Crypto Genius – Do I have to pay taxes?

Last Updated: 19 May 2024

Crypto Genius is a provider that can be found on the internet. When you visit the Crypto Genius website, you can download software that you have to install on your computer in order to trade currencies such as bitcoin.

This software is completely free for the customer and can also be used free of charge in the long term. You can use this software to trade with different currencies. Bitcoin is certainly very much in the foreground, as most of us also want to trade with it.

However, there are also other currencies that are worth looking at. Since money can also be earned with these, users can also decide to include precisely these currencies in their portfolio.

How can you profit from Crypto Genius?

Step 1: Click on the link to go to the official website of Crypto Genius.
Step 2: Fill out the form to get a FREE licence to trade.
Step 3: Follow the instructions on the platform to profit from bitcoin fast!

It will be interesting if one of the small currencies takes a similar development as the Bitcoin. If this is the case and you have bet precisely on this currency, you can look forward to a huge profit.

Of course, this is unlikely to happen, but you can still earn a lot of money with cryptocurrencies right now, so it can be worthwhile to download the software from Crypto Genius.

If you really manage to make a profit in the long run, you will have to pay tax on these profits. You can find all the information you need here in the article.

 

Crypto Genius - Do I have to pay taxes?

What exactly do you have to pay tax on when you make a profit with Crypto Genius?

Everything that is spent as a profit over 600 Euros in a year must be taxed. The 600 euros are the limit up to which you can make profits without having to pay tax on them.

However, you have to be careful here, because you still have to declare the profits in your tax return even if they are less than 600 euros. The profit is always seen over the entire year.

So if you have a high profit in the first few months and only make a loss towards the end of the year, the profit can be reduced over the year or even be non-existent.

The profits are calculated by looking at the deposits and withdrawals of Crypto Genius. If you have more in the payouts than in the deposits, this is a profit.

This profit can be influenced a little bit by a payout that is postponed to the next year at the end of the year. If you postpone this payment to the following year, you do not have to pay tax on this sum in the current year.

Nevertheless, it is clear that the profit then accrues in the coming year and must be taxed.

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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