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CGT for under 18 year olds?

  • 08-12-2017 9:57am
    #1
    Mineu999
    Registered Users, Registered Users 2 Posts: 1 ✭


    Is CGT the same regardless of age? I trade cryptocurrency and I'm 16. Will I get a tax credit? Also say if i buy a coin with 300 and it turns into 700 and then i put 700 on another coin and it turns to 1700 and put the 1700 back to euro, would I owe any taxes?


Comments

  • #2
    exaisle
    Registered Users, Registered Users 2 Posts: 2,675 ✭✭✭exaisle


    Mineu999 wrote: »
    Is CGT the same regardless of age? I trade cryptocurrency and I'm 16. Will I get a tax credit? Also say if i buy a coin with 300 and it turns into 700 and then i put 700 on another coin and it turns to 1700 and put the 1700 back to euro, would I owe any taxes?

    If you're trading you may be assessable to Income Tax rather than CGT...
    But purely from the CGT point of view you can make €1270 in any year before you fall liable to CGT...


  • #3
    gerrybbadd
    Registered Users, Registered Users 2 Posts: 10,301 ✭✭✭✭gerrybbadd


    Mineu999 wrote: »
    Is CGT the same regardless of age? I trade cryptocurrency and I'm 16. Will I get a tax credit? Also say if i buy a coin with 300 and it turns into 700 and then i put 700 on another coin and it turns to 1700 and put the 1700 back to euro, would I owe any taxes?

    There's no such thing as an entry age when it comes to tax, or lower rates.


  • #4
    Peregrinus
    Registered Users, Registered Users 2 Posts: 26,984 ✭✭✭✭Peregrinus


    gerrybbadd wrote: »
    There's no such thing as an entry age when it comes to tax, or lower rates.
    And, yes, you will get the same tax credits as an over-18 year old would get.


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