Do I need to pay taxes on crypto if I don’t sell it?

[uptrendfinancialsignal]

I was wondering if I could buy and hold crypto, will the government know especially if everything in the country you are living is taxable. So, I decided not to sell it, how would they calculate it? I'm just tired of these new rules every day. Is this how we will continue to pay for things we don't even use?

 

[Maya]

You incur taxes only in capital gains. In other words, as long as you aren't selling for profit you don't have to pay taxes in your liquid assets like crypto or even stocks.

 

[uptrendfinancialsignal]

You incur taxes only in capital gains. In other words, as long as you aren't selling for profit you don't have to pay taxes in your liquid assets like crypto or even stocks.

This tax issue is not clear. Even if you do not sell, some countries still track your activity. Even in my country, everything now is being taxed one way or another. The best thing is to stay informed and don't based your judgement on assumptions.

 

[Nomad]

This tax issue is not clear. Even if you do not sell, some countries still track your activity. Even in my country, everything now is being taxed one way or another. The best thing is to stay informed and don't based your judgement on assumptions.

In some countries, you pay taxes while buying as well as selling, I haven't heard of any taxation rule where you have to pay taxes just for holding your assets. You will have to pay taxes on ownership of fixed assets like house but I haven't heard of any rules on paying taxes just for holding liquid assets.

 

[Heatman]

From the way things are going now, it wouldn't be long before government would start taxing cryptocurrency assets. It's definitely going to happen sooner than later. It doesn't matter if you don't sell, as long as you have it in your wallet, it's going to be taxed.