Tax liability for Bitcoin & Co.

Bitcoin, Blockchain, ICO, Tokens – The world of cryptocurrencies is becoming complex and experiencing a boom that will continue in future. In the meantime, tax authorities also discovered that, especially in Switzerland. A lot of money is invested in Bitcoin and Co. and issuing guidelines for their taxation. However, these don’t cover whole complexity of the crypto world by far.

Individuals with Bitcoin assets

Many tax offices provided fact sheets or informations online, as coins are listed in securities directory. As evidence usually extracts from the so-called wallets, the digital purses.

It gets interesting when it comes to the valuation of the crypto currencies by the Treasury. To date, the FTA has calculated an average of the various trading venues as of the reporting date. For example, its price was $ 6,000 at the beginning of November, then rose to nearly $ 20,000 in mid-December and fell to 31.12. back down to $ 13,000. We definitely want to know which market value is actually used for the asset valuation.


Bitcoin & Token Profits

If gains are made in the course of gainful employment, then this income is covered by income tax. Even if a company solicits investor funds under an ICO (Initial Coin Offerings), other rules apply. In the meantime, there is no longer just Bitcoin, but many other coins or tokens created by these ICOs. Here, the tax aspect is much more complicated. So far, in principle, only Bitcoin was really tax-clarified.

A topic that stays unclear

In 2018, many things will happen in unregulated world of cryptocurrencies. Both politicians and tax authorities will deal with the topic more intensively than before. An end to the crypto boom is not yet predicted. Anyone who owns Bitcoins or other cryptocurrencies should be aware of tax issues in good time so they do not suddenly face massive back taxes.

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Categories: Crypto Currency

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