Last Updated: 25 November 2022
If you make profits with the crypto trading platform Bitcoin Fortune, the question arises whether you have to pay taxes. Considering that you sometimes even earn considerable income through a trading bot like Bitcoin Fortune, it goes without saying that your tax office has a great interest in your tax return. Therefore, if you make profits from cryptocurrencies, you are liable to pay taxes and should report your activity to your tax office.
Will profits from trading cryptocurrencies be handled like profits from stock trading for tax purposes?
Although this assumption is obvious, it is wrong, because trading with virtual currencies does not incur a final withholding tax, as is the case with stock trading. Cryptocurrencies therefore count as private sales transactions under Section 23 of the Income Tax Act, such as the sale of precious metals. You must therefore record your gains in the Schedule SO of your tax return.
How can you profit from Bitcoin Fortune?
Step 1: Click on the link to go to Bitcoin Fortune’s official website.
Step 2: Fill out the form to get a FREE license to trade.
Step 3: Follow the instructions on the platform to profit from bitcoin fast!
You don’t have to pay tax on all your profit
Not every trade is a profit. While your profits will outweigh your losses when you use a trading robot like Bitcoin Fortune, you will also have to take some losses. Don’t worry, because the bottom line is that you will multiply your money with Bitcoin Fortune. You can deduct your losses from your gains. You will have to diligently declare the sum that remains when you file your tax return, because otherwise you will be guilty of tax evasion.
You can also deduct your business expenses from your profits
If you trade cryptocurrencies full-time, and you certainly will if you earn several hundred euros a day with Bitcoin Fortune, you count as an entrepreneur. You work independently and can therefore deduct certain business expenses from your profits. This includes, for example, costs for computers, internet, electricity and a few other things. Therefore, it is recommended that you consult a good tax advisor who will provide you with competent advice on tax matters. By the way, you can also deduct your expenses for the tax consultant from your taxes.
This way you can better and accurately determine your taxable profits
It is advisable to keep a notebook of all your profits and losses. The price, quantity and time of acquisition of the cryptocurrency and the price, quantity and time of disposal as well as all transaction costs should be noted. In this way, you will save yourself from misunderstandings and at the same time make it easier for your tax advisor or yourself to work with your tax return. Alternatively, you can save the data in a spreadsheet on your computer or smartphone, but back it up regularly so that the data is not lost.