Cryptotraders on paying taxes
Paying taxes is probably one of our biggest concerns coming into 2018.
Is there going to be a lot of new S Corporations in the States, are people going to try to take out money out of the bitcoin ATMs bit by bit or do you think people are just going to hodl without taking any profits?
There's also the option to only take out as much as you put it and leaving the profits to do their own thing without having to pay taxes while adding onto your dollar cost averaging through-out 2018.
I'm wondering, what are you guys are doing?
I live in England mate, Over here they made a massive song and dance about gambling being made tax free. With the volatility of Bitcoin and the alts, trading them can only ever amount to gambling, therefore it is none of guberments business ;)
Wow, really?! Good for you, mate.
Are you sure that goes for trading cryptos, though? While the volatility is insane, I'm sure there's going to be a lot of people trying to tax profits on cryptos even in England. If not, people from all over the world would just make companies in England as their crypto trading vehicles saying that the company basically just gambles and that they shouldn't be taxed. Am I missing something?
No your not missing anything mate, you don't even need to register a company for gambling purposes. Its all about your own belief, how you perceive it. If you want to research it, look up "mens rea" and "actus rea" (maybe some variation on spelling) those are the legalities involved with the English court system, if you believe you are doing nothing wrong, you can not be prosecuted.
This is why i am positive this also applies to crypto, the price can move dramatically in a matter of seconds, you are literally gambling on the price swings. :D