BitQT is a provider through which you can trade different currencies on the internet. These are cryptocurrencies. If you haven’t heard of this term yet, you can certainly relate more to the term Bitcoin.
Bitcoin is a cryptocurrency that can be traded at BitQT. If you don’t want to trade the Bitcoin, the provider BitQT offers many other currencies that you can trade with little effort to finally claim a part of the big profits on this market for yourself.
If you manage to get out of the trade with a profit in the end, you only have to think about how you have to pay tax on the whole thing. Since these are profits, i.e. income, they must inevitably be reported to the tax office.
Disclose BitQT profits on your tax return
BitQT profits must be declared on your tax return. It does not matter how high the profits are that you have made. Even if they are only a few euros, they must appear in the tax return for the year.
First of all, however, you have to be clear about how you calculate the profits at BitQT. These are calculated for one year, which means that you have to compare all deposits with the payouts from BitQT.
If there is a higher difference in the payouts, these are the profits. So you have to declare this sum in your tax return. If it is a small amount of less than 600 euros, you do not have to pay tax on it in the end.
However, if it is over 600 euros, you have to pay tax on it.
Direct yourself when to pay taxes
When you make profits on BitQT, you can completely direct when to pay them out. For example, if you pay them out at the end of the year, the winnings will of course accrue in that year as well.
However, you also have the option of having your winnings paid out by BitQT in January. In this case, you can decide for yourself whether you want to continue paying the taxes for another year and only have to pay them then.
If you decide to do this, however, it is only a postponement, as you will of course have to pay tax on the profits in any case. Nevertheless, it can sometimes make sense to wait a little longer before making the payout.
In many cases, however, it makes no difference whether the payout is made this year or next year.