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Thanks soooo much! I just made such a mistake and have bad feelings about it. Just started searching the internet, and your vid came up🙏 We need much more attention to this topic BEFORE we realize our gains!
In Poland, you can trade back and forth between cryptocurrencies (including stablecoins) without creaating a taxable event. You only pay a capital gains tax when you exit to fiat (PLN, EUR, USD...) or when you buy stuff. When you buy crypto for fiat, it is your cost than you can later use to reduce your crypto revenue.
Switzerland is even better... No taxable gains at all. That means no need to keep track of what you bought it for, when, how much you sold it for, trades, or any of that nonsense. Instead, they have a much better system for collecting taxes: on December 31st you just figure out how much crypto you have and how much it's worth in fiat. You do the same for any stocks or other assets. Then you pay a very small % tax on that lump sum. So simple! As a side effect you get improved privacy in your financial dealings while the state still gets its tax money.
@@Matanumi I guess your question was about Poland? Leon above says that "when you exit to fiat" so it doesn't matter if you later rebuy crypto, you already sold for fiat and created a taxable event.
I ended up losing 65% of my Bitcoin in 2018 when forced to pay taxes on the gains from the year before (forced to liquidate at lower price after crash). Heed this advise people. That 65% could have changed my life... It’s my own fault and I should have been better educated. Thanks for being a great educator as always, Aantonop.
@user-pf1wc3fu1tthis is what some people don’t get, the IRS is actually pretty lenient about letting you pay late or slowly over time, it’s just more penalties and interest for them. What gets you in more trouble is just not filing at all. I have been consistently late every year and never pay my quarterlies because it’s such a hassle. I’d rather pay the penalty and have my money working in the market than cashing out constantly, it’s seem to do me better.
11:00 this is why investors sell things before the end of the year, to lock in losses for tax purposes. Even if they intend to buy the same thing again in the new year.
Thank you for a very easy understanding. I had to pull out money to survive when everything got shutdown. But I wasn't making any money for a few months
can you own an $0 value offshore company that "own bitcoin" (and "doing something" with it) and pay taxes only on those payments that you "extract" from that offshore company?
@@Forever_Laura So how do they work out the percentage of gains I've made? Because the Bitcoin I bought in 2014 has increased way more than the Bitcoin I bought 13 months ago.
Hello Andreas, I'm a crypto newbie, do you think it makes sense to buy something like a very inexpensive chrome book/laptop and use it only for cryptocurrency in addition to something something like a Trezor or Ledger? Thank you and I love your quality content!
You are spot on! A lot of people right now all they are seeing is hey I made a killing today, but they're not thinking about uncle Sam wanting his cut.
What if you make "gain" selling Bitcoin at ATH and buy back more Bitcoin when it drops lower using those "gain" within the same year? You're still holding, right? Therefore not taxable?
Lawmakers inability to comprehend basic mathematical principles staggers me. I'm not even going to comment this time .. except to raise an eyebrow about swapping between cryptos as being a taxable event. Nope i am not going to say it ..
Oh boy. I no longer like Andreas... He likes the orange man. Today is a sad day for me. I always thought him to me the brightest bulb in the room in many cases. That having been said, Andreas, you don't look well. Are you revisiting your early days?
Not sure how you came to this conclusion, perhaps my sarcastic sense of humor wasn't delivered as intended. Also, while I appreciate hearing genuine and useful feedback, it's not kind or helpful to use public youtube comments to tell someone they "don't look well"
I dont pity day traders who get wrecked. Not only are they annoying as hell, but 99% of them are operating outside of the law... which i dont particularly care about either... but, if your stupid enough to get caught doing it then cry me a river
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