Wait a fucking second

PurpleCharger
PurpleCharger

Am I going to have to pay TAXES on my cryptogoyns?
How am I supposed to encash my Lamborghini money without (((BIG GOV))) wanting half of it for doing literally jack shit?

All urls found in this thread:

gov.uk/tax-sell-shares
reddit.com/r/Bitcoin/comments/5cdyl9/bitcoin_taxation_in_the_uk/
bitcointalk.org/index.php?topic=1678405.0
gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies

Garbage Can Lid
Garbage Can Lid

without gov you wouldnt have the internet get a grip

Evil_kitten
Evil_kitten

paying taxes

if you are NEET no one expects you to have any income to be taxed

SomethingNew
SomethingNew

redistributing half of your gains to ignorant nocoiners

massdebater
massdebater

Capital gains is 20% not half

Poker_Star
Poker_Star

Just buy your Lambo with bitcoin.

Emberfire
Emberfire

Nigga if you make less than 75k per year you pay 0% in capital gains taxes. You stupid fuck.

Also fucking use cash instead. Money laundering isn't hard.

Firespawn
Firespawn

15% senpai
marginal rate on 50% in canada too
0% in denmark... think about getting danish citizenship... any danish qt3.14s around?

AwesomeTucker
AwesomeTucker

only true if you're talking about capital assets you've held longer than a year.

GoogleCat
GoogleCat

Pay your taxes sometime between 2018-2020 to maximize gains. After that, Dems roar back into office with a thirst for taxing the rich to buy shit for Millennials. You will want to keep everything in crypto through the early 2020s when this happens.

Spamalot
Spamalot

That's... not how taxes work.

Inmate
Inmate

Nah you've got till 2024, Hillary wants to gift the election to Trump again.
tax policies don't change depending on who's in office
Wrong.

TreeEater
TreeEater

still not true dude it's 15%

VisualMaster
VisualMaster

If the internet was free I'd agree.
But I pay an ISP for my internet connection, AND it's shitty because the government doesn't shit all over the one company here in bumfuck nowhere for antitrust. If the internet were free to access you'd have a point though; as it is, you're double-paying with your argument.

Sure the government uses money for a lot of useful stuff but it's also got a lot of bloat.

Nojokur
Nojokur

15% tax bracket has 0% longterm capital gains tax. You can make up to $48k(assuming single with no dependents) counting your standard deduction and personal exemption and stay below that. So his number is wrong but the concept is right.

Illusionz
Illusionz

Question for anyone who understands how capital gains works, if I take out the value of my initial investment but leave my gains in crypto, would I still be required to pay taxes on the value I withdrew? I've got to get some fiat back by sept/oct to pay my fall tuition

farquit
farquit

Yes. You pay tax on the growth compared to what you bought in at. So say that your cost basis on that $5k was $2k, you'd owe taxes on $3k.

DeathDog
DeathDog

Has anyone actually established what country anyone in particular is actually talking about the taxes for?

GoogleCat
GoogleCat

If it were a stock purchase, you would calculate based on the price you purchased the shares for and the price you sold them for. Relatively easy to do if you just bought and sold some ETH. Much more difficult if you bought some ETH, sent it to kraken, exchanged it for BTC and then bought a menagerie of alt coins.

In the case you're trade trail is an unholy mess, you're probably ok if you make note that the money you took out equals the money you put in and that all your future sales have a 0 cost basis, you'll probably be alright. Your best course of action is to spend some time researching it on google.

Booteefool
Booteefool

Not sure what other countries have as draconian tax laws as the US, but I'm under the impression we're usually talking US taxes because Uncle Sam wants your money no matter where or how you earned it.

massdebater
massdebater

realized today that the IRS is going to want a record of every. single. transaction.
will tax every single one of these transactions

Fuck me.

On a side note, move to a state without income/captal gains tax if you're going to cash out.

iluvmen
iluvmen

not changing to monero and cashing out via the dark net

Do you even cyberpunk ?

TreeEater
TreeEater

What if you're a NEET with no income? Does that mean you pay 0% on any long term capital gains, even if it's millions?

SniperGod
SniperGod

capital gains is 0%

AKA FREE if income is <35k

Spazyfool
Spazyfool

do they actually send the cash tho

Dreamworx
Dreamworx

Really?
Because most of my transactions are on Cryptsy

Gigastrength
Gigastrength

Alright guys take it to /pol/

DeathDog
DeathDog

This is false. There should be no reason for the IRS to need to know every transaction. Perhaps BTC to ETH since ETH can be cashed out in USD, but that's just an example.
Nothing else should be taxed.

TechHater
TechHater

Depends, are you withdrawing the millions all at once or are you just withdrawing a bit at a time? If you're a NEET and withdrawing under $48k a year of longterm holding you owe no taxes though you would still be required to file taxes claiming the income.

Need_TLC
Need_TLC

What about UK fags? I've not paid taxes on my gambling earnings for the last 4 years, it's fucking gambling... Isn't trading this shit just gambling?

