Category: capital gains

IRS Issues New Crypto Tax Guidance After 5 Years – Experts Weigh In

IRS Issues New Crypto Tax Guidance After 5 Years - Experts Weigh InThe U.S. Internal Revenue Service (IRS) has issued long-awaited guidance on the tax treatment of cryptocurrencies. It is generally described by the crypto community as a mixed bag since some parts are useful while others have raised many more questions, particularly how cryptocurrencies from hard forks and airdrops are taxed. Also read: 10 Tax Tools […]

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Why Portugal’s Tax-Free Crypto Trading Matters for Bitcoin

Why Portugal’s Tax-Free Crypto Trading Matters for BitcoinCryptocurrency enthusiasts and businesses in the industry have had to put up with regulatory uncertainty for quite some time. The strong desire to tap into their incomes and profits goes hand in hand with failure on behalf of authorities and regulators to fully understand the nature of decentralized digital assets. Not to mention how absurd […]

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Data Shows Short-Term Crypto Tax Filers Increase, But Lots of Investors Still Won’t File

Data Shows Short-Term Crypto Tax Filers Increase, But Lots of Investors Still Won't FileAccording to personal finance firm Credit Karma Tax, filers who reported short-term capital losses for cryptocurrencies in the first month of 2019 jumped fivefold year-over-year. After the incredibly bearish crypto markets of 2018, data from early tax filers highlights the fact that more investors are claiming losses this tax season. However, a survey the company […]

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South African Officials Create Regulatory Working Group Dedicated to Cryptocurrencies

The Minister of Finance of South Africa, Tito Mboweni, explained in a letter on Jan. 2 that the region’s government has created a regulatory working group dedicated to cryptocurrencies. According to Mboweni, the working group includes representatives from multiple South African agencies and aims to produce a comprehensive regulatory response to the growing digital asset […]

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Cryptocurrency and Taxes: How to Use 2018’s Losses to Your Advantage

Taxes have been a hot topic in the cryptocurrency world this year. Many countries have been trying to figure out how to tax crypto assets, while traders have been figuring out how to lever them to write off losses. As bitcoin and other cryptocurrencies enter the mainstream, tax reduction strategies are starting to emerge. Also […]

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UK Investors to Pay Capital Gains and Income Tax on Bitcoin Investments

U.K. Investors to Pay Capital Gains and Income Tax on Bitcoin InvestmentsThe U.K. government has said that individual investors will be liable to pay capital gains tax each time they sell crypto assets such as BTC for profit. In new taxation guidelines published Dec. 19, Her Majesty’s Revenue and Customs (HMRC) also stated that digital assets received from employers in lieu of cash or gained from mining […]

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France Rejects Cryptocurrency-Friendly Tax Amendments

France Rejects Cryptocurrency-Friendly Tax AmendmentsFrance’s National Assembly has rejected a number of tax amendments aimed at lowering taxes for cryptocurrency traders and users. Among rejected amendments are those concerning capital gains and losses and crypto tax exemptions. Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations Crypto Amendments Rejected The French National Assembly rejected a number of […]

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Poles to Pay 19% Tax on Income From Cryptocurrency Transactions

Poles to Pay 19 Percent Tax on Income Related to CryptocurrenciesThe government of Poland recently submitted amended income tax regulations for approval by President Andrzej Duda. The updated framework, which includes provisions referring to cryptocurrencies, is expected to enter into force on Jan. 1, 2019. Also read: Growing Number of Crypto Companies Operating From Belarus Crypto-To-Crypto Transactions Will Not Be Taxed The changes, long-awaited by […]

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French Lawmakers to Lower Cryptocurrency Tax by 6 Percent

French Lawmakers Adopt Amendment to Cut Cryptocurrency Tax From 36 to 30 PercentFrench lawmakers have adopted an amendment to the 2019 budget bill that will cut capital gains tax on bitcoin sales to 30 percent from 36.2 percent. This will bring cryptocurrency transactions in line with other non-real estate assets, which are taxed at a flat rate of 30 percent. Also Read: Survey: South Africans Turn to Crypto […]

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New Bill Clarifies Crypto Taxation in Poland

New Bill Clarifies Crypto Taxation in PolandA new draft introducing amendments regarding the taxation of crypto incomes has been published in Poland. The bill differentiates between decentralized cryptocurrencies and centralized virtual money, and clarifies the tax regime applicable to crypto trading and mining.   Also read: Eastern Europe: Regulation Postponed, Tax Abandoned, Banks Enlightened Draft Distinguishes Between Cryptos and Centralized Coins […]

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Officials in South Africa Propose VAT-Exemption for Bitcoin Trades

Officials in South Africa Propose VAT-Exemption for Bitcoin TradesCryptocurrencies are becoming more prevalent to residents living in South Africa and over the past year bitcoin interest stemming from the region has grown exponentially. Furthermore, just recently the South African Treasury has proposed a few amendments that apply to the country’s Taxation Laws Amendment Bill (TLAB) and how cryptocurrencies are taxed. According to regional […]

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Meet the Liberty Advisor Helping the Crypto-Rich Avoid Capital Gains

Meet the Liberty Advisor Helping the Crypto-Rich Avoid Capital GainsSince the incredible bull run last year, early adopters, and even people who invested in cryptocurrencies back in January 2017, have made an incredible amount of financial gains. In the U.S. some people who want to cash out a good chunk of money realize they’ll end up paying the taxman (IRS) a lot of money […]

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Japan Wants to Scrap Its Progressive Crypto Tax Rate

Japan Wants to Scrap Its Progressive Crypto Tax RateCryptocurrency traders in Japan currently can be taxed as high as 55% on their profits. However, the country’s Deputy Prime Minister, Taro Aso, wants to change how crypto transactions are taxed, from a progressive rate to a uniform rate. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Aso Wants to Change Crypto Taxation The Japanese […]

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Japanese Corporation Begins Offering Loans Secured by Cryptocurrency

Japanese Corporation Begins Offering Loans Secured by CryptocurrencyAn established Japanese corporation has begun offering loans secured by cryptocurrency. The company says this is the first service in Japan where loans in Japanese yen can be obtained with cryptocurrency as collateral. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space New Loan Program Abic Corporation announced Friday the launch of its bitcoin loan […]

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