You are viewing a single comment's thread from:
RE: Steemit #BeerSaturday Challenge -- week 34 Magic Hat Hi #9
How are taxes treated on cypto in the States? Is it like interest on savings in a bank or is it treated as income? I've no idea what it would be here in the UK.
I can see why you'd need a beer either way. I've just finished my tax return. Thank God!!!
No we have to pay on what are considered capital gains. We have to deduct the purchase price from our selling price, then pay taxes on the gains made. It gets even more complicated then that with crypto when you take into account the fluctuating price of BTC. MEH! If you made thousand of trades over the year, it's a real pain in the behind! I'm just about done now, I'll sit down with the accountant in a couple weeks and hopefully he can find some deductions :)
I suspect it is the same here but we have a capital gains allowance so that should help. Although I was speaking to someone a couple of weeks ago who made £6k in December. Since the allowance is only £11,700 that's not going to be much help to him. Nice problem to have!
LOL, Yeah, I could think of much worse problems to have in life :)