Earlier quoted context omitted.
Pretty trivial for a nation state, given sufficient motivation.
Not if it's something like Monero.
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Finland tax authorities matching Bitcoin transactions and bank transfers
11–20 of 147 posts
Re: Finland tax authorities matching Bitcoin transactions and bank transfers
#12Re: Finland tax authorities matching Bitcoin transactions and bank transfers
#13All they're doing is looking for bank transactions to crypto exchanges in citizens' accounts. What this article doesn't tell, is that the current cryptocurrency taxation in Finland is unreasonable. You pay 30-34% tax on any profit, but you can not deduct losses. If you had bought 1 BTC at $1000, another at $14000, and sold both at $3000 you would owe $600 in taxes even though you lost $9000. You can imagine how peopl…
You pay 30-34% tax on any profit, but you can not deduct losses.
Whether you made a profit or not doesn't have to be a consideration as far as tax goes. You pay a percentage of the capital amount when you choose to liquidate your asset. It's effectively a wealth tax. There are lots of taxes around the world that work this way. It sucks if you've made a loss, but that's not really the government's problem.
Re: Finland tax authorities matching Bitcoin transactions and bank transfers
#14I'm pretty sure all bitcoin fanatics are going balls out on this one..
Only those who avoid paying taxes. A lot of people WANT TO PAY TAXES from Bitcoin.
Re: Finland tax authorities matching Bitcoin transactions and bank transfers
#15All they're doing is looking for bank transactions to crypto exchanges in citizens' accounts. What this article doesn't tell, is that the current cryptocurrency taxation in Finland is unreasonable. You pay 30-34% tax on any profit, but you can not deduct losses. If you had bought 1 BTC at $1000, another at $14000, and sold both at $3000 you would owe $600 in taxes even though you lost $9000. You can imagine how peopl…
You pay 30-34% tax on any profit, but you can not deduct losses. Whether you made a profit or not doesn't have to be a consideration as far as tax goes. You pay a percentage of the capital amount when you choose to liquidate your asset. It's effectively a wealth tax. There are lots of taxes around the world that work this way. It sucks if you've made a loss, but that's not really the government's problem.
Wait... How is the inability to deduct losses OK in any government?
Yes, you have to pay taxes on the gains when you liquidate but you can offset that with any losses too
Re: Finland tax authorities matching Bitcoin transactions and bank transfers
#16All they're doing is looking for bank transactions to crypto exchanges in citizens' accounts. What this article doesn't tell, is that the current cryptocurrency taxation in Finland is unreasonable. You pay 30-34% tax on any profit, but you can not deduct losses. If you had bought 1 BTC at $1000, another at $14000, and sold both at $3000 you would owe $600 in taxes even though you lost $9000. You can imagine how peopl…
Jesus, you can’t deduct losses? If it is only for crypto, I gotta believe its a perverse way to dissuade citizens from investing in crypto. These crypto tax articles become less and less relevant in the coming tax year as people are going to be filing losses , not gains. I expect headlines like “How to make sure you add up your crypto losses to the full amount”
People should invest in people that are close.
You can't deduct gambling losses only winning (on my country) and this is right.
Re: Finland tax authorities matching Bitcoin transactions and bank transfers
#17Re: Finland tax authorities matching Bitcoin transactions and bank transfers
#18I believe this is called "competent". I know we don't see much of it but ... there it is.
Re: Finland tax authorities matching Bitcoin transactions and bank transfers
#19Re: Finland tax authorities matching Bitcoin transactions and bank transfers
#20All they're doing is looking for bank transactions to crypto exchanges in citizens' accounts. What this article doesn't tell, is that the current cryptocurrency taxation in Finland is unreasonable. You pay 30-34% tax on any profit, but you can not deduct losses. If you had bought 1 BTC at $1000, another at $14000, and sold both at $3000 you would owe $600 in taxes even though you lost $9000. You can imagine how peopl…
This is even worse if you are a student who receives government aids: transactions are regarded as income (whether loss or profit) by the social insurance institution.
So in other words, if you buy Bitcoin for 1000 euros and sell it at 500, you have made efficiently 500 euros in "income." With the notion of the parent post, this makes trading unviable, because if you exceed 12K€ in income a year (in any form, be that employment etc.), you have to start paying back your living aids.