Post
Topic
Board Legal
Re: Tax obligation for personal Bitcoin traded to Fiat
by
Fiatless
on 30/08/2023, 09:33:38 UTC
If I transfer BTC into my Coinbase account from a personal wallet and then sell my BTC for Fiat/USD... am I subject to tax obligation?

If yes, how much? In other words, what type of taxation am I subject to?

Intuition says there is no tax, for this is not income, is this true?
Taxation policies are not uniform in all the countries. Every country has its tax policies and calculations. It will be better to seek the advice of a tax officer in your location to determine how crypto taxes are calculated and paid in your country. In some countries, the exchange acts as a tax collector for the government. In that case, the tax is added to the transaction charges and the tax will be remitted to the government.

These links of Coinbase about understanding crypto taxes might help.
https://www.coinbase.com/learn/crypto-basics/understanding-crypto-taxes#:~:text=If%20you're%20holding%20crypto,you%20have%20a%20taxable%20event.

https://www.coinbase.com/learn/your-crypto/understanding-capital-gains