Capital Gains Tax Ireland | Calculating, Paying & Filing CGT in Ireland

[@TheLearningsReport]

⚠️ *IMPORTANT* *UPDATE* ⚠️ You NO LONGER need to register for ROS in order to pay your Capital Gains Taxes (unless you're seen as a 'chargeable individual' by revenue - see below). Revenue has added a 'Make a payment' button to the 'My Account' page: 1️⃣Login & scroll down to 'Payments/Repayments' on your 'My Account' page 2️⃣Choose 'Make a payment' 3️⃣Select 'tax' and then 'capital gains tax'. You can make a payment here. ⚠️ If the above isn't visible for you, message revenue through MyEnquiries, tell them you wish to pay CGT, and they will activate button for you! 💡You only need to register for ROS if you are deemed to be a ' *chargeable individual* ' from a tax standpoint. A chargeable individual is someone who is 1) self-employed or 2) Has greater than €5,000 in NON-paye income (income from side hustles, renting a room, dividend/staking income, etc.)

[@jamesvancoppenhagen1988]

Hi, thanks for your videos on these topics - they are very helpful. Regarding sending a payment via the 'Make a Payment' section of 'My, Account', I am seeing many options, but no option for Capital Gains Tax. Do you have to register for something to see this option? Do you still have to have an ROS account to be registered to pay CGT and fill in the CG1 form? Thanks!

[@vish666]

@@jamesvancoppenhagen1988 yeah I am looking for same but didnt found option to pay CGT

[@aarondaly7428]

@@jamesvancoppenhagen1988 I experienced the same. I rang Revenue to ask them about it, they told me to do an enquiry through myAccount with the following details: Enquiry relates to: "Tax Registration / Cancellation" More specifically: "Registration (non-company)" Enquiry details: Ask to be registered for Capital Gains Tax I only did this today but the lady on the phone said it would take around 3 days for them to process the registration. "Make a Payment" in myAccount should then have an option for Capital Gains Tax. If I'm not registered by the end of the week I'm going to ring the registration department to try get it pushed through.

[@jamesvancoppenhagen1988]

@@aarondaly7428 This is so helpful, really appreciate the reply, Aaron! I actually did submit an enquiry, but I'll set up another with your suggested details. Thanks, and best of luck with your registration.

[@robro014]

@@aarondaly7428 Having the same issue and this helped a lot, thanks!. If it's no trouble, post how the rest of the process goes for you or if ringing them again helps at all. Cheers

[@hurlingdrills456]

Came here from Tik tok lads - thought you might like to know

[@TheLearningsReport]

Love it, Colm! 😎 Great to know - see you in the next one. 👉 - Cian

[@TheLearningsReport]

Hey thanks for watching! If you need any help with paying or filing CGT, feel free to ask in the comments. We'll try help as best we can or at least point you in the right direction!

[@rayb558]

I think you touched on it there with the bed and breakfast scheme but just so I understand what if I’m a long term investor and I just buy and hold is it only when I decide to sell shares at some point in the future that I have to pay ?

[@TheLearningsReport]

@@rayb558 Hey Ray - in short, yes, but a couple of quick caveats. - If your stocks pay dividends, you'll need to pay tax on the dividends (this is taxed at your income tax rate, not CGT) - If you hold ETFs (watch our video on this if you're unfamiliar) then you'll need to pay tax every 8 years, even if you don't actually 'make a sale' But yes, to your main question, if you don't sell your stocks - you shouldn't need to pay CGT until you actually sell them

[@manu4eva999]

Great work lads, first video I've seen break it down this simply for Irish tax

[@TheLearningsReport]

Cheers boss - really appreciate that

[@hannaha.l6955]

Thank you! The tax issue around stocks was the biggest question mark for me. Great to have it all laid out here! I just recently registered with Ros as I’m a freelancer so at least I have that step done! Oh and I’d recommend that everyone give them self plenty of time to get set up on ROS before the deadline to declare the CGT. It took me a while to get everything sorted.

