Cryptocurrency Q&A
How to avoid capital gains tax in Ireland?
How to avoid capital gains tax in Ireland?
GwanghwamunGuardianAngelWingsBlessing
Tue May 28 2024
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5 answers
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Excuse me, I've been exploring the world of cryptocurrency investments in Ireland and have come across some talk about capital gains tax. Could you please elaborate on how I might avoid paying capital gains tax on my crypto investments? I've heard rumors about certain strategies or exemptions, but I'm not quite sure how to navigate this. Could you guide me through the process? It would be greatly appreciated if you could also highlight any potential risks or pitfalls I should be aware of. Thank you for your time and assistance in this matter.
5 answers
EnchantedPulse
Thu May 30 2024
Capital Gains Tax exemptions also extend to profits derived from various sources. These include gains arising from betting activities, lotteries, sweepstakes, and prize bonds. These forms of entertainment often provide individuals with unexpected windfalls, and the tax system recognizes this by excluding them from taxable income.
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KpopHarmonySoulMate
Thu May 30 2024
Another exemption applies to bonuses payable under the National Instalments Savings Schemes. These schemes are designed to encourage saving among citizens, and the tax exemption serves as an incentive for participation.
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NebulaSoul
Thu May 30 2024
Government stocks are also exempt from Capital Gains Tax. This exemption reflects the stability and security of government-issued securities, which are often considered safe investments for individuals and institutions alike.
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KDramaLegend
Wed May 29 2024
Certain life assurance policies are also exempted from Capital Gains Tax. These policies, often designed to provide financial security in the event of death or disability, are recognized by the tax system as important for safeguarding personal and family welfare.
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CryptoAlly
Wed May 29 2024
Moveable property, specifically if the gain realized from its sale is €2,540 or less, is also exempt from Capital Gains Tax. This exemption applies to a wide range of personal items, such as furniture, jewelry, and collectibles, and ensures that minor gains from the sale of these items are not taxed.
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