Quote from: skip60 on April 07, 2018, 08:05:35 PM

Quote from: NScryps on February 28, 2018, 02:44:13 PM

Hi.

i didn't traded so much of my crypto for FIAT so i didn't dealt with that question yet.

however i think it's an issue need to be dealt with.

1. do you use accounting services?
2.if so, do you keep documentation of all traded or bought coins?
3. what do you do in cases of profit from ICO's

WHAT SHOULD I DO??

it depends on which country you live in

for small amounts i dont think it is easy to understand if you did profit or not

but, all of a sudden if you stransfer 1 million usd to your account, for sure they will make you pay the tax if it is not a tax free country

Yep! It most likely this it, it dependent on which you transact from. It may be regulated and taxes will be imposed. More so with countries that have legalized cryptos.
On the other hand, in countries where it is neither legal nor illegal taxes will not be imposed. Unless you transact in a bank where fees are imposed. Though I don't really know if it fall under taxation protocol.