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CryptoCurrency Tax

  • 11-06-2018 9:32pm
    #1
    Dublin_Lad
    Registered Users Posts: 8 ✭


    Hi all,

    I am new to the whole Cryptocurrency thing and I was wondering if someone could tell me if I have to pay tax on Cryptocurrency (Ripple) if I buy it, hold onto it and not sell it. Also, In order to buy Ripple I had to buy Ethereum then ripple, so do I have to pay tax on that or not?

    Thank you for your time.
    Tagged:


Comments

  • #2
    grindle
    Registered Users, Registered Users 2 Posts: 6,026 ✭✭✭grindle


    Dublin_Lad wrote: »
    I was wondering if someone could tell me if I have to pay tax on Cryptocurrency (Ripple) if I buy it, hold onto it and not sell it.
    If you hold onto it/don't sell it then no gain has been solidified, no tax to be paid unless you realise a profit.
    Dublin_Lad wrote: »
    In order to buy Ripple I had to buy Ethereum then ripple, so do I have to pay tax on that or not?
    If you bought one straight after the other then you're very unlikely to have made enough of a profit to owe tax, but you should keep track of the prices and do your bookkeeping anyway - best to start early, before it becomes an abyss of trades which you may have to figure out and track months later.

    If you'd bought 10 ETH @ €100 and sold at €450 for €4500 worth of whatever (fiat or crypto, doesn't matter) you would have realised a gain of €3500 and would owe 33% CGT on €3500 - €1270 which is €735.90.


  • #3
    Pintman Paddy Losty
    Registered Users Posts: 1,913 ✭✭✭Pintman Paddy Losty


    There will be no taxes due on a loss so not to worry.


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