FAQ: Taxes Archives - CryptoCurrency Complete Guide

Are cryptocurrency losses tax deductible?

junryan — Mon, 08 Oct 2018 07:04:58 +0000

Although we do not provide tax advice, we feel safe making the assumption that if cryptocurrencies gains are taxed by your own government (some do), then your cryptocurrency losses can also be used as a deduction to offset other similar gains. But to be sure you should consult your own local tax preparer.

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ARE cryptocurrency gains taxable in the UK?

junryan — Mon, 08 Oct 2018 07:04:02 +0000

Cryptocurrency gains and losses are subject to Capital Gains Taxes. Investors are required to declare their gains/losses from activities related to cryptocurrency trading. In particular, cryptocurrency gains in the UK are subject to three types of taxes: income tax, Corporation tax, and capital gains tax. The tax due is dependent on the involved parties and activities. A more in-depth discussion of UK tax treatment of cryptocurrency is here.

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Are cryptocurrency gains taxable?

junryan — Mon, 08 Oct 2018 06:58:46 +0000

This depends largely on the country in which you live. In many countries, such as the US and UK for example, cryptocurrency are considered “property” and so gains are treated as capital gains (or loses), which can then be taxed. However, countries such as Denmark, Belarus, and Portugal impose no tax on cryptocurrency gains.

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