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X-Post from r/Bitcoin - 40% - 50% Tax on Bitcoin Trading in the UK - is anyone else paying this?
Hi All I posted this yesterday on Bitcoin and someone there suggested that this might be a fruitful sub to post on. I am looking for confirmation that the advice I have received is correct, or alternative approaches I could adopt. Thank you in advance for any replies. I am posting this for two reasons, firstly, because after looking around I have not seen real information about how UK HMRC is likely to treat Bitcoin trading gains on a tax return. Most people seem to think it will be Capital Gains Tax which is not what I have been told. And secondly, although I can't do anything about it this for last year I may be able to take (some) mitigating action for this financial year and in the future, so it might help someone else. I realise that I am lucky to have made the money so I am not moaning - just sharing. For those not in the UK, our tax year runs from 6th April 2016 - 5th April 2017. In that year, more to do with the increase in value than good trading, I made a healthy profit (£40k - £50k). I think it would probably be a good idea to pay tax, so that when I drop large amounts of cash from an overseas exchange into my account, I have some answers if anyone starts asking questions, and I don't want to wait until the HMRC get wise enough to track UK account holders bitcoin addresses in overseas exchanges. I do realise that I could put it all into Monero and keep quiet, but I would quiet like to pay off some of my mortgage. Anyway, on to the source of my 'first world problem'. I have spoken to two pretty experienced tax advisors and they have advised me that this will be treated as Income Tax by HMRC. I have an income pretty much at the top of the 20% bracket, which means that all of the Bitcoin gains will be at 40%. Not only that, but as income I will also need to pay Class 4 NI which could be as much as 9%. In addition if you earn over £100k your personal allowance starts to go down. All of this means that I will be paying at least 40% on the gains and possibly up to 50% or higher effective rate. I am aware that the HMRC paper from 2014 says it will treat trading like trading other currency (forex) and from this I assumed that it meant that it would be treated as capital gain tax. Both of the tax advisors I contacted said that it would clearly fall into the Income Tax definition. Has anyone else been down this route, have your professional advisors said the same thing or something different? Advice that I should have found all this out earlier, while true, does not help much. Any feedback gratefully received. Thanks. [Tax]
Paying 40 - 50% Tax on Bitcoin Trading in the UK - what are you going to pay?
I am posting this for two reasons, firstly, because after looking around I have not seen real information about how UK HMRC is likely to treat Bitcoin trading gains on a tax return. Most people seem to think it will be Capital Gains Tax which is not what I have been told. And secondly, although I can't do anything about it this for last year I may be able to take (some) mitigating action for this financial year and in the future, so it might help someone else. I realise that I am lucky to have made the money so I am not moaning - just sharing. For those not in the UK, our tax year runs from 6th April 2016 - 5th April 2017. In that year, more to do with the increase in value than good trading, I made a healthy profit (£40k - £50k). I think it would probably be a good idea to pay tax, so that when I drop large amounts of cash from an overseas exchange into my account, I have some answers if anyone starts asking questions, and I don't want to wait until the HMRC get wise enough to track UK account holders bitcoin addresses in overseas exchanges. I do realise that I could put it all into Monero and keep quiet, but I would quiet like to pay off some of my mortgage. Anyway, on to the source of my 'first world problem'. I have spoken to two pretty experienced tax advisors and they have advised me that this will be treated as Income Tax by HMRC. I have an income pretty much at the top of the 20% bracket, which means that all of the Bitcoin gains will be at 40%. Not only that, but as income I will also need to pay Class 4 NI which could be as much as 9%. In addition if you earn over £100k your personal allowance starts to go down. All of this means that I will be paying at least 40% on the gains and possibly up to 50% or higher effective rate. I am aware that the HMRC paper from 2014 says it will treat trading like trading other currency (forex) and from this I assumed that it meant that it would be treated as capital gain tax. Both of the tax advisors I contacted said that it would clearly fall into the Income Tax definition. Has anyone else been down this route, have your professional advisors said the same thing or something different? Advice that I should have found all this out earlier, while true, does not help much. Any feedback gratefully received. Thanks.
Eight Countries That Don’t Tax Your Bitcoin Gains. In Portugal, tax authorities waived all tax on cryptocurrency trading and transacting – meaning that individuals do not have to pay capital gains tax or value added tax (VAT).
Nickel and dime bitcoin trading for last 6 years...report on taxes?
I recently got a notice from the IRS asking me to consider filing amended returns due to involvement in cryptocurrency. From 2103-2018 I traded a bit of bitcoin off and on, and also played a little bitcoin poker. Total poker profits were about $500, and overall from trading bitcoin and ripple I ended up with maybe $1500 in profit, spread out over the years. Is it worth it to go back and amend and file all those returns? Will they come after me if I don't?
