Last Updated: 27 September 2023
Bitcoin Rush has been able to achieve immense success in recent times. Bitcoin Rush makes it easy for potential investors to enter the cryptocurrency market. Nevertheless, investors should find out in advance whether any profits made have to be taxed.
What is Bitcoin Rush and how does it work?
Anyone who wants to invest in cryptocurrency trading will want to look for appropriate options. By using the Bitcoin Rush trading platform, the investor has the opportunity to fully exploit his returns.
If he decides to use the Bitcoin Rush robot, he will have to plan less time when examining the prices. The bot also takes over the analyses of market developments and acts entirely on behalf of the user.
The crypto market in particular is very volatile, and the work of the robot is recommended. Responsible for this is an algorithm that can bring its investors high profits.
However, one should bear in mind that trading, as with stock market trading, can involve risks and losses. Investors need to know whether a profit has to be taxed or not.
How can one profit from Bitcoin Rush?
Step 1: Click on the link to go to the official website of Bitcoin Rush.
Step 2: Fill out the form to get a FREE licence to trade.
Step 3: Follow the instructions on the platform to profit from bitcoin fast!
When do taxes become due?
More and more investors are looking for investment products to make high profits. Bitcoin Rush has caught up with this hype. Since cryptocurrencies are not a means of payment by law in this country, they cannot be equated with shares or other financial transactions.
The tax office sees this process this way, come the income from Bitcoin trading puts this with profits that arise from the sale of any artwork. This has the advantage that these profits may be tax-free.
When are bitcoins tax-free?
For this purpose, two values are used for taxation:
- There is the profit made on the sale of the Bitcoins
- The time frame where the Bitcoins were in the possession of the investor
Important to note:
If the investor has owned his Bitcoins for one year, then the sale is tax-free. The amount of profit is not decisive. It also does not have to be entered in the tax return.
If the investor sells his Bitcoins within a time frame of twelve months, profits up to the exemption limit of 600 euros can be tax-free. If the sale exceeds this 600 euros, the investor must pay tax on his profit in full.
If the profit is only one euro above this, the entire profit must be taxed.
However, the 600 euro exemption limit is not only calculated for bitcoins; other cryptocurrencies also fall under it. Likewise, all private sales transactions. For example, if you sell a painting for 700 euros in the existing year, you have exceeded the exemption limit.
Holding period of Bitcoins
If you increasingly buy and sell Bitcoins, it can be difficult to determine the exact holding period. In order to nevertheless enter the income in the tax return, the FIFO method can be used.
How much tax can be incurred?
The profits are offset against the personal income tax rate. In addition, there is the solidarity surcharge and possibly church tax.