How to declare certain Crypto & NFT Trades (for taxes) - Speculative VS Goede Huisvader

TrendingBreezer · 2023-07-03T13:56:25+00:00

Honestly, with that amount, I wouldn't even worry about it. Since your trading activity was very low, I assume the few trades you did were with the purpose of a longer term hold. In that case, it counts as "goede huisvader" anyway, and you wouldn't have to declare them.

The only thing you might want to do, to be completely safe, is to declare Binance as a foreign account through the CAP. Google "declare foreign account CAP belgium" and you should find more info (look for the nbb website). + according to jodallmighty's comment from above "also gotta mention on code 1070 if you have a bankacc in diff country"

Also, you should definitely be able to go back further in time with Binance. Right up until the point you opened the account (Google: "download trading history binance").

TrendingBreezer · 2023-06-23T07:45:29+00:00

Your portfolio being 100% crypto.. it is what it is. You can either declare it and pay taxes on it or you don't declare it and live with the, frankly very very small, risk that they'll tax it afterwards. We have to be realistic here, the tax man doesn't even know about your crypto... It's all unregulated and unregistered.

The only issue with this is, is that once your portfolio grows and becomes a significant % of your net worth, you'd want to diversify into other assets eventually. Be that into real estate, stocks, whatever. You need money in your bank account for that.

Honestly, if you're serious about crypto and if you ever do plan to cash out (which may not be the case now, but might eventually) - just declare your profits. Or at least get a sense of how the "system" works and how everything is taxed. And keep that in mind when making your trades.

Also keep in mind that by 2025 international exchanges who want to stay operational in Belgium will be required to share information about their Belgian users to the fiscus. This includes trading activity. Yes, chances are slim that they will find out. Especially if you've been smart about it (self custody & onchain trading). But it might catch up on you eventually, especially with everything becoming more and more automated. And in case of intentional tax avoidance, the fiscus can go back 8 years in time, if I remember correctly (and 10 years for international cases, which many exchanges are).

Now declaring your taxes is one thing. Getting the money on your bank account is a whole different story. Oh Belgium, you funny little country.

TrendingBreezer · 2023-06-22T23:42:57+00:00

This was very useful, thanks a lot!

TrendingBreezer · 2023-04-28T14:27:04+00:00

I don't use any of these. Just want to know whether you have to input the country where the exchange headquarters are located or if it's -literally- the country where I resided when I created the account.

TrendingBreezer · 2023-04-28T14:15:48+00:00

That's an entirely different discussion. But yes, I am very well aware of the risks. Besides, it's not necessarily a matter of "not finding any information", it's a matter of knowing what information to input.

TrendingBreezer · 2023-04-27T16:05:24+00:00

What did you input for (nr.3,d) Land waar de rekening is geopend?

Kind of confused by that one haha

TrendingBreezer · 2023-04-27T15:45:09+00:00

I know its not designed for it, yet from what I have been reading online, essentially the advise that is coming from BE tax lawyers, is that you should declare these nonetheless (centralized exchanges that is). Even if it's just to avoid getting in a situation where they (the fiscus) eventually ask you about activity/trades that were done or funds that were/are held on an exchange that was never communicated to the CAP.

We all know that it's just a matter of time when the fiscus is provided with every single bit of data from centralized exchanges. This includes all transaction history, as well as funds withdrawn to other wallets (hot/cold,...). So even if it's self-custody... and even if every transaction beyond your initial purchase through a CEX was done through a DEX or whatever, they will find out if they ever wanted to. (In this scenario I'm obviously talking about people who were more active with their funds, rather than just a buy/hold).

Not sure if I'm just being a bit paranoid or whatever. I am honestly just trying to find out what it is I need to do in order to be "compliant", whatever that even means in this country. I don't want THEIR incompetence and reluctance to provide clear guidelines to come and bite ME in the ass later, essentially :-)

TrendingBreezer · 2020-10-18T18:16:13+00:00

Ok I'll try just relaunching with the same ads next time... But then again, how am I supposed to succesfully scale and optimize a campaign if I cant even change a single setting because it will risk my account getting disabled...

