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"so mining is not taxable income in Portugal" The income is taxable, even as capital gains, though? I assume when the coins are sold.
by benj111 7y ago
"so mining is not taxable income in Portugal"
The income is taxable, even as capital gains, though? I assume when the coins are sold.
- icebraining 7y agoIt seems it's not, at least for individuals; from what I can tell, the tax law that taxes gains is not generic, that is, it explicitly lists the types of property (shares, financial instruments, etc) that it applies to, and cryptocurrency doesn't fit any, therefore the gains are not taxable. (Native speaker, but not a bitcoin trader or tax professional)
- ska 7y agoIs it not taxable, or just taxable at regular income tax rates (not capital gains)? The latter seems likely.
- icebraining 7y agoNot taxable at all, I believe; see my other post: https://news.ycombinator.com/item?id=20830538 https://news.ycombinator.com/item?id=20830538
- gamblor956 7y agoThis would probably be wrong. If you're mining, you're doing it as a business since it's a regular activity intended for profit, so mining income would very likely be business income. There's almost no way you can mine crypto without doing it regularly or intending profit. Business income is taxable.
- gamblor956 7y agoSorry, I deleted that part once I was able to actually read the ruling directly (and not the blogspam about the ruling). Portugal's tax authority has not actually yet ruled on the taxability of mining AFAIK, but is likely to rule that mining income is business income, and thus taxable, following the US reasoning on mining income.