CG1 Tax Form

Dublin_Lad

Hi all,

So I have spoken with revenue about cryptocurrency tax and they said that I have to fill out a CG1 Tax form. but on their website they have only the form for 2017. When do they release the form for 2018?

Also, has anyone had experience filling this form out and how do you do it?

Thank you in advance.

Shamo

Hey,

Lets say you started trading in 2018 then you pay the tax on that within that year (with the exception of trades made in December which is paid in January).

The filling in of the form doesn't have to be done until late 2019 and it won't be available until sometime in 2019.

Dublin_Lad

Shamo wrote: »

Hey,

Lets say you started trading in 2018 then you pay the tax on that within that year (with the exception of trades made in December which is paid in January).

The filling in of the form doesn't have to be done until late 2019 and it won't be available until sometime in 2019.

So, I don't have to fill out any forms this year even though I sold all my assets for a loss a few months ago and I have to wait until 2019 before I fill in the CG1.

grindle

Dublin_Lad wrote: »

So, I don't have to fill out any forms this year

You're supposed to fill it out whether loss, gain or break-even, but...

Dublin_Lad wrote: »

I sold all my assets for a loss

...they're not going to care if you made a loss. Penalties for not filling it out are based on tax owed so you'd just be wasting your time and their time.

On the upside you get to write the loss from this year against whatever gain you might make from now on. Yay!

Dublin_Lad

grindle wrote: »

You're supposed to fill it out whether loss, gain or break-even, but...

...they're not going to care if you made a loss. Penalties for not filling it out are based on tax owed so you'd just be wasting your time and their time.

On the upside you get to write the loss from this year against whatever gain you
might make from now on. Yay!

So I should fill out the 2017 form even though I bought and sold my assets in 2018?

Shamo

Dublin_Lad wrote: »

So I should fill out the 2017 form even though I bought and sold my assets in 2018?

No you fill out the 2018 form which is available next year sometime.

Austria!

I'm looking at this form now. Does anyone know how to fill it out?

Tax Reference Number. Is this my PPS
Name and Address: Is this my address or the Revenue's?
Return Address: Same question

Capacity of Signatory: What to say here? 1st party? I'm filling it out for me.

Description of Assets. Which assests are Bitcoin? I think I have 3 likely contenders
(a) Shares/Securities - Quoted
(b) Shares/Securities - Unquoted
(k) Other Assets

I have no idea what any of this stuff below means...
2. If any disposal was between connected parties or otherwise not at arm’s length
3. If any of the original acquisitions were between connected parties or otherwise not at arm’s length
4. If the market value has been substituted for the cost of acquisition of any assets disposed of


Most of the rest seems straight forward until section 22

Section 22.

You do not have to complete the Self-Assessment panel if you submit this return to Revenue on or before 31 August 2018

Why don't I have to fill it out? This is weird. Also it just seems to ask the same info that was put in in sections 7-19

Ok, re--read it, it says
If you complete and submit this return on or before 31 August 2018 Revenue will calculate the self-assessment for you. This will assist you in paying the correct amount by the due date.

Which is fine, happy to leave this part out, but I thought the due date for tax payment for 2017 capital gains was in January 2018, so why are they trying o assist me in paying the correct amount by the due date?

Shamo

Disclaimer: This is how i've filled out 2 CG1 years already and haven't run into problems but i'm not a tax consultant.

Austria! wrote: »

I'm looking at this form now. Does anyone know how to fill it out?

Tax Reference Number. Is this my PPS

Yep

Austria! wrote: »

Name and Address: Is this my address or the Revenue's?

Yours

Austria! wrote: »

Return Address: Same question

That's your local revenue office

Austria! wrote: »

Capacity of Signatory: What to say here? 1st party? I'm filling it out for me. -

I put "Self".

Austria! wrote: »

Description of Assets. Which assests are Bitcoin? I think I have 3 likely contenders
(a) Shares/Securities - Quoted
(b) Shares/Securities - Unquoted
(k) Other Assets

Unquoted because they aren't listed on a stock market.

Austria! wrote: »

I have no idea what any of this stuff below means...
2. If any disposal was between connected parties or otherwise not at arm’s length
3. If any of the original acquisitions were between connected parties or otherwise not at arm’s length
4. If the market value has been substituted for the cost of acquisition of any assets disposed of

Left these blank.

Good tip is scan the forms filled out and you can upload them to CGT returns under My Queries on MyRevenue. Saves the hassle of posting it off to your council and you have it saved online too.

Good to know info on when to pay: https://www.revenue.ie/en/gains-gifts-and-inheritance/documents/form-cg1-helpsheet.pdf

auzworld

Q1
If You sell your crypto within 4 weeks of purchase ... at a loss ... can i use this to offset my gains of same year... ?

Q2
When Offestting gains... If i made a gain in Dec 2017 buy selling Crypto A ... and sold CRYPTO B on APR 18 at loss ... can i offest this loss B agains that gains of A ?

Flossy Flossy

Q1 yes
Q2 whenever you make a sale from on crypto to another the gain is based on the euro value at the time compared to when you bought it.

auzworld wrote: »

Q1
If You sell your crypto within 4 weeks of purchase ... at a loss ... can i use this to offset my gains of same year... ?

Q2
When Offestting gains... If i made a gain in Dec 2017 buy selling Crypto A ... and sold CRYPTO B on APR 18 at loss ... can i offest this loss B agains that gains of A ?