Do I need a transaction history to file a Bitget tax return? Explains how to check transaction reports
When does Bitget charge taxes?
What should I do with Bitget's tax return?
What are you thinking?
Since Bitget is an overseas exchange, many people think that tax returns are not relevant, but tax returns are required in reality.
If you do not declare the profit of cryptocurrency transactions, you will be penalized for tax evasion, so you must remember to declare it.
Therefore, this time, we will explain the timing of the tax incurred and how to obtain the required documents, including those who are Bitget users who need to file a tax return.
Read this article to get a proper understanding of Bitget's tax returns!
Roughly speaking
- A final tax return is required even if you use an overseas exchange.
- The line that requires a declaration is for salaried employees who earn 200,000 yen or more per year and for other people who make 480,000 yen or more per year.
- For salary earners, there are exceptions depending on the income and the number of establishments that earn salaries.
- Taxes are incurred in cryptocurrency transactions when payment, purchase, exchange, and receipt.
- Transaction history is required to calculate the declared amount.
Those who need a final tax return for Bitget
There is no tax on the purchase of cryptocurrencies, but there is a tax on the profits earned from transactions.
However, filing a tax return depends on the amount of profit, and a final tax return is required for salaried employees for 200,000 yen or more per year and other people for 480,000 yen or more per year.
◆ Salary income earners: If the annual profit is 200,000 yen or more ( if the
salary income is 20 million yen or more, or if the salary income is obtained from two or more business establishments, even if it is 200,000 yen or less, a deep declaration is required. )
◆ Full-time housewife ・ Freelance・ ・ When the annual profit is 480,000 yen or more
When Bitget incurs taxes
In cryptocurrency transactions, there are four timings when taxes are incurred.
When taxes are incurred
- When you close a position
- When exchanging (exchange) virtual currencies
- When shopping with virtual currency
- When I got a virtual currency
When you close a position
If you settle the position you have and make a profit, you will be taxed.
In this case, the formula for calculating the declared amount is as follows.
Declared amount = Selling price of virtual currency – Acquisition price of virtual currency
When exchanging (exchange) virtual currencies
If you exchange your virtual currency for another virtual currency, the tax will be incurred at that point.
- If you purchase another virtual currency with the currency in your Bitget account
- When you exchange the currency held by Bitget for another currency, etc.
The formula for calculating the declared amount is as follows.
Declared amount = Price of virtual currency A at the time of exchange – Price of virtual currency B at the time of acquisition – Fee
When shopping with virtual currency
If you purchase or settle a service in virtual currency, you will also be taxed.
The calculation formula, in this case, is as follows.
Declared amount = product price-acquisition price of virtual currency
When I got a virtual currency
Taxes will also be levied on cryptocurrencies received as rewards for mining, lending, staking, etc.
The calculation formula, in this case, is as follows.
Declared amount = Price of virtual currency at the time of acquisition of reward – Necessary expenses
How to withdraw Bitget? Introducing withdrawal fees and limits!
Do I need a transaction history to file a Bitget tax return?
Bitget's transaction history is required when filing a tax return.
However, it does not need to be submitted, and it is necessary for profit and loss calculation.
If you have a small number of transactions or do not have complicated transactions, you can also calculate by "withdrawal amount-deposit amount".
However, if this is not the case, it is essential to check the transaction history and calculate the profit and loss correctly.
How to check/download Bitget transaction report
Bitget's transaction port (transaction history) can be downloaded only for the PC version as a CSV / Excel file.
There are no complicated operations, so please download by referring to the procedure below.
caution
However, only the data from the last three months can be downloaded by this method. If you want to collect the data for one year, ask Bitget support.
STEP.1 Display transaction history
Click "Assets" at the top right of the screen and select "Transaction Record" from the appears menu.
STEP.2 Download history
Select the transaction type on the left side of the screen.
After that, select the period you want to output and click "Export data" on the right side of the screen.
Bitget tax return summary
Bitget will be an overseas exchange, but you will need to file a tax return if you make a profit from the transaction.
It is common for salaried employees to declare 200,000 yen or more per year and otherwise make a profit of 480,000 yen or more per year.
To file a tax return, you need to calculate profit and loss, which requires Bitget's transaction port (transaction history).
If you are only doing simple transactions, you can calculate with "withdrawal amount-deposited amount"; if not, check the transaction port (transaction history) and calculate profit and loss correctly. Let's.
Review of Bitget tax returns
- A final tax return is required even if you use an overseas exchange.
- The line that requires a declaration is for salaried employees who earn 200,000 yen or more per year and for other people who earn 480,000 yen or more per year.
- For salary earners, there are exceptions depending on the income and the number of establishments that earn salaries.
- Taxes are incurred in cryptocurrency transactions when payment, purchase, exchange, and receipt.
- Transaction history is required to calculate the declared amount.
