Quote from: X-ray on January 20, 2017, 07:43:55 AM

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Quote from: bettercrypto on January 20, 2017, 06:55:53 AM

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Quote from: blacksmithtm on January 18, 2017, 01:08:54 PM

Hey

How do you calculate taxes on alt-coins bought and sold with Bitcoin? For example if i bought 10 bitcoins worth of Monero, and monero rose 10% and i decides to sell for that extra bitcoin, how does that become taxed? Furthermore if/when i decide to sell the 11 bitcoin i now have for fiat, how might that be taxed? Thank you in advance.

you need to consult a professional my friend, any suggestion here may be worse than doing nothing for you.

but as far as i can tell you, i believe you report taxes on the profit you make from trading and if you calculate it after some time not each trade. so for example you make 20% and lose 10% and make 5% then you report total of 15% profit and pay taxes on that.

but also at the same time i think in countries like US they consider bitcoin a commodity so maybe having bitcoin may be subjected to taxes. again as i said consult a professional lawyer or something.

This is the best suggestion here in my opinion, even if altcoin is not taxed, you still need to declare your profit to the government. Especially if your government is very strict when it comes to tax implementation.

This would depend on a certain individual if he would declare or not regarding on its income but i dont think this would be implemented on alts.For bitcoin it would possible but for alts i dont think soo.Theres no tax on this but only fees anytime you convert your alts to bitcoins.

If the taxation can be implemented into bitcoin and gaining its success, then why it's can't be implemented to another altcoins which have the same system? i think that it's depend on the government on how they put their effort into the taxation of cryptocurrencies and finally could cover the whole cryptocurrencies into taxation which many people and i honestly don't like.

yes that is right to say that the taxation of other alt-coin concern with bitcoin. if the government will consider bitcoin ias legal currency and when they will impose tax on bitcoin, i think the way for other alt coins will also clear to turn them as legal currency and then also impose tax on them. but still it requires a lot of time and it will also depend on the position of alt coin.