Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
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Buying and selling dash is not a taxable event for you? How is that?
Well I understood you pay captial gains when there is a fiat gain in value at the time when you dispose it, ie sell it for fiat. I'm in the UK. I hope I got that right. If I have to proof every single trade between Dash and Bitcoin or whatever other crypto I don't know how on earth I could even start to do that
Some exchanges I have used no longer even exist. I sympathise, in UK too.
Since HMRC advice is so sketchy (it goes back to a vague 2014 reference effectively saying 'we will treat it all on a case-by-case basis') we are in the dark.
I only cash out in BTC and only (originally) went in via BTC so, I am asking my accountant to simply list all fiat 'in' events and fiat 'out' events and hoping it will be just CGT. But be aware they can see it as 'badge of trade' and charge as though it was income if they think you're a trader.
I am hoping if I cough up CGT and list only Bitcoin bought and sold and just pay up, they will accept it.
If not, I will find others here in the same position and suggest we club together to get a QC to fight HMRC - as paying 45% income tax will be too much to let pass.
I know you and I have different 'cryptos of choice' but we may end up in the same expensive boat, under the same threat of a massive tax bill.
Odds on they will just take the CGT, but if not... Let's consider a fight - I think we can probably both afford to chip in for a legal case with others, which they won't have the staff or competence to want to bother with.
Sometimes Dashheads and Moneroans can perhaps find common cause ;-)
beware the deception by gov and tax office
1) get you to admit it is an income
2) get you to admit what you use it for e.g. investment
3) then if you do not admit to any of that, they will make a determination and take your money
bitcoin is not their currency and it is ridiculous to call it income or investment
it is just your money nothing else, not your fault you have to exchange your btc into fiat to utilize services, they should learn to accept your money
Don't worry, I didn't go through:
All the shit, the Goxing, the seeing it slump to $152 when my average buy was four times that (and deciding to just bought MORE to average down), plus years of watching this thread every day, checking the price first thing in the morning and last thing at night, while holding a full time job down....
All that to give up on my gains that took a shit load of stress and a very thick skin just to HODL onto..? To have someone tell me I have to pay nearly half of it over - without a serious fight?
No. No. No.
I will pay 20% CGT - but a penny more and they will find out just what a determined bastard I can be.