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Is Cryptocurrency Earnings Taxable?

Is Cryptocurrency Earnings Taxable?


Cryptocurrency market is not a new one. For some of us, investing money in this market and making money is a new door, but the number of people who have made thousands of dollars over the years and have been doing this job full time is not a small number. Successful entrepreneurs, who are able to provide serious incomes continuously, to make commercial income and to make this income permanent, also require paying taxes. Self-employment earnings, agricultural earnings, business income, real estate capital gains, other earnings and revenues are considered as income and are subject to tax. In short, every business is taxable as long as it makes a profit. Therefore, it is possible that income from cryptocurrency exchanges will also be subject to tax, but no information was given about the status of the earnings. Moreover, although it is not certain, a certain limit can be set for the winnings. Exceeding the limit may be subject to tax. Because it is certain that those who earn 300 per month from these exchanges and those who earn 10 thousand dollars per month will not be evaluated on the same scale.

Anything That Generates Income Is Taxable

In order to understand the issue clearly, it is necessary to determine in which status the earned income will be evaluated, which you can find out by going to the nearest tax office. It would be beneficial for those who earn thousands of dollars from the crypto money market and do not pay a single penny in tax, to go to the nearest tax office and report their earnings so that they do not suffer in the event that retroactive earnings are taxed in the future. Because when retroactive gains are taxable, the tax burden can be heavy. After underlining the necessity of getting information from experts in order to avoid unjust treatment in the future, let's talk about the following.

If the income from the crypto money exchange exceeds 40 thousand liras, it is possible to be evaluated in the accidental income category (See GVK Article 82). On the other hand, it should be known that revenues that repeat more than once in a calendar year can be evaluated in terms of transaction continuity, if they are obtained once in the following years. In addition, in the paragraph 3 of the article 37 of the income tax law, the definition of commercial income and commercial income; Earnings from any kind of commercial or industrial activity or activity are considered commercial income . In addition, it was stated that the Ministry of Finance sent a letter to Crypto exchanges and asked for the information of those who registered to these exchanges.

Can Retroactive Taxes Be Obtained?

One of the most curious issues is whether the serious past earnings from cryptocurrency exchanges will be subject to taxation. There is no information on this subject yet, but based on the information that exchanges will provide user information upon request, earnings can be tracked for 5 years and taxation may be in question retrospectively.

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