01-02-2022, 03:09 PM
I didn't realize that you have to pay tax on every single Transaction. How fucked am
<!-- SC_OFF --><div class="md"><p>Before you read: Every transaction was made with usdt and other coins. I basically only payed out fiat once. About 3 months ago i got into crypto and turned 7k into 11k with a lot of transactions. I then put that money in my bank account and wanted to pay the tax later. After a few weeks i took the 11k, added another 15k (so 26k in all), bought a lot of usdt and turned that into 40k using a few altcoins with lots of ups and downs and many transactions. My question is; How fucked am i now since i have over 950 Transactions (Bought and sold)?? The good news is that Changing between Crypto currencies is tax free in march in my country so maybe i can try to work my way around that? My Overall profit is 13k currently. I thought that I only had to pay taxes (27.5%) once i realised that into fiat</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Zeusan_Pls"> /u/Zeusan_Pls </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/rtwdh7/i_didnt_realize_that_you_have_to_pay_tax_on_every/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/rtwdh7/i_didnt_realize_that_you_have_to_pay_tax_on_every/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>Before you read: Every transaction was made with usdt and other coins. I basically only payed out fiat once. About 3 months ago i got into crypto and turned 7k into 11k with a lot of transactions. I then put that money in my bank account and wanted to pay the tax later. After a few weeks i took the 11k, added another 15k (so 26k in all), bought a lot of usdt and turned that into 40k using a few altcoins with lots of ups and downs and many transactions. My question is; How fucked am i now since i have over 950 Transactions (Bought and sold)?? The good news is that Changing between Crypto currencies is tax free in march in my country so maybe i can try to work my way around that? My Overall profit is 13k currently. I thought that I only had to pay taxes (27.5%) once i realised that into fiat</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/Zeusan_Pls"> /u/Zeusan_Pls </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/rtwdh7/i_didnt_realize_that_you_have_to_pay_tax_on_every/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/rtwdh7/i_didnt_realize_that_you_have_to_pay_tax_on_every/">[comments]</a></span>Kind Regards R