Mining - Bitcoin.se

My Crypto taxes in Germany - 2017(18), actual status

Ola ppl,
yesterday I finally had my "date" with my official tax accountant from a major German tax union in Hessen. He does all my official tax work and is legally responsible for my tax return. Since I had some trades in 2017 with BTC, (and a lot in this year!), I was looking forward to this meeting to get all my crypto-tax questions cleared.
The state is as follows:
The German Finanzamt doesn't know how to tax crypto, again. There was a EU judgement (case „Hedqvist“, C-264/14) in 2015 which defines Bitcoin and Crypto as currency and therefore can’t be taxed. This view has also been strengthened by the German Federal Financial Supervisory Authority (BaFin) in this year (2018) which has the same view on Crypto. This resulted in the "mess" that we are in (for us in Crypto in Germany it is great actually) tax regarding.
To sum it up, this was told to me from my Tax-man, for a private person doing private trades:
  1. I dont need to report anything Crypto related. Not my BTC buys, not my binance trades, no airdrops, no mining, no passive income from holding, nothing.
  2. The German Finanzamt simply doesnt care for cryptos now, the volume and tax amounts are insignificant and it is now defined as currency-type again. If you are not dealing with SIGNIFICANT amounts of €-value in Cryptos, nobody will even ask you about anything. If you are dealing whit amounts which raises the questions of the "Finanzamt" (hence "Significant"), it is about money laundering and the likes of.
  3. The "Finanzamt" has, for now, no LEGAL way of requesting/tracking trades on crypto-exchanges (except for cases when they go to court), since exchanges are not official banks/financial institutions, they have no legal authority over them. In turn, Crypto exchanges have no official/standardized way of reporting taxable trades/buys/etc... like financial institutions have. No one is going to manually track and calculate your trades unless they are said to do it by court (again, example money laundering and such cases)
  4. I can and should keep a record of my trades IF the legal situation changes. It is highly unlikely, but you never know.
  5. I should never invest more than I can afford, and don’t put everything in Crypto
Cheers
tl;dr: For now, in Germany are NO TAXES to pay on anything crypto related. Cryptos are defined similar to currency and not taxed.
EDIT: I see this is blowing up, I will try to directly talk to the "Finanzamt" about this since the opinions and experiences range from: " You are fucked and going to jail" to "Great, thats it".
EDIT 2: German "Finanzamt" doesnt give statments regarding procedures, I shall contact a legal tax adviser or preferably a union. You cant make that shit up. Back to square 1, will make a second meeting with a different adviser to check it explicitly on that matter. What a legal swamp....
submitted by dmx442 to CryptoCurrency [link] [comments]

Cryptocurrencies are equal to legal tender. In Germany by law.

Cryptocurrencies are equal (treated under certain circumstances) to legal tender. This is Statement of the German government in a new 27.02.2018 VAT law. I think this could bee the way how G20 will discuss cryptos for whole EU. FOMO.
Linked to the PDF on Minster of Finance site (in German) with original text:
http://www.bundesfinanzministerium.de/Content/DE/Downloads/BMF_Schreiben/Steuerarten/UmsatzsteueUmsatzsteuer-Anwendungserlass/2018-02-27-umsatzsteuerliche-behandlung-von-bitcoin-und-anderen-sog-virtuellen-waehrungen.html
Summary taken from. https://twitter.com/Hofbraeuestatus/969135461452132352?s=19:
Edit: the part about legal tender is wording in the legal text... Of course it doesn't mean you can go to the next supermarket and force them to be paid with Bitcoin. For Crypto as an investment you have to pay taxes.
Sorry for my hype, but I think it is great news anyway.
Read more about this in comment by phobos0815
This is the original text from the legal text.
„(3a) 1 Sog. virtuelle Währungen (Kryptowährungen, z.B. Bitcoin) werden den gesetzlichen Zahlungsmitteln gleichgestellt, soweit diese sog. virtuellen Währungen von den an der Transaktion Beteiligten als alternatives vertragliches und unmittelbares Zahlungsmittel akzeptiert worden sind und keinem anderen Zweck als der Verwendung als Zahlungsmittel dienen (vgl. EuGH-Urteil vom 22. Oktober 2015, C-264/14, Hedqvist, BStBl 2018 II S. xxx). 2 Dies gilt nicht für virtuelles Spielgeld (sog. Spielwährungen oder Ingame-Währungen, insbesondere in Onlinespielen).“
submitted by Noyzone to CryptoCurrency [link] [comments]

[uncensored-r/CryptoCurrency] Cryptocurrencies are equal to legal tender. In Germany by law.

