>cash out for the first time in my life
>$600
>received funds over PayPal
>withdraws to my bank account
>haven't bothered to tax it because it's so little
>"For security reasons, we need a bit more time to review this transaction. This can take up to 24 hours, but we’ll email you as soon as we have an update."
a-are the tax authorities going to knock on my door soon?
*knock knock* Its the tax man!
You've accurately specified your earnings user, right?
that doesnt mean shit
jesus you are one well-trained submissive little lapdog, aren't you
600 fucking bucks scares you?
NEVER GONNA MAKE IT
user, have you specified your earnings? You don't want to go to jail right, user?
I dont think the IRS bother with anything less than tens of thousands
Why didn't you cash out in person on local.bitcoin.com?
Find your friendly local BCH trader who doesn't need to know your KYC details.
You're FUCKED user, they're going to send the SWAT team to your house and they're going to stick their batons up your ass and hook electrodes to your balls and nipples and shock then relentlessly. I'd run if I were you
OPEN UP, BIG BOY
DELET THIS
you sure it's so insignificant nobody will care?
I cashed out ETH on localethereum.com
*KNOCK KNOCK*
>you sure it's so insignificant nobody will care?
I think it's one month in jail for each hundred dollars of revenue that havn't be declared.
So only 6 month in jail it will go by very quickly.
You do have enough money to buy soap on a rope dont you user? Securing it around your wrist is important where you’re going to be
Nice one, localeth is made by the same developer (Roger hired him after considering what was the best local-trading marketplace) and both sites are super slick for decentralised digital currency trading with clean guidance and auto escrow services
barrier for german tax authorities is a couple of thousands , definitly not 10k EUR.
they start investigating pretty early here. Gotta add we have become a communist hellhole and they need the money so Angela can burn it on Dikembe and Achmeds 10+ children.
Imagine living in America… just imagine
What's the tax on crypto in Germany?
You just cashed out recently? Then you owe those taxes on your NEXT tax filing user. You cannot pay taxes immediately the second you get your capital gains, it doesnt work like income tax.
Wait until next year, report the gains. You will likely owe nothing since $600 is probably below the reporting limit anyway.
Also, realistically no IRS agent is going to investigate a $600 tax fraud.
0% if you hold 1 year or longer and also don't make any crypto/crypto trades during that time.
Or if you sell within 1 year crypto is taxed as personal income (not capital gains) with marginal tax rates depending on the amounts described in the picture.
>0% if you hold 1 year or longer and also don't make any crypto/crypto trades during that time.
Are you sure about that? I think that was just 1 type of tax that you don't have to pay if you hold for over a year, not that you don't have to pay any taxes at all.
Short term gains ( 1 year held) are a flat 15% if you make less than $430k per year and 0% for less than something like $40k per year. Income over $430k and up is a flat 20%.
Selling to fiat is a taxable event. Keep in mind that crypto to crypto trades are also considered a taxable event and break the 1 year holding status. It needs to be a single type of coin for over year.
thank you for notifying us through this board, user, an investigation squad has been dispatched to you IP address.
German tax code is pretty clear. §23 EstG
Its the same as if a private individual sold his gold, silver or used car etc.
Accountingfag here. I went to a recruiting event in college at the IRS and they said they still audit people when the cost of the audit will greatly exceed the recovery from the taxpayer. They do this people that audited taxpayuer tells other taxpayers and they pay their taxes as a result, so it's still worthwhile. That being said, each year the portion of returns audited in like 2% or something. So uh, pay your taxes.
you can't cash out bitcoin without being arrested user, sorry
Fuck taxes, I would pay shit
$600? I wired $60k straight to my bank with kraken. No fucks were given.
Lol 60k in one transaction? Are you a fucking retard?
lol what?
Based
Are you poor?
Same here, burgers with their paranoia should move to the actual land of the free: Europe. Belgium. I wired over €40k in one transaction from kraken (kyc) to my bank account and nobody talked about it ever or sent me anything about it.
Where do you live fren?
larperino
Strathvale House, 90 North Church Street, George Town
>selling eth rn