Any user here knows how to handle taxes in Austria?
Apparently, every crypto to crypto trade is taxable. How the fuck should i keep protocol of 10 trades every day on 4 different exchanges? And how is the tax jew gonna control it?
Also if i hold one 1 year it's tax free. What if i hold any altcoin 1 year, then i have to sell for bitcoin in order to cash out. Does this "reset" the 1 year?
Would i be safe if i cash out to paypal? Let's say no large amounts but like 500€ every month.
Tax is normally done on a best effort basis.
Other than that, I can't say anything on Austrian law.
Tax free after a year is great though.
Either your use tools. Do it manually or let a tax accountant do that job.
Regarding your 1y hodl question...no it doesn't reset the 1y. Every profit from your altcoin in the 1y hodl period is taxfree. The last cashout trade is taxable in theory.
Regarding your paypal...500 is launch money, but they will always catch you. Be a good goy and pay taxes.
>set up a website
>fabricate a bunch of emails
>cash out a random amount between 500 and 1000 every month
>write that as income that was paid for freelance services in crypto
>pay tax only when cashing out
If you pay taxes you are retarded. You can even avoid paying those income taxes but that would be more complicated and not worth for 500/month. Just appease the jew.
income takes will be around 40% like in germany. if he realy gets lucky 50%.
also, op you should know that crypto is not aktie but fremdwährung at least in german law. that saves me because the 1 jahr haltefrist does only exist for fremdwährungen anymore. at least until the neuland is angeschlossen and they know whats going on.
also does steuerhinterzihung verjähr? if i fuck off do east europe and come back after 5 years?
>he pays taxes on his memecoins
they have websites and programs that allow you to upload your trading history from an exchange on a .csv file and it'll automatically calculate your taxable income. you can upload the report from those programs into tax software and calculate your taxable income. it's really not that hard. it only took me a day to do something like 3,000 trades.
bitcoin.tax is the one i used in 2017 to find my taxable income, then i uploaded that file into turbo tax to do my taxes but there are others. just do a google search.
i'm in the u.s., so i don't know if you have a turbo tax version for the e.u., but i imagine there's something similar.
Check out the posts of "steuerberatung enzinger"
Also Check out cointracking.com.
Drew up to certain Trades And the "opti" option Saves my ass.
I can rice you a 10% Discount in the evening
What if my trading profits and general income is less than the tax free 11000€? (Geringfügigkeit)
Do I still have to document my trades and tell the Finanzamt about them or is it only necessary if it's a taxable amount?
he's paying crypto tax
No, nothing to tax.
BUT! You should keep your trades in case crypto is worth a Ton one year and you have to give proof.
Thank you, yeah I guessed so and I documented all my trades so I can explain where the initial sum comes from in case I have earnings larger than the 11k€.
Jesus. So Europe really is a dystopia already. I’ll save myself a visit and just read some meme cyberpunk novels. Avoiding taxes is a human right.
>Apparently, every crypto to crypto trade is taxable.
Yes
>How the fuck should i keep protocol of 10 trades every day on 4 different exchanges?
That's your responsibility
And how is the tax jew gonna control it?
If there were large/unusual sums comming to your account an audit would automatically be triggerd I guess
>Also if i hold one 1 year it's tax free. What if i hold any altcoin 1 year, then i have to sell for bitcoin in order to cash out. Does this "reset" the 1 year?
Yes, but you only have to tax earnings.
I.e.:
1) You buy ETH
2) You buy LINK
3) LINK goes up to $1000.
4) You hold LINK for year
5) You exchange LINK for ETH / not taxable
6) You sell ETH /you tax the profits you made if the price of ETH went up since you bought them with your link.
>Would i be safe if i cash out to paypal
>Let's say no large amounts but like 500€ every month.
Don't know, wouldn't risk it. Just buy longterm, hold 1-3 years and then get an accountant to do this shit for you.
>Also if i hold one 1 year it's tax free. What if i hold any altcoin 1 year, then i have to sell for bitcoin in order to cash out. Does this "reset" the 1 year?
Yes, but you commit a common falacy. Consider that the intermedia bitcoin that you hold for a few hours doesn't change in value and thus you don't pay.
And if you already hold the intermediate (btc here), then what the guy above said holds. So if you hold 7 months old btc and it also grew in value, better take amother intermediate.
Also not that you just add it to the section in the Einkommenssteuer (not Arbeitnehmerveranlagung). Get an internetaccount and do it online, it's not hard.
I've read that the authorities here can 'estimate' your income if your records are insufficient, which can mean that they mark everything you have as 'profits' and make you pay accordingly. Let's say I invested 1000 euros at some point and make like a million euros by trading in a year. I'd have to pay tax for 999,000 euros then, can I request them to estimate my profits to save myself the hassle of going through all exchanges/trades? Wouldn't make much difference, would it?
In the US, the state lets citizens pay individually for university education - that's as backwards as it gets. You don't want to be surrounded by people who can't educate themselves due to money issues
My one buddy is trying to get me to pay my taxes. He lost almost 1k 2017 and made a little in 2018 but not 1k.
He basically just lost extra money on top of his losses. Fuck that.
Uncle Sam can kiss my ass
germanfag here
use cointracking
People really think if you dont pay taxes on your small ass porfolio that Uncle Sam and the IRS gang are going to kick in your front door at 5am and raid your house for unpaid taxes on less than 100k.
The IRS is already downsized. Between the whales and welfare scammer, id say they have their hands full.
In the US, the state lets citizens pay individually for food - that's as backwards as it gets. You don't want to be surrounded by people who can't feed themselves due to money issues
In the US, the state lets citizens pay individually for toilet paper - that's as backwards as it gets. You don't want to be surrounded by people who can't clean themselves due to money issues
LOL WHY DOESN’T THE GOVERNMENT PAY FOR EVERYTHING?
IF WE RUN OUT OF MONEY JUST PRINT MORE LIKE VENEZUELA :D