Last Updated: 2 December 2022
Bitcoin Compass is a provider that allows customers to trade Bitcoin and other cryptocurrencies. If you invest a little time here, you can earn money with a little luck even without prior knowledge.
If you are one of the lucky ones who has earned money trading Bitcoin and co. on Bitcoin Compass, you will also have to deal with the issue of taxes when making a payout. So when it comes to the payout, this must also appear in the tax return.
However, only if it is really a profit that you have made at Bitcoin Compass.
When is it a profit?
In principle, the calculation is very simple. You have to compare all deposits with the disbursements. If you have a surplus of disbursements here, it is a profit.
Here, all deposits and withdrawals from a calendar year must be taken into account. If you have made more deposits and have a quasi loss, of course no tax will be due.
Request a withdrawal from Bitcoin Compass and consider when to do so
You can request a payout quickly at Bitcoin Compass. Usually, this is done in the following days, so that you have the money in your account a few days later. However, it depends on when the winnings of the withdrawals land on one’s account.
In the year in which you receive the payout, you also have to pay tax on it. This should be taken into account if the payout is to take place towards the end of the year. In this case, you can consider postponing the payout for a few days so that you do not have to declare the taxes until the following year. If
the winnings are small, it is also possible that you do not have to pay taxes on the payout from Bitcoin Compass. Nevertheless, you should always declare the winnings in your tax return.
Even if the winnings are so small that you do not have to pay tax on them, you should still declare them. In this case, you only have to pay taxes if the profits are higher than 600 euros in one year.
All amounts smaller than this are declared, but do not have to be taxed. If you are not sure whether you are doing everything right, you should always consult a tax advisor.
If you have the knowledge of a tax advisor, you are always on the safe side so that you can enjoy your profits.