Reporting Crypto Gains

[therealrio]

in your country say you have to pay tax on profit made on disposal of crypto assets.

You do get a tax free capital gains allowance and on the government website it say:

You still need to report your gains in your tax return if both of the following apply:
- the total amount you sold the assets for was more than 4 times your allowance
- you’re registered for Self Assessment

If your tax free allowance is $10000 and your total profit was $5000 does this mean you dont have to report it?

The whole reporting of crypto disposal is a bit dubious and difficult enough to put you off crypto, what if you make like 50 different trades or disposals a day on 4 different platforms how are you suppose to keep track of them and work out profits, fees etc..

 

[Ronin74]

There's so many national laws about crypto that theres no way someone can give you a "general" answer on your question.
My best tip is to see if you find some local crypto groups, tex in TG.

 

[AESTRON]

in your country say you have to pay tax on profit made on disposal of crypto assets.

You do get a tax free capital gains allowance and on the government website it say:


If your tax free allowance is $10000 and your total profit was $5000 does this mean you dont have to report it?

The whole reporting of crypto disposal is a bit dubious and difficult enough to put you off crypto, what if you make like 50 different trades or disposals a day on 4 different platforms how are you suppose to keep track of them and work out profits, fees etc..

This would depend on your country, in some cases you’re only taxable when you sell at a profit.

 

[SonofOlympus]

in your country say you have to pay tax on profit made on disposal of crypto assets.

You do get a tax free capital gains allowance and on the government website it say:


If your tax free allowance is $10000 and your total profit was $5000 does this mean you dont have to report it?

The whole reporting of crypto disposal is a bit dubious and difficult enough to put you off crypto, what if you make like 50 different trades or disposals a day on 4 different platforms how are you suppose to keep track of them and work out profits, fees etc..

My country recently started imposing an absurd tax on crypto but I've been able to avoid it with Bitget's P2P trading since It's basically a private exchange between 2 people.

 

[BornTobeatTheSystem]

p2p and dont pay any taxes.. paying taxes is against all crypto ideals..

 

[onlinemarketer12]

You should consult a financial expert for this. He will take some money but in the end you will save a lot on taxes because of his suggestions.