How is Bitcoin taxed in the UK? Accounts & Legal

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10-15 10:45 - 'Absolutely love it! / I deposited a load of Ltc and Btc, took a loan against that, paid of my tax bill with the loan and bought more Btc. Price has gone from 6k to 11k since so I am actually earning interest on my balance...' by /u/pisscat101 removed from /r/Bitcoin within 167-177min

'''
Absolutely love it!
I deposited a load of Ltc and Btc, took a loan against that, paid of my tax bill with the loan and bought more Btc. Price has gone from 6k to 11k since so I am actually earning interest on my balance now.
TLDR Took a loan, profited!
'''
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Author: pisscat101
submitted by removalbot to removalbot [link] [comments]

Reporting taxes on earnings from sports betting that were withdrawn in Bitcoin.

Hello. I am depositing money at a sportsbetting website via crypto since there are no fees for doing it this way. I need help figuring out which transactions here will be taxable so I can report my taxes correctly. I will list every transaction I believe I will be taking. Please tell me which transactions are taxable events and what forms I will use to report them to the IRS correctly.
  1. Buy 5000 USD of Bitcoin on an exchange.
  2. Send Bitcoin to sports betting website such as mybookie.ag.
  3. mybookie.ag receives 5000 USD of Bitcoin and immediately converts it to USD.
  4. Place bet in USD, win, payout is 15,000 USD.
  5. Receive 15,000 USD in the form of Bitcoin, send to Coinbase, sell Bitcoin immediately, receive roughly 15,000 USD.
In this list of actions, my cost basis for Bitcoin was 5000 USD since I originally bought 5000 USD worth of BTC and then sent it to the sports betting website. I then received 15,000 USD worth of Bitcoin after winning the bet, which I sold on Coinbase, so my net profit from the trade was 10,000 USD.
Now my question is - Do I report this on the Schedule D as a profitable Bitcoin trade, or do I report it on the W-2G as a profitable gambling winnings transaction? Do I have to report it on both, resulting in me being taxed twice on my 10,000 USD profit even though I should only be getting taxed once since it is a single winning? How does the IRS know I should only be getting taxed a single time and that the 10,000 profit from Bitcoin is the same as the 10,000 profit from winning the bet? I don't want to pay taxes on 20,000 USD when I only won 10,000 USD.
Essentially from the IRS perspective, I fear they will incorrectly assume I won 10,000 USD AND 10,000 USD worth of BTC when in reality I only won 10,000 USD which I withdrew as BTC.
submitted by waddlepipa to tax [link] [comments]

Roger Ver Interview: Roger's Crypto Portfolio, 28000+ Bitcoin transactions paid more than $1000 fees(!), Earning Interest on Bitcoin Cash, Pursio.io Lives on, Saint Kitts & Puerto Rico tax havens, CashFusion +Much More!

Roger Ver Interview: Roger's Crypto Portfolio, 28000+ Bitcoin transactions paid more than $1000 fees(!), Earning Interest on Bitcoin Cash, Pursio.io Lives on, Saint Kitts & Puerto Rico tax havens, CashFusion +Much More! submitted by ColinTalksCrypto to btc [link] [comments]

Paying tax on earned bitcoin.

Recently turned 18, I have an online business which is not registered, and earning around 10k a month, all in bitcoin. It's nothing illegal. Payments are handled by us, and stored in electrum wallets. I have spent some of it on things but it was never actually traded into fiat if that matters. I want to start moving my bitcoin to fiat in my bank soon, at least smaller amounts, since I want to move out and need rent money, etc. I posted on bitcoin and from what I understood I can move my bitcoin to an exchange, withdraw from that, and pay taxes there. Any advice?
submitted by user137129 to tax [link] [comments]

Cryptocurrency This Week: Crypto Earnings Should Be Taxed, Says BuyUCoin In Draft Document (x-post from /r/Bitcoin)

Cryptocurrency This Week: Crypto Earnings Should Be Taxed, Says BuyUCoin In Draft Document (x-post from /Bitcoin) submitted by ASICmachine to CryptoCurrencyClassic [link] [comments]

Crypto Regulation News: SEC expands accredited investor definition, lowering the barrier to private markets; IRS memo — cryptocurrency earned from a microtasking job is taxable income; ‘Crypto Valley’ residents can now pay taxes in Bitcoin; Brazil’s central bank examines the benefits of a CBDC

Crypto Regulation News: SEC expands accredited investor definition, lowering the barrier to private markets; IRS memo — cryptocurrency earned from a microtasking job is taxable income; ‘Crypto Valley’ residents can now pay taxes in Bitcoin; Brazil’s central bank examines the benefits of a CBDC submitted by sasha_sh to Bitcoin [link] [comments]

Crypto Regulation News: SEC expands accredited investor definition, lowering the barrier to private markets; IRS memo — cryptocurrency earned from a microtasking job is taxable income; ‘Crypto Valley’ residents can now pay taxes in Bitcoin; Brazil’s central bank examines the benefits of a CBDC

