Crypto and taxes

[luis]

Like a lot of people here I've been donating to Jos through crypto. Like a fool I've not looked into the taxes side of thing until now because I only bought some crypto and send it to another address, I've not made any money through it. Here in Italy you have to say how much crypto you own and they even get taxed. If any Italian here know if I need to do anything about it please help me. I honestly asking everywhere to know what to do. If there is any safe way to buy crypto anonymously please let me know too. They way they have been handling crypto here in Italy is horrible.

 

[AFODO]

If you bought the crypto with your taxed money, and you did not convert it back into your own money while making a profit on it, there should be nothing to be taxed in this case, as that money is already taxed.

Monero is the safest option.
Here is a guide JG Alchemist made: https://ancient-forums.com/index.ph...e-for-jos-donations-and-orpersonal-use.83548/

 

[Henu the Great]

Like a lot of people here I've been donating to Jos through crypto. Like a fool I've not looked into the taxes side of thing until now because I only bought some crypto and send it to another address, I've not made any money through it. Here in Italy you have to say how much crypto you own and they even get taxed. If any Italian here know if I need to do anything about it please help me. I honestly asking everywhere to know what to do. If there is any safe way to buy crypto anonymously please let me know too. They way they have been handling crypto here in Italy is horrible.

Taxes, what taxes? Income tax is to be paid when you realize value, not when you send something to someone else or when you hold something. But if there is another type of tax over there regarding simply having crypto in your wallet, please let us know in detail.

Here is a portal for privacy-friendly crypto purchases.

KYCNOT.ME

Find the best NON-KYC exchanges and services to use and spend your crypto anonymously.

kycnot.me

 

[Henu the Great]

According to this you only pay tax when you make money off of it.

A better resource of information, and nothing is said about taxing donations.

 

[luis]

According to this you only pay tax when you make money off of it.

A better resource of information, and nothing is said about taxing donations.

This is what I'm talking about:

Are there any national tax law-specific monitoring, documentation and declaration requirements? If yes, what are the requirements?​

Resident individuals must disclose their financial assets, including crypto-assets, in a specific section of their annual income tax return (Quadro RW), regardless of whether they are held abroad or in Italy and how they are archived and stored. Furthermore, a stamp duty, at the rate of 0.2% per annum to be paid in the manner and terms of personal income tax, is due on the value of crypto-assets at year end.
As a general rule, the burden of proof regarding the taxable base (i.e. the difference between the sale price, or the normal value, and the purchase price) lies with the taxpayer; failing the proof, the cost relevant for tax purposes is equal to zero. Furthermore, the 2023 Budget Law expressly provides the possibility for an individual not carrying out a professional activity to opt for special regimes that shift to the crypto-asset service providers many of the reporting obligations (i.e. the administered savings regime – regime del risparmio amministrato – and the asset management regime – regime del risparmio gestito) in relation to the income under examination.

While I don't hold anything, I just send it right away to the Jos address, I don't know if those crypto should be declare them like it says here. Maybe they just talk about crypto that are hold for a long time but still I'm not sure.

 

[Henu the Great]

This is what I'm talking about:

Are there any national tax law-specific monitoring, documentation and declaration requirements? If yes, what are the requirements?​

Resident individuals must disclose their financial assets, including crypto-assets, in a specific section of their annual income tax return (Quadro RW), regardless of whether they are held abroad or in Italy and how they are archived and stored. Furthermore, a stamp duty, at the rate of 0.2% per annum to be paid in the manner and terms of personal income tax, is due on the value of crypto-assets at year end.
As a general rule, the burden of proof regarding the taxable base (i.e. the difference between the sale price, or the normal value, and the purchase price) lies with the taxpayer; failing the proof, the cost relevant for tax purposes is equal to zero. Furthermore, the 2023 Budget Law expressly provides the possibility for an individual not carrying out a professional activity to opt for special regimes that shift to the crypto-asset service providers many of the reporting obligations (i.e. the administered savings regime – regime del risparmio amministrato – and the asset management regime – regime del risparmio gestito) in relation to the income under examination.

While I don't hold anything, I just send it right away to the Jos address, I don't know if those crypto should be declare them like it says here. Maybe they just talk about crypto that are hold for a long time but still I'm not sure.

You do not hold anything so there is nothing to declare. Furthermore, be smart. Who's going to enforce tracking your small scale crypto purchases?

 

[luis]

You do not hold anything so there is nothing to declare. Furthermore, be smart. Who's going to enforce tracking your small scale crypto purchases?

Yes right now I'm not that worried but if I want to make a big purchase in the future and send it I did not know they were going to do something about it if I don't declare it.

 

[Henu the Great]

Yes right now I'm not that worried but if I want to make a big purchase in the future and send it I did not know they were going to do something about it if I don't declare it.

This really depends on what kind of amount of money we are talking about and the frequency of purchases. Something below 1000€ a month is likely not going to be noticed by anyone. Going above, maybe. And then there is the implication that you would be a 'professional' which makes you responsible for an extra amount of care around this subject. All of this can be avoided by buying from private people.

 

[Dragonheart666]

Henu the Great. That's good to know.
Thank you for sharing this information.

 

[luis]

This really depends on what kind of amount of money we are talking about and the frequency of purchases. Something below 1000€ a month is likely not going to be noticed by anyone. Going above, maybe. And then there is the implication that you would be a 'professional' which makes you responsible for an extra amount of care around this subject. All of this can be avoided by buying from private people.

Thank you you for the help.

 

[Aquarius]

The question is not wrong, but asking in a general forum where people all over the world will be answering is counter productive.

Tax regulations are different in each country, so it should've been limited to the italian forum in your case.

 

[Henu the Great]

The question is not wrong, but asking in a general forum where people all over the world will be answering is counter productive.

Tax regulations are different in each country, so it should've been limited to the italian forum in your case.

Yet, the information is readily available for all in the current era. So what is the problem.

 

[Aquarius]

Yet, the information is readily available for all in the current era. So what is the problem.

Sorry, I can't catch what you're trying to tell me.

 

[Henu the Great]

Sorry, I can't catch what you're trying to tell me.

That it is okay to openly discuss this and more.

 

[Evorum]

I think that it is a good approach that when purchases are made, to be made so they don't have or include exorbitant amounts of money, as it will trigger a certain interest.

When it comes to donations, at least according to the US, the 501(C) non-profit status is for non-gouvernmental organizations, religious organizations etc that are tax exempted. The JoS for example is a non-profit non-guvernamental organization which accepts crypto donations.

 

[Sundara]

Like a lot of people here I've been donating to Jos through crypto. Like a fool I've not looked into the taxes side of thing until now because I only bought some crypto and send it to another address, I've not made any money through it. Here in Italy you have to say how much crypto you own and they even get taxed. If any Italian here know if I need to do anything about it please help me. I honestly asking everywhere to know what to do. If there is any safe way to buy crypto anonymously please let me know too. The way they have been handling crypto here in Italy is horrible.

I’m out of the market for crypt-o.

I have seen some of those cool Italian villas and villages though. Have you seen them? They want people to purchase them and restore them.

I think they’re beautiful. They’re so cheap, and they’re only a very small chunk of money to get started, plus just funds set aside to plan. Maybe that’s some old news.

 

[luis]

The question is not wrong, but asking in a general forum where people all over the world will be answering is counter productive.

Tax regulations are different in each country, so it should've been limited to the italian forum in your case.

I know there are a lot of Italians here, this is why I asked. I asked in the Italian forum too just to be sure.