Anon System – Do I have to pay taxes?

Last Updated: 19 May 2024

The Anon System is a system that makes it easy for users to invest in so-called cryptocurrencies. If you have followed the market a little in recent times, you will notice that it can be worthwhile to invest one or two euros here.

In addition to the best-known currency, Bitcoin, there are many other currencies that you should consider if you want to earn money in this area.

But what do you do if you have really made profits in the end and don’t want to invest them further, but have them paid out to your account?

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Do you have to pay taxes on the profits?

The question regarding the payout must be asked in such a way that the payout itself is not a problem at all. If you have to do anything later on, it is at most to declare the winnings in your tax return at the end of the year.

But when do you have to pay taxes and when not? First of all, you only have to pay tax if you have your profits paid out. So if you have earned profits over the year and you leave them on the Anon System account, they are not taxable.

Only when the payout arrives are they really profits. These must then appear on the tax return in the year of payment.

There is no exemption limit, but as long as the amounts are very small, it doesn’t really matter in the end, as they shouldn’t really change the tax burden. For this reason, you can declare your profits right from the start to be on the safe side.

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When do profits not have to be declared?

As mentioned above, profits must actually always be declared. The only loophole is that you do not pay out the winnings and thus transfer them to the next year.

This can be worthwhile under certain circumstances if one would have had to pay significantly higher taxes due to the profits. If you leave the money with the provider over the year, you will of course have to pay tax on it in the following year when you withdraw it.

If you use it again and incur losses, the taxable amount for the coming year is of course reduced. So you always have to declare the income, but you can control a little when it appears in your tax return.

If it is worth taking the profits with you into the next year, you can do this as a user without any problems. All in all, however, you have to be aware that you have to declare every cent in your tax return.

Author
  • Luke Handt

    Luke Handt is a seasoned cryptocurrency investor and advisor with over 7 years of experience in the blockchain and digital asset space. His passion for crypto began while studying computer science and economics at Stanford University in the early 2010s.

    Since 2016, Luke has been an active cryptocurrency trader, strategically investing in major coins as well as up-and-coming altcoins. He is knowledgeable about advanced crypto trading strategies, market analysis, and the nuances of blockchain protocols.

    In addition to managing his own crypto portfolio, Luke shares his expertise with others as a crypto writer and analyst for leading finance publications. He enjoys educating retail traders about digital assets and is a sought-after voice at fintech conferences worldwide.

    When he's not glued to price charts or researching promising new projects, Luke enjoys surfing, travel, and fine wine. He currently resides in Newport Beach, California where he continues to follow crypto markets closely and connect with other industry leaders.

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