The following post by Noyzone is being replicated because some comments within the post(but not the post itself) have been openly removed.
The original post can be found(in censored form) at this link:
np.reddit.com/ CryptoCurrency/comments/8145qm
The original post's content was as follows:
Cryptocurrencies are equal (treated under certain circumstances) to legal tender. This is Statement of the German government in a new 27.02.2018 VAT law. I think this could bee the way how G20 will discuss cryptos for whole EU. FOMO.
Linked to the PDF on Minster of Finance site (in German) with original text:
http://www.bundesfinanzministerium.de/Content/DE/Downloads/BMF_Schreiben/Steuerarten/UmsatzsteueUmsatzsteuer-Anwendungserlass/2018-02-27-umsatzsteuerliche-behandlung-von-bitcoin-und-anderen-sog-virtuellen-waehrungen.html
Summary taken from. https://twitter.com/Hofbraeuestatus/969135461452132352?s=19:
  • Converting crypto to fiat is VAT free
  • Mining is VAT free
  • in game currencies are not equal to fiat
  • exchanges are not always VAT free
  • Cryptocurrencies are equal to fiat if they are used as payment and both sides agreed.
Edit: the part about legal tender is wording in the legal text... Of course it doesn't mean you can go to the next supermarket and force them to be paid with Bitcoin. For Crypto as an investment you have to pay taxes.
Sorry for my hype, but I think it is great news anyway.
Read more about this in comment by phobos0815
This is the original text from the legal text.
„(3a) 1 Sog. virtuelle Währungen (Kryptowährungen, z.B. Bitcoin) werden den gesetzlichen Zahlungsmitteln gleichgestellt, soweit diese sog. virtuellen Währungen von den an der Transaktion Beteiligten als alternatives vertragliches und unmittelbares Zahlungsmittel akzeptiert worden sind und keinem anderen Zweck als der Verwendung als Zahlungsmittel dienen (vgl. EuGH-Urteil vom 22. Oktober 2015, C-264/14, Hedqvist, BStBl 2018 II S. xxx). 2 Dies gilt nicht für virtuelles Spielgeld (sog. Spielwährungen oder Ingame-Währungen, insbesondere in Onlinespielen).“
submitted by censorship_notifier to noncensored_bitcoin [link] [comments]

Crypto Cast Network - YouTube

Ende 2015 erging das Urteil des EuGH in der Sache Hedqvist, wonach der gewerbliche Umtausch von Bitcoin in konventionelle Währungen (BTC/EUR, ETH/EUR etc.) nicht der Mehrwertsteuer unterliegt. Diese Entscheidung betrifft die Anwendung des Unionsrechts. Bislang liegt keine Entscheidung eines deutschen Finanzgerichts oder eine Verfügung der Finanzverwaltung zu dem Thema vor. Die ... Bitcoin.se is an independant site about Bitcoin, cryptocurrency, blockchain technology and economics run by me, David Hedqvist, since 2012. Read more about me and the site on about bitcoin.se . If you need help, first check out the forum where I go under the name D.H. Regarding purchases of Bitcoin on bitcoin.se, contact [email protected] . Bitcoin.se is an independant site about Bitcoin, cryptocurrency, blockchain technology and economics run by me, David Hedqvist, since 2012. Read more about me and the site on about bitcoin.se . If you need help, first check out the forum where I go under the name D.H. Regarding purchases of Bitcoin on bitcoin.se, contact [email protected] . Bitcoin - Steuerrecht + Finanzamt: Mining, Trading, Einkommensteuer (Kapitalertragsteuer, Abgeltungssteuer, Spekulationssteuer) & Umsatzsteuer. Kryptowährungen. Bitcoin + Steuerrecht:: Da es sich bei Bitcoin (BTC) weder um eine Währung noch um anerkanntes E-Geld handelt (sog. Kryptowährung), werden sie im Ertragssteuerrecht (Einkommensteuer) als immaterielle Wirtschaftsgüter behandelt. Die ... The next step in optimizing mining was then to program these circuits to perform the hash function (SHA-256) that is used in Bitcoin. ASICs FPGA:s were the primary option during a year or two but soon had to give way to the next natural step in the evolution of mining - specific hardware created with the sole purpose of mining Bitcoin, or ASICs (application specific integrated circuits).

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Crypto Cast Network - YouTube

Search. Crypto Cast Network In this episode of The Safello Show, our host, Frank Schuil is joined by the co-host, Niklas Lundback and the special guest David Hedqvist who is the founder of bitcoin.se. Together they will take ...

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