How to file your income taxes on cryptocurrency

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.

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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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File income returns for your bitcoin profits

Profited from Bitcoins or other Crypto currencies and not sure how to file your income tax returns?
Did you know gains from bitcoin is treated as capital gains and hence taxed?

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Blok – connecting employers and workers across the globe

Blok connects on-demand workers with verified opportunities through our open source platform. Utilizing smart contracts we eliminate current frictions in the gig economy. Working nine to five for a single employer will be the minority by 2020. The strategy for millions of people is to compile various income streams and being their own boss rather than in traditional employment. Escaping the cubicle is within reach for millions of workers, Blok will assist in helping them achieve this freedom. Blok leverages blockchain technology to connect employers and on-demand workers across the globe. The Blok directory uses smart contracts to eliminate friction in terms of time, cost, quality, and transparency in matching workers and companies. A company creates a gig that is verified in the Blok directory. A Blokpreneur (an on-demand worker) can then search the directory and apply directory to the gig. This relationship provides a better and faster solution in fulfilling consumer needs in the on-demand economy. Blok allows consumers, companies, and workers all to benefit from blockchain technology.

Overview


Blok is airdropping 4,000,000 BLK tokens to community members. Anyone who completes all the required tasks will receive 150 BLK each worth ~0.03 ETH. Just follow them on Twitter, Telegram, and Reddit then retweet the mentioned tweet in the form and submit your details. The tokens will be distributed one month after the ICO.

Step-by-Step Guide:1. Fill out airdrop form
2. Follow them on Telegram, Twitter and Reddit
3. Retweet the mentioned tweet in the form
4. Submit your email and ETH address

Earn up to 100 FREE Ƀitcoins by referring CoinDCX to your friends

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30+ Crypto Trading pairs

Bringing to you the most tech-solid and promising altcoins so that you have the maximum investment options to choose from.

0.10% Trading Fee

Reasonable trading fees for both buyers and sellers. We offer you the highest liquidity among Indian exchanges for available crypto pairs.

 referring CoinDCX
1. Click Here to Signup on the platform
2. Fill in your details
3. Verify your email address by clicking on the link received in the email.

Terms of the program

Important Notice: CoinDCX reserves the right to change the terms of the referral program at any time due to changing market conditions, risk of fraud, or any other factors we deem relevant.

The promotion starts from 1st March 2018 and will continue for 2 months (till 30th April 2018) until further notice.

FREE bitcoins will be rewarded for your referee trading activity during the promotion period only. After the promotion ends, users are not eligible to get FREE bitcoins.

The commission you’ll receive from the referral program is initially set at 50% of the trading fee that your referee pays to the platform. This will then be adjusted after a certain period of time based on the situation.

FREE bitcoins will be sent to your CoinDCX account instantly when your referee completes a trade. We like to reward our users instantly for their efforts.

There is no limit to the number of friends you can refer, although we do reserve the right to adjust or change the referral program rules at any time.

The referee must be signed up through your unique Referral Link, QR Code or Referral ID.

We will regularly check for duplicate or fake accounts and will not pay out referral bonuses on these accounts. Duplicate accounts or taking improper advantage of the referral program will result in disqualification.

Buy and Sell Bitcoin in India – Bitbns

Bitbns (think ‘BITcoin Buy N Sell’) is the fastest and easiest way to trade any digital coin in India.

bitbns_flashsaleBitbns is a young company with a colossal vision of creating the best digital assets exchange. Made first appearance as a digital assets trading platform with Bitcoin flash sale on 19th December, 2017. Since then, they have launched more than 15 digital assets.

How it works: Sign up Free and Get Rs.100

  1. Rs. 100 would be credited to Bitbns wallet, when the invited user does the trading of worth Rs.1500.
  2. The balance earned via this program can be used only against the trading fee on Bitbns transactions
  3. The Trading fee will be automatically deducted from the Bitbns wallet on successful transactions, from the remaining wallet balance.
  4. The referral program is limited to desktop and mobile browser only. i.e. if you refer a user via Mobile apps, it will not be considered as eligible referral.

Why Bitbns? Sign up Free

Safe and Secure – High grade security for all your transactions.

No Account charges – No charge for creating and holding money (or currencies) in your account.

Automated Buy and Sell – You can specify the price of Bitcoin to buy or sell. The trade happens whenever there is a seller/buyer who wants to trade at that price.

UPI for instant deposits – Deposit your money within minutes using your favourite UPI app—Tez, PhonePe, Bhim or Paytm. No more waiting for hours or days using NEFT.

Trustworthy and Verified Network – All our members go through KYC, PAN card and rigorous ID proof verification on sign up

Reliable Customer Support  –If things go wrong, contact our team in any channel—from Telegram to Reddit. We’ll respond to your issues immediately.

Sign up Free and Get Rs.100

 

Disclaimer: Trading in cryptocurrencies are subject to market, technical and legal risks. The prices fluctuate based on local demand and supply.