My csv sheets in coinbase aren't including timestamps so I"m getting an error in cointracking when importing. Do you have to use the GDAX website to do it?
How do figure out how much you owe in taxes with crypto
Quote: (01-22-2018 06:28 PM)RedPillUK Wrote:
Nah fuck all that.
Take this anon advice from 4chan instead:
Open HSBC account
Convert everything I want to cash out into ETH
Go to etheroll.com
Drag slider all the way to 99% win chance
Bet 1 ETH at a time at 99% chance of winning
Sell ETH for fiat
Don't have to pay any taxes on gambling profits
HSBC won't report multiple deposits of a few grand anyway because they are a crook bank
Credit goes to anon who told me this method about a week ago
I thought this was genius but after I thought about it, it fell apart. Cashing out into ETH (selling your altcoin to buy ETH) is a crypto-crypto taxable event.
This method only works if you don't mention how you got the ETH you bet on etheroll. That is to say, it only works if you don't fully disclose all your trades.
The way many 4chan anons are playing this is going to their accountants and telling them they made money on crypto. Most accountant are oblivious to how taxes are handled for crypto and will just ask for fiat going in and crystallised out. They end up paying on only crypto to fiat gains. I guess if you can get off completely by "gambling" your gains, then more power to you.
^ for the UK only realised gains count and you have an annual exemption of some £11,300 or so.
You could argue "highly speculative gains" clause and therefore have no tax to pay. Although the more people who do this with cryptocurrency for more likely HMRC will say no and close the loophole.
If you trade then that would be subject to ordinary tax but if you don't realise the profit can it even be income? I don't think so.
One thing to bear in mind. Taxation on BTC will be different to taxation on ETC. One being a currency and the other being a investment in a technology. Reason why I mention this is because lets say that you were going on holiday to USA and you took with you $10,000 which at the time may had been worth £7,000 and you return with the same amount and it is now worth £8,000. You can make the same trip as many times as you like in the year and the same result could happen. You would not have to pay tax on any of this. In theory the same logic applies to cryptocurrencies. It's to protect tax payers from the unlikely impact of hyperinflation.
I'd seek professional assistant with an accountant who is regularly involved in crypto. Unfortunately those will probably be the most expensive as they are more likely to be involved in the top 5 firms.
You could argue "highly speculative gains" clause and therefore have no tax to pay. Although the more people who do this with cryptocurrency for more likely HMRC will say no and close the loophole.
If you trade then that would be subject to ordinary tax but if you don't realise the profit can it even be income? I don't think so.
One thing to bear in mind. Taxation on BTC will be different to taxation on ETC. One being a currency and the other being a investment in a technology. Reason why I mention this is because lets say that you were going on holiday to USA and you took with you $10,000 which at the time may had been worth £7,000 and you return with the same amount and it is now worth £8,000. You can make the same trip as many times as you like in the year and the same result could happen. You would not have to pay tax on any of this. In theory the same logic applies to cryptocurrencies. It's to protect tax payers from the unlikely impact of hyperinflation.
I'd seek professional assistant with an accountant who is regularly involved in crypto. Unfortunately those will probably be the most expensive as they are more likely to be involved in the top 5 firms.
cointracking is a good service if you want to be by the book and get your exchange APIs linked. Best to always seek legal tax advice from a legal and qualified accountant IMO.
Remember, capital loss can play against your tax payment as well, so sometimes it's better to be by the book and track everything. Many ways to manage what you sell and pay less taxes. Just get the right advisory, not some interwebs ideas.
Remember, capital loss can play against your tax payment as well, so sometimes it's better to be by the book and track everything. Many ways to manage what you sell and pay less taxes. Just get the right advisory, not some interwebs ideas.
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