Crypto tax situation - Read post 1 for thread banned users

Coinmetro is the one I've used over the last few years. Highest rating on trustpilot for crypto exchanges. Great support, great management team and a CEO who you can speak to directly on their TG. They're the real deal.

Telegram. They have a good community that they engage with there all the time.

Yes that's the one

Was it koinly.io? If so, then yeah I use it when it comes to tax time. I just do the basic free version, I don't pay for the report. Gathers all my transactions into one place so I can fill out the form properly. Although I never do enough transactions to trigger me actually having to pay tax.

Oh sorry for the late reply, I haven't logged into Boards for a while. I give it the API access. I don't have any precautions or anything to give you, but definitely do a bit of research if you're dubious about it. I haven't used it in ages so things might have changed, but I do remember having issues getting my account to sync so I had to un-link and re-link the accounts a few times.

Hello again, Elessar. Is it mandatory to download the App or can or can I do everything on the website [ https://coinmetro.com/ ]?

Ok, thank you. :-)

Yes of course. I take it you're new to all this? Make sure you have an account with them, verified and KYC/AML checks done and it's open and active. There will be a deposit button on the dashboard. If you have any questions or issues their support is one of the best in the industry so I suggest you contact them through chat via the link on the site.

Thank you, again. (:

If you were rewarded for the staking then that would be taxable.

What would be the proper steps to take when selling BTC for cash? I presume first contact the bank, to say you're selling CC and there will be multiple transactions into your current account. Then apply for CGT status on revenue.ie. Then carry on with the other revenue stuff? What worries me is to be falsely accused of money laundering. Have any of ye had trouble when cashing out?

Hi lads,

Sorry if this is mentioned explicitly somewhere in the thread but I will be paying capital gains on crypto for the first time this year. I understand it must be paid by 15 November? Do I do this through the myAccount portal on revenue?

second more tricky question. I have been buying in dribs and drabs for years. Would it be acceptable to revenue for me to calculate the cost of my assets to me presale using my banks historical outgoing payments to binance or am I expected to go into more detail. Some coins may have been bought through decentralised exchanges etc. and it would be a nightmare for me to track exactly what I was up to at the time on pancake swap etc.

ta

A lad at work bought and sold crypto many many times in 2017 and 2018. Using profits ~1k to buy the top3. But he stopped that in 2019 and just being DCAing since then. He reckons he'll sell all his holdi gs in the next cycle; his estimate would be about 150k. He is prepared to declare CGT at 33% when that time comes. My question is whether there's a statute of limitations with regards to what he did in 2017-2018/19 ? Or is he right in saying that revenue can/will only be able to go after his 33% net profit?

I spoke again to him this morning as I am curious about this whole thing myself. (I have crypto). No, he didnt file, never filed for any year. He said he didnt know that he had to as it was only about 1k. Loads and loads of little transactions, selling and swapping making small gains and losses. A hundred up and down. He had several wallets but has one main one in an exchange where all transfers were put back into this main one. Then he moved all crypto to a hardware wallet. For DCAing, he'd buy on the exchange and move it to hardware wallet.

So if he sells all this crypto in a few years and makes a tax return, does he put his wallet address in the return form or how does that work?

You need to declare it as far as I'm aware.