One thing that cryptocurrency users appear to agree is that regulations will finally be drawn. Therefore, it is important to ensure you stay on the right side of the law all the time using the following tips.
- 1.Treat any income from mining or even cryptocurrency trading as taxable revenue.
- Ensure to capture the details of every transaction so that tax returns and proof can be generated if the need arises.
- 2. Ensure to note the currency exchange value at any moment of a transaction. This should be done in fiat currency so that only the right amount is remitted to the tax authorities.
- 3. Do not hesitate to work with a tax expert especially if dealing with a lot of crypto coins.