[@TheLearningsReport]

Great note re: deadline, Hannah - thanks for flagging! Best of luck with the freelancing and glad you found the video helpful 🙌

[@AllTheJCs]

Just found your channel today and this video is amazing. So simple and clear. Looking forward to watching more. Thanks lads!

[@TheLearningsReport]

Really appreciate that and cheers for taking the time to write the feedback. 🙏 - Ste

[@mamba101]

Great content, well done! Are you planning to do one on filling CGTs? Thats the bit that is a bit unknown for me, I'm not sure what I should be tracking as I buy or sell

[@TheLearningsReport]

Hi Edward, thanks for watching! We can add it to the list! Is there something particular that you would like us to cover that wasn't covered in this video? - Cian

[@TheLearningsReport]

For those who were interested (or just seeing this comment now) we've released two videos on filing your CGT/Income taxes! Links below: CG1 Form (Capital Gains) - kzbin.info/www/bejne/j6DVqJSKjaqDj6s Form 12 (Income tax Return) - kzbin.info/www/bejne/rmW0h6l-bamdg5Y

[@mamba101]

@@TheLearningsReport Amazing! you guys are doing great work

[@TheLearningsReport]

@@mamba101 Cheers Ed

[@skane28]

brilliant! you guys nailed it with such a clear explanation, even for a tax-dummy foreigner like myself. many thanks

[@TheLearningsReport]

Thank you so much for watching! The taxes are tough to get your head around for sure. 🙄 - Cian

[@georged.pahomi3462]

Very simple & clear explanation !!! Thank you 🙏

[@TheLearningsReport]

Thanks for watching, George! See you in the next one. 👉 - Cian

[@bfa8584]

You're very good guys. I am always coming back to see your videos once and again. Hope you keep on uploading more videos! Thanks thanks thanks

[@TheLearningsReport]

Sorry for the late response - big summer off! And thank you, yes we need to get back into creator mode soon :)

[@claudioperez1896]

Excellent video guys, 1) can you explain the tax in the dividends, still the same method?Or how is the process when you are already paid tax in the dividend gains from companies overseas? 2) What about if that dividend is re-invest in the same company do I still have to declare those gains? 3) If for the current year, I only sell a bit of my my shares let’s say less than the exception, i have to declare that amount as well even though is less than the exception? Hope I explain myself. Thanks.

[@TheLearningsReport]

Cheers Claudio! Thanks for watching 1) So dividends on individual stocks are calculated at your marginal rate of income tax i.e. 20%/40% (Plus USC and PRSI) - not at the CGT rate of 33%. Dividends on ETFs are charged at 41%. 2) If you receive dividends from a company (or have it set so that dividends are reinvested automatically) you still are 'deemed' to have received the dividend, and still need to pay the tax due on it - even though you're paying tax on funds that you've already reinvested. The exception is if you are holding an Accumulating ETF, in that case, you don't need to pay tax on the dividends - you just pay the tax that's due every 8 years due to deemed disposal rule (see our video on ETFs for more detail on this) 3) Correct - if you sell a stock (for a gain or for a loss), you must declare it at the end of the year, regardless of whether the total comes under or above the exemption. In simple term, if you sell (anything at all), you must file!

[@DavidMD2010]

Great content, explained very well in a way that’s easy to understand. Well done 👍🏻👍🏻

[@TheLearningsReport]

Cheers Dave!

[@amaharek]

Thanks guys, if gains

[@TheLearningsReport]

Exactly! So for sales in 2021, you pay by Dec 15th (today!) if you’re above the 1270 exemption. If below, you don’t need to do anything this year, but will file next year 👍🏻 - Ste

[@brendanbrien5769]

I have CTG losses from 2021 & 2022, how do I go back to declare these losses ?

[@carolguimaraes1746]

Amazing video! Can you give us an example of the bed and breakfast strategy?

