Post
Topic
Board Legal
Re: How do I avoid tax on crypto
by
Lampaster
on 30/01/2018, 17:15:45 UTC
Bitcoin currently is taxed only by the South Korean govt. at a rate of around 23%. But tax can be collected merely on amount which you withdraw in exchanges. So the simple rule to save tax on all your crypto earnings is to store the bitcoins in a private key wallet where you don't need to do any KYC compliance. So you are anonymous just with your wallet address. But the problem is that you won't be able to get a fiat conversion of your bitcoins until you bring them to exchanges.

That is not correct, at the very least the US IRS has already released documents which clearly state that mining and trading BTC are taxable actions, the former incurring income tax and the latter incurring capital gains tax.
It does not happen. Even in the US you have to pay tax only after the exchange the bitcoin for Fiat. In order not to pay taxes it is enough that you are not using exchange. Perhaps in the future it will be possible to buy and sell goods with bitcoins. This saves us from having to pay taxes. To ban such deals will be difficult. Therefore, the government will be forced to accept the bitcoin currency.