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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Soft Fork vs. Hard Fork, Explained

A fork means applying changes, according to which the blocks are validated, to a blockchain’s program code.

After a soft fork, the new blocks of transactions are changed without rewriting the very rules of forming the chains of blocks. The network’s nodes running on the old software will still consider new transactions valid; hence, the integrity of the chain of blocks that include transactions will not be violated.

A hard fork implies changing the very consensus algorithm by splitting the network into two incompatible parts. This happens since blocks validated in one of the parts will not be validated in the other. Thus, once a hard fork occurs, it is mandatory that all users or nodes update to the latest version of a protocol software.

The most popular cryptocurrencies that emerged from the Bitcoin network’s hard forks are Bitcoin Cash and Litecoin; as for the Ethereum network, it is Ethereum Classic.

Put Your Crypto Investments on Auto-Pilot

TIRED OF MANUAL CRYPTO INVESTMENTS INDIVIDUALLY? HERE’S HOW Heleum COULD HELP

As a crypto investor, you often find it very difficult to invest and keep track of your investments in coins and tokens? Wouldn’t you like a way your money works for you on auto pilot mode and see all your investments easily and get rid of buy and sell different coins manually? Here’s how Heleum and Uphold could help.

What is uphold? uphold logo
Uphold, a cloud based financial services platform that enables anyone, anywhere to move, convert, hold and transact in any form of money or commodity instantly and securely. … Simply put, Uphold is the Internet of Money.

heleum logoWhat is Heleum?
Heleum is an automated app that grows your money over the long-term by letting it float into rising currencies.

Simply…
Uphold is an online wallet that helps you store your money in many different currencies. Then, you allow Heleum to access your account.

How does Heleum work?
Heleum divides a user’s available funds into “balloons.” A balloon is released when its funds are moved to another currency (national and crypto). (Read more about balloon launching here and here.)

Heleum watches the exchange rates between currencies and moves the funds inside a balloon when it’s most advantageous.

Moving between multiple currencies produces a relative gain (small or large) automatically. This causes balloons to float higher and higher as the overall gain increases.

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How do I join Heleum?

To join Heleum you must be a Verified Member on Uphold. Please follow these steps to join Uphold, become a Verified Member, and then join Heleum.

  1. Go to Signup Link
  2. Once you have created your account and verified your email address, follow this document to become a Verified Member.
  3. Once they have confirmed your status as a Verified Member, go to Heleum.com/login.
  4. Authorize Heleum for use with Uphold.

If you are already a Verified Member on Uphold, simply authorize Heleum by going to Heleum.com/login and entering your Uphold login credentials.

Before you can fund your Heleum account, you must fund your Uphold account. Follow this document to fund your Uphold account via bank transfer. Or follow this document to fund your Uphold account via cryptocurrency. (The ability to fund your account with your credit or debit card has been temporarily suspended by Uphold.)

To fund Heleum, please follow these steps.

  1. Go to Heleum.com/login.
  2. On the top left, open the Menu.
  3. Click “Add Funds”.
  4. Select “From Uphold Card”. (From Uphold-connected Bank Account coming soon.)
  5. Click “Select Uphold Card” to select your funding source.
  6. Enter the funding amount. Click “Proceed to Next Step”.
  7. Verify the requested amount and click “Complete Transaction”.

Allow up to 20 minutes to process the request. This will be automatic in the future. Click “Continue” to return to your Heleum account overview.

NOTE: You will find new currency cards in Uphold created by Heleum with the title <DO NOT TOUCH>. These are for use by the app and transferring to or from these cards will cause activity on your Heleum account to pause. Please do not do this. If you do, please contact Heleum Support here to get your account activity restarted.

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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.

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?

Zebpay has partnered with Cleartax, India’s leading tax filing portal to help you to file your returns

As a Zebpay customer you will get a exclusive discount of 10% Use Code CTZ10

Click below to calculate your tax and finish filing income tax returns within 2 days

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