[@veroniquedenis8555]

Great video guys! Thank you so much.

[@TheLearningsReport]

Glad you liked it, Veronique, and thanks for watching! 👍 - Cian

[@mian2837]

HI GUYS ITS CLEARLY ONE OF THE BEST VIDEOS OUT THERE......SHOULD I PAY TAX ONLY ON THE PROFIT THAT HAS REACHED MY BANK ACCOUNT OR ON THE PROFIT THAT I GOT FROM SELLING And still sitting in trading 212???? ...thanks

[@TheLearningsReport]

Thanks VJ! So yes, once a taxable event occurs (e.g. selling a share) you will be liable for tax on that sale regardless of whether you withdraw the funds or not. The tax won't be due until December however, so you can do whatever you like with the money until then! Of course, you'll need to make sure you have the funds ready once tax season comes around. - Ste

[@robertslater5706]

Hi guys great video, you make it very easy to understand. The part I’m confused with is actually filling in the form. Payment is no problem thanks to your clear and concise instructions, but using my pen and filling in the CGt1 form is to much for me to understand. I’m dealing with crypto currency...

[@TheLearningsReport]

Hey Rob, glad you found it helpful - appreciate the feedback. So at a high level, you can treat your crypto like stocks. When it comes to the CG1 form, you basically need to do most of your calculations in your own time (on a notepad, excel sheet or however you prefer), and then the CG1 is essentially just filling in your calculations. The mistake people make is that they think they need to fill out the whole form - where in reality you'll probably only need to fill in a couple of lines at most. Just find the sections applicable to you, and start there. Gains / Losses / Net chargeable gains is likely the most relevant section of the form for you. We're going to be doing a video on how to fill out these forms at some stage soon, but let us know what specific setions are confusing you and we can do our best to answer here in the comments! It's also worth remembering that as long as you file on time, even if there is a mistake on your form (an accidental mistake), revenue are unlikely to punish you for that - they'll just ask you to fix the error. So if in doubt, it's always better just to file something, and then you can always re-file without penalty (generally speaking). - Ste

[@christypage9311]

Born and lived in Ireland for 23 years , lining in the US for past 40 years . In 2002 I purchesed just under 3 acres with house and sveral out buildings for 100K. Spent about 50K fixing up the property but never finished . I am Selling the property now, do I pay the CGT in Ireland If I use all the proceeds of the sale to purchase and appartment in Ireland . In the US this is called a 1031 Exchange

[@TheLearningsReport]

Hey Christy - as far as I'm aware, we don't have an equivalent to what you describe here in Ireland. The only relief that I'm aware of when selling a property is the PPR (principal primary residence relief) which I imagine you're already familiar with, but I also imagine is not applicable to you given that you're in the US (or at least, I suspect the property you're referring to is Ireland based, while you're US based? I don't think you specify where the property in question is). My understanding would be that you pay the 33% CGT on whatever profit you make, and then the balance is what you can then use to purchase the apartment. www.revenue.ie/en/gains-gifts-and-inheritance/cgt-reliefs/principal-private-residence-ppr-relief.aspx

[@TheEoin101]

Thanks for this really useful information. One question, with RSU schemes and capital gains, why do do some companies hold nearly 50% of your stocks at vesting? Love the channel lads.

[@TheLearningsReport]

Hey Eoin, Thanks a million for watching! For RSUs, given that they are considered to be part of your income from an employment point of view, you will be charged income tax, USC and PRSI on RSUs and your employer will deduct this directly from your payslip at the vesting date. Generally speaking, some of the shares will be sold to cover this tax liability which is known as a “sell-to-cover” mechanism, meaning you don’t need to pay the tax liability directly out of pocket. You can talk to your company to see if you can pay this liability rather than sell the shares. CGT would be due if you later sold the remaining shares at a gain. We have a video which explains it here: kzbin.info/www/bejne/fouUhKeniMt4l6c - Cian

[@maxbadger8705]

CGT is 33%. But if you were to file under a business with a certificate of incorporation would it then be 12.5% in Ireland or no? ?