Crypto Regulation News: SEC expands accredited investor definition, lowering the barrier to private markets; IRS memo — cryptocurrency earned from a microtasking job is taxable income; ‘Crypto Valley’ residents can now pay taxes in Bitcoin; Brazil’s central bank examines the benefits of a CBDC submitted by sasha_sh to CryptoCurrencies [link] [comments]

Crypto Regulation News: SEC expands accredited investor definition, lowering the barrier to private markets; IRS memo — cryptocurrency earned from a microtasking job is taxable income; ‘Crypto Valley’ residents can now pay taxes in Bitcoin; Brazil’s central bank examines the benefits of a CBDC

Crypto Regulation News: SEC expands accredited investor definition, lowering the barrier to private markets; IRS memo — cryptocurrency earned from a microtasking job is taxable income; ‘Crypto Valley’ residents can now pay taxes in Bitcoin; Brazil’s central bank examines the benefits of a CBDC submitted by sasha_sh to Crypto_Currency_News [link] [comments]

Crypto Regulation News: SEC expands accredited investor definition, lowering the barrier to private markets; IRS memo — cryptocurrency earned from a microtasking job is taxable income; ‘Crypto Valley’ residents can now pay taxes in Bitcoin; Brazil’s central bank examines the benefits of a CBDC

submitted by sasha_sh to Crypto_General [link] [comments]

Crypto Regulation News: SEC expands accredited investor definition, lowering the barrier to private markets; IRS memo — cryptocurrency earned from a microtasking job is taxable income; ‘Crypto Valley’ residents can now pay taxes in Bitcoin; Brazil’s central bank examines the benefits of a CBDC

Crypto Regulation News: SEC expands accredited investor definition, lowering the barrier to private markets; IRS memo — cryptocurrency earned from a microtasking job is taxable income; ‘Crypto Valley’ residents can now pay taxes in Bitcoin; Brazil’s central bank examines the benefits of a CBDC submitted by cryptoallbot to cryptoall [link] [comments]

Crypto Regulation News: SEC expands accredited investor definition, lowering the barrier to private markets; IRS memo — cryptocurrency earned from a microtasking job is taxable income; ‘Crypto Valley’ residents can now pay taxes in Bitcoin; Brazil’s central bank examines the benefits of a CBDC

Crypto Regulation News: SEC expands accredited investor definition, lowering the barrier to private markets; IRS memo — cryptocurrency earned from a microtasking job is taxable income; ‘Crypto Valley’ residents can now pay taxes in Bitcoin; Brazil’s central bank examines the benefits of a CBDC submitted by sasha_sh to Paradigm_fund [link] [comments]

Roger Ver Interview: Roger's Crypto Portfolio, 28000+ Bitcoin transactions paid more than $1000 fees(!), Earning Interest on Bitcoin Cash, Pursio.io Lives on, Saint Kitts & Puerto Rico tax havens, CashFusion +Much More!

Roger Ver Interview: Roger's Crypto Portfolio, 28000+ Bitcoin transactions paid more than $1000 fees(!), Earning Interest on Bitcoin Cash, Pursio.io Lives on, Saint Kitts & Puerto Rico tax havens, CashFusion +Much More! submitted by ColinTalksCrypto to Bitcoincash [link] [comments]

USA Earned Income in Bitcoin & Income Taxes

For the bitcoin and tax geeks:
Hypothetical1: You live outside of the USA, have a job that pays you in bitcoin, you save in bitcoin and you pay income tax in the USA on said bitcoin income. To pay your income tax in USD requires you to convert part of your bitcoin savings to USD.
Question1: Would you need to pay a capital gains tax when you exchange bitcoin savings for USD to pay your USA income tax?
Question2: Would you have to pay capital gains tax in the USA if you bought another good or currency using your bitcoin in the case where bitcoin has appreciated since you earned it?
Question3: Same as 2, but what if the good purchased is priced in bitcoin?
Hypothetical2+Same Questions for comparison: Same USA tax framework applicability but instead not on bitcoin, but on standard currencies: You are an American citizen and taxed on your worldwide income. You live in a foreign country, and you earn income in that foreign country and paid income tax in the US on that GBP earnings. What are the responses for the questions above if you were earning GBP, and the pound appreciated vs the USD, would you pay capital gains in the US if you were to buy USD at some point in the future? What about just buying goods in the UK for GBP?
Thanks!
submitted by cookmanager to Bitcoin [link] [comments]

Countries With 0% Tax On Bitcoin/Cryptos Earning: Live a Tax-Free Life

Countries With 0% Tax On Bitcoin/Cryptos Earning: Live a Tax-Free Life submitted by chromoz to btc [link] [comments]

Has anyone actually filed their capital gains tax on bitcoin earnings yet?

Finally sent my complete transaction history and running ledger over to my CPA.
submitted by qoloku to Bitcoin [link] [comments]

Earn Unlimited Tax Free Donations Straight To Your PayPal Cashapp Or Bitcoin Account.

