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In many countries, cryptocurrencies are subject to tax.
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If you've bought crypto, HODLed, and sold it later, your tax liability should be fairly easy to calculate. Let's look at a simplified, US-based example.
Here's the formula:
In many countries, tax authorities require you to file your taxes regularly.
This can be the case even if you owe zero taxes or need a refund. Failure to file can result in fees, penalties, interest, confiscated refunds, audits.
Getting your taxes right is essential.
A taxable event is a transaction or activity you're required to pay taxes on.
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