The News Spy – Do I have to pay taxes?

Last Updated: 17 May 2024

The News Spy is a provider that focuses on trading Bitcoin and other well-known cryptocurrencies. These can be traded via the software, i.e. bought and sold. In addition, you can place a bet on the course of the price.

If it falls or rises in a certain period of time as you have predicted, you can earn a lot of money. A lot of money? This brings us to an important topic. If you earn a lot of money, you have to pay tax on it, as is the case in Germany.

This also applies to profits from trading with Bitcoin and other cryptocurrencies. Even if you don’t have to pay tax on every euro, you still have to declare the profit from The News Spy in your tax return.

 

The News Spy - Do I have to pay taxes?

When do you have to declare profits on your tax return?

You only have to declare the profits you make in a calendar year if you have them paid out. Let’s assume that you have pure profits of approx. 5,000 euros in the calendar year 2021 and do not have them paid out, then none of them will be taxed.

If you continue to trade in 2022 and make a loss and finally only have 2000 euros paid out, only the 2000 euros will be taxed. In this way, users can decide for themselves when the tax burden will be credited to them.

There may be reasons why you should definitely make the payout this year, or why you should wait. In the case of very large winnings, a tax advisor can be of even better assistance.

You should always consult a tax advisor if you do not want to make false statements.

Tip: Sign up for The News Spy TODAY . As of 27.05.2024 the free trial is unfortunately no longer available. Click NOW here to get the free trial.

Let profits be taxed without filing a tax return

When you make profits from trading at The News Spy you also have to file a tax return. You are therefore obliged to file a tax return at the latest when you make a withdrawal from The News Spy.

If you haven’t done one otherwise, the profits from trading will change that. This can have a good effect on one’s finances, but can also have a negative effect, as one must then declare other income that would otherwise not have been declared.

By the way, up to 600 euros of the pure profits from trading are tax-free. Even if you do not reach the limit, you still have to declare the lower profits so that your tax return is complete.

If you don’t do this, nothing will probably happen to you. However, if you are unlucky, you can get into trouble with the tax office.

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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