At this point, you may feel like sticking your head back in the sand is the better option, but you then run the risk of the taxman catching up with you, which could be much worse. The important thing is to get ahead of the issue. The longer you leave it, the harder the process… Continue reading Getting ahead of your crypto taxes
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Wallet Transactions
The API route makes crunching your exchange transaction data relatively smooth, but isn’t an option for wallets, and because cryptocurrencies work in different ways, there is no way to simply absorb all wallet transactions in one go. You’ll need to approach wallets on a case by case basis and the options may vary depending on… Continue reading Wallet Transactions
Tax services as SaaS
You may have come across the term SaaS before, and ignored it as commercial jargon. It stands for Software As A Service and essentially means the delivery of service – such as crypto tax reporting – entirely via software over the internet. A lot of services central to our lives are now delivered in this… Continue reading Tax services as SaaS
How to use crypto tax services
Tax Services as SaaS Different ways to import data Getting ahead of your crypto taxes What crypto tax services cost With so much talk of prices going to the moon it can sometimes feel that crypto is a little removed from the real world, especially if you’re lucky enough to have seen your stack increase… Continue reading How to use crypto tax services
Meh, what’s the worst that can happen?
You may decide that risk of coming to the attention of the tax authority doesn’t justify the hassle of figuring out your potential liability. That choice is yours, but the next article in this section explains how online crypto tax services work to try to automate the arduous task of accurately calculating the tax liabilities from you… Continue reading Meh, what’s the worst that can happen?
Taking a loan rather than selling
Given that selling your crypto at a net profit is likely to incur a tax cost, you want to consider a different approach to unlocking its value. There are now a huge number of crypto banking services that will offer instant loans against crypto collateral. There is a separate knowledge base article on the subject of… Continue reading Taking a loan rather than selling
Forks/Airdrops
Forks and Airdrops may be considered a form of income, but a lot will depend on how the individual Forks or Airdrops are managed by the organisations behind them. Some good news Even though there will be guidance available from your tax authority, it will still be a daunting task to collate your trading history… Continue reading Forks/Airdrops
Taxable Income Streams
Where you derive a regular income from a crypto asset or service, the pesky taxman may also want to know about it. Here are some of the most obvious, and again, this will vary by country. Trading If you are trading to the extent that it constitutes a source of income, then you may be… Continue reading Taxable Income Streams
Capital Gains
Buying & Selling The most obvious activity which is subject to Capital Gains is buying then selling cryptocurrency – buying in itself isn’t a taxable event. If you made a single purchase of a cryptocurrency funded with fiat (e.g Euros) and then sold the entire amount for Euros in a single trade, you can simply… Continue reading Capital Gains
Capital Gains & Income Tax
One of the reasons why the issue of crypto taxation is so complicated is that you may be liable for at least two types of taxation – Capital Gains and Income Tax. As mentioned above, if your country of residence classifies crypto as property it will be subject to Capital Gains. This simply means that… Continue reading Capital Gains & Income Tax