What happens when we sell our crypto in profit

[fuer44 1083]

in my country in my experience, for income under $ 10,000 is not taxed, especially if you do not have a taxpayer number. so far as a student who doesn't have that tax number, I've never been taxed even though my assets reach $ 10,000 in a year. I do not know who is required to do this and what the conditions are.

[Jeet Narayan 1940]

If you sell your Crypto in profit than offcourse you want to withdraw money. Best way to withdraw your Crypto in your country supported wallet than you can easily withdraw that money in bank with low fees.

[Oxygen 1004]

On 12/23/2019 at 1:35 AM, Maxtron73 said:

Wondering what will happen after we decide to sell our crypto assets after a strong rally and we put back our money on bank account ? Who knows what taxes we will pay or if we will pay. Obviously this depends on each state that has their own laws and regulations. I live in europe and so my earnings could be taxed in a different way from another state .

Yes every state has its own rules and regulations regarding taxes implementations. In my country i do not earning as much to be taxable income. so i dont have any worry till now. in future if i earn big than i will see it how to deal with it.

[rajonmia 181]

I have been together since 5 years. I earn lot of crypto coin. But when I sell this coin I faced lot of problems. I have to paid tax, vat like you. even though we are tired of working to get crypto, after we struggled to get it.

[Dinesh09798 283]

This is very good when we are making money. The main thing of using crypto is make profit. We have to buy at low amount and we have to sell it with profit. it's very good.

[nayim123 38]

I'm using a site called paxful you could sell your bitcoin in profit with your currency. but you could invest your coins too

[Benjamin 84]

Well, in terms of changing to Fiat, there will be putting some taxes on it because you are now changing it to Fiat which is having some tax thru banks, exchangers etc. There are no worries about that because it will be deducting just a little bit price.

[Satya31 865]

We definitely withdraw our profit into banks. Otherwise there will be no profit for your work. So when you get you money into bank they will definitely question you about the transactions and apply a tax. But if you take your money by little amount then it can seem as a normal transaction and may you avoid the tax. 

[Kuroashii 181]

It will be problematic if you have large amount of profit. It will be questionable if you pay tax. So better not to put all your profit in bank.

[andrehol 16294]

1) option - you contribute crypto income to your income statement. Pay the tax. You live calmly. 2) option- you are silent about the income from crypto and do not pay taxes. Choose for yourself.

[Slavi 11287]

I think you shouldn’t be afraid of taxes, if cryptocurrency brings you good income, it’s better to pay a tax to the state and sleep peacefully, than try to circumvent the law and then run into fines

[vivek jain 308]

buying and selling is called trading.when you sell your cryptocurrency whether it is in profit or in loss there is other person in the world who buys it.this is simple process not a rocket science.

[Dolpharius 675]

when I fix the profit I buy the same coin on the rollback or buy additional assets to increase the portfolio, diversification is like our father

[McCree 713]

On 12/22/2019 at 10:35 PM, Maxtron73 said:

Wondering what will happen after we decide to sell our crypto assets after a strong rally and we put back our money on bank account ? Who knows what taxes we will pay or if we will pay. Obviously this depends on each state that has their own laws and regulations. I live in europe and so my earnings could be taxed in a different way from another state .

It's better to just keep most of your crypto money inside the crypto wallets. Too many people issuing sell orders like this could cause the market to react badly and lower the price of the cryptocurrencies.

[Ayush Singh 1175]

It will give the investors best return out of it, and Cryptocurrencies when sold in high rates gives too much of profit because its the best digital currencies and its rates are also favourable according to the market. 

[Sohel Rana Sazzad 453]

When I sell Crypto Profit to me, a huge impression will work on how to make more money.And I will be more interested in working, trading and investing in crypto.

[pkrs 603]

Obviously in every country they are collecting  taxes on all transactions exceeding the country taxable limits. If you have earned a good amount of money don't withdraw the whole amount at a time make a reinvestment or withdraw amounts in small quantities so that it may not come under tax scanner.

[AlexGreyCryptoman 73]

When selling a cryptocurrency and returning money to your bank account, you can forget about profit, because, I believe that there is no more stable currency in the world than cryptocurrency and more profitable currency. And also, in my country, after the sale of cryptocurrency, you have to pay a tax.

[Sumayya 493]

On 12/31/2019 at 2:54 PM, HorbiDJ1 said:

If your transactions are within what you should not worry. however, if it exceeds the taxable amount, you will be perplexed by your profit and you will have to provide all the information.

Indeed you will have to pay the tax, but what is there to pay the tax when you have a loy of profit

[tienda 8776]

On 12/22/2019 at 10:10 PM, Delgboke said:

If you sell your crypto on profit, that's good but it doesn't end there, for me I will withdraw some of the money to fiat and reinvest again on any other valueable coins and make another profit. 

Yes it is a good tactic to move your money.

[pakjobhelp 1585]

This is good news for you if you hold own crypto currency for few months then you earn more crypto currency because the crypto currency price goes up daily basis. If you sale the own crypto currency coins then you bear lost in up coming days when you purchased.

[Sumayya 493]

18 hours ago, BensonIT said:

Yeah when we sell our crytocurrency for profits we make good earnings but also leave as with a new investment plan challenge to get it up and running again 

Yes when we sell at that moment that profit can be used for reinvestment of Bitcoin or altcoin again

[CryptoMaxim 3829]

If you want to sell all the assets for a large amount it may be worth transferring to the card not all at once and withdraw cash in parts.

[PiroSense 2681]

On 12/23/2019 at 4:35 AM, Maxtron73 said:

I live in europe and so my earnings could be taxed in a different way from another state .

When you just made a transfer, the bank has no idea where'd you get those funds. And most of the time, they don't really care, unless the amount is large. And thus no tax has been applied (income tax).

 

The tax implementation might be on the exchange's part, though not all exchanges are subject to adhere to tax and regulation.

[Muphin 459]

On 12/23/2019 at 4:35 AM, Maxtron73 said:

Wondering what will happen after we decide to sell our crypto assets after a strong rally and we put back our money on bank account ? Who knows what taxes we will pay or if we will pay. Obviously this depends on each state that has their own laws and regulations. I live in europe and so my earnings could be taxed in a different way from another state .

I guess you would have earned a lot of profit by then. And I think that you would be paying high taxes depending on the standards put by the bank and government. But keep holding your cryptocurrency, we do not know yet what would happen, if it will increase or decrease.