How are cryptocurrencies taxed?
Tax laws vary around the world. Please familiarize yourself with the tax rules that apply to you based on your country/jurisdiction.
Most countries consider cryptocurrencies to be capital assets. Therefore if the asset appreciates in value and you sell/trade/use it for profit, the gains are taxed like capital gains. If the asset depreciates in value and you sell/trade/use it at a loss, you may be able to deduct the losses against other capital gains to reduce your taxes.
The amount of tax depends on how much capital gain/loss there has been on the asset, how long you have held the asset, and the specific regulations in your country/jurisdiction. Because each taxable event may create a capital gain, you need to know the date, cost basis, sale value, and any fees associated with each transaction.
Do I need to pay tax on my cryptocurrency?
If you traded, sold, or used any of your cryptocurrency to purchase something, then you may need to pay tax on these assets. If you were gifted or given cryptocurrency as payment, salary, or as a gift/donation, then this income should be reported just like any other income you receive.
If you are just buying cryptocurrency with your own money and storing it (no selling/trading/using it), then you likely do not need to pay tax on it. #HODL
How can I figure out my crypto taxes?
CoinTracker offers a few different methods to help you figure out your U.S. crypto taxes. Additionally, if you are in the United States, you can refer to the IRS’s guidance on cryptocurrency taxes. Beyond that, you should consult your tax professional to understand how much tax you owe.
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Laxmicoin is a Blockchain Platform for Banking, Insurance, Good Governance, Health care, Supply chain and more
“Laxmicoin” (not LakshmiCoin) was one of the earliest attempt to launch India’s based cryptocurrency in back in 2014, which was suspended due to lack of regulations and raids.
Laxmicoin uses latest decentralised technology that records all transactions without the need or involvement of financial intermediaries like banks. Laxmicoin block-chain facilitates a network that could make it a go-to technology for the financial industries and is committed to provide several other solutions for other industries in future.
- Laxmicoin is a digital cryptocurrency to empower and support its platform.
- At somepoint intime Laxmicoin plans to be listed in different exchanges with options to swap with various other cryptocurrencies including but not limited to Bitcoin,Ethereum,Ripple.
- By 2019 Laxmicoin also plan to allow the Laxmicoin to be exchanged for currencies like USD, EUR where such exchanges are permissible.
- Laxmicoin will be available for transfer to wallets thus enabling users to purchase services,send gifts, remittances,micro-transactions and many more utilities.
Few things to note… If someone from Laxmicoin team can respond to these points and clear the doubts of an potential investor / consumer like me, i will appreciate that.
- Trying to target to many things at once like Banking Solution, Governance, Supply Chain, Voting System, Cyber Security, Ride Share
- Missing advisory board
- No Github Repo.
- Not so technical whitepaper
- No MVP yet
- Why would someone claim to be the India’s Cryptocurrency uses some random foreign picture for their whitepaper.
- Articles linked on the page looks like they are written by the team of Laxmicoin than that of the respective agencies… this is common paragraph…
There are already close to 70 virtual currencies available across the world with total market valuation of about $15 billion, out of which Bitcoin is the biggest with close to $10 billion value. The promoters of Laxmicoin have been preparing to launch it as India’s first virtual currency.
Whitepaper – Here
Twitter – Here
Facebook – Here
Medium – Here
Telegram – Here
CLAIM YOUR FREE LAXMICOINS AND DON’T FORGET TO ASK YOUR FRIENDS!
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SONM is a decentralized worldwide fog supercomputer for general purpose computing from site hosting to scientific calculations. SONM company is an effective way to solve a worldwide problem – creating a multi-purpose decentralized computational power market.
Where to find SONM:
Popular price tracker CoinMarketCap has added the option to show cryptocurrency prices in three additional digital currencies: Bitcoin Cash (BCH), Litecoin (LTC), and Ripple (XRP).
This means that users will now have the option to view the value of all other coins based on the rate of one of these three currencies. The feature will come in handy to users who primarily focus on trading in the same currency – especially when it comes to keeping track of profits and losses.