Crypto Taxes

Cryptocurrencies are becoming more important and relevant for both short and long-term investments. As a result, numerous countries worldwide are looking at ways to adapt, regulate, and tax them. In the United States, the Internal Revenue Service (IRS) classifies crypto assets as property. Bitcoin falls under the same regulation. So, when you sell, trade, or exchange BTC into USD or other cryptos, you have to pay a tax on the profit, if there is one. If you want to minimize or…

Donating Bitcoin or any other cryptocurrency to charity is a noble endeavor and a win-win situation for both parties. On the one hand, those in need get potentially critical support, and you, the donor, benefit from a tax deduction on capital gains. However, if you feel crypto generous, you should understand how Bitcoin donations work. If you fail to do your due diligence, you might lose the full tax advantage you receive from cryptocurrency donations. Today, we take a close…

Tax authorities worldwide try to benefit from the wealth in cryptocurrency with varying degrees of success. Countries like the UK, Israel, Denmark, Switzerland, Argentina, and Bulgaria all have crypto taxation laws in different classifications. However, other countries allow their citizens to trade cryptocurrency with zero taxation. These include Portugal, Germany, Singapore, Malta, and Malaysia.  While countries have made milestones in cryptocurrency taxation, understanding the process is still complicated. Some guidelines are vague or sophisticated, which frustrates crypto users who wish…

According to Japan’s Finance Minister Taro Aso, he is not willing to demand the reduction of tax rate on cryptocurrencies in the country to 20 percent due to the difficulty of numerous households investing in digital assets. On June 2, the minister attended a meeting of the House of Councillors Committee on Financial Affairs, and answered a question by Japan Restoration Association member. According to Aso, about 900 trillion yen (8.4 billion USD) of the 1900 trillion yen (17.6 billion USD) financial…

Recently, South Korean wallet provider known as Childly carried out a survey. Over 5,750 cryptocurrency users across the world were involved in the poll. The results revealed that 66 percent of respondents support cryptocurrency asset taxation. Likewise, it showed that one out of five cryptocurrency users do not support digital asset taxation. Generally, the survey showed that the cryptocurrency community is warm towards taxation. Forty-eight (48) percent of the respondents said it is mandatory to tax cryptocurrency assets; hence, they…

For the years that cryptocurrencies have existed, most investors have gotten away with not reporting and filing their taxes on their crypto assets. This move was aided significantly because cryptos were still in their infancy, and no one knew how long they would last.  But times have changed. Today, more people globally are showing an interest in cryptos. As a result, Crypto mass adoption is the primary goal for most stakeholders in the industry. However, to achieve this, it is…

Cryptocurrency Legislation Over the past 4-5 years, the legislation of cryptocurrencies, blockchain, and similar instruments has become one of the most critical regulatory authorities' tasks. Even though regulation is of utmost importance, the sudden spark has its reasons. Scrupulous practices such as ICO scams, exchange hacks, unregulated creation of monetary schemes, etc., have made it necessary. As a result, governments worldwide acknowledge the importance of regulatory oversight for keeping a check on the space. This has received a lot of…

The 2019 tax filing deadline is fast approaching in the U.S. Even for those who declare traditional income; the process is still long. Crypto holders in the United States and beyond face declarations of cryptocurrency assets issues without conflict arising with the IRS. As a result, both Blockfolio and Token Tax are making efforts to ensure the simplicity of United States residents' process.  Integration Goal TokenTax is a platform where crypto investors can analyze data from cryptocurrency transactions and generate…

South Korea finance officials plan to implement a twenty percent tax on income from cryptocurrencies. Currently, definite laws to tax crypto profits do not exist in the country. A report by Korea Herald stated that the country’s ministry of economy and finance had authorized the office of income tax to look into a taxation plan, which made people speculate that the authorities could classify gains from crypto trading as other income. As per the government official, the finance ministry is…