Bitcoin Compass – Do I have to pay taxes?

Last Updated: 12 February 2024

Bitcoin Compass is a provider that allows customers to trade Bitcoin and other cryptocurrencies. If you invest a little time here, you can earn money with a little luck even without prior knowledge.

If you are one of the lucky ones who has earned money trading Bitcoin and co. on Bitcoin Compass, you will also have to deal with the issue of taxes when making a payout. So when it comes to the payout, this must also appear in the tax return.

However, only if it is really a profit that you have made at Bitcoin Compass.

Bitcoin Compass - Do I have to pay taxes?

When is it a profit?

In principle, the calculation is very simple. You have to compare all deposits with the disbursements. If you have a surplus of disbursements here, it is a profit.

Here, all deposits and withdrawals from a calendar year must be taken into account. If you have made more deposits and have a quasi loss, of course no tax will be due.

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Request a withdrawal from Bitcoin Compass and consider when to do so

You can request a payout quickly at Bitcoin Compass. Usually, this is done in the following days, so that you have the money in your account a few days later. However, it depends on when the winnings of the withdrawals land on one’s account.

In the year in which you receive the payout, you also have to pay tax on it. This should be taken into account if the payout is to take place towards the end of the year. In this case, you can consider postponing the payout for a few days so that you do not have to declare the taxes until the following year. If

the winnings are small, it is also possible that you do not have to pay taxes on the payout from Bitcoin Compass. Nevertheless, you should always declare the winnings in your tax return.

Even if the winnings are so small that you do not have to pay tax on them, you should still declare them. In this case, you only have to pay taxes if the profits are higher than 600 euros in one year.

All amounts smaller than this are declared, but do not have to be taxed. If you are not sure whether you are doing everything right, you should always consult a tax advisor.

If you have the knowledge of a tax advisor, you are always on the safe side so that you can enjoy your profits.

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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