hey my fellow germanfags,
as you know we don't have to pay tax on crypto if we HODL for more than 365 days...
what would happen if I hold FTM for 365 days and then send it to my PWA wallet to exchange the ERC-20 token for a Fantom Opera chain token?
I mean technically the underlying asset has changed, but the ownership has not.....
Any tax advice regarding this is more than welcome!
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you get double taxed and can take 25% of your initial home
wieso?
crypto to crypto is a taxable event. just fill in the right form and if you held for more than a year you dont pay any tax.
it gets really hard if you had some trades and you need to stick to the FIFO rule
i held some FTM for more than a year and i could make some nice money with the staking rewards, but i really don't know if it is worth it to stake if i have to pay capital tax gains on everything in the end.....
so you're saying if I swap my FTM-ER20 to FTM-Opera I will have to pay taxes and then again if I swap back to FTM-ERC20 to sell on exchanges in case i don't wait for another 365 days.
That sounds like a really bad investment if true
have you considered giving up ur citizen ship?
>i held some FTM for more than a year
that only works if you sell them for €€€
stop spoonfeeding the brainlet, have the faggot do his own research, pay an accountant or get jailed and lose all his money to Merkels guests
What about earning interest on crypto you've owned for more than a year?
interests are tax free after 10 years
Okay let's say you had some crypto to crypto trades. How would the authorities even know that? Would they require some form of proof that your coinz were on the same address for a whole year? Couldn't that be easily falsified?
to go where?
kek
yes. they want proof. how are you gonna falsify entries on a blockchain ledger (they're immutable)
Love this pic too cute
meddl guys
Who the fuck pays taxes
>yes. they want proof. how are you gonna falsify entries on a blockchain ledger (they're immutable)
just send them a photochopped .jpeg
not like those boomer bureaucrats know any better
i think if you cash out millions they will have a faggot who knows how to use blockexplorer, no?
yeh you probably right
so many retards ITT
swapping tokens is NOT a taxable event because it's not a Veräußerung, goddamnit
this is BS as well
that 10 year rule doesn't apply to crypto
If you buy eth with euros and then buy some erc20 shittoken with said eth you have to pay capital gains tax if the eth price increased during the time between buying and swapping and if that time is less than a year.
You don't pay capital gains tax on crypto to begin with - you pay your regular income tax based on your personal Steuersatz.
But your example is accurate, if ETH moons and you buy a shitcoin you have to pay taxes on your ETH gains
Damn I'm sorry I actually mixed up the terms, I guess I shouldn't correct someone without proofreading three times...
also a token swap from erc20 to FTM native chain is NOT A TRADE and not taxable event for that reason
hey buddy
you're right about token swaps not being a veräusserung i.e. taxable event.
but those faggots from the finanzamt münchen for example argue that if you are staking coins you have to wait 10 years until you can cash out THE STAKE tax-free.... not just the staking rewards...
i read the article from cryptotax-dot-io on the topic but apparently they are wrong
brotkrumen und gedankennahrung
forum.cardano.org
how would taxman find out about all the transactions in between cryptos? Why couldn't you just tax only the gains you are getting out of crypto into fiat?
it's on us to proof we held the tokens for 365 days... and proof means a transaction log with all transfers including token, transaction value, timestamp, etc..
in Germany if you don't provide a believable paper trail of all transactions the tax department / IRS will guesstimate your tax amount... and not in your favor in most cases
you only tax the profit, so basically instant trades x->y->€ are not taxed in any meaningful manner
The sole fact that different FAs have different takes already indicates that their is no unified law and FAs don't make the law it's upon everybody to interpret the grey zone to their advantage
I sold NEO tax free after last year after generating GAS and FA Frankfurt didn't care, my accountant said the rule doesn't apply to crypto, all crypto tax tools say the rule doesn't apply but somehow I am supposed to give money because some Sachbearbeiter slacker who never heard of crypto just assumes crypto is like Stocks? No thank you
lmao we probably all have so many back and forth transactions, specially those to buy small cap tokens, they can enjoy checking all that out. I just know how much I put in, how much I got out lol
So let's say I buy 3 ETH at 400EUR price.
I swap these 3 ETH for some BTC at 13.5k price, and if between me buying ETH and trading it for BTC the ETH has gone to, say, 450EUR, I pay tax on 150 EUR?
Afer that, if BTC goes to, say, 16k and I have 0.1BTC, I again pay tax on these 250 EUR (1600EUR current holding - the investment in ETH of 1350EUR)?
Am I understanding this correctly?
Yeah exactly, I bought a lot of shitcoins with my ETH, and now I'm trading back and forth, I have no idea how they will calculate this.
accurate but you only owe taxes on your BTC if you sell your BTC, not just because the price increased and you held it