[@TheLearningsReport]

Howiya Conor - So in short, no, you can't. Just pay your 33% 😂 But for your reference, this page gives a pretty good outline of what you're asking: practicenet.ie/practicenet/tax-summary-corporation-tax.php#:~:text=Companies%20pay%20Corporation%20Tax.,with%20Capital%20Gains%20Tax%20rules.

[@mikey89ryan]

Does anyone know if after paying your CGT do you have to pay for your dividends separately or is dividend tax included in your overall CGT payment ??

[@Jhhhf4479]

Is registering for ROS only possible at certain times of the year? I don't see this option on my MyAccount.

[@InvestwithDarren]

Great video lads 👍🏻

[@TheLearningsReport]

Thanks, Darren! And cheers for watching! - Cian

[@andreassyvertsson2667]

What if you buy and hold shares never selling and then move out of Ireland? Will they tax you on exit like Denmark and california? Great video lads

[@TheLearningsReport]

Hey Andreas - sorry for the late reply on this one. Once you leave Ireland, you are still a 'ordinarily' resident for tax purposes for a period of time, is how we understand it. According to revenue, this period of time is 3 years. (link for reference below) www.revenue.ie/en/jobs-and-pensions/tax-residence/how-to-know-if-you-are-ordinarily-resident-for-tax-purposes.aspx After this time, to the best of our knowledge, you will be no longer eligible to pay Irish tax on your holdings, and instead will pay it in your new tax residence.

[@mahmoudfathy8822]

If I'm a forginer & non Resident in Ireland Do I pay CGT on ETFs that It"s domicile is in Ireland ? And I hope you make a video on that matter

[@TheLearningsReport]

Hey Mahmoud, In short, according to Revenue you don't have to but be sure to check with your tax adviser on your individual situation. As it relates to income (i.e. dividends) and from Revenue's website (www.revenue.ie/en/jobs-and-pensions/tax-residence/index.aspx): "If you are neither tax resident nor domiciled in Ireland for tax purposes, you are chargeable to tax in Ireland on: Irish-source income, including income from an Irish public office foreign employment income where the duties of the employment are carried out in Ireland." And as it relates to CGT (www.revenue.ie/en/gains-gifts-and-inheritance/transfering-an-asset/index.aspx): "If you are non-resident in Ireland, you pay CGT on gains on the disposal of: land, buildings and minerals in Ireland exploration or exploitation rights in the Irish continental shelf unquoted shares deriving the greater part of their value from: -land, buildings or minerals in Ireland -exploitation rights in the Irish continental shelf -assets which are used for the purpose of a trade carried on in Ireland." You may owe CGT in your country of residence or domicile so make sure to check that out. - Cian

[@thanosv.1964]

Great content! Planning on doing a video on Deemed Disposal Tax? This bitch is scary! And especially for expats like me, who we may not stay in Ireland forever, definitely worth knowing how to bypass it, if possible at all. Thanks!

[@TheLearningsReport]

Cheers Thanos! Have you had a chance to watch our ETF Investing video (link below)? We cover deemed disposal in that, but there's definitely scope for us to do a focused video on it too with more details. Thanks for the suggestion and will add it to the list 👌 kzbin.info/www/bejne/f5_JfYeDidGfnZY

[@viajeromero]

Really great video. What happens if you are holding stocks for the long run? Is it only when you sell, be it one year later or ten later you pay? Also what if your are earning dividends but you keep that money in your trading account?

[@NeglectedGoattt]

Cheers for the video lads. Quick question (probably a stupid one but I'm new to this stuff!) - There doesn't seem to be any step where I show proof of a gain made or am I missing something? It seems you just work it all out yourself and then pay CGT as if you're buying tickets to a gig haha. Am I way off the mark here lads or what? Thanks again for the content, definitely picked up a few nuggets!

