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Questions tagged [taxes]

Questions about taxes due to mining, trading, and getting paid in Cryptocurrency.

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IRA Account on Crypto Exchange

This question has been asked here, but over 4 years ago, and the landscape has changed tremendously. Can a US citizen create an IRA account on any crypto exchange (that allows a non-IRA account)? This ...
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Taxes for income in cryptocurrency in Germany

I would like to know how incomes in cryptocurrency, such as Tether, are taxed in Germany when working for a foreign company.
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Are Bitcoin/cryptocurrency trades or earnings taxed in Albania?

Are Bitcoin/cryptocurrency trades or earnings taxed in Albania as of the beginning of 2020? I've also seen some news of a European standard that countries are adopting. This may hold the answer to the ...
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Which country is the Bitcoin core wallet in?

can you tell me which country the Bitcoin core wallet belongs to. I want to return the tax paid, and for this I need to withdraw all funds from the United States.
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US Tax: Does a wallet exchange "count" for tax loss harvesting?

When selling your coin for the purposes of tax harvesting, would it be sufficient to transfer the coin into another wallet, and then back again, or does the coin have to be exchanged for fiat, and ...
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Is there some known LEGAL trick to get out of having to pay Bitcoin taxes for a non-rich person? [duplicate]

I live in Sweden. The demented, people-hating government is demanding 30 % of all profits whenever I touch my Bitcoin in any way, meaning in practice ~30 % of the sum, period. This means that, not ...
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What are the implications of El Salvador's legal tender law to bitcoin's legal classification in other countries?

It is my understanding that foreign currencies have a specific legal framework in many jurisdictions, for example that an exchange from one currency into another is not subject to tax. At the same ...
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Who in their right mind would waste their Bitcoin on taxes or buying random stuff?

First of all, I very much get the "argument" that Bitcoin has to be used as a currency for it to function long-term and it's a good thing if it is, etc. Not arguing against that. But when I ...
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If I buy a house for Bitcoin directly, do I owe the government taxes in Bitcoin or in fiat? [closed]

If Sue buys a house for 1 Bitcoin, that is, giving the 1 BTC directly to the person selling the house (no fiat involved), does she have to pay a % of that in Bitcoin to the government, or do they ...
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How can I determine how much "gains" I've had from Bitcoin?

I bought a bunch of BTC in early 2013. Since then, I've bought very small parts of Bitcoin every now and then up until now, for much larger (and increasing) price. Many of those "original" ...
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What to do when you genuinely don't understand anything about taxes, yet are apparently expected to pay them for your Bitcoin?

I've just read a massive webpage from Swedish Tax Agency about Bitcoin. I'm not trying to "be cute" here, but I must say that I didn't understand a single thing of it. I understand Swedish ...
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How does tax work with crypto Debit cards?

There are plenty crypto debit cards, like Crypto.com's or Binance's. I can easily use my fund to purchase goods and services without taking profit out of an exchange, and just simply use the funds on ...
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For tax purposes, how much is Bitcoin is worth if you send it to an exchange and sell it immediately for fiat?

In the United States, I read that people that sell Bitcoin for USD will pay taxes based on the difference of when you bought and sold. How does an exchange like Coinbase know how much your BTC is ...
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Cathie Wood "Bitcoin not suitable for ETFs" - why?

Cathie Wood of ARK Invest is quoted in a Bloomberg article: Wood was a believer in Bitcoin, too, and it powered some of the early gains in her funds. But after discovering an adverse tax rule, Ark ...
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Crypto platform that provides a good looking report for the purpose of obtaining mortgage? [closed]

My mortgage broker: They aren’t happy with your proof of deposit. The bitcoins are fine. But you will need to provide a statement of your portfolio. It needs to come from the provider / platform ...
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Do I have to pay taxes on a Bitcoin investment when I'm withdrawing it to my US bank account before I actually received the money?