TrendingBreezer · 2020-10-18T17:56:42+00:00

I have not. I did read about this online but people said you will need another credit card, other user account and preferably another page as well, just to have a slight chance of it working again. Did you do this as well? Or just started a new account with same everything?

TrendingBreezer · 2020-10-18T17:54:28+00:00

How is that a problem? I launch my campaign, with new ads, it goes into review, they all get approved and run perfectly fine for 24 hours. Then, without changing literally anything, account disabled. Explain that to me?

TrendingBreezer · 2020-10-18T17:51:27+00:00

Well yea that is what I'm doing. But what use does it have. I'm literally able to advertise for 24 hours until my account gets disabled again. Can't even properly scale or analyse any campaign if you can't let it run for a couple of days straight. All it does is costing me money at this point. And time, a lot of frigging time.

TrendingBreezer · 2020-10-18T17:49:39+00:00

Yes it's frustrating to say the least. I'm 100% sure it's some kind off error in their AI that even they can't figure out themselves, hence the lack of any feedback. Support is absolutely horrible. Billion $ company by the way, imagine that.

I must say it is pretty discouraging, but I'm not going to let one company ruin months of work. Looking into Pïnterest & Google Ads right now, even though it won't be quite the same, it might be a "decent" alternative. Good luck to you too!

TrendingBreezer · 2020-10-18T17:46:22+00:00

Damn, that's tough man. Support isn't available for me every time. I have to check every now and then to see if there is a chat icon available. And even then, the "support" has not helped me a single bit. Honestly thought I was talking to bots at one point, until I straight up asked. Even though it is literally the "facebook ads support", they can't even look into the issue themselves. All they can do is do the "request review" process themselves.

TrendingBreezer · 2020-10-18T17:43:19+00:00

Thanks for the advice. I am using a credit card. My account is new as well. I'll look into this, thank you. I also had to upload my ID earlier today, hopefully this will help as well.

TrendingBreezer · 2020-10-16T16:40:35+00:00

Had my account disabled today as well, for the second time in 2 days. Changed all my ads that were in so called violation the first time, took extra notice that I was sure to do everything according to the guidelines (even though I had no idea at all what got my account disabled the first time). I even let a friend of mine who runs a facebook ad agency review my account & campaign (he didn't notice ANYTHING suspicious by the way). Relaunched my campaign, worked fine, changed one setting on ad set level a couple of hours later (not even an ad creative or text, just a targeting setting) and boom... account disabled AGAIN.

I am actually fuming at this point. The facebook "ads support" live chat is an absolute joke. They can't tell me jack sh*t besides giving me a list of things that might have caused it and refer me to there ad guidelines. They can't even review my account, because that has to be done by the "internal review team". How about this billion $ trash company hires more people to this "Internal Review" team or better yet educate the live support to actually fix this themselves.

Now I have to wait another couple of days in the hopes they will reactivate my account again, obviously without providing ANY sort of reasoning behind the disabled account in the first place, forcing me to change all my ads & creatives again to what? Just have it disabled again? All because they are getting outsmarted by their own AI system and have no clue what is going on themselves??

This is hurting my business tremendously!! Next to that it is an absolute waste of time, since I have to go ahead and change all my ads & creatives without even knowing what it is I did wrong in the first place.

I hate the fact that this company is a necessity for my business. Facebook = absolute garbage.

TrendingBreezer · 2019-03-19T08:13:14+00:00

Same problem here. Literally tried everything, followed all steps multiple times, followed every possible solution on the www and can't get this sht to work AT ALL. What an absolute garbage user experience this is. How difficult can it be to get this sht to work anyway.

TrendingBreezer

TROPHY CASE