[@TheLearningsReport]

Hey Greg - No worries at all, thanks for the comment and glad you got some value from the vid! So yep you're correct, we don't really show that in the video. When paying your CGT (part 1 of the process) you simply are entering in a figure into a box, and clicking pay! When you go to FILE your return the following year using the CG1 form (part 2 of the process), that's when you give more details on your gains/losses. That being said, as it's self assessment, you don't actually need to submit as much detail as you might expect. If you get called for an audit, however, that's when they'll be looking for a full trade by trade breakdown!

[@NeglectedGoattt]

@@TheLearningsReport nice one lads, that makes sense now. Looking forward to more content!

[@TheLearningsReport]

@@NeglectedGoattt Good stuff - drop us a note if you have anything in particular you'd like to see us cover! We're always looking for ideas 👌

[@TheBonebreakers29]

What if you have not made a gain more than the exemption of €1,270

[@TheLearningsReport]

Hey Ripblade, If your gain is below the threshold, you do not need to pay but should still file your gain so there is a record on Revenue for it. - Cian

[@halkins1]

In Poland it's 19% flat fee 😮😮 It's quite a lot 33%🤦 it a broad light robbery 😬😞

[@Denis-jt9zl]

Amazing video lads, very well made. Just a few questions. 1) Do I have to pay CGT on withdrawal of the money into my account? 2) I am under 18 and i am greatly interested in starting to invest (of course under parents permission.) Can i withdraw the money into my revolut junior account and also pay the tax or would i have to withdraw it into a parents bank account and then pay the tax via their card?

[@TheLearningsReport]

Cheers Denis. 1) Once a sale is made, a taxable event has occurred. So it doesn't matter if the proceeds of the sale stay in your bank account, in your brokerage account, or anywhere else for that matter! From revenue's standpoint, its up to you to declare that sale to revenue when it comes to tax season, and pay the tax due. 2) Good for you wanting to get started early! The only issue might be finding a broker that will allow you to trade under 18? I guess there's nothing stopping you opening it under your parent's name, but that might lead to some logistical headaches down the road. Tha tax itself wouldn't be paid through Revolut either way. It would just be paid via Revenue's website - so you can use whatever card you like to pay the tax. In terms of withdrawing the funds, are you referring to the funds you will have invested? Im a little confused about that list bit. - Ste

[@verdinekt]

Great video and very nice explanation!

[@TheLearningsReport]

Appreciate it! Thanks for watching

[@Desert_Rogue_Tanker]

thanks,great information.i'm curious as to the personal side and the company side of taxes. say you have a business in both Ireland and Batumi, Georgia.would you be required to pay any Irish Taxes on any income you or your company makes in Georgia(country,not the USA) as in Georgia the taxes are territorial and anything made outside of that isn't taxed

[@TheLearningsReport]

Heya - so this is a bit of a niche one, but my understanding is that it 1) depends on your residency status for Ireland (in terms of taxes) and then additionally, 2) how much of the income earned in Georgia is repatriated to Ireland. You might the document below helpful to have a read through! www2.deloitte.com/content/dam/Deloitte/ie/Documents/Tax/ie-tax-ges-moving-to-ireland-tax-guide.pdf

[@Richard_Schmidt]

Great video. Could you please make a video on how to declare dividends to the Irish revenue as well? :)

[@TheLearningsReport]

Cheers Richard. Good shout - we'll add it in! Are you struggling on a specific part, or do you just mean a general overview of where to enter the info on the form etc. ?

[@Richard_Schmidt]

@@TheLearningsReport I am completely lost on how to do it on the myAccount section (I believe that is the section to do it), so I tutorial explaining it all and showing how to do it using mock data would be great and it would most likely benefit other members :)

[@TheLearningsReport]

Sounds good, will do one on this a little closer to tax season 👍

[@BHPproductions1]

Cheers for the video. What do ye know about avoiding CGT by moving to Portugal?

