Crypto tax situation - Read post 1 for thread banned users

It is messy as the only way to exploit the arbitrage is to have a local account in Ireland.

Arbitrage opportunities can arise on a geographical basis - and more often than not, countries with capital controls or restrictions of one type or another are implicated. The Kimchi premium in S.Korea is one example. In that case, the local price of bitcoin is higher than the international average. It's difficult to exploit though as it implicates the same banking difficulties...unless someone wants to walk cash out of the country - and of course that's not practical.

Sounds like the person isn't normally tax resident in Ireland, so the tax would be rated and payable in the country of tax residency. I don't think that 3 year nonsense would have any bearing.

Does anyone have a spreadsheet they use to keep track of buys / sell so they know there tax liability if they sell? Would you be willing to share?

Can we offset fees (transaction fees, d fees to wallets etc)

From price increase alone, yes that's the only tax. If you're earning interest on your bitcoin, you might have to pay additional taxes.

Does anyone know of the existence of any tax advisors or accountants that specialise in crypto? I wish I was in a position where I'd need one to make me tax compliant with my vast crypto fortune.

Call it future planning? Optimal thinking? 😅

If a person moves to a country with a double tax treaty with Ireland, does the 3 year tax domicile resident rule still apply?

The 3 year 'rule' is a legal nonsense and can be ignored by anyone truly emigrating permanently.

No irish laws have jurisdiction in foreign countries, and that goes double for people who become residents of a foreign country or who are ordinarily resident there.

If a person did make a financial transaction that was relevant under the rule, and returned to Ireland and Irish legal jurisdiction, then the rule would become relevant, but Revenue would be unlikely to have any way to be aware the transaction/s took place if the financial institutions involved had the individulas residential address as being in that country. Financial institutions only have an obligation to report transactions to foreign tax authorities for accounts where the residential address of the customer is in that foreign country.

So if someone were to emigrate to Greece, set up financial accounts with their address being in Greece, no information is going to be sent to Revenue about what transpires on those accounts. You could dispose of assets 6 months after moving to Athens and the only people who would possibly be informed would be the Greek tax authorities. Your tax obligation would be to Greece, not Ireland.

well guys,

I've being dca'ing into a few different cryptos over the past few months over different exchanges. I've also being trading from crypto to crypto a few times; mostly at a loss but occasionally a small profit at times. My question; I am aware of FIFO but how is one going to start filing a tax return for such a messy portfolio and how likely will revenue be in auditing if profits are minimal? will any random accountant be familiar with crypto investments?

The first €1,270 of capital gain you make each year, is exempt from CGT. So if your profits are actually minimal and less than that, an audit isn't going to be a problem.

The example you give from the Revenue website is specifically about buying and selling again within a four-week period, to which special rules apply. That's not your situation.

The general rule is that, if you sell at a loss in this tax year, you can set that loss off against (a) any gains accruing to you in this tax year, regardless of whether they were accrued before or after the loss, or (b) any gains accruing to you in future tax years. But you can't set your loss accruing this year off against gains which accrued in previous tax years.

So, from what you say have already accrued gains in this tax year. If you now losses in this tax year, you will be able to set those losses off against the gains.