I am new to Bitcoin investment trading, I recently invested $500 in 401trade.com and got $19,000 setting in their account, I went to withdraw $18,000 and they said I had to pay $200 in taxes and gave ...
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Taxes when selling products/services in bitcoin

If I sell products/services in bitcoins, do I need to convert them to dollar (or the local currency) always? Or it's ok to charge in Bitcoin and fill the invoice in BTC (and/or with the conversion to ...
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Taxation and Cryptocurrencies

How can a government make people holding Bitcoin pay capital gains tax on their holdings if everyone is pseudonymous? If crypto becomes widely adopted, will we have to rely more on sales taxes (e.g. ...
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Consider using Bitcoin but just heard the IRS is sending tax notices to 10k plus users

article: https://www.cnn.com/2019/07/26/tech/irs-cryptocurrency-taxes/index.html My background: Good understanding of RSA cryptography, some elliptic curve, Number Theory and I am a (real)programmer ...
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Do you have to pay income taxes on Cryptocurrency in Canada?

Cryptocurrency Will i have to pay the income tax for that? If so, how much will it be? I can withdraw it here and it's not taxed. and then convert to CAD.
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Holding Period Algorithms and the Blockchain

According to this interview, taxation holding periods in the United States for cryptocurrency can be determined by FIFO (First In First Out), LIFO (Last In First Out), or a more flexible option called ...
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2 votes
1 answer
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Getting salary in BTC in Germany

Am I allowed to ask my employer (large IT multinational) if I can receive my salary in BTC instead of EUR according to german law? Would I have to pay income tax if I do not exchange them for a year (...
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1 answer
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US Taxable Events for using Bitcoin for purchases

Is there any initiative to try to deal with the way Bitcoin is taxed in the United States with respect to using Bitcoin to pay for things without triggering a taxable event? Possibly a threshold being ...
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Do we Need Pay Tax for Mining for US Govt

Do you need to pay Taxes for US Govt for doing Bitcion Mining.?? I am in Singapore and mining through one of my friend in US. Will the US Governement will issue TAX on My Name..?? Is it Legit ..? ...
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BTC taxation: difference between EU and US

How is it possible in US if someone reveiced salary in Bitcoin, right on that day income become taxable? In Europe, in Hungary only when BTC is sold and sent to a bank account it become taxable. So in ...
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If I send Bitcoin from the USA to a friend in India, do I have to pay capital gain tax on it if he sells it and makes a profit?

Let's say I buy $10,000 worth of Bitcoin in the USA, which I transfer to my friend in India. He sells it for $11,000 and keeps that money himself as I have gifted him that Bitcoin. My questions: ...
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How bitcoin tax is calculated?

I bought 1 bitcoin and sold part of it to make cash from time to time. How will tax on this income be calculated?
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Crypto currency as gift

I'm staying in Germany and I have a friend in India. He has a few ether coins in his wallet in India which he bought mid of 2017. He now wants to sell them. But in India, because of taxes, he will ...
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cryptocurrency tax question

I have a buddy who I sent money to to buy a certain amount of Ripple. For one reason or another, I couldn't do this on my own at the time. In any case, the currency has tripled and I want him to send ...
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Gift bitcoin more than the annual limit to a friend overseas without tax implications?

If I am gifting my friend say $100k work of bitcoins or any other crypto. Do I have to pay tax apart from the annual limit of $15k. Or will it be cut from my life time limit? My friend he live in a ...
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Tax implications of withdraw fee from one exchange (Binance) to another GDAX/Coinbase

I transferred 0.2 ETH and 0.3 ETH in separate transfers from GDAX to Binance (GDAX does not charge a fee for this). Then, I transferred back from Binance to GDAX all 0.5 ETH, but since Binance ...
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Do bitcoins count as income in the UK?

