I see so many people wearing signatures these days.
How do you state the cryptocurrency income from signature campaigns in your tax return? The tax authorities in Europe want to provide them with a document for the purchase of cryptocurrency, I guess it's the same for USA & Canada with the AML laws.
In countries that crypto is illegal, they don't care whether you got your crypto earning from signature campaigns or not. Any crypto assets in your portfolio are illegal to them. You must omit it from their reach to avoid being jailed for itHow do you state the cryptocurrency income from signature campaigns in your tax return? The tax authorities in Europe want to provide them with a document for the purchase of cryptocurrency, I guess it's the same for USA & Canada with the AML laws.
In my country, cryptocurrency trading is an accepted way of earning and capital gains tax is paid, 10% plus surtax.
When earning from signature campaigns the rule is a bit more complicated and we should after each payment within 15 days report it to the tax office via the tax form and pay tax on other income, about 30%.
For small amounts it’s actually too complicated and no one does it, we just withdraw funds anonymously through a crypto exchange and that’s it
When it comes to a much larger amount I will probably seek the advice of a tax advisor.
Complete FIFO records should be prepared for each tax report, but in practice I do not know of a single case where the tax office actually requested it.
Even if they did, I don't know if they would understand crypto fifo records at all