CGT? gambling on shipcoins made $1mil

nylanbbbb

I've my gains in USDT, how do I pay CGT? Or is it gambling tax I have to pay?

in magic land where you are based and where you made your $1m gain there is an exemption for cool people, they don’t need to pay tax so you will be grand. Dont worry about it.

Peregrinus

To be clear, unless you have actually disposed of the coins you haven't made any gain at all. A rise in the value of an asset that you still hold is not a gain.

But, let's say you have disposed of the coins, and the disposal proceeds are worth US$1 million more than the cost of acquirig them was. Youve made a gain of US$1 million. CGT is computed and paid in exactly the same way as it would be for a gain made on the disposal of any other asset; there are no special rules for gains made on crypto.

Having just trousered a million dollars you can comfortably afford an accountant to advise you what to do, or even to do it for you but, briefly, if you disposed of the coins on any date between 1 January and 30 November you have to calculate and pay the CGT by 15 December in the same year; if you disposed of them between 1 and 30 December then you have until the following 15 January to pony up. The standard CGT rate is 33% so your liablity will be the € equivalent of US$1 million x 33% = €308,000 approx.

nylanbbbb

https://www.boards.ie/discussion/comment/122004436#Comment_122004436

Thanks. I sold the coins, not at the exact top, but gains are 1mil and have it in USDT (Tether).

To pay the CGT, I would need to transfer 308k euro to an Irish bank presumably? I use a few crypto exchanges, but they don't seem to have an easy option to transfer euro to a bank.

Is it because the traditional financial system is trying to put the brakes on off ramps? Revolut closed my account when I transferred to Binance, another EU bank sent me a notification that they reserve the right to close my account if I keep transferring to a crypto exchange.... Seems to be a problem with off ramps.

What do people use?

Nody

https://www.boards.ie/discussion/comment/122004568#Comment_122004568

No, that's because "traditional financial systems" actually has to be legally compliant about knowing where funds come from and are sent to unlike crypto exchanges (which is why it's the favourite for terrorists, black mailers, hackers, North Korea/Russians etc. to get paid that way).

nylanbbbb

https://www.boards.ie/discussion/comment/122004654#Comment_122004654

Crypto exchanges approved to run in the EU track everything and are also KYC compliant, so what other reasons are there to try and stifle crypto transfers?

cnocbui

https://www.boards.ie/discussion/comment/122004568#Comment_122004568

You only deal with crypto exchanges that just happen to have no abiity to transfer funds to bank accounts.

I am the Bagwan Shree Jajneesh; your problem is deeply distressing to me and will pollute your life force even further if you do not find a way to solve it. I invite you to come join my community near Pearl Mountain (in your language) I can show you the path to detoxifying your spirit, freeing yourself of this burden you carry and then healing and repairing your life energy in a loving and supportive community of others like yourself.

cnocbui

https://www.boards.ie/discussion/comment/122004654#Comment_122004654

In 2023, Chainalysis estimates that a whopping 0.34% of crypto transactions were for illegitimate purposes. The activities of the Mafia in Italy have been estimated to account for 0.7% of GDP.

Terrorism and rogue states funding is predominantly in fiat. Russia funds itself through selling oil and some gold from the reserves it just happened to build up in the years prior to attacking Ukraine. Russian oil tankers have been spotted by satellite pulling alongside other tankers, way out at sea beyond sight of land, where they wash their oil of it's origins by offloading it into non-Russian vessels.

Here is an article about the sourcing of funds for ISIS.

https://www.weforum.org/agenda/2015/11/12-ways-isis-gets-funding/

Crypto is not mentioned once. Their main source of funding, was ironically, exactly the same as the Irish governments.

One of the most colourful ways in which ISIS gained funds was filthy rich Qataries filling their private jets with suitcases full of cash, and then flying them to Turkey.

nylanbbbb

https://www.boards.ie/discussion/comment/122004806#Comment_122004806

What??? Wtf is Bagwan

cnocbui

https://www.boards.ie/discussion/comment/122004940#Comment_122004940

Who was Bhagwan.

https://www.mentalfloss.com/article/541722/wild-wild-country-bhagwan-shree-rajneesh-sex-guru

Just some guy who liked Rolls Royces.

erlichbachman

wasn’t that the guy who was building his own town with a runway and everything, was stockpiling guns, there was a good documentary on Netflix about it, really interesting story

Peregrinus

https://www.boards.ie/discussion/comment/122004568#Comment_122004568

The problems you describe seem to arise when you seek to transfer funds to a crypto exchange.

I have no experience, but my guess is that you will have no problem transferring funds from a legitimate crypto exchange to a conventional bank.

If you do, you can ask your crypto exchange what other modes of payment they offer.

banie01

https://www.boards.ie/discussion/comment/122004971#Comment_122004971

https://www.boards.ie/discussion/comment/122005930#Comment_122005930

Very weirdly I happened to be flicking thru TV today and a whole segment on Antelope and Bhawgwan was on. If I were a conspiracy theorist I'd be quite worried 😮

To the OP, congrats on parlaying shítcoins to a cool $1million. Regarding off-ramping, are the funds sitting on an exchange, or have you moved them to cold storage?

The bigger and more compliant exchanges Kraken and Crypto.com as examples have generally good off-ramping to EU banks. If you are on a smaller exchange the lack of liquidity could likely impact any effort to make a large USDT-EUR FX trade and even withdrawing in plain USD could be a liquidity issue.

HGVRHKYY

https://www.boards.ie/discussion/comment/122004568#Comment_122004568

Even though their fees will be high, your best option would likely be Coinbase as they'll have plenty of large transactions to banks and it's the most well known and trusted exchange (they're even publicly trading so if your bank gives any issues that's a point in their favour). Get fully verified on there and you can sell your USDT to EUR and send it to your bank in a few large chunks, you should probably notify your bank of large incoming transactions and emphasise your intention to be fully tax compliant. Check out services like koinly for trying to work out your transactions, but at that level you should get an accountant on to help with calculations and submitting your return.

Out of curiosity, what were your best tokens? There's still a while to go in this bull run so you might have some more room to grow hopefully

nylanbbbb

https://www.boards.ie/discussion/comment/122044652#Comment_122044652

BONK and OMNOM