Here basically you only pay tax on fiat if you earn over a certain amount so I keep under that amount and buy everything else with bitcoin or other crypto.
guys how to get around local tax laws and convert crypto earnings into legal fiat?
as of now, there is no bitcoin tax law in our country
in my opinion its ok not to report it if your only converting small amount of bitcoin to fiat
but still, ask for some legal advice in your country
because in some country, if you sell some Bitcoin at a profit that you purchased in the last few years
you will have to report short term capital gains on your tax return and pay ordinary income tax rates.
Even with short term capital gains, it becomes difficult. How do you know what it was worth when bought? Or received? Do you take a recording of the value for a website and screenshot it or what? Or would they look it up? I don't think they know about crypto and will just take your word for it. It's not so easy. There are also many other things to consider. Also, capital gains are not income tax it's taxed differently.