Elena
Sun Jun 09 2024
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7 answers
2015
Where to put crypto in tax return?｜Add the value of these in your tax return. Make sure to do this in the financial year you received it. When you later sell the crypto you earned through staking or airdrops, the amount you reported as income will be your cost base for calculating CGT.under the heading 'Other income'
Where exactly should I include the value of my cryptocurrencies in my tax return? Should I just add it under the 'Other income' section? And is it crucial to record this value in the financial year that I received it? Also, if I decide to sell the crypto I earned through staking or airdrops in the future, how does the amount I reported as income affect the calculation of my capital gains tax? Could you please clarify these points for me?
SsangyongSpirit
Sat Jun 08 2024
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7 answers
1823
Do I have to pay taxes if I lost money on crypto?｜. If your total capital losses exceed your total capital gains, US taxpayers can deduct the difference as a loss on your tax return, up to $3,000 per year ($1,500 if married filing separately).Yes, you can write off crypto losses on taxes even if you have no gains
Hello there, I have a question regarding cryptocurrency and taxes. So, do I actually need to pay taxes if I've lost money investing in crypto? I've heard that if my total losses are greater than my gains, I might be able to deduct some of that loss on my tax return. Is that true? And if so, how much can I deduct? Also, can I still write off my crypto losses even if I haven't made any gains this year? I'm just trying to get a clearer understanding of the tax implications of investing in crypto. Could you help me with that?
Martina
Sat Jun 08 2024
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7 answers
1032
How do I pay tax on crypto in Australia?｜The ATO taxes cryptocurrency as a “capital gains tax (CGT) asset”. This means you must declare the transactions (on your tax return) for every time you traded, sold, or used crypto. The ATO does not see crypto as money, and they don't class it as a foreign currency.
How exactly do I go about paying taxes on cryptocurrency in Australia? I understand that the ATO treats it as a capital gains tax asset, but what specific steps should I follow? Do I need to report every single transaction, including trades, sales, and uses of crypto? Also, since the ATO doesn't consider crypto as money or a foreign currency, does that mean there are additional tax implications I should be aware of? Could you please clarify the process for me?
Tommaso
Sat Jun 08 2024
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5 answers
1669
Do you pay taxes if you lose money on crypto?｜. If your total capital losses exceed your total capital gains, US taxpayers can deduct the difference as a loss on your tax return, up to $3,000 per year ($1,500 if married filing separately).Yes, you can write off crypto losses on taxes even if you have no gains
Could you please clarify, in the context of cryptocurrency investments, whether tax obligations still apply if one experiences losses? If my losses in crypto investments outweigh my gains, am I allowed to deduct the difference from my tax return? I've heard that there's a limit of $3,000 per year for individuals and $1,500 for married couples filing separately. But is it true that even if I haven't realized any gains, I can still write off my crypto losses on taxes? I'd appreciate a detailed explanation of this matter.
NebulaSoul
Sat Jun 08 2024
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6 answers
1309
Do all crypto transactions need to be reported?｜.Anyone who sold crypto, received it as payment or had other digital asset transactions needs to accurately report it on their tax return
Do all crypto transactions require mandatory reporting? I'm curious about the tax implications of crypto transactions. Is it necessary for everyone who has sold cryptocurrencies, received them as payment, or engaged in other digital asset transactions to accurately report these activities on their tax returns? Could you clarify the regulations surrounding this matter? I'd appreciate any insights you can provide on the tax reporting requirements for crypto transactions.
