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https://warpcast.com/~/channel/cryptotax
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Hoot 🎩
@owl
Made some good progress on the crypto accounting today, just ~3000 transactions left to review 😛 Got a first capital gains calculation going and it looks… expensive.
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Hoot 🎩
@owl
Luckily capital gains tax in Germany is flat 25% while income tax is progressive and can go as high as 45%
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Ryan J. Shaw
@rjs
Here in South Africa if you held the crypto as a speculative investment (eg less than a year), your profit will be taxed as income tax (top bracket is also 45%). And you would almost certainly be registering for provisional tax I.e. you’d hold onto that profit for at most 6mo before needing to pay it over. Ask me how I know 😭
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justin.ahn.eth
@ahn.eth
how do you know? 😆 what does "speculative" mean in SA? is it if you offramp in less than a year? or can swapping crypto to crypto still count as holding?
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Ryan J. Shaw
@rjs
Every disposal is a taxable event - the tax schedule that applies looks at many factors, but yeah mostly if you are trading short term it counts as income and is taxed more aggressively
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justin.ahn.eth
@ahn.eth
ok, so it's like the US in that regard 😭
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