Crypto tax

[Aurelian]

Who your state regulate taxes on your crypto profits?

Finland's cryptocoin taxes:

1. Yes, it is taxed when you sell it and for the amount you turned a profit for.
2. Yes, profits are taxed as capital gains (luovutusvoitto).

Profit is calculated as:

selling price - buying price - commission for selling - commission for buying

Alternatively, you can always declare profit as 80% of selling price, or 60% if you have held the coins for more than 10 years (hankintameno-olettama).

Minor profits are tax-free. Specifically, whenever the total sum of all your sell transactions in whatever assets taxable under the capital gains tax (meaning stocks, crypto, fund holdings, real estate investments etc.) within a single calendar year is less than 1,000€, any profits for that year are tax-free.

Important things to note:

1. Losses from cryptocurrencies are not deductible.
2. Finnish tax authority considers any transaction with crypto currency to realize the capital gains tax. So if you for example use the crypto to buy stuff online you should each time consider it as a taxable transaction. For blockchain transaction the selling price is the market value of the coins you paid in euros at the time of the transaction. These add to the 1,000€ of tax-free quota mentioned above, meaning if you transact more than 1,000€ worth of crypto a year you should declare it.

That quote is a simplified of the rules. How your state regulate it?

 

[elite1337]

All I know is Germany is the worst place to be doing crypto, it has one of the worst taxes you can imagine

 

[Apollo]

It is very easy to hide your crypto gains by slushing it through privacy coins and off-shore exchanges and then withdrawing small amounts.

Very low chance your local tax office will notice.

 

[Nak-Muay-Kru]

£12,300 tax free every year, HMRC can suck my shit.

 

[Apollo]

Most crypto exchanges are registered in weird ass islands like the Bahamas or the Seychelles. Lmao, no chance they are going to catch you.

The American IRS and SEC are the most powerful though, that's why many of those shady offshore crypto exchanges ban Americans but allow other countries.

 

[Nak-Muay-Kru]

Most crypto exchanges are registered in weird ass islands like the Bahamas or the Seychelles.

Lmao, no chance they are going to catch you.

The American IRS is the most powerful though, most other countries got weak ass tax offices.

I’ve “heard” of a few guys getting tag-teamed by the bank they cashed out to and the tax fags even in the UK wallahi. They froze the accounts until the could provide some sort of evidence the money wasn’t from illegal shit. Imagine trying to get documentation for every shitcoin trade made on every obscure exchange. I’d just sob wallahi.

 

[Apollo]

£12,300 tax free every year, HMRC can suck my shit.
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Screw ADA

 

[elite1337]

 

[Apollo]

If you have really sick gains, there's always the option of laundering it via your relatives, lol.

Loads of ways to avoid paying crypto tax.

 

[Nak-Muay-Kru]

The IRS brought down criminals other three letter agencies couldn’t. I wouldn’t try any slick shit if I was a reer burger lool

 

[Apollo]

By the way, I am not anti-tax or a lolbertarian. IMHO, they already get more than enough from income tax and from big corporations generally. No need to tax the little guy for crypto profits, I'm against that.

 

[Djokovic]

I know one guy with bricks of gold in his walls

 

[Aurelian]

It is very easy to hide your crypto gains by slushing it through privacy coins and off-shore exchanges and then withdrawing small amounts.

Very low chance your local tax office will notice.