Request info for Bitcoins

[Malek]

I purchased a few bitcoins years ago and paid cash for them I have them in a wallet (USB stick)

Obviously they are now worth considerably more and I have no idea how to liquidate them and if I would have to get involved in paying tax on the increase in value, also I am assuming I could be asked how I paid for them and to prove where the cash came from which wasn't really a great deal of money at the time but was a few thousand and where I purchased them from.

I like everyone else who is holding Bitcoins are hoping they will continue increasing in value.

I don't need to cash these in but I would like to know the options to liquidate them if I wish to in the future or if there is a way to get them in to the system now without too much trouble.

Any help with this would be gratefully appreciated

 

[Martin Everson]

Malek said:
I don't need to cash these in but I would like to know the options to liquidate them if I wish to in the future or if there is a way to get them in to the system now without too much trouble.
Click to expand...

You better invest in a crystal ball then if you want to know the future.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[Malek]

I don't really want to know what is going to happen in the future merely looking for a way to get these coins in to the system or a way to liquidate them.
I never really took much interest in the coins until recently when the value has increased so much.
Any sensible advice may be of great help to me

 

[Marie Manila]

About taxation, it really depends on your tax residency.
In some countries bitcoin gains can be tax free. In other countries there will be a quite high tax applied.

I would recommend to sign a message with your name (or other personal data) with the BTC wallet address, where you received the initial funds.
With that you can at least prove, that you own(ed) the address. It is not a prove, that you bought the BTC a long time ago, but at least, it will support that.
(Why it is not a prove? You could have bought the empty wallet for tax evasion)

How much cash did you pay when you bought the BTC? Was it a small amount? More or less than your salary? Will the tax man believe you, that you have that amount of money saved at home legally (no black money)?

 

[Clip]

Most of the exchanges won't ask you for PoF. But you need to report the tax office the gains, if you can't tell where you get the Btc, you can't calculate the CGT.

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Expat in Hong Kong - There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt. - John Adams