[@TheLearningsReport]

And cheers for the comment 👍 Per your question - that's a first for us, can't say we've any knowledge of it. Assumably unless you're a tax resident in Portugal, you'd need to pay CGT wherever you're domiciled, which would be Ireland assumably? You're resident in Ireland for tax purposes if you're in the country for either: - 183 days or more in a tax year - or 280 days or more in a tax year plus the previous tax year taken together, with a minimum of 30 days in each year. Not sure what the rules are for Portugal, but I would guess that if you spend enough time in the country you then qualify for tax there instead of Ireland. There would also be the nitty gritty stuff of where you bought the shares initially - so I don't think it'd be as simple as "move to Portugal 6 months before you sell your shares in order to avoid CGT" 😂I would guess the CGT exemption would only be for shares purchased while a tax resident within Portugal. However, this is speculation on my part - I don't know the actual answer. Curious to hear what info you have on it already though? Could be tempted by a move to Portugal 😏

[@BHPproductions1]

@@TheLearningsReport As far as I've heard so far. It's as simple as moving to Portugal for 6 months and setting up a bank account and have a 12 month rental lease or purchase a property. I've gained some serious % in the crypto space and I rather not pay 33% (I took the risk, can't understand why Revenue want a share). I could be wrong on this with some minor details but that's what I've understood of it.

[@TheLearningsReport]

Nice, yeah, crypto markets have been a bit nuts recently! Always painful having to consider the tax liability - but a move to Portugal sounds pretty nice regardless, whether its for taxes or otherwise 😂Sadly, tax is a necessary evil. Indeed, you did take the risk with your crypto, but Irish taxes pay for many of the great things our country offers outside of the investing space (hospitals, roads, schools, parks, trains - etc.) so although we absolutely agree that 33% is a difficult pill to swallow, there are trade offs.

[@gabrielcolman3995]

Hey guys, great video! Very helpful. So, from what I understood, the €1,270 is calculated on top of all your gains, correct? However, if I swing trade and do, let's say, over 500 trades in a year, do I need to file each individual trade, or can I just add all the profit in one file? Also, if my profit was less than €1,270 in 2020, I would just need to file the CGT this October? Thank you, guys!

[@TheLearningsReport]

Hey Gabriel, thanks for watching! Correct - the exemption is for all allowable CGT gains - so that would span across stocks, crypto and anything else taxed under the CGT rate. If your trading is subject to CGT (which it likely is, but in certain cases it can be argued to be income if it's your main source of earnings), then you would need to figure out your own CGT liability. If you're trading often, you may want to use some sort of tax software to figure out your tax liability, given the number of trades you made in the year. Certain allowable losses could be offset against your gains, but that depends on when you sold the shares, how many you sold, first in first out rules, etc. But to your question, once you have established what that taxable figure is (that'll be the tricky part) then you simply file one return based on your calculations. For filing, correct, you would need to file by the end of October 2021 for your sales in 2020!

[@jetfuel12]

Another brilliant video lads! Only thing is I didn't need to sign up to ROS, under the 'Make a Payment' link in MyAccount I have the option to pay CGT tax, unless I'm doing it wrong?

[@TheLearningsReport]

Great stuff, Jetfuel, thanks for watching. Great, since we recorded it has become easier to pay on MyAccount. You can pay on MyAccount and then file with the CG1 form (I believe you are a Form 12 user from your other comment). Let us know how you get on. 👍 - Cian

[@adrianivan494]

I saw your video, the only thing I didn’t understand is: if i invest in crypto over the months for 10 years and then i make a profit of 50k, the 1270 is x10 or it is calculated as gain for just 1 year? And when i file all the transactions i have to upload all of them, with all the different prices for each crypto i bought in this 10 years?

