How does taxing work with crypto? I know you have to report it

Capital gains tax, Google is your friend

>>2042170
How much it was worth when you got it = X
How much after you sold it = Y

X - Y = Z

Z x T%

T is whatever capital gain tax your country has.

If you do not sell, there's nothing to tax.

>>2042191
What if I don't report them? :^) also would I have to do it right after I sold for fiat at an exchange or only after I transferred the money back to my bank account?

>>2042197
You only report it when you are doing taxes and fill out the box that has to do with selling assets.

So yearly.

If you however sell it but it doesnt go to your bank account then you have nothing to report :^)

>>2042208
;p

pretend you dont have anything then use it to buy gold

If I traded bitcoin for alt coins and vice versa for a year and then after I year I cash out in fiat can I get taxed at the long term rate because of the like of kind rule?

>>2042259
;]
>>2042208
Are you sure? I'd rather sell my alt gains to fiat than to BTC just to be safer, but I wouldn't like it if I had to document every sell.

>>2042170
When you cash coins out to your bank account, you don't have to report the whole chain of coins which resulted in your money

It's enough to report what you have in the end

>>2042330
No one can ever prove that you traded coins for coins

It's like trading game points, no one cares

>>2042370
so coin/coin trades on Kraken don't have to be reported? Coinbase has something that reports all your gains it looks like

>>2042375
>>2042379
nevermind, looks like you answered my question

>>2042379
To report coin trades is a ridiculous bureaucratic fancy which they can obviously shove up their ass.

Coin trades are untraceable. It's like buying and selling in-game points. Are you going to tax your Magic Sword that you bought in some MMORPG too?

However, if you receive noticeable sums to your bank account, the bank obviously can notify the authorities, so it's better either declaring it, or not using banks at all (good only for small-to-medium sums)