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Taxation on Crypto

  • 16-03-2021 5:07pm
    #1
    Registered Users Posts: 4 SamByrne95


    Hi,

    I was wondering does anyone know if you buy say ETH with Bitcoin and there's a gain here are you liable to CGT? Or is CGT payable when you sell from Crypto to normal currency?


Comments

  • Registered Users Posts: 5,205 ✭✭✭ Elessar


    SamByrne95 wrote: »
    Hi,

    I was wondering does anyone know if you buy say ETH with Bitcoin and there's a gain here are you liable to CGT? Or is CGT payable when you sell from Crypto to normal currency?

    You're liable for CGT on any gain, regardless if its crypto to crypto or crypto to fiat.


  • Registered Users Posts: 11,195 ✭✭✭✭ Lex Luthor


    Elessar wrote: »
    You're liable for CGT on any gain, regardless if its crypto to crypto or crypto to fiat.

    seeing as they consider crypto magic internet pixy fairy dust money just hand over a bag of glitter and tell them thats your liability


  • Registered Users Posts: 188 ✭✭ Danger Fourpence


    Anyone knows the taxation on staking?


  • Registered Users Posts: 6,805 ✭✭✭ Grumpypants


    Anything you earn is liable for tax. If it goes up in price, if you earn interest or if you get paid in it.

    Price increase would likely be capital gains and interest from staking would likely be DIRT. Both seem to be 33%.

    If you get paid in crypto it would be income tax so either 20/40%


  • Registered Users Posts: 10,905 ✭✭✭✭ Bob24


    SamByrne95 wrote: »
    Hi,

    I was wondering does anyone know if you buy say ETH with Bitcoin and there's a gain here are you liable to CGT? Or is CGT payable when you sell from Crypto to normal currency?

    You are liable for CGT on the gains you are making from the BTC you are disposing of (swapping BTC to ETH is considered to be a disposal of your BTC).

    Anyone knows the taxation on staking?

    To my knowledge, Revenue hasn't published any clear guideline on this. But this tax advising firm says that staking rewards are subject to income tax. And I also know that Koinly (crypto tax calculation software) is reporting gains from staking and crypto lending as taxable income.

    PS: FYI there is an existing thread on crypto taxation here: https://www.boards.ie/vbulletin/showthread.php?t=2058086623


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  • Registered Users Posts: 4 John Palmer


    There are many special services which provide exchange services for users. I think it will be better to search according to location and reviews from people. According to reviews and popularity, Coinbase is one of the best.



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