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Crypto Trading Tax Implications

  • 15-05-2021 2:06pm
    #1
    Seeds
    Registered Users Posts: 14 ✭


    Hi all,

    Can someone explain tax implications of trading crypto.

    I do hold some crypto for long periods but I also trade a lot as coins go up and down.

    What are tax implications here?. Do I just take the amount I cash out of exchange minus cash put in to exchange and pay capital gains on difference.
    Or do I need to consider each individual trade.

    Thanks


Comments

  • #2
    HGVRHKYY
    Registered Users Posts: 365 ✭✭HGVRHKYY


    Each individual trade, whether crypto:fiat or crypto:crypto, is a taxable event. If you're doing multiple trades in and out of different crypto, you'll more than likely need to get your CSV file off the exchange and use a service like koinly or else hire an accountant

    There's a pathetic, insultingly low threshold of only €1,270 that's tax free, any profit over that is taxed at a disgraceful 33%


  • #3
    Seeds
    Registered Users Posts: 14 ✭Seeds


    This country robs us in everyway possible.


  • #4
    HGVRHKYY
    Registered Users Posts: 365 ✭✭HGVRHKYY


    Seeds wrote: »
    This country robs us in everyway possible.

    Absolutely. Surprised we don't have a tax on the internet

    ****hole of a country to be honest, you'd say something if we had top class public services and infrastructure and healthcare for the privilege of being gouged, like they do in Scandinavian countries, but we obviously don't


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