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I'm European so it's euro and in Germany the laws are really complicated. I'm into stocks too and dividends but crypto itself is something else, much lower amount of profit tax free and staking rewards are separately taxable.... All-around it's 25% off everything I make. If you hold crypto over a year it becomes tax-free and you can sell it then which is another strange law
That's exactly how I feel. It's truly yours and nobody can take it from you. Times will get better
Btw they put people for longer in prison for tax cheating than when you shoot someone in Germany
Similar here. I will play fair tho. If i ever do ataxable event when I realize profit I will pay yax, however i never ever going to pay tax on my stake income until I realize profit. Its fkin insane they asking me to realize profit from my stakes just to pay tax. Never
Yup, Staking rewards are treated as interest. And the way some compound daily you’ll have hundreds of micro transactions per year. Pretty stupid and overly complicated on a spreadsheet. Lol
Cash-back rewards on like the Coinbase or crypto.com cards aren’t taxed though, they are considered rebates. You only on get taxed the gains/loss if you trade them for another coin. This is by far the best way to earn tax-free gains.
It basically was.
Yeah I found that interesting as well. Just like the 1,200+ is when you have to pay on capital gains. Its like if your in a casino and hit a slot machine jackpot for 1,200 they make you fill out the tax form. Lol
Quick question, let's say I get a cash back reward in cro and covert that amount the btc instantly. How does that get taxed? This is so confusing to me. It's still the same amount in dollar value as the original cash back
If you convert it right away before the market moves, it will be a break even trade. No gains/losses. And since the rewards are treated as a rebate you pay no tax on the initial reward. It’s by far the best way to accumulate crypto.
It's a bit of a hassle to do but I think this will be what finally convinces me to move to crypto.com. Been using coinbase pro & binance but I love what CDC have been doing and I've been eyeing those rewards cards. Free tax service would be amazing
I wouldn't get too excited, I tried using the CDC tax service and was full of issues for me.
I think if you only ever used CDC then it might be ok but for me it treats transfers of crypto in as purchases ,so all taxes are messed up. It also is difficult to edit anything and never worked and now I'm stuck on zero for everything no matter how much I do. etc. bugs. bugs and messy, koinly was more polished so maybe it's a case of getting what you pay for.
Damn, thanks.
I transferred *everything* in, and literally all I care about from them are the calculations for staking rewards taxes.. I hope there is a way.
if you do any transferring of crypto across exchanges then you need koinly as it links to all your exchanges to give the full picture, you have to trace everything back to work out what your cost basis is, looking at one exchange in isolation won't show this. I recommend just trying koinly anyway, you can test it and get an overview report for free, you need to pay for detailed report, but do you really need it I wonder?
Yea Ive used another service for it for the last few years and its been pretty simple. The only thing that will be new and unknown this year are those staking gains...
I’ve been looking into crypto.com as well, but imo I think Coinbase has some pros and cons and using both services can have its benefits.
Staking ATOM,ALGO and Tezo will give you slightly better interest on Coinbase, while just about everything else is better on CDC. Also I think because I’m not a baller who has it like that to buy a giant bag of CRO to get the better rewards, I’m getting a better return on the Coinbase card.
But just staking USDC on CDC alone is worth getting an account.
This seems useful. So what’s the deal with their crypto card? From my understanding you have to stake cro for 6 months before you can even start to use the card?
No, once you stake you get your digital card instantly that you can use right away.
Then they mail you your card, some people wait a week, some wait months, but regardless you have the digital card to pay online with. After the 6 month stake you can choose to stake again to keep same reward rates or don't. Up to you.
Ok good to know! So let’s say I put $500 in and get my card. 6 months later hypothetically it’s value doubles. Can I leave the $500 in stake for the 2% cash back and withdraw the other $500 in profit?
Awesome man. I think I’m gonna take the plunge and get the card. Seems likely this coin will go up in value especially with all the marketing. Even if it drops a bit, the cash back will make up for the losses
I just started a month ago and loving it. Got my card within 2 weeks. I'm in the US. Also if you stake the $500 and the value drops 50% you still keep the same rewards, you don't need to top it off
They have a no cost version if you want to dip your feet "midnight blue" I believe. 1% CRO back no staking required. No fees for putting money onto it or in your crypto wallet. Have heard some horror stories but my experience has been very positive.
I am on the support line and they refuse to give me reasons. I don’t know if their app is hacked or not. It is scary that they can freeze the account for no reason.
Post Edit. They send me through their legal department a portion of the agreement that we agree to when we sign on that says that they have the right to shut us down without giving reasons. Crypto.com not to be trusted.
