Is trading one crypto for another a taxable event in Ireland?

Don Tomasino

Say you have some BTC and you trade it for tether, a common strategy these days. Do you have to pay tax on that?

lintdrummer

https://www.boards.ie/discussion/2058218321/is-trading-one-crypto-for-another-a-taxable-event-in-ireland

Plenty of info in the crypto tax thread right below this one...

https://www.boards.ie/discussion/2058086623/crypto-tax-situation-read-post-1-for-thread-banned-users

Don Tomasino

Whoops. Google brought me to a page deep in that thread but I didn't see the first page which had the info I wanted on it.

Mods you can delete this thread if you like.

Grumpypants

Yes. Any time you make money you pay tax.

JimmyVik

Even spending crypto is a taxable event on the FIFO rule.

massdebater

Even gifting it is taxable 🙄

https://www.boards.ie/discussion/comment/118179188#Comment_118179188

Can you elaborate on this?

bladespin

https://www.boards.ie/discussion/comment/118179188#Comment_118179188

Isn't that a US thing?

JimmyVik

I thought that you had to declare and pay CGT on every sale including crypto in Ireland.

So lets say you spend €1 worth of crypto every day.

You have to work out the profit you made on each of them and add them up and then pay the tax in Dec and Jan each year, depending on when they were spent. Then you have to file a return for them the following october.

Im assuming trading it for another coin is the same as trading one stock for another. Its a sell and a buy.

Maybe im wrong. I dont spent it like that myself.

The J Stands for Jay

https://www.boards.ie/discussion/comment/118190170#Comment_118190170

Yeah, this is how it works.