Explosive powers will only be taxed in 2019. Request a provisional assessment
Put your cryptowinst way aside.
Dealers in cryptocurrencies that have made big money over the past year, would be wise to put aside some money now. The Tax and Customs Administration will, in fact, only start the exploded crypt power next year. A provisional attack gives more peace.
Anyone who will file a tax return for 2018 next year must keep the date of 1 January 2018 as the reference date for his assets. And because of the price explosion of the crypto coins in 2017, relatively small traders can suddenly come into the sights of the tax authorities: their box 3 capital comes above the tax-free threshold. This amounts to € 25,000 for the declaration for the previous year, and € 30,000 for the declaration for 2018. Double amounts apply to tax partners.
Smaller brothers
We do not see any extreme price rises in the bitcoin, the largest and most well-known digital currency, but especially in its smaller brothers. For example, the ripple and ethereum, after the bitcoin the largest. For example, € 500 worth of ripple in early 2017 on 1 January 2018 was worth € 175,000. And € 500 in ethereum grew to € 45,000 in a year. These are increases of 35,000% and 9,000% respectively.
Ⓒ THE TELEGRAPH
The Tax and Customs Administration already has the flow of new wealthy on the retina. "We keep an eye on cryptocurrency", says a spokesperson for the tax authorities. "We understand that taxpayers can get into trouble because the reference date is January 1, 2018. That does not matter if the value remains high, but it will be difficult if the price is a lot lower a year later. "
Tax adviser Jan van Esch of Duijd Fiscalisten is familiar with the problem and has a tip for the quickly become rich traders. "I already get questions from several people who have earned a lot of crypto coins about their declaration," says Van Esch.
Provisional attack
"I advise to apply for a provisional assessment for 2018. Then you can pay for it in installments and possibly convert some of your crypto coins to make those payments, if your assets are only in crypto coins. "
In the 2017 declaration, which we can do again from March onwards, the average private crypto trader does not yet have to pay a capital yield tax. Whether you also give up possession of a few hundred euros in digital currency is up to the owner himself, says criminal lawyer Noud van Gemert. "An inexplicable ability raises questions. But the big appreciation of crypto coins is publicly known. If a currency rises thousands of percent, that alone is enough explanation for the capacity that has arisen, if you can prove that you already owned the crypto coins for the appreciation. "
An amount of several tens or hundreds of euros is, depending on the other owend profits. Below the 25.000 euro.
An inexplicable power raises questions. But the large appreciation of crypto coins is publicly known. If a currency rises thousands of percent, that in itself is already sufficient explanation for the resulting capital, if you can demonstrate that you already possessed the crypto coins for the appreciation. "
An amount of several tens or hundreds of euros is, depending on the further power, still far below the exemption limit of €25,000. But next year, if the Declaration on 2018 is to be done, the tax administration will count with the €175,000 which was worth €500 to ripple on 1 January 2018.
Trap there is for traders in crypto coins a trap. For now it is a complete mystery how much the coins are worth at the time of the next declaration. Perhaps they have become much more valuable, but they can also be completely collapsed.
It can be wise now to redeem a piece and put aside. That is not a very large amount. For example, those who have €50,000 in power pay some €430 tax. And at a ton the tax office comes about €775 retrieval. Relatively small amounts compared to the gigantic returns.
Because the level date was already at the beginning of this month, you can easily calculate how much the tax service will eventually collect in 2019. Whoever puts that amount aside now, prevents an sour apple if the crypto coins collapse.
HOPE I DID NOT RUIN YOUR SATURDAY.
Let me know your thoughts .....
Have a nice weekend ... with allot of profit.