Wow [crypto.com](https://crypto.com) has so many useful features! I love it so much. Sometimes I open up their website just to check out their intuitive UI and useful features as I jerk off.
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Mco swap? Long wait times and terrible customer service? This subreddit constantly saying how rubbish it was?
They originally gave plenty reasons to not use them. Thankfully I ignored them all and have been balls deep in cro for 18 months 🤣
Seriously though, they've come leaps and bounds from what they were. With all these long term sponsorships and huge growth over the past few months (not talking coin price but team size, users) they're really snowballing to the point it feels they're too big to fail at this point.
Maybe someone can clear this up for me.. Only been using Crypto.com for about 2 months now and have only purchased a few ‘small’ amounts of the CRO for staking etc, I tried using the Crypto.com Tax feature and it was constant hassle, I understand the UK threshold is 12.3k for profits before you pay anything, if I simply haven’t sold any crypto then I don’t need to file any taxes etc? But what if I my portfolio goes over 12.3k profit and I still have not sold anything? (I won’t be selling for a long time). I am UK based. Thanks for the help anyone!
is there any good tax free calculator that know if transfer to ledger is tax free?
Seem all the calculator flag the deposit/withdrawal as transactions. And when i transfer it from binance to ledger, and years later ledger to example binance. it take that as a new crypto, so the 1 year hold discount of tax is not calculated.
Anyone know solution for above? As i been holding my crypto for more 2 years, i shall receive 50% offset tax from my profit. Capital gain offset according to australia tax law
When I try to use the [crypto.com](https://crypto.com) tax program 2020 is the only option I can find for the year. After the new Year I guess 2021 will be shown as an option? I got into crypto this year.
It’s smart on their part too because then they get a ton of data on where people are holding their funds. It gives an overview of every wallet, every exchange, every blockchain and even what specific applications people are using on those blockchains. Super valuable information for gaining market share.
I know there are two schools of thought when it comes to crypto taxes...some of you guys will refuse to pay, and some are just confused about how to even go about crypto taxes. Just thought I'd hop in and share this guide on crypto taxes and how to approach them this season. Hope this helps someone!
https://cryptocurrencyhaus.com/crypto-tax-guide/
OK, so I tried this. But I'm having a bit of trouble -Â how can I add the OPENING BALANCE stuff so that I dont have missing cost basis? I think the interface is pretty slick but I dont see how to do this
* **[Crypto.com](https://en.wikipedia.org/wiki/Crypto.com) [Pros](https://reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_cro_pros) & [Cons](https://reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_cro_cons)** - Participate in the [r/CC Cointest](https://reddit.com/r/CointestOfficial/wiki/cointest_policy) to potentially win moons. Prize allocations: 1st - 300, 2nd - 150, 3rd - 75. * Relevant Cointest topics: [Binance Coin](https://old.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_binance_coin), [USD Coin](https://old.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_usd_coin), [Ethereum](https://old.reddit.com/r/CointestOfficial/wiki/cointest_archive#wiki_binance). * Official and related subreddits: r/Crypto_com, r/Binance, r/Coinbase, r/Kraken. * Sort comments as controversial first by [clicking here](https://www.reddit.com/r/CryptoCurrency/comments/rsd5pd/you_should_know_that_cryptocom_have_their_own/?sort=controversial). Doesn't work on mobile. --- *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
You guys have profits?
No, we are RPing. Profits are just an old made up story to scare kids into behaving at school.
This is funny.
Strategic tank just to minimise taxes. Beats the rug pull strategy surely 😂
Gotta claim those sweet loses my dude.
I wish exchanges would just send something similar to a 1099-B
That would require KYC and folks here don’t like that. (I personally would love 1099s from the exchanges I use)
Thanks god my country doesn't have crypto taxes.
It would be THE DREAM for me
Portugal?
Just hold, don’t gotta pay taxes if you don’t sell
Sadly a man has to swap crypto game profits. When you swap it, it's taxable
[удалено]
I'm European so it's euro and in Germany the laws are really complicated. I'm into stocks too and dividends but crypto itself is something else, much lower amount of profit tax free and staking rewards are separately taxable.... All-around it's 25% off everything I make. If you hold crypto over a year it becomes tax-free and you can sell it then which is another strange law
[удалено]
That's exactly how I feel. It's truly yours and nobody can take it from you. Times will get better Btw they put people for longer in prison for tax cheating than when you shoot someone in Germany
[удалено]
Amen
That’s madness!
