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.
Hi Elessar. Thanks, I'll check it out. BTW, what does 'TG' mean?
Telegram. They have a good community that they engage with there all the time.
Hi Elessar. Is this the Telegram channel you refer to - https://t.me/CoinMetro ?
Yes that's the one
their was an app mentioned one time on here I think for calculating tax. Anyone ever try it?
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.
That looks the app yes.
And do you give it the API access it needs? Or upload the CSV files? Any precautions needed before using it or any tips?
Anyone else using it?
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.
Unless your name is Bono I don't think you will be able to get away with not paying tax.
Hello again, Elessar. Is it mandatory to download the App or can or can I do everything on the website [ https://coinmetro.com/ ]?
No you can do everything on the website too, you don't need the app. I just use the website.
Ok, thank you. :-)
Hello again, Elessar. Sorry to bother you again but do you know if I can transfer Bitcoins from an offline wallet onto the Coinmetro website account?
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.
In that scenario you can cash in crypto B in the same year and write off those crypto losses against your capital gains. Tax loss harvesting
Thank you, again. (:
A couple of questions. I have some crypto I bought between 2017 and 2020. I have never sold or exchanged any. The only thing I have ever done is staked the BTC and ETH.
Should I have been declaring anything to revenue each year or am I ok to wait until I sell it to declare it?
Thanks
If you were rewarded for the staking then that would be taxable.
Thanks. Getting rewards but they aren't that large. How would you even declare them? Deffo well under the threshold. Would that be a yearly thing?
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?
☝🏻
By 'other revenue stuff', I mean file a tax return and then later pay the CGT.
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
run it through Koinly
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?
If he filed returns for 2017/18 and 2018/19, the Revenue can reopen those returns up to four years after they were filed (NB not four years after the tax years to which they relate, but four years after the filing date).
However if the Revenue have grounds for thinking that there has been fraud or neglect incompiling the return or that the return does not contain a full and true disclosure of allmaterial facts (rather than, say, there just being an error of of judgement or a misunderstanding about how a particular item should be shown in the return) then no time limit applies.
If he failed to file returns for 2017/18 and 2018/19 then no time limit applies. The Revenue can require him to file a return now, and when he does they have four years to enquire into that return.
Whether they would reopen his tax affairs for 2017/18 and 2018/19 is another matter. But, within the rules outlined above, they could.
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?
CGT Tax Free threshold amount of €1270 question here….is it possible to take this amount out via Coinbase before the end of this year without declaring it? I have been dabbling in Crypto since 2017, buying and selling different coins over the years without taking any money or declaring CGT gains and losses on the few coins that I traded back and forth. Like many sat and held it through the couple of bull runs and bear runs leading to a whole load of what if's moments.
Currently, I hold a minimal amount of Crypto, sub $5k at the moment, but am wondering can I take €1269 out via Coinbase without having to go through the hassle of doing a Crypto related tax return????
You need to declare it as far as I'm aware.
Taking money pout is irrelevant. Taxable event happens when you sell any coins.
