Quote from: Mikhail Prokhorov on December 15, 2021, 03:29:36 PMQuote from: clarshack on December 15, 2021, 02:58:11 PMQuote from: Smokin Joe on December 15, 2021, 12:26:53 PMQuote from: Cyril Farrell fan on December 15, 2021, 11:45:21 AM
Do people who dabble in Bitcoin ever use them to buy anything? Or do they just accumulate them to speculate on the price?
Buying anything with them results in a CGT gain (if the price increased since you bought)
some people don't realise that every crypto trade is taxable as they think that crypto is only taxable if they cashout to their bank account, but if you trade ETH into BTC for e.g. then that is a taxable event also. CGT tax-free allowance is £12,300.
https://koinly.io/ is very good for working out what you owe on taxes.
is this britain?
some countries are tax free, that's where the serious players are
CGT also applies to crytpo in ROI but tax free allowance is much less, < 2k.