Re: What is your preferred method of converting bitcoin (or other crypto) to fiat?
by on 29/05/2024, 18:06:05 UTC
Thank you all for your comments.
It seems like P2P on centralized exchanges is a preferred method here. Since KYC is likely unavoidable with centralized exchanges, how do you people handle the tax implications? Do you report all your crypto income to the tax office?
It seems like P2P on centralized exchanges is a preferred method here. Since KYC is likely unavoidable with centralized exchanges, how do you people handle the tax implications? Do you report all your crypto income to the tax office?
I suppose we have to but it really depends on the nation we reside though, some government don't take any actions against tax evaders or some government don't even keep track of income tax trails so unless the individual reports they have no idea how much he/she owe to the government in the name of tax but this applies only you are belong to middle class but if you are rich tax authorities will be looking at you for any reason to take away your money while the policies are made in the favour of the rich so one who knows how to handle it can get away with paying less taxes.