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That doesn't make any sense to me if I'm understanding it correctly. If you buy $100 in bitcoin and sold for $120 then you'd have to pay $54 in taxes? That can'
by stjohnswarts 4y ago
That doesn't make any sense to me if I'm understanding it correctly. If you buy $100 in bitcoin and sold for $120 then you'd have to pay $54 in taxes? That can't be right unless it's 45% on the $20 extra that you "profited" ?
- archi42 4y agoIANAL (but German): I am only aware that you have to pay taxes on gains. I'd be pretty sure (or very much surprised) if you had to pay e.g. $50 in taxes after buying $200 of crypto, losing half of it and then converting the remaining $100 back to cash. So given your example you report $20 gained on the transaction and pay $10 in taxes. If you've to pay taxes in German and move serious amounts of money (be it stock or crypto): Get a tax accountant and setup some tax avoi... optimization. I feel like our system essentially demands this. Oh, I'm lazy and always do tax estimates with 50% instead of 45%.
- _whiteCaps_ 4y agoYou've only made an income of $20, so you're only taxed on that.