[@TheLearningsReport]

You only get one €1270 exemption per year, and it can't be carried over if you don't use it. So even if you waited 10 years, you would still only get one exemption in year 10 (you wouldn't get to use the other 9). No when filing the return, you would need to figure out the aggregate amount of profit/loss you made based on the cost basis of each purchase that you made. In Ireland, the FIFO system is used (first in, first out) so the earliest holdings that you purchased are seen as being the first ones you sell when it comes to tax season. So if you bought your first share in 2000, and then each year bough more but didn't sell anything until 2010, the shares you sold in 2010 would be the shares you bought in 2000, and so on so forth.

[@pauldoherty2591]

Hello great videos I was just wonder how do u offset your losses from this year

[@TheLearningsReport]

Hey Paul, Thanks for watching! There is a section on the CG1 form where you can offset current (and previous) year allowable losses. We run through the CG1 form in detail in the video below - have a look and if still unclear, drop us a comment there: CG1 Form: kzbin.info/www/bejne/j6DVqJSKjaqDj6s - Cian

[@ciandunne2890]

How can I register for cgt without a ros account as I don’t pay any tax

[@TheLearningsReport]

Hi Cian - if you see our pinned comment with 'important update' you'll see that you no longer need to register for ROS to pay your CGT. You can simply make a payment through your MyAccount page on revenue.ie. Check out our video on CG1 form for more info 👍 kzbin.info/www/bejne/j6DVqJSKjaqDj6s

[@christycrypto4786]

Hi Guys, only just found your channel, great stuff, very informative. Quick question, can you take out a Crypto loan to offset the CGT liability?

[@TheLearningsReport]

Nice one, Christy - thanks. To clarify, are you asking about using your crypto holdings as collateral to take out a loan as opposed to selling the assets themselves? Or to take out a loan to pay your CGT liability? - Ste

[@nikoskaramitsos]

Hi guys, great video especially for people like me that recently moved in Ireland. For B&B sale do you need to do that at the end (30th Nov sale - 1st December re-buy) or you can do the buy-sell order at any point?

[@TheLearningsReport]

Hey Nikos, Glad you found it helpful! It can happen any time in the year but it will have different paying date implications. There are other factors to be aware of which we have highlighted in our video specifically for this which you can check out here: - Bed and Breakfaat Sale: kzbin.info/www/bejne/e3yqipmIfbl6gdE - Cian

[@lxsameer]

Hey lads, Thanks for the great video. I'm a bit confused about the terminology and my situation. Could you please help me with these questions? 1) In many articles, I see the term "investment" vs "Trading", does it matter for how long I own the assets? 2) I do swing trading, so I buy and sell shares quite a lot through out the year. Should I calculate CGT on them separately and pay them separately or just on the net profit of the year ? 3) My profit is more than 5k what difference does that make to my tax situation? 4) I'm using my partners tax credit, She is a trader too. Should file her CGT as well or does she need to do it from her side? 5) is it possible to pay a random CGT tax ( more that what I should pay just because the deadline is here ) and claim the extra difference after I filed it? Thanks for your time and amazing content

[@TheLearningsReport]

Hey - Thanks! Appreciate it. 1) The terms are used interchangeably. Trading usually means more regular buying/selling, while investing is generally longer term. In terms of taxes in Ireland, no, CGT is charged the same regardless of how long you hold. 2) You'd need to calculate it for each trade yes, but your broker will likely be able to export a report for this. 3) None - you pay CGT on that amount. 4) Hmm in most cases you shouldn't be able to use her credit as far as we're aware. But thats up to you to figure out! 5) My guess, unlikely - but I don't know tbh! Message revenue and see perhaps, but I assume they'll just tell you to figure it out and pay whatever is due? Cheers for watching and the comment. - Ste

[@TantanLamostedimsumxmandu]

Great video guys! This really helps a lot! I have one question however. I invest in cryptocurrency but mainly for mining crypto. I’m a little confused on how to go about paying taxes on that? Currently, all cryptos I mined are still sitting on my wallet (Revolut). If I withdraw them, will they be subject to CGT or income tax? Thanks!

