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Dogecoin to the moon

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Comments

  • #32
    mcsean2163
    Registered Users, Registered Users 2 Posts: 1,839 ✭✭✭mcsean2163


    myshirt wrote: »
    Correct. Each time you dispose of a coin, use it to purchase something, or gift it, you trigger a tax liability. Everyone should keep a list of what they bought, sold, and traded, and calculate their liability so they can pay it in time.

    Disposals in December have to be paid by January, so best to wait if you can to February and after. Buys you a bit of time.

    You have to file your return even if you are saying that you have no tax due. You'll get hit with mad interest if it's delayed. We had a client who put it off and got absolutely hammered when the time came. Refused to pay, which was his choice, and it's taken out of his wages now, plus more interest. Nearly 2.5 times what he would have had to pay if he had done it right.

    But you only pay CGT on your yearly profit above 1270. I'm not getting the issue...


  • #33
    timeToLive
    Registered Users, Registered Users 2 Posts: 283 ✭✭timeToLive


    mcsean2163 wrote: »
    But you only pay CGT on your yearly profit above 1270. I'm not getting the issue...


    Example: You pay 1000 euro for bitcoin. It goes to 5,000 euro and you sell it for doge. You get 5,000 euro worth of doge.

    The profit is 4000. Minus the 1270 * 33%.. You pay 900 euro cgt. Even if your doge goes to 0.01c, you still owe the 900.

    This could be offset by other poor trades in the year I guess. I think you could probably sell the doge at a loss to recoup


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