Great question… would be interesting to see other countries.
Spain:
If you sell your Crypto in Spain than these are the levels:
€0 to €6.000, you must pay a 19% tax, €6.001 to €50.000, 21% tax, €50.001 onwards, 23% tax will be charged.
Every level is counted each here… the same like our income tax… that ranches from 19% up to 47% this year…. So when you sold 10.000 you pay 19% over the first 6.000 and 21% over the next 3.999 and so on.
Ok, that is actually good based on the income level. Can you club your gain and losses to show total gain or loss? Because in India if you get gain in one coin you have to pay 30% tax on it and if you have got loss you cannot ask for a refund.
No they want each thing fully… you need to specify it all and keep books.
Here it is rather complicated the tax system.
So all gains… and all loses separately.
Oh, that is a huge tax, but I hope the cost of buying is deducted before calculating any tax on the sale.
I just read now that we don't have any specific Crypto tax here but income derived from any sources (that includes crypto gains or profits) are subject to income tax and it follows the current taxation in the country which can be up to 35% of the net income which means losses are factored in.
Yes kinda, but not necessarily specifying everything. When I file my income tax returns, I just write "income from main business" and "others" then the amount.
Capital gains are filed and paid separately. Must be done within 30 days after the sale of an asset. While income tax returns are done annually.
I guess they are still trying to make a bill to tax crypto. But if one is so inclined, I think he can file and pay it under capital gains since crypto is an asset :)
That's no good. Here in our country, I actually have no idea :) But if we declare our income then we'd probably get taxed the same way as the usual taxes (10% and above depending on the net income level)
So that means it will be clubbed based on your income level, which is somewhat ok than paying a flat 30% on profit and that too cannot club together with loss.
I'm not sure if crypto tax works the same way as the regular incomes (I'll have to check). But it will be good if it does rather than the flat rate. It wouldn't be fair if you pay such tax rate and your loss aren't considered.
Great question… would be interesting to see other countries.
Spain:
If you sell your Crypto in Spain than these are the levels:
€0 to €6.000, you must pay a 19% tax, €6.001 to €50.000, 21% tax, €50.001 onwards, 23% tax will be charged.
Every level is counted each here… the same like our income tax… that ranches from 19% up to 47% this year…. So when you sold 10.000 you pay 19% over the first 6.000 and 21% over the next 3.999 and so on.
Posted Using LeoFinance Beta
Ok, that is actually good based on the income level. Can you club your gain and losses to show total gain or loss? Because in India if you get gain in one coin you have to pay 30% tax on it and if you have got loss you cannot ask for a refund.
Posted Using LeoFinance Beta
No they want each thing fully… you need to specify it all and keep books.
Here it is rather complicated the tax system.
So all gains… and all loses separately.
Posted using LeoFinance Mobile
Oh, that is a huge tax, but I hope the cost of buying is deducted before calculating any tax on the sale.
I just read now that we don't have any specific Crypto tax here but income derived from any sources (that includes crypto gains or profits) are subject to income tax and it follows the current taxation in the country which can be up to 35% of the net income which means losses are factored in.
Posted Using LeoFinance Beta
Yes, so you need to write it all down and specify it.
Aha, ok. Interesting to know.
Spain just devided it into capital gains tax for crypto, stock and others…. and income tax on “work”
Posted using LeoFinance Mobile
Yes kinda, but not necessarily specifying everything. When I file my income tax returns, I just write "income from main business" and "others" then the amount.
Capital gains are filed and paid separately. Must be done within 30 days after the sale of an asset. While income tax returns are done annually.
I guess they are still trying to make a bill to tax crypto. But if one is so inclined, I think he can file and pay it under capital gains since crypto is an asset :)
Posted Using LeoFinance Beta
Here they do 😖😖 they want to know everything.
“Others” would not work hehehe don’t think there is even an others spot lol
Yes, they are sure trying… they have no idea how to do this or go about it for now.
They need to change some rules.
Posted using LeoFinance Mobile
Oh, they are quite meticulous there then. It worked for me doing the others, lol! But I do put a bit there "Others - consulting" then the amount haha.
It seems most governments are still trying to figure out how to do it.
Posted Using LeoFinance Beta
Yep. Never seen a system like in Spain for tax. I lived in a few countries now, but here they top them all.
lucky you. 😉
Posted using LeoFinance Mobile
Is that any different from selling stocks?
Are they taxed the same there also?
Posted Using LeoFinance Beta
Nope… it is all classed as capital gains tax in Spain.
So stock, crypto… anything you earn on next to your salery/ income.
Posted using LeoFinance Mobile
That's no good. Here in our country, I actually have no idea :) But if we declare our income then we'd probably get taxed the same way as the usual taxes (10% and above depending on the net income level)
Posted Using LeoFinance Beta
Maybe worth looking into 😉🤓
Posted Using LeoFinance Beta
That's a great idea, thank you :)
Posted Using LeoFinance Beta
You are welcome.
Posted the Spain ones…
Posted using LeoFinance Mobile
Yes its good to know about other countries too
Posted Using LeoFinance Beta
Indeed… hope more will follow.
Posted using LeoFinance Mobile
So that means it will be clubbed based on your income level, which is somewhat ok than paying a flat 30% on profit and that too cannot club together with loss.
Posted Using LeoFinance Beta
I'm not sure if crypto tax works the same way as the regular incomes (I'll have to check). But it will be good if it does rather than the flat rate. It wouldn't be fair if you pay such tax rate and your loss aren't considered.
Posted Using LeoFinance Beta
In the US, it is simply under the capital gains laws.
So under 1 year holding is taxed at one's earned income rate. Over a year is the capital gains tax rate.
Posted Using LeoFinance Beta
What is the percentage in that? Or is it in every state different.
Posted Using LeoFinance Beta
The capital gains is like 15% or 20%. The earned income tax rate varies based upon income: between 10% and 39% I believe.
Posted Using LeoFinance Beta
Short-term cap gains is where they’ll kill you on crypto
Long-term cap gains is obviously far more attractive.
Mine averaged out to about 19% with a mix of some short and some long-term
Posted Using LeoFinance Beta
Yes exactly.
Long term cap gains are more attractive in many ways.
Posted using LeoFinance Mobile
Short term are simply earned income.
Posted Using LeoFinance Beta
That’s a bit lower than here.
Better hold it long term… 😉
Posted using LeoFinance Mobile