Do NOT F$$k Around When It Comes To Taxes!
FIRST, THIS POST IS NOT PROFESSIONAL LEGAL ADVICE!
Seeing the flocks of newcomers and those who've made some money with crypto in the past year or two, I think this is the perfect time to remind you guys that you should not mess around when it comes to cryptocurrency-oriented capital gains!
Depending on your citizenship, your country's laws regarding capital gains resulted from cryptocurrency trade may vary.
Below are a few tips for you, the savvy investor:
- Learn your local laws. This is a BIG one! Familiarize yourself with the local laws and regulations regarding cryptocurrency investing in general and tax laws in particular.
- Keep track of all numbers. Keep track of all trades you make. Buying price, date, selling price, coin pairing, exchange, etc…
- Now knowing and understanding the local laws and regulations, you may want to reconsider your investing strategies. Frequent VS non-frequent trading, trading fees, asset security, etc…
While this is not a full-on guide, I wanted to at least put this in some of your heads, that you may make or may have already made 'easy' money with cryptocurrencies, but always remember that the taxman is watching, even if he is quiet.
I do understand that some coins/tokens provide more privacy than others, but the big ol' tax man is the last person you want to be enemies with.
Edit: Added a couple of country links.
Edit 2: Why are some of you downvoting this :/
submitted by /u/cpdk31
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