Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on [email protected] for help. Thanks :)
Private profiles - please note that profiles marked as private will soon be public. This will facilitate moderation so mods can view users' warning histories. All of your posts across the site will appear on your profile page (including PI, RI). Groups posts will remain private except to users who have access to the same Groups as you. Thread here
Some important site news, please read here. Thanks!

CryptoCurrency Tax

  • 11-06-2018 8:32pm
    #1
    Registered Users Posts: 8 ✭✭✭ Dublin_Lad


    Hi all,

    I am new to the whole Cryptocurrency thing and I was wondering if someone could tell me if I have to pay tax on Cryptocurrency (Ripple) if I buy it, hold onto it and not sell it. Also, In order to buy Ripple I had to buy Ethereum then ripple, so do I have to pay tax on that or not?

    Thank you for your time.


Comments

  • Registered Users Posts: 6,026 ✭✭✭ grindle


    Dublin_Lad wrote: »
    I was wondering if someone could tell me if I have to pay tax on Cryptocurrency (Ripple) if I buy it, hold onto it and not sell it.
    If you hold onto it/don't sell it then no gain has been solidified, no tax to be paid unless you realise a profit.
    Dublin_Lad wrote: »
    In order to buy Ripple I had to buy Ethereum then ripple, so do I have to pay tax on that or not?
    If you bought one straight after the other then you're very unlikely to have made enough of a profit to owe tax, but you should keep track of the prices and do your bookkeeping anyway - best to start early, before it becomes an abyss of trades which you may have to figure out and track months later.

    If you'd bought 10 ETH @ €100 and sold at €450 for €4500 worth of whatever (fiat or crypto, doesn't matter) you would have realised a gain of €3500 and would owe 33% CGT on €3500 - €1270 which is €735.90.


  • Registered Users Posts: 1,818 ✭✭✭ Pintman Paddy Losty


    There will be no taxes due on a loss so not to worry.


Advertisement