Use this free tax calculator to instantly find your net profit on crypto transactions.
Bitcoin is the first cryptocurrency and was created in 2009 by a figure called Satoshi Nakamoto.
Bitcoin was started on the 9th of January 2009.
Yes! You most certainly do. In most countries, you have to pay tax on bitcoin gains.
In most countries, bitcoin is seen as property instead of a currency. Even though El Salvador recognises bitcoin as legal tender, most countries (like Australia) tend to see bitcoin as property.
This means that when you sell bitcoin, it is seen as disposing an asset and you will have to pay tax on any gains that you have made. The same goes for if you swap bitcoin for another coin - it is still seen as the disposing of an asset and a taxable event.
How much tax you pay on bitcoin depends on how much you earn (employment income) as well as what the tax rates are in your country and whether or not a capital gains tax discount (CGT) is applied.
In most countries, if you hold an asset (such as bitcoin) for longer than 12 months, you will be entitled to a concession on the taxes that you pay.
Yes! When you spend bitcoin, it is seen as disposing an asset. You will pay tax on the amount that you spent.
Yes! Coin swaps are seen as the disposal of one asset and the purchasing of another, in most countries.
Use the bitcoin tax calculate at the top of the page to enter in your income, date of bitcoin purchase, date of bitcoin sale, and the country you are in to return your tax on bitcoin, gross gains or losses, net gains or losses, and whether or not capital gains tax (CGT) applies.