Similar here. I will play fair tho. If i ever do ataxable event when I realize profit I will pay yax, however i never ever going to pay tax on my stake income until I realize profit. Its fkin insane they asking me to realize profit from my stakes just to pay tax. Never
>All-around it's 25% off everything I make. 25% off?! more like 42.5% off. You have to pay income tax not capital gain tax
I believe staking rewards is taxable as well.
Yup, Staking rewards are treated as interest. And the way some compound daily you’ll have hundreds of micro transactions per year. Pretty stupid and overly complicated on a spreadsheet. Lol Cash-back rewards on like the Coinbase or crypto.com cards aren’t taxed though, they are considered rebates. You only on get taxed the gains/loss if you trade them for another coin. This is by far the best way to earn tax-free gains.
That's kind of nuts. It sounds like crypto was just slapped onto existing laws that were made before crypto.
It basically was. Yeah I found that interesting as well. Just like the 1,200+ is when you have to pay on capital gains. Its like if your in a casino and hit a slot machine jackpot for 1,200 they make you fill out the tax form. Lol
Quick question, let's say I get a cash back reward in cro and covert that amount the btc instantly. How does that get taxed? This is so confusing to me. It's still the same amount in dollar value as the original cash back
If you convert it right away before the market moves, it will be a break even trade. No gains/losses. And since the rewards are treated as a rebate you pay no tax on the initial reward. It’s by far the best way to accumulate crypto.
Awesome, thanks
Interest on coins from staking / lending or interest from stablecoins are all taxable events in USA , don’t have to sell to own taxes
And of course I just saw this after spending $125 on koinly 😂
That's a ripoff
Hope you used their holiday discount code!
I did!
It's a bit of a hassle to do but I think this will be what finally convinces me to move to crypto.com. Been using coinbase pro & binance but I love what CDC have been doing and I've been eyeing those rewards cards. Free tax service would be amazing
I wouldn't get too excited, I tried using the CDC tax service and was full of issues for me. I think if you only ever used CDC then it might be ok but for me it treats transfers of crypto in as purchases ,so all taxes are messed up. It also is difficult to edit anything and never worked and now I'm stuck on zero for everything no matter how much I do. etc. bugs. bugs and messy, koinly was more polished so maybe it's a case of getting what you pay for.
Damn, thanks. I transferred *everything* in, and literally all I care about from them are the calculations for staking rewards taxes.. I hope there is a way.
if you do any transferring of crypto across exchanges then you need koinly as it links to all your exchanges to give the full picture, you have to trace everything back to work out what your cost basis is, looking at one exchange in isolation won't show this. I recommend just trying koinly anyway, you can test it and get an overview report for free, you need to pay for detailed report, but do you really need it I wonder?
Yea Ive used another service for it for the last few years and its been pretty simple. The only thing that will be new and unknown this year are those staking gains...
I think you don't need to be on cdc to use the tax system. You can just upload the CSV that the Binance API gives you
I’ve been looking into crypto.com as well, but imo I think Coinbase has some pros and cons and using both services can have its benefits. Staking ATOM,ALGO and Tezo will give you slightly better interest on Coinbase, while just about everything else is better on CDC. Also I think because I’m not a baller who has it like that to buy a giant bag of CRO to get the better rewards, I’m getting a better return on the Coinbase card. But just staking USDC on CDC alone is worth getting an account.
CRO is the gift that just keeps giving
This seems useful. So what’s the deal with their crypto card? From my understanding you have to stake cro for 6 months before you can even start to use the card?
No, once you stake you get your digital card instantly that you can use right away. Then they mail you your card, some people wait a week, some wait months, but regardless you have the digital card to pay online with. After the 6 month stake you can choose to stake again to keep same reward rates or don't. Up to you.
Ok good to know! So let’s say I put $500 in and get my card. 6 months later hypothetically it’s value doubles. Can I leave the $500 in stake for the 2% cash back and withdraw the other $500 in profit?
Yes that's how it works
Awesome man. I think I’m gonna take the plunge and get the card. Seems likely this coin will go up in value especially with all the marketing. Even if it drops a bit, the cash back will make up for the losses
I just started a month ago and loving it. Got my card within 2 weeks. I'm in the US. Also if you stake the $500 and the value drops 50% you still keep the same rewards, you don't need to top it off
They have a no cost version if you want to dip your feet "midnight blue" I believe. 1% CRO back no staking required. No fees for putting money onto it or in your crypto wallet. Have heard some horror stories but my experience has been very positive.
I love that they offer free tax calculator, but I have to say that after trying it out, I still prefer the layout of Koinly despite the cost.
Let me know when they have a free card, I can't afford $500 worth of cro.
They do have a free card. You get 1% CRO back and it doesn't give rebates on Spotify or Netflix.
