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7814582 No.7814582 [Reply] [Original]

If you're buying and selling to take advantage of dips sometimes, at what point are you considered a 'day trader' and subject to income tax instead of CGT?

>> No.7814621

>>7814582
Since crytocurrencies have no "real" value, and you can buy alts with alts and btc, you pay once (when you buy the BTC with dollars), and get paid once (when you sell all your BTC)


With stocks, you sell one stock, get dollars, buy another. Then you are a day trader.

>> No.7814782

>>7814621
Thanks a lot for the answer. So to be clear if you cash out your crypto currencies for fiat, what you're saying is regardless of how many times you've traded crypto for other crypto before that, you're not considered 'day trading', so does that mean you'd only pay CGT when or if you cash out, or you're only paying tax on the original purchase? Sorry if my question comes across badly worded.

>> No.7814927

>>7814782
Ah sorry, my mistake, if you hold crypto for over a year then it is subject to CGT. If you sell it for fiat prior to that it is subject to income tax from what I understand. Thanks anyway.

>> No.7814965

>>7814582
at the point you actually report any of this shit