Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Hey-Ho!
Crypto tax on the horizon in my country
The blueprint accounts 27,5% capital gains tax when selling BTC/crypto.
Swapping from crypto to crypto or stablecoin is not a taxable event, though.
This leaves me to use BTC/crypto to buy things (tax free).
The only thing that leaves me confused is that BTC is legal tender in El Salvador, and the blueprint of the law defines selling as "changing into a legal tender".
So maybe BTC is an exception to the rule and "taxically" untouchable?
Edit: on the other hand, income tax, which was to be paid for short-term gains (under a year, also for swapping), will be a thing of the past for crypto
First Bitcoin does not belong to your country aka company so it can not be taxed. Crypto tax on the horizon in my country
The blueprint accounts 27,5% capital gains tax when selling BTC/crypto.
Swapping from crypto to crypto or stablecoin is not a taxable event, though.
This leaves me to use BTC/crypto to buy things (tax free).
The only thing that leaves me confused is that BTC is legal tender in El Salvador, and the blueprint of the law defines selling as "changing into a legal tender".
So maybe BTC is an exception to the rule and "taxically" untouchable?
Edit: on the other hand, income tax, which was to be paid for short-term gains (under a year, also for swapping), will be a thing of the past for crypto
Second a legal contract requires at least two willing parties. Coercion is not legal.