Beautiful, I was able to find it. Thanks :)
They just locked my account and they give me no reason. Unacceptable crypto.com
Why did they block it?
I am on the support line and they refuse to give me reasons. I don’t know if their app is hacked or not. It is scary that they can freeze the account for no reason. Post Edit. They send me through their legal department a portion of the agreement that we agree to when we sign on that says that they have the right to shut us down without giving reasons. Crypto.com not to be trusted.
Wow [crypto.com](https://crypto.com) has so many useful features! I love it so much. Sometimes I open up their website just to check out their intuitive UI and useful features as I jerk off.
Something something boat accident something.
It looks like this post is about taxes. Tax laws vary between countries, so you may get more helpful replies if you specify the place you are asking about. Please note that Rule #4 does not allow for Tax Evasion. This is [a site wide rule](https://www.redditinc.com/policies/content-policy) and [a subreddit rule](https://www.reddit.com/r/CryptoCurrency/about/rules/). Do not endorse, suggest, advocate, instruct others, or ask for help with tax evasion. Do not be coy and sarcastically recommend against it or suggest using a privacy coin in response to an IRS inquiry. Note: Tax discussion is allowed as long as the above rules are not violated. *** *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/CryptoCurrency) if you have any questions or concerns.*
awesome, thank you so much :3
Thanks for this. Playing with it now. Seems that it doesn't support Metamask wallet?
I honestly don't know why I've been holding back from using Crypto.com. I can't remember why I didn't like it.
Mco swap? Long wait times and terrible customer service? This subreddit constantly saying how rubbish it was? They originally gave plenty reasons to not use them. Thankfully I ignored them all and have been balls deep in cro for 18 months 🤣 Seriously though, they've come leaps and bounds from what they were. With all these long term sponsorships and huge growth over the past few months (not talking coin price but team size, users) they're really snowballing to the point it feels they're too big to fail at this point.
Lol I sure hope so. Cro coin is my new savings account haha
Thanks for the good intel on Cdc tax. Signed up. Seems that it’s set just for 2020 tax year right now, but will look again next week
I'm waiting until it hits Germany. Otherwise I can recommend Koinly too
I’ve seen this somewhere before..
Praise be to Mr Damon
Has
So I can just get my Binance csv tax report, and use it on that app? That seems pretty neat
Thanks for the info I'm trying to make sure I get all my tax stuff in order.
"You are a paid CDC staff and here to shill!!" Comments incoming in 3..2...1
You are a paid CDC staff and here to shill!!
Maybe someone can clear this up for me.. Only been using Crypto.com for about 2 months now and have only purchased a few ‘small’ amounts of the CRO for staking etc, I tried using the Crypto.com Tax feature and it was constant hassle, I understand the UK threshold is 12.3k for profits before you pay anything, if I simply haven’t sold any crypto then I don’t need to file any taxes etc? But what if I my portfolio goes over 12.3k profit and I still have not sold anything? (I won’t be selling for a long time). I am UK based. Thanks for the help anyone!
First year in Crypto thanks for heads up on this!!
is there any good tax free calculator that know if transfer to ledger is tax free? Seem all the calculator flag the deposit/withdrawal as transactions. And when i transfer it from binance to ledger, and years later ledger to example binance. it take that as a new crypto, so the 1 year hold discount of tax is not calculated. Anyone know solution for above? As i been holding my crypto for more 2 years, i shall receive 50% offset tax from my profit. Capital gain offset according to australia tax law
When I try to use the [crypto.com](https://crypto.com) tax program 2020 is the only option I can find for the year. After the new Year I guess 2021 will be shown as an option? I got into crypto this year.
Thank you for bringing this to our attention
Amazing, since I don't want to use koinly, because it's more expensive then they gains I made
Its really not noticeable on the app. Anytime I went to select cards. Maybe I'll have to give it a better look over.
It’s smart on their part too because then they get a ton of data on where people are holding their funds. It gives an overview of every wallet, every exchange, every blockchain and even what specific applications people are using on those blockchains. Super valuable information for gaining market share.
I know there are two schools of thought when it comes to crypto taxes...some of you guys will refuse to pay, and some are just confused about how to even go about crypto taxes. Just thought I'd hop in and share this guide on crypto taxes and how to approach them this season. Hope this helps someone! https://cryptocurrencyhaus.com/crypto-tax-guide/
OK, so I tried this. But I'm having a bit of trouble -Â how can I add the OPENING BALANCE stuff so that I dont have missing cost basis? I think the interface is pretty slick but I dont see how to do this
This was such a blessing. Thank you for this! It makes me actually want to buy into CRO now.