Cashing in fees


#1

Ok let’s suppose ETN has just mooned and my coins are now worth £10,000 and I decided to cash in.
Would I have to pay tax on my payout? What would the exchanges charge me and how much would I have left from my 10k?


#2

You will see then, when this faithful day arrives. :slight_smile:
The rules will probably change like crazy in the next year.
Needless to say in a few more years.


#3

If you keep it in bitcoin then i don’t think you have to pay taxes yet Unless they change that if you cash out on your bank you Will have to pay taxes but Thats in alot of country’s diffrent what that % might be and to sell it at an Exchange there is a certain Exchange fee but on all Exchanges that is diffrent Some have less or even almost to No fees :thinking:


#4

My understanding is it’s taxable the moment you change it into fiat but I have seen some stuff saying depending how you invested or got the crypto in some cases it can be classed as gambling and you can get out of the tax don’t quote me on this though. But keeping it in crypto at the moment I don’t think you can be taxed, but im in the UK this can vary depending on where you are…


#5

Here in the USA you are taxed on your gains/profits and it does not matter if you cash or not. I have cashed out many many btc and had to pay capital gains tax of 20%. I also in fall into high tax bracket due to income, so 20% tax rate on crypto currency gains is not bad at all. 1 million usd profit and I would pay $200k in taxes for it.


#6

Howe you tax is a question where you live and you’re countries tax law.


#7

Bitcoins can be sold in Dubai for cash and there are no taxes in Dubai now.


#8

That would be your last problem, if you had $1 million in profit from crypto. :smiley:


#9

I have had to do that already on payouts. In Canada it’s 20% that they suggest you to set aside for taxes. When you make enough though I don’t think it will matter how much you have to pay because you will still have plenty of dough left!


#10

once u turn it to fiat the profits are taxable.


#11

As long as we got a bright future then paying taxes wouldn’t matter indeed @Thunder :sunglasses: