You know you're supposed to pay tax for trading and VAT for mining, right, Veeky Forums?

You know you're supposed to pay tax for trading and VAT for mining, right, Veeky Forums?

That's the price of freedom.

>VAT
I thought europoors didn't pay taxes on their shitcoin trades.

Also isn't VAT basically a sales tax? Mining rewards should be taxed as regular income.

make me

>crypto
>taxes

lmao

True. Governments can fuck right off. I don't need your dollar.

VAT is Value-Added Tax.

All gain is taxable and all trades have to be reported. Trading on crypto is VAT-exempt. Mining crypto is generating asset as a production is subject to VAT.

On the other hand, I can comfortably transfer any crypto to Kraken then cash out for 10 cents instead of using American tech for what they call wires and costs a fortune

retard

>coinbase or similar service
>IRS or equivalent agency given full records

they will want their god damn money

HAHAHA HHA OKAY HAVE FUN POPPING YOUR BUTT CHERRY

I honestly will never pay any crypto taxes except when cashing out for fiat.
Even then, I'll claim to have bought my BTC/ETH stack at a certain value and never have made any trades.

mining revenues that don't touch the fiat system at all are effectively numbers on a computer.

You may as well start paying taxes on your world of warcraft gold earnings.

>Taxes
>On mining

Fuck no

I'd consider selling my mining/staking rewards for fiat and claiming it as regular income so I could live like a bum but still contribute to retirement accounts.

This is still taxable as barter trade, man
No idea how would reporting the values work, though.

>mine bitcoin
>no tax
>trade that bitcoin and make a gain
>VAT for asset production p l u s income tax

Do you seriously think tax collection agencies keep track of barter trades?

They keep track of money that flows back to your account, especially with how cheap and easy it is to withdraw money back with a transfer.

If you made significant profit, you'll have to explain. They request documents. Then you show barter trade. What're you going to tell them?

>actually using KYC/AML (((exchanges)))

good one

I refuse to be as paranoid as you are.

Don't worry, you only have to pay tax on profits, and with the shit I see posted here I can guarantee you that none of these people are making any money

Nah nigga, you have to start thinking the other way around. They owe YOU taxes, the faggots. Fuck Obama. He's a nigger.

Yea i am still paranoid about the IRS. But I have missed out on millions from being too afraid to mine. do whats best for you.

the tax man is real, my man. Especially in the US

Jokes on them I buy high sell low they will never get any money from me because I have none to take

:)