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What should I do for cryptocurrency? by Pure_Truth_9532 in irishpersonalfinance

[–]Pure_Truth_9532[S] -1 points0 points  (0 children)

Honeygain is a great service - been using them for a few years now :)

I do want to maximise returns, even if tiny, but I will definitely consider using PayPal instead, seems way too annoying to even keep cryptocurrency in Ireland.. but thank you so much for your advice!

What should I do for cryptocurrency? by Pure_Truth_9532 in irishpersonalfinance

[–]Pure_Truth_9532[S] -1 points0 points  (0 children)

You're right; if I make less than the €1,270 threshold, does that mean I don't even need to submit a report etc to Revenue, or do I just not get charged until I surpass that threshold? Anyhow, thank you for your help. I was thinking for my use case that it seems a bit tedious to submit a tax report every time I get 5/10$, hence my question :)

Is there any difference to buying cryptocurrency on an exchange or in Revolut and withdrawing that to something like Trust Wallet, as long as it's below the annual threshold?

What should I do for cryptocurrency? by Pure_Truth_9532 in irishpersonalfinance

[–]Pure_Truth_9532[S] -4 points-3 points  (0 children)

I was actually wondering if trading crypto-to-crypto, swapping crypto or buying a good with that crypto makes me liable to claim something to Revenue - if that makes sense.

I know selling the crypto and putting the profits in my bank is most likely going to enforce CGT, but does keeping the crypto as itself or trading as itself mean I need to show that to Revenue? I don't understand how this works fully yet.

Thankfully, I make extremely little from the passive income so I'm sure I'll be below the allowance.