What happens when we sell our crypto in profit

[Mosab73 333]

Of course, if a person’s father sells his digital assets and turns these cryptocurrencies into money, of course they will be subject to taxes, but I think there are certain percentages of money subject to tax, and this varies from country to country in my country. Trading in cryptocurrencies is still not allowed.

[gladiolusonwind 84]

Interest Ask. There is a tax in my country of course, but it operates on a certain amount that you will withdraw. There are daily and monthly limits. Of course, if you decide to withdraw all funds at once, it will be very difficult to do it, it is easier to do it in parts. And I personally would not keep all the money in one place. It is safer for money several times.

[Mefo15 128]

On 12/22/2019 at 4:35 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 .

Remember that all money that enters your account if it is very high is subject to investigation, you must analyze what the state asks you to manage your income, and even if you want to avoid them or pay less, you would not know how it would be in that case, you are still going to cancel because What they are going to see is the constant circulation of money in your account and annually you will have to pay tax according to what you earn monthly

[Mella 3680]

What is happen is if the bank see some huge deposti they will call the tax authority. So you can get in trouble and your bank can block your account too. I am think this is very bad with the banks that will ask for all the information you can give to them and try to see the trade made. But if there is not a law you are have not a problem.

[Honny143 13612]

28 minutes ago, Mella said:

What is happen is if the bank see some huge deposti they will call the tax authority. So you can get in trouble and your bank can block your account too. I am think this is very bad with the banks that will ask for all the information you can give to them and try to see the trade made. But if there is not a law you are have not a problem.

@Mella your opinion really good but in your post you mention points applies where crypto not regulated, and crypto earning illegal in that country so that person face problem,

but what about that country where crypto fully adopted and crypto earning legal, there I don't think if we deposit Hugh amount of fiat currency in bank then we face any problem, so in my opinion its totally depends on those countries where crypto legal or illegal.

[decemberends 1881]

Normally it wouldn't have problems but in some other instances of countries theres a tax problems that can decrease your profits and everything which is a headache so if thats the case then maybe try something out that can do something on to dodge the annoying taxes.

[Fixfin 2569]

You should ask someone you know from your country because this is different and depends on your laws and your banks, some banks don't accept the deposits and other banks don't care, but it is all come from your government and how they are treating crypto.

[matias estigarribia 1605]

In my country there is no problem in that sense, so if you should not make transactions of more than 5,000usd if you manage with a low profile you will not have a problem. In my case I move small amounts of money and they don't charge you taxes. It is always good to have everything legalized to avoid future problems!

[Kenciuu 1729]

If you sell it your crypto and back it to the bank. You will deducted for taxes and you will be question about the large your money you have but I think it is depends on what your country and their laws. But I hope you exchange it in real good money. But I think before selling make sure it is in the high price. This is an advice.

[velasco19 1753]

You are currently right, the conversion fees of our cryptocurrencies to FIAT money are expensive in the first place and secondly we are limited to the restrictions of each country and care must be taken with the amount of the transaction since you can raise suspicions before a bank entity .
In my case, I use P2P platforms because the price does not differ too much, although it is not a method that I like very much.

[entrepreneur 634]

I think that you can cash it out without paying taxes, because there are ways such as localbitcoins or local machines or ATM's.

[VijithaVarghese 1994]

I think it's better to attain small profits of cryptocurrency. This is safe and not a confusing transaction for the government. There are many countries which haven't approved cryptocurrency. Thus always trade on small amount and so loss will also be small.

[cryptovlek 2597]

I don't think you have many problems unless your government has some restrictions and is taxing transfers from foreign banks. Also it would be better to send smaller transcations and not a big one that is more than what you ahve in your bank or more than perhaps 5000 euro.

[annayks 2314]

Europe does not have taxes on crypto but if you make a big deposit in a bank it will probably raise questions. You should contact your bank if you plan something like that, explain and ask them about high deposits. But I wouldn't trust the banks a lot they can make many mistakes and usually they have some rules they always have to follow. Still in Europe it is not so strict to have a problem.

[zhoutong 2188]

Some countries have taxation legislation for cryptocurrencies but most have nothing. So if your withdrawals are not something that will be looking suspicious you are clear and will have no problem. Look to withdraw less than a year of wages depending on where you live. It is not the standard and they change constantly the amounts that trigger questions but if you withdraw one full year of wages in your bank you will have to pay taxes for it for sure.

[1qDan 478]

In my country there are virtual accounts that are not subject to certain regulations, so when taking my funds to fiat currency, they do not charge me taxes, however everything has a limit, for example if I exceed 2000 dollars in my account if I must declare , and in my case the state would take 20% of my capital.

[Goyaa 2414]

After we sell crypto and transfer it to a bank account, my income will be taxed, of course every country will have different rules. In my opinion, deducting taxes from crypto income is a natural thing, because to keep transacting we have to follow state rules.

[saradz 2259]

I agree with you, the laws differ from one country to another. I think if the amount is somewhat high, then surely a tax will be imposed on it after transferring it to your bank.

[BraveHeart01 1569]

It is always a happy feeling when you see you have earned some money and you can use your profits to buy your daily useable thinnd can apply the money in your day to day life.

[Edwinvicky 819]

Normally when you sell in profits, you won't afraid to pay tax and you will be excited to see the money in your bank account. One good thing in crypto is that you will be tempted to invest again when coins in deep (low price) that is if you are actually good in trading. Then sell in profits when coin pump again.

[muniral4422 185]

There are many ways that you can convert your crypto into fiat and depending on the way you use there will difference in how you will be charged. The best way would be to look for peer to peer buyers because there would be no fees when you use that.

[Teminali69 1081]

2 hours ago, saradz said:

I agree with you, the laws differ from one country to another. I think if the amount is somewhat high, then surely a tax will be imposed on it after transferring it to your bank.

There would be time when crypto will not need banks to be used, when that time comes banks would lose touch.

[cryptolover45 1187]

On 12/23/2019 at 2:42 AM, Oxygen said:

If your transactions within the limits than you have no worries. but if it exceeds the taxable amount limits than you will be questioned about your earnings and you have to provide all the details.

Hey mate, you are right as long our transaction limit in the law we not have to pay anything  but if our transaction is big amount than we have to give all the details about our transaction and we have to to pay taxes.

[Rosarvx 965]

we have the laws and regulations of cryptocurrencies in that country, the proof of earning at that time you need to show source

[nykas 2812]

I don`t think that there are some taxes on profit from cryptocurrencies. In most countries crypto is prohibited isn`t regulated, so I you don`t need to pay part of your profit in the near time. Maybe later situation will change and governments will change laws, but for now it`s easy to avoid taxes. You will lose only exchange fee