I am interested in mining bitcoin here in the UK. I have done a quick search and cannot find anything relevant. If I were to use a cloud mining service to mine bitcoin, would it be counted as income ...
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Should USD savers be concerned about the rising popularity of cryptocurrencies? [closed]

I recently took an interest in cryptocurrencies. Mostly, I'm interested Ethereum and Smart Contracts, but all the news about Bitcoin's rising price has prompted me to study currencies and economics ...
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3 votes
1 answer
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An App for Crypto Currency Tax Declaration

For my tax declaration, I would like to use an app that allows me to scan all my transaction. Do you know one ? Or are you interested to use one ? Thanks
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Short-term capital gains taxes for crypto to crypto trades? [closed]

If I were to profit off cryptocurrency to cryptocurrency trades throughout the year without ever cashing out my crypto position for USD, would I avoid paying any short-term capital gains taxes on all ...
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3 votes
2 answers
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How I should pay tax if I buy Bitcoin from an overseas friend

Assume I buy 1 bitcoin from an overseas friend which is USD$10 and I sell it in US for $11. is it legal? I am afraid, it would be considered money laundry I will not be able to have official receipt ...
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Cryptocurrency arbitrage taxes in India [closed]

Suppose I buy cryptocurrencies in the U.S. and transfer to my or my parents' wallet in India and sell at a premium and make a profit. Is this profit taxable in India? If so, how is it calculated? ...
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in the united states if i buy or sell btc should i pay sales tax and captital gain tax?

As the title.suggests. I understand if I sell bitcoins, or make purchases (say I briefly sell for use then purchase good) I should pay capital gain if there was one. But should I also pay sales tax if ...
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Do I have to pay tax if I buy bitcoins with my USD?

Theoretical question: If I make $1000, which gets deposited into my bank account, and then I deposit that $1000 into a bitcoin wallet the next day, and just sit on it for one tax year, do I have to ...
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-1 votes
2 answers
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Indian Government is trying to legalise Bitcoins in India. Why?

The Government of India is trying to legalise bitcoins. So, say I would purchase 25 bitcoins by paying in Indian Rupees to a 'X' Bitcoin company. In turn, my identity could be know by that 'X' online ...
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2 votes
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Can I buy cryptocurrency being on H1B Visa?

Can I Buy/Sell bitcoin/Ethereum or get involved extensively in cryptocurrency? If so how much capital can I invest? I am currently on H1B Visa and wanted to get some insight on this. Thanks!
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4 votes
2 answers
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Tax implications of bitcoin income

I have a friend in the USA who can send me bitcoins. The idea is to sell the bitcoins in India and wire him back the money from the sales proceeds in India. What are the tax implications on the sale ...
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How do I account for bitcoin profit on UK tax return

I want to cash out some bitcoin with a profit (<£2000) from trading. Do I need to declare it in my next tax statement? Is it ok to just show amount bought and amount held or do I need to ...
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transferring bitcoin among friends and taxes

I gave my friend btc (ie sent it to their address) to trade together with their btc last week. I'm suddenly worried about taxes (in the US). If right now, they give me back exactly as much btc as I ...
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Who would buy my bitcoin? (Hypothetical question)

Lets say if 1 BTC = $1000USD tomorrow and I have around 1000 BTC, how would I sell my 1000 BTC to put $1,000,000USD in my bank account? Even a better hypothetical question. If I go back in time and ...
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How do I provide proof of a transaction for tax purposes?

How do I provide proof of a transactions for taxation purposes?
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Could bitcoins destroy a government [duplicate]

In theory if bitcoins were to be used by the majority of a population then could the issue arise of a drop in government funds as bitcoins are technically tax free as they is no way of tracking were ...
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How can the government tax you using bitcoin

Bitcoin is decentralised and anonymous so how can governments issue /enforce taxes on any transactions made with bitcoin?
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3 votes
2 answers
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How would tax and government revenue be enforced in a bitcoin run society?

If we say, hypothetically, the future has a society that runs solely on Bitcoin as its currency. Because of its anonymity how would tax and government revenue be enforced in this society? At this ...
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Bitcoin Tax Question

I have three scenarios that I have a question about related to bitcoin, the IRS< and taxes. I tried asking the finance types, but they didn't seem to really understand bitcoin and cryptocurrencies,...
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