So, I have a question that I think I know the answer to but it seems ridiculous to me at the same time. Let's say I am trading BTC and using Tether. For the sake of argument, let's say that BTC is $100, and I purchase 1 BTC at $100. Tether it, BTC drops to $50, I buy back in, and it goes to $100, that's $50 taxable gain. If i continue to do this, and then scape off the top to pay those taxes in Jan or Feb, i'm basically getting double taxed because i'm going to have to pay those taxes the following year. I'm cashing out to pay taxes, which in turn is increasing my taxes for the following year, is this not a fucked up situation? *Assuming that BTC is increasing, if it isn't, I still have to pay taxes and don't have the $ in BTC to cash out to pay those taxes? My head is spinning. *
Bitcoin, ICO's Now Considered Legal Currency in Belarus- no taxes on cryptocurrency mining or trading, or on the sale of digital tokens - Time to pack your gears - Belarus is the real thing
Japan eases taxes on crypto exchange and trading inc... #bitcoin #btc #altcoins japan crypto regulations… https://t.co/KVPnsy4CsQ - Crypto Dynamic Info - Whales's
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I'm confused about the new US bill coming up. Ok, you'll be taxed for every trade. BUT what about buying/ withdrawing into a personal Wallet? How is this taxed?
Cashing out Bitcoin to pay taxes on alt-coin trading
If I sell Bitcoin to pay taxes on alt-coin trading would that sale of bitcoin be an additional taxable event? Would I be on the hook for paying double taxes where I'm paying 30% for the alt-coin trades and 30% for the bitcoin sale to cover those taxes?
BitTorrent Launching Its Own Cryptocurrency on the Tron Network - Token Exchange to Enable Trading of Nasdaq-Listed Companies - Overstock Will Be First Major Company to Pay State Taxes in Bitcoin
How do I correct these and do I have to? I think I understand it, but I do not see income or spending that aligns with the dates that would be missing in the imported data. I added any mining income and any coinbase bonuses that I received. I paid for both years on this site, and imported gdax data with an api key separately for each year. I've never sent these amounts of BTC to any address or other exchanges. Total amount is less than $300. If I added spending/income after connecting and reading from gdax, do I need to reload that data and do it again? If I transferred to my bittrex account and the spent amount is listed in coinbase, does that need to be manually entered or is it automatically picked up as the source?
[uncensored-r/Bitcoin] I make 40k per year and I owe taxes on multiple-millions of dollars from Bitcoin trading. Help. (...
The following post by ilmad is being replicated because some comments within the post(but not the post itself) have been silently removed. The original post can be found(in censored form) at this link: np.reddit.com/ Bitcoin/comments/7uguim The original post's content was as follows:
For federal taxes, that means you pay a 15% tax on any gains, unless you make a lot of money (more than $479,000 (for married couples) or $425,800 (for individuals)), in which case you pay 20%. While the IRS released its first set of guidelines and rules in 2014, fewer than 900 individuals reported capital gains or losses related to Bitcoin trading between 2013 and 2015. Best Bitcoin Trading Platforms. The first step to get started trading bitcoin is choosing a reliable platform. When starting out with bitcoin trading, we recommend that you opt for a user-friendly ... Bitcoins are very volatile and there are huge swings in prices on a single trading day. ... Bitcoin.org. “What about Bitcoin and taxes?” Accessed May 25, 2020. Internal Revenue Service. Bitcoin taxes can be a bummer, but at least you can deduct capital losses on bitcoin, just as you would for losses on stocks or bonds. These losses can offset other capital gains on sales.
If You Own Bitcoin, Here's How Much You Owe In Taxes ...
Welcome to our video aboutt crypto taxes 2020. We'll discuss your crypto tax, your bitcoin taxes, and everything you need to know about cryptocurrency taxes and crypto. https://transferwise.com. ⚡️Use referral code [6xy9cpcjy4] to get $50 for free if you stake 50 MCO and get a metal crypto.com debit card. #bitcoin #crypto #tax. #avoid #cryptocurrency #minmax ... Almost no one seems to pay, but whether you've used bitcoin as an investment or as a currency you owe taxes on it. » Subscribe to CNBC: http://cnb.cx/Subscri... Anyone who fails to pay their taxes on bitcoin, or other types of cryptocurrency is going to find themselves getting raped by the IRS 2-5 years down the line. Get educated on bitcoin tax people ... http://profitabletradingtips.com/profitable-trading-tips/taxes-on-bitcoins Taxes on Bitcoins By www.ProfitableTradingTips.com The United States Internal Reve...