Link: https://upcrowdme.com/?ref=dldjr75
Very nice crowdfunding program to have and use. You can earn unlimited tax free $5 donations daily. They are in over 50 countries around the world. And it all starts with just $5. Earn $5 on autopilot. You can earn with Bitcoin PayPal and Cashapp. I really like this program in my personal opinion it is very well worth the $5 donation that gets you a lifetime membership and you can earn endless. The link is above for you to check out and see if you like thank you for looking.
submitted by dldjr75 to free_referrals [link] [comments]

Earning Bitcoin as income and tax

Apologies for another post about tax on bitcoin but I feel my case may be a bit different to the norm.
I'm a computer science postdoc and I was paid by a cryptocurrency to optimise their mining algorithm last year and some other things. I was paid for these jobs in altcoins which I converted to bitcoin. More out of laziness than anything else I have not touched the bitcoin so far however with the recent colossal rise I would like to cash out a portion.
I am quite confused by the taxes I must declare on this. Documents I have read state that cryptocurrency does not fit clearly into any particular bracket. What I am worried about is that I will have to pay both income tax (on the original payment) and capital gains tax (on the appreciation since then), which of course would deplete the holdings quite a bit, is that true or do I just pay one or the other?
Also I wonder what my bank will think about this, however I assume that it is a seperate issue.
submitted by btc_uk_123 to BitcoinUK [link] [comments]

The IRS is cracking down on people who didn’t pay taxes on Bitcoin earnings

The IRS is cracking down on people who didn’t pay taxes on Bitcoin earnings submitted by leftok to atbitcoin [link] [comments]

The IRS is cracking down on people who didn’t pay taxes on Bitcoin earnings

The IRS is cracking down on people who didn’t pay taxes on Bitcoin earnings submitted by HardAzRockz to TopTechNews [link] [comments]

Countries With 0% Tax On Bitcoin/Cryptos Earning: Live a Tax-Free Life

Countries With 0% Tax On Bitcoin/Cryptos Earning: Live a Tax-Free Life submitted by chromoz to Bitcoin [link] [comments]

[Business] - Gov't to Whack 10% Tax on Bitcoin Earnings | Chosun Ilbo

[Business] - Gov't to Whack 10% Tax on Bitcoin Earnings | Chosun Ilbo submitted by AutoNewspaperAdmin to AutoNewspaper [link] [comments]

[Business] - Gov't to Whack 10% Tax on Bitcoin Earnings

[Business] - Gov't to Whack 10% Tax on Bitcoin Earnings submitted by AutoNewsAdmin to CHOSUNILBOauto [link] [comments]

‘Those earning Bitcoins would have to pay taxes,’: CBDT ... SLP183 Accointing - Bitcoin Tax Strategies All About Tax Tips for Bitcoin and Virtual Currency ... Free Bitcoin Earning Site 2020 🔥 Live Payment Proof ... How Mining Bitcoin Works? Get Passive Income in Bitcoin Mining Daily 2020

Therefore, the Bitcoin buyer is liable to capital gains tax on their gain. For example, let's say you bought two Bitcoin three years ago at a price of £230. As the current price of a Bitcoin is approximately £8,000, you would make a capital gain of roughly £15,500. Capital gains tax comes into affect after gains pass the 11,300 threshold, therefore this situation would leave 4,200 to be ... Earning Bitcoin vs Buying Fiat: Stacking Satoshis. It helps people to think of cryptocurrency like a fiat currency – you can’t purchase or print your own paper money but you can earn it through trading skills, goods, services and time for money. Fiat money is generally traded, not bought. BTC, on the other hand, is associated with being bought and that can be confusing for people looking ... So the question becomes whether or not the tax advantages of bitcoin lending outweigh the disadvantages. The truth is that it’s risky to get a loan with a highly volatile asset. While there are tax advantages to lending bitcoin today, they could be gone just as quickly tomorrow. In previous tax seasons, we received a lot of questions from crypto newbies and experienced customers alike. We get it — paying bitcoin taxes and other crypto taxes can be confusing. While we can’t give tax advice, we want to make crypto easier to buy, sell, and use. This guide is our way of helping you better understand your 2019 crypto ... If you're curious about how to report Bitcoin earnings or losses on your taxes, remember that this cryptocurrency is taxed differently, depending on whether you mine it, invest in it or are paid ...

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‘Those earning Bitcoins would have to pay taxes,’: CBDT ...

Try watching this video on www.youtube.com, or enable JavaScript if it is disabled in your browser. Dennis Wohlfarth of Accointing & Clinton Donnelly of Donnelly Tax Law join me to talk about Bitcoin tax treatment, and strategies to employ to minimise tax. We chat about: Current tax treatment ... to find out more about how to make money with cryptocurrency 2020 you can check out: https://www.clkmg.com/supporthelp/yviveauto The video is showing how to ... Play next; Play now; Bitcoin Tamil NewsEtoro crypto TradeBitcoin Earning MoneyIOTA Wallets still safeTamilidea 11 Ways to Earn Bitcoins & Make Money with Bitcoin - Duration: 13:10. 99Bitcoins 225,064 views. 13:10 . Clickbank For Beginners: How To Make Money on Clickbank for Free (Step By Step 2020 ...

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