levels

[Anonymous No.17201764]

>>17201620
Chulé

[Anonymous No.17201984]

Italian, I plan on paying capital gains tax (for now it's 26%, but it's still a matter under discussion, I suspect we'll get more cucked in the future) and not going over ~51k€ in portfolio value this year that I'm trading shitcoins with small profits, because apparently I'd have to pay taxes on every single trade then. So from my point of view it's either get mega stressed and keep track on everything to deduct losses and avoid overpaying or buy and hold, paying a flat 26%.

[Anonymous No.17202039]

>>17198805
>>17200878
>live in NZ
>not some hurricane magnet nog island
>1st world country
>zero capital gains tax
feelsgood not having to jump through hoops just to try get my money that i've made off something i already paid income taxes on to buy

[Anonymous No.17202099]

>>17198805
In Sweden they have a tax advantageous type of trading account called 'ISK'. Basically, no capital gains tax or deductions but a flat yearly rate on holdings, tax rate for 2020 is 0,375%. But only crypto-related stocks and crypto certificates are allowed in a 'ISK', so I'm in BTC, LTC, ETH and Neptune Dash.

[Anonymous No.17202230]

>>17202039
I'm kinda envious, guess I'm still fine with giving 1/4 to the mafia and welfare recipients for the moment, but my tolerance for this country's absolute state is nearing ATL.

[Anonymous No.17202359]

>>17198805
Puerto Rico. No capital gains tax. Look up Peter schiff and Puerto Rico.

[Anonymous No.17202444]

>>17202230
desu it sorta balances out because jobs here pay shit compared to everywhere else. I could move to australia right now and i'd instantly get a 20k payrise.
Having said that you can just work somewher else to save up, then move to NZ to invest, so I wouldn't change anything

[Anonymous No.17202845]

Denmark here. Seems like I have to pay around 50% tax which is fucked up desu. And if you move to another country it counts as if you have sold and you have to pay the tax. Can anyone confirm this or is it possible to pay less? Will obviously hire an accountant when the time comes but would like to hear if anyone have experience with this.

[Anonymous No.17202865]

I trade forex, but I deposited money and withdrew it via crypto. Am I supposed to pay taxes on forex or crypto or both? USA btw

[Anonymous No.17202884]

Any Belgian anons here that know what the tax rules for crypto are on our lap of ground?

[Anonymous No.17202918]

>>17201473
1) your home country will not grant you tax non-residence
2) portugal is not tax free for crypto trading

[Anonymous No.17202944]

>paying tax
I refuse to tip dirty wagie servers, why would I give money to people who do even less for me. ill take every stack to the grave with me before handing it over to niggergibs

[Anonymous No.17203159]

>>17202944
Based

[Anonymous No.17203325]

>>17201506
>>17201568
But what do you have to do after holding that one year straight? Do you still have to report everything or?

Seems too good to be true

[Anonymous No.17203491]

>>17203325
You still have to report the sale after 1 year in your income tax report. If you can proof that there was a span of 1 year between buying and selling, you are charged 0% in tax on your gains. Simple as that.

[Anonymous No.17203553]

>>17203491
Nice. So you only report after you finally make the actual sale right?

Like if I just hold it for 3 years instead

[Anonymous No.17203587]

>>17203553
Correct

[Anonymous No.17203637]

>>17203587
Great thanks.

Have a nice green numbered day anon.

[Anonymous No.17203671]

>>17202444
>jobs here pay shit compared to everywhere else
If only you knew how bad things really are, I'm unemployed since 6 months ago and been trying to get a part time gig, the competition and wait time to even get called back for interviews is absurd, job contracts last 3/6 months on average and can be renewed up to 5 times like this, every time this happens you can leave or get fired no questions asked, which would be fine by me if the job market wasn't this bad, the average pay is 400>800€/month. Required availability on weekends and nights for most and you must act quite like it's your dream job(this goes for non part time min wage shit also), which is exhausting to me.
My old full time "comfy" office job paid 1300€/month after taxes and I was stressed as fuck, with boomer colleagues making two to four times that.
I couldn't get on the unemployment program now because one requirement is having less than 6k in personal assets(crypto), but this doesn't stop hundreds of thousands of people from applying regardless and/or faking disabilities. Tax evasion is widespread and I understand why, but I also see why it has become an issue for everyone and it's showing. Nepotism is widespread.
It is my fault, I could have been working abroad and be set for years to come. I could have stood in line and kept my job.
There's positives in living here, don't be swayed by my pessimism, but I'm very close to just give up.