Booteefool
Booteefool

taxes aren't related to business or finance
You sure are a stupid nigger.

kizzmybutt
kizzmybutt

The way I do it, yes.

Spazyfool
Spazyfool

Clarification on this post, when I say $48k a year of longterm holdings I mean $48k in gains. Principal does not count towards this of course.

Booteefool
Booteefool

If Trump passes his tax plan you can just set up an s Corp and pay a max of 15% tax, no need to hold for a year. I'm waiting to cash out until this is in affect.

farquit
farquit

I hope that the rich coin owners and tycoons of the future will fund a revolution to protect our mad gains

BinaryMan
BinaryMan

Trump
getting anything done

VisualMaster
VisualMaster

I (OP) am a UcucK so our taxes are probably going to make yours look light

Wait, can we get away with not paying shit for taxes on these if we just call it a gamble? I'm not sure that'll work

Need_TLC
Need_TLC

What does the UK consider Cryptocurrency? US considers it property, thus it is taxed.

w8t4u
w8t4u

It comes under capital gains tax. Read this - gov.uk/tax-sell-shares

Snarelure
Snarelure

Pay up for your subscription to The United States Government®

muh decentralization

fiat will always be king

Evilember
Evilember

Wow really? Can you get away with that? I was under the impression that it was capital gains see

whereismyname
whereismyname

You sure? It mentions nothing about Crypto. US put out a complete regulation on Crypto in around 2014 I think.

TreeEater
TreeEater

what is debit card

DeathDog
DeathDog

Thinking capital gains tax is 50%

What is this, the postwar boom?

likme
likme

Nah I'm not sure at all. I just assumed that buying and selling came under capital gains.

Redditors seems to think so - reddit.com/r/Bitcoin/comments/5cdyl9/bitcoin_taxation_in_the_uk/

Bitcointalk users also think so - bitcointalk.org/index.php?topic=1678405.0

So I'm not sure what to make of that. It makes sense to me but... treating it as gambling also makes sense

RumChicken
RumChicken

Redpill me on Bitcoin visa cards

TreeEater
TreeEater

But aren't we just spread betting?

StrangeWizard
StrangeWizard

gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies

Thoughts?

JunkTop
JunkTop

I don't think it's spread betting if you actually own what you're betting on. Since you own it, any change in price is capital gains/loss.

Need_TLC
Need_TLC

what do if unholy mess?

Spazyfool
Spazyfool

Fair. Think its gonna be hard for them to fleece out of us tho. Own bitcoin, buy shitcoin, sell shitcoin, own more bitcoin. They aren't taxing that trade, they're gonna tax increase in value of BTC, right, not your trade profit?

lostmypassword
lostmypassword

Nah it'll be like FX, so buying bitcoin won't be taxed as that's your starting point. Selling it for a shitcoin won't be taxed as they'll be worth the same as the bitcoin. Selling that shitcoin back into btc when it moons, however, will be liable for capital gains tax.

Nude_Bikergirl
Nude_Bikergirl

only when you cashout tho, eh?
just gonna buy the lambo in coin

Snarelure
Snarelure

No, as btc is treated as currency. Every trade you make, including shitcoin to btc, is a capital gain. Converting to fiat isn't necessary to be liable for tax.

It'd be true only when you cash out if bitcoin was treated as property, but, as the lack of VAT shows, HMRC considers it a currency in its own right.

Not very clear, but that's where we currently stand.

Fried_Sushi
Fried_Sushi

So basically only worry about tracking Shitcoin to Bitcoin and bitcoin to fiat? What about btc to shitcoin on bittrex transactions.

BunnyJinx
BunnyJinx

All trades on all exchanges. Even places like yobit and c-cex

You'd realistically have to keep a log of every trade you do and the value of bitcoin at the time of the trade to be accurate.

You get £11k tax free - after that its taxed at 10% (then 20% for higher tax brackets).

This is presuming you can't pass it all off as gambling winnings.

Firespawn
Firespawn

im uncle sam so i think the tax is like 15% or something. So literally just maintain a record of every transaction. Just say its a 1 to 1 transaction and negate fees?

RavySnake
RavySnake

Until the IRS is on your ass because they have all of your banking information.

Nude_Bikergirl
Nude_Bikergirl

He's talking about the UK.
In the US, the only time you should be taxed is when you cash out BTC/ETH/LTC or whatever is actually directly connected to USD.
Shitcoin into BTC can't be taxed because shitcoin isn't based in USD.

Disable AdBlock to view this page

Disable AdBlock to view this page

Confirm your age

This website may contain content of an adult nature. If you are under the age of 18, if such content offends you or if it is illegal to view such content in your community, please EXIT.

Enter Exit

About Privacy

We use cookies to personalize content and ads, to provide social media features and to analyze our traffic. We also share information about your use of our site with our advertising and analytics partners.

Accept Exit