How are you guys and girls planning if ever withdraw your cryto to fiat? And how are you planning to do tax report?
I live in Estonia and since its this time to do taxes here, Im thinking how to do it properly, do I need to inform IRS on sick gains on ETH. Not planning withdraw anytime soon. Anybody same experience or maybe in same country.
Depends on which Exchange you use to buy the Crypto. Coinbase will give you a download option with a file to download that contains all transactions if you wish.
Use this file to input the information to your tax authority. If you did not trade back into FIAT or another token then you should be fine not to report anything because the tax authorities require reporting on the gains or loss, and if you still holding then it would be a long term gain most likely.
With all due respect this isn’t the right place for questions that may get you into legal matters and especially on the notion of tax evasion. It would be, in my subjective opinion, better to pay some of those ‘sick gains’ (lol) to a lawyer for an inquiry that might cost you only 50-300 euro max rather than have the government come after you for what they thinks is rightfully theirs. Plus Estonia is one story and the European union as a whole with its monetary policies is another thing. I don’t know what im talking about so it might be that those two have nothing in common when it comes to tax, but yet again what do i know? Or you… Go lawyer.
With all due respect I believe Artur poses a very good question and this is one of the few places where you will get some direction from others of all varied abilities…what you do with it is up to you. My current tax jurisdiction is Canada and a CPA in this community gave me some ‘free’ advise but of course with the ‘notice to reader’ SYA. Accountants and lawyers in mainstream are ‘legacy’…pretty much a crap shoot…best to gain knowledge here and if you must go to them, you make them work for you and your interests rather than ‘trust’ that they know what they are advising as 99.9% of them are not going to serve you but rather publican tax collect for the government…