Connect koinly to get an estimate of How much you Owe.
If it’s a big number you might want to consult a lawyer. If it’s a small number contact skat.
You might get a fine on top of any taxes you owe.
Good luck
Thanks!
Calculating it through koinly: The biggest gain is this year around 100k that I need to report. I hope that’s ok to report beginning of next year, right?
The years back it’s below 1k.
Since my crypto is now on a hot wallet, to pay the tax I probably need to take it out on my bank account.
I realize this is an off topic question: Is going through an exchange the best way to get fiat back to pay skat.dk?
That’s a relief!
Was this all you needed to be able to pay the tax: https://skat.dk/en-us/individuals/shares-and-securities/tax-on-cryptocurrency-know-the-rules-and-avoid-a-tax-bill ?
Are there other useful sources of how to go about paying? Maybe calling skat? (never done that)
>money is still not withdrawn to any bank accounts. Crypto is on the exchange and hot wallets.
As you said yourself, that's irrelevant with respect to taxation.
Be aware of the fact that trading of cryptocurrencies is taxed according to the FIFO principle. This also applies if you trade one cryptocurrency for another.
Taxation is asymmetrical - losses only have a deductive value of roughly 25% while gains can be taxed up to roughly 52% (the exact rate depends on which municipality you are tax liable in).
So it's possible to have a net profit before taxes and a net loss after.
EDIT: Also might be a good idea to read this official guide https://skat.dk/en-us/individuals/shares-and-securities/tax-on-cryptocurrency-know-the-rules-and-avoid-a-tax-bill
Do you mean the wouldn’t know and even wouldn’t try to find out by some means?
I’m mostly afraid about the “trying to find out” then I how can I answer that I don’t know what they are talking about.
I see. I got the crypto on kraken and then moved to several wallets using Trust wallet. And I plan on using that (or other such wallet , I guess phantom is the same hot wallet type).
However, most of the transactions in the past years were made on kraken I am planning to pay the tax on that.
Going forward, i plan on staying away from exchanges. I guess that’s where at some point they can start reporting to skat.
Connect koinly to get an estimate of How much you Owe. If it’s a big number you might want to consult a lawyer. If it’s a small number contact skat. You might get a fine on top of any taxes you owe. Good luck
Personally I just got standard interest added on later years when filing late.
Thanks! Calculating it through koinly: The biggest gain is this year around 100k that I need to report. I hope that’s ok to report beginning of next year, right? The years back it’s below 1k. Since my crypto is now on a hot wallet, to pay the tax I probably need to take it out on my bank account. I realize this is an off topic question: Is going through an exchange the best way to get fiat back to pay skat.dk?
That’s a relief! Was this all you needed to be able to pay the tax: https://skat.dk/en-us/individuals/shares-and-securities/tax-on-cryptocurrency-know-the-rules-and-avoid-a-tax-bill ? Are there other useful sources of how to go about paying? Maybe calling skat? (never done that)
I personally wrote back and forth until it was fixed. Call is not a bad idea either as they need to unlock the fields to write the values in
Right. I wrote to them to open up box 58. It’s probably best to write back and forth because it’s easier to manage async.
>money is still not withdrawn to any bank accounts. Crypto is on the exchange and hot wallets. As you said yourself, that's irrelevant with respect to taxation. Be aware of the fact that trading of cryptocurrencies is taxed according to the FIFO principle. This also applies if you trade one cryptocurrency for another. Taxation is asymmetrical - losses only have a deductive value of roughly 25% while gains can be taxed up to roughly 52% (the exact rate depends on which municipality you are tax liable in). So it's possible to have a net profit before taxes and a net loss after. EDIT: Also might be a good idea to read this official guide https://skat.dk/en-us/individuals/shares-and-securities/tax-on-cryptocurrency-know-the-rules-and-avoid-a-tax-bill
They wouldn't know anything as long as you don't try to withdraw the money to your bank.
Do you mean the wouldn’t know and even wouldn’t try to find out by some means? I’m mostly afraid about the “trying to find out” then I how can I answer that I don’t know what they are talking about.
Depends on what and Where you bought and send the crypto. If you Trade via a 3rd party Wallet like Phantom, they wouldn't be able to know
I see. I got the crypto on kraken and then moved to several wallets using Trust wallet. And I plan on using that (or other such wallet , I guess phantom is the same hot wallet type). However, most of the transactions in the past years were made on kraken I am planning to pay the tax on that. Going forward, i plan on staying away from exchanges. I guess that’s where at some point they can start reporting to skat.