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Cryptosoft – Do I have to pay taxes?

by Jordan Belfort
Last updated: May 13, 2021
3 minutes read

Anyone who makes a profit from trading in cryptocurrencies and cryptosoft may have to pay tax on it. However, there are exceptions.

Table of Contents
  1. When are profits from bitcoin trading tax-free?
  2. Filling out the tax return correctly
  3. How high are the taxes?
  4. How can one profit from Cryptosoft?
  5. Lend Bitcoins and pay tax on interest?
  6. Conclusion

When are profits from bitcoin trading tax-free?

To determine if and how much tax must be paid from trading cryptocurrencies is subject to two scenarios:

    • the holding period of the currency – when did the sale take place
    • the amount of profit

Generally speaking, if Bitcoins or other digital currencies are held by the investor for more than one year, he does not have to pay tax on a gain. It does not matter how high the profit is.

However, if the Bitcoins are sold within a time frame of one year, the amount of the profit is decisive. Importantly, all profits up to 600 euros are not taxable. However, if the profit is only one euro above that, the entire amount must be taxed.

Info: The tax-free amount is not only set for trading with Bitcoin, but for all sales transactions. If you sell a valuable work of art and make a profit of 1000 euros from it, you have exceeded the tax-free amount.

 

Cryptosoft - Do I have to pay taxes?

Filling out the tax return correctly

In order to determine the taxable income, the purchase price and the sales promotion costs are deducted from the sales price. The latter could possibly be a dealer’s commission. Once the income has been determined, it is entered in the annex “Other income”.

If the income is less than 600 euros, this annex does not have to be filled out. However, if you do not want to be questioned by the tax office, you should do so to be on the safe side.

How high are the taxes?

Profits from cryptocurrencies do not have a flat tax rate. This will be based on the personal income tax rate, plus the solidarity surcharge and possibly church tax.

Info: Those who sell Bitcoins with losses can minimise their tax burden. The loss can be offset against any other gains from private sales transactions within a time frame of one year. However, investors can also take losses into the next year and offset them against any gains that may arise.

How can one profit from Cryptosoft?

Step 1: Click on the link to go to the official website of Cryptosoft.
Step 2: Fill in the form to get a FREE licence to trade.
Step 3: Follow the instructions on the platform to profit from bitcoin fast!

Lend Bitcoins and pay tax on interest?

Bitcoins or other cryptocurrencies can be lent and receive interest. This is called coinlending, but can have consequences for profit taxation. For example, the holding period can increase to ten years until investors can sell their Bitcoins again tax-free.

The profit is also irrelevant. The exemption limit of 600 euros remains in place for the ten years. However, the interest may have to be taxed. This is where the final withholding tax or the capital gains tax comes into play.

Thus, the tax-free amount of 801 euros per year applies to individuals-.

Conclusion

If investors sell their Bitcoins at a profit within a one-year period, this is counted as speculative gains. These are subject to the personal income tax rate. If investors invest in a virtual currency, they should document the purchase.

This is the only way to determine the taxable amount. Investors can simply use the “first-in-first-out” method.

Jordan Belfort
Jordan Belfort
Jordan Belfort is known for being the Wolf of Wall Street, where he used to be a trader. He’s one of the best sales trainers in the world.
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