This is a legal issue no one has been able to answer me about
If you win bitcoin with investment, it's easy to declare
What about bitcoins you earn from jobs ( bounties, regular incomes for helping teams in moderation, etc.) ? It is a job and an income but in bitcoin, so how is it considered and declared?
If you win bitcoin with investment, it's easy to declare
What about bitcoins you earn from jobs ( bounties, regular incomes for helping teams in moderation, etc.) ? It is a job and an income but in bitcoin, so how is it considered and declared?
It's up to you on how you'll declare it, if your taxing ministry is obligating you to pay taxes since it is a must and you are earning so your conscience will be dictating you of doing so.
You can just declare that you are a freelancer since most of the online jobs are treated and called that way.
It doesn't matter if it is in bitcoin as long it has value and you are converting it to your local currency.
The thing is i don't convert it in local currency ! So should i declare something in bitcoin ? It seems a bit silly to declare something you did not cash out even if it's a regulary income when you know 5000 dollars can become 1000 dollars quickly until you cash it out.
If you don't convert it in local currency then I think you don't need to pay any tax because there is no income to declare yet. If your country do not have any applicable laws yet regarding bitcoin income then you don't need to pay any tax. Your country may have particular laws regarding fiat currency so it will only be applicable in fiat in which case you will not pay any tax if the bitcoin income you earn is not in fiat yet.
Okay good, this is what i wanted to know, because i invest this money and don't want to cash it out yet.
But i wonder when it comes to cashing out, how it works, because we have to explain in details how we got this money, to prove it's not money laundering, but how to explain income from bounties for example ? It will be quite hard to justify, they will have to call every project
