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.

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?

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 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.

Yes

Download the pdf version. Complete it and upload to Revenue via MyEnquiries to save yourself time and effort.

how should airdrops be treated? koinly automatically treats it as income so I assume that's correct.

question on altcoins bought with bitcoin back in 2018 - can any losses be written off here if the value of the altcoin denominated in bitcoin terms has resulted in a loss? There would be a gain in terms of dollar value

thanks

I'm curious as to what 10 year statute of limitations you are referring to?

I'll refer to you the below Tax and Duty manual which shows how tax authorities can share or request information from another tax authority so you point may not be exactly moot.

Guide to Exchange of Information under Council Directive 2011/16/EU, Ireland’s Double Taxation Agreements and TaxI information Exchange Agreements and the OECD/Council of Europe Convention on Mutual Administrative Assistance in Tax Matters.

https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-35/35-01-01a.pdf

"You must file by 31 October in the year after the date of disposal"

Just thinking about the CGT return now, does this mean if we disposed of crypto this year, we don't need to file our CGT returns until 31 October 2022? But we need to pay the actual liability this year?