Home » How to tax profits with cryptocurrency

How to tax profits with cryptocurrency

by admin
How to tax profits with cryptocurrency

Profits made from mining Bitcoin are generally subject to tax from the moment they are exchanged for a conventional currency such as euros or dollars. Even if other cryptocurrencies are purchased with the proceeds, this is a taxable transaction. In this particular case there is no set exemption limit. Accordingly, the first euro earned is taxable and must be stated accordingly in the tax return. However, if you hold the Bitcoin from mining for more than a year, the profits are tax-free because the holding period also applies here. However, if you do not plan to sell the mined Bitcoin, these unrealized profits are not taxable.

See also  Wall Street: futures on the rise. Pelosi leaves Taiwan, markets focus on Fed after statements on inflation and rates

You may also like

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy