First, I know crypto is a very high-risk investment (even close to gambling?), but I’d like to keep this post focused specifically on taxes.
A recent post about crypto reminded me to check my own situation.
Background:
- I originally started with Line Bitmax to buy Bitcoin.
- Later, I moved to Bitflyer.
- If I remember correctly, I did a conversion: BTC → XRP (to transfer from Bitmax to Bitflyer) and then XRP → BTC again.
- This was over five years ago. At the time, I (naively) thought this wouldn’t be taxable. I now know that crypto-to-crypto conversions are taxable events.
- After switching exchanges, I just set up monthly purchases and left it alone. Since then, I haven’t sold or exchanged one crypto for another.
- Currently have ETH and BTC.
My questions:
How should I fix this for my taxes so everything is correct?
- Should I file something now, or just include it in my next 確定申告 (kakutei shinkoku)?
- What kind of fines/penalties could I be looking at for such an old transaction?
To avoid mistakes going forward:
- Bitflyer recently introduced staking for Ethereum and lending options for both ETH and BTC.
- If I use staking/lending and receive a small % of crypto as rewards, how does this get taxed?
- Is receiving the crypto itself already a taxable event, or only when it’s sold?
Any advice or experiences would be super helpful!
Thanks in advance
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