Quote from: sokani on September 06, 2023, 06:20:10 PM

Quote from: phosphor1897 on August 30, 2023, 08:58:54 AM

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?

Just as Fiatless commented earlier, crypto taxation varies in different countries. Taking my country for example, the crypto tax is newly implemented, it is just few months old actually and it is 10% of capital gains. The procedures and guidelines to enforce the tax is being worked upon by the Federal Inland Revenue (FIR) and Joint Task Board but my guess is, it will be through centralized exchanges that have the jurisdiction to operate in my country. The tax implementation is still not glaring at the moment but I think P2P users will be able to get off the hook.

Have you already been required by regulators to file a tax return on the coins that you hold for the initial count of profits?
In my country, if you trade on an exchange, the tax is withheld by the broker. I already wrote about the situation in Europe, when every quarter exchanges send dozens of terabytes of trade logs of European citizens to the tax office, and the tax office does not know what to do with it.
I think that the exchange should become a tax agent and withhold traders' taxes and send data to the tax office. Then it will save a lot of time.