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CryptoCurrency Discuss all CryptoCurrencies / coins and their use for personal or business purposes. Bitcoin (BTC) is possibly the best known but there are numerous crypto currencies, this is the forum to discuss them all.

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  #1  
Old 01-22-2018
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Default Crypto Tax?

Hey guys I've recently got into crypto currencies and honestly don't know how to report for taxes. Is it tax per exchange? or just from total profit of that month? or no tax what so ever?
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Old 01-22-2018
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Default Re: Crypto Tax?

Id contact an accountant for such answers.
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Old 01-22-2018
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Default Re: Crypto Tax?

slokor is right - best to seek professional financial advice.
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Old 01-23-2018
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Default Re: Crypto Tax?

I can cover that here. You're supposed to report a sales tax every time you exchange one cryptocurrency for another as they are considered securities, not fiat. And at the end of each year, you're supposed to report your profits, even if you haven't cashed out from the exchanges. Most people don't, but that doesn't mean you shouldn't.
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Old 01-23-2018
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Default Re: Crypto Tax?

I bank mine offshore so only have to report the tax when you bring it into the country
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Old 01-24-2018
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Default Re: Crypto Tax?

Quote:
Originally Posted by duffrageous View Post
I can cover that here. You're supposed to report a sales tax every time you exchange one cryptocurrency for another as they are considered securities, not fiat. And at the end of each year, you're supposed to report your profits, even if you haven't cashed out from the exchanges. Most people don't, but that doesn't mean you shouldn't.
Are they though? Have any of the coins been officially allowed on the securities exchange? is the SEC protecting us from fraud that the taxes would pay?

I don't believe set rules are in place yet.
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Old 01-24-2018
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Default Re: Crypto Tax?

Also, what if you lose on the exchange of cryptocurrencies?
Again - id contact an accountant to figure all this out.
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Old 02-28-2018
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Default Re: Crypto Tax?

on most exchanges you can download a .csv of all your trades and transactions which you can use to import into special crypto tax software to calculate your loss/profit
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Old 02-28-2018
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Default Re: Crypto Tax?

Quote:
Originally Posted by DeanCallaway View Post
I bank mine offshore so only have to report the tax when you bring it into the country
Continue - what recommendation?
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