Bitcoin, Crypto currency, Blockchain

USA and crypto-currencies: the tax payment is a rarity

20b435126ed76f10895499ff1d669c90 - USA and crypto-currencies: the tax payment is a rarity

In the case of the US-American Online platform, Credit Karma have given the 250,000 taxpayers only 0.04 %, you would pay tax on their profits from trading with crypto-currencies. According to current estimates, due to Win with digital currencies in the US alone in the amount of 25 billion US dollars are due. Consequently, countless users have in the indication of the sales, some of the data, simply under the table.

Of 250,000 users by the financial service provider Credit Karma less than 100 people have given in your tax return for 2017, revenues from trading with crypto-currencies. In the United States, the tax must be submitted earlier than in this country, the period ends on the 17th. April. in Germany, people without a tax accountant to 31. May the time. Anyone who submits his tax statement with Elster Online, has a further two months time for submission.

In the USA, all crypto transactions are all subject to capital tax. Credit Karma Tax assumes that the information relating to crypto-profits to be submitted due to the complexity only at the last Minute. Or not at all. As complicated as the tax appears, at first glance, don’t be. In addition, the U.S. has become a tax authority, the Internal Revenue Service (IRS) already awake when it comes to this topic. The American Online marketplace Coinbase should be committed to a few months ago very extensive for giving countless information to get to US tax evaders. When the operator refused, went to the IRS to court. Instead of the disclosure of at least 500,000 Account data, Coinbase has been obliged in the meantime to the disclosure of the most active of 13,000 users.

Paying taxes may not be a coincidence

The düsseldorf-based lawyer and book author, Dr. Joerg Andres can’t understand for the life of me, why Bitcoin profiteers don’t brag about it until today in order to pay taxes on your crypto earnings. Andres describes it as “highly risky” to conceal from the IRS these revenues. He believes that it was only a matter of time before the tax authorities catch up. They would soon come also of these revenues on the track. Even if it takes some time, so the employees of financial offices in Coinbase & co. can be reached in the context of a request for Information to the data of German taxpayers. Just because an Online trade course in foreign, can match the financial offices, however, the information in the tax return with the balances and the activities of their respective Wallets. Prof., Dr. Andres: “he Who believes on the myth of the complete anonymity of the Blockchain activities, should not be surprised, if good advice will then be literally expensive. Who has not previously fulfilled its Declaration obligations to the tax office yet, do so quickly. Still, there are good chances of such failures with impunity.“

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