Hello! I am a Filipino currently residing and working in the UK. I have been investing into crypto since November 2017. I use a USA-based Gemini exchange to deposit GBP and get me started with crypto investing. Now what if I make 1M USD profit out of a coin? What are the tax implications?
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SITUATION A
If I convert BTC to USD in my Gemini exchange, will that already be subjected to tax? Will USA tax me considering I do not reside there? Now of course I have to transfer the money to my UK bank. If my UK bank receives it, will I have to declare the money as capital gains taxable to HMRC? Or is it treated as betting/gambling wins, therefore free of tax?
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SITUATION B
If I send BTC to coins.ph (Philippine Digital currency exchange), then convert it to PHP, will that give me max profit considering the new tax scheme under TRAIN law?
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Basically, I want to know the best way to lessen the amount of tax that I have to pay. Do I have to record every trade transactions that I make? Because I will start now if I have to.
Thanks ever so much to anyone who will answer.
Dude, i aint good with banks and all that sht, but ome thing i can adbice you amd something that has worked pretty well woth my friend is that convert your cryptos little by little while changing the time frame almost every week. Yes, this is very tiring and will really take a lot of effort and precious time. Doing it slowly but surely is better than rushing without knowing what may happen next. But this is just an unprecedented advice, thus really did work for mt friend but i cannot guarantee that it will work for you too. Just wanted to share because maybe it can help. Just try it for a few weeks and then observe hiw the banks and local government reacts.