[@TheRozza333]

Hey gents. Great video many thanks. Quick question. Is CGT still 33% on US shares?

[@TheLearningsReport]

Hey Rozza, Thanks for watching! Yes, still 33% on US shares. 👍 Cian

[@anthony6805]

Great video lads, can you clarify something. Some tokens like Safemoon give holders reflection tokens for holding their token in your wallet. These additional tokens built up in the same wallet.Are they considered income or CGT? Would they fall under similar rules of airdrops/skating when received are income and then when you sell CGT? Cheers 👍

[@TheLearningsReport]

Nice one, Anthony - thanks for the question. By the sounds of it, yeah I’d also look at those through the same lense as staking, airdrops etc. But again, thats assuming that our assumption re: staking taxes is correct (which it may not be!) So in summary, I would agree with your view on it. The value of token when you receive them is your “income taxable event” and then when you sell down the line, cgt (unfortunately) - Ste

[@aindreasphelan7758]

Gents, this is amazing. So helpful. When you are choosing the year to register the gain via the return, does the gain refer to the year you sold in? Or the actual years to that point the gains were made?

[@TheLearningsReport]

You're welcome! So a little unsure what you mean when you say 'choosing the year'. If you're filing a CGT return, you generally would be filing the return to declare any gains you made from the sale of stocks/crypto in the PREVIOUS calendar year. So for example, any profits you made last year from stocks/crypto (2021) would be FILED as part of your CGT return this year (2022). With CGT it needs to be filed annually, so if you have gains to declare from earlier year, you'll need to file a late payment with revenue, and its best you speak directly to revenue about that (if that's applicable to your situation!). So to your question, and building on the simple example above, the gain would refer to any profit you made in 2021 (Jan 1st up until Dec 31st of 2021). Hope this answers your Q? - Ste

[@samurwin9250]

It states that my tax registration number is not registered for CGT when I try and create a ROS account however in order to register for CGT I have to have a ROS account. Seems like a catch 22 situation unless I am missing something. Can any help be provided?

[@TheLearningsReport]

Hey Sam, You may not need to register for Ros. Do you have less than €5,000 in non-PAYE income? If so, you won't need to register for Ros and you can pay in Revenue.ie and file with a CG1 form. If you don't have the option to pay CGT on Revenue.ie, send an enquiry on MyEnquiries to get it activated. If you do have >€5,000 in non-PAYE, you may no longer need to file a TRN form. You might have an option to "Register for Ros" on your MyAccount. If not, I would do them a bite on MyEnquiries. We have videos on all these forms in case you're interested: Taxes in Ireland 💸: kzbin.info/aero/PLvKfba1wmPk_zQLVB9tHyqhwbY2b7d1jv - Cian

[@AndrewRegan1219]

Hey guys are stocks like tesla that are bought in us dollar taxed thr same?

[@TheLearningsReport]

Hey Andy - Yep, nearly all the stocks I own are priced in USD (as they're listed on US exchanges) and the CGT is the same regardless i.e 33%. When it comes to calculating the taxes, you would take the exchange rate of USD-EUR on the day you sold the shares, to establish what the EUR amount was, and then calculate the 33% tax on that. - Ste

[@EvadeModsRGH]

Can I use losses on individual stocks to lower the tax that I have to pay? For example if I made €2000 profit on all my stocks as a whole but on one of my stocks lost €500?

[@TheLearningsReport]

Hey D, cheers for the question. So if the losses are 'allowable', yes you can. You use these losses to offset your against your profits. Basically, using your example, your TOTAL profit is of course €1,500 (€2000-€500). So you offset the €500 loss against your €2000 gain. If these sales happened in the same year, then your total chargeable gain would be: €1,500 - €1,270 tax exemption = €230 230*.33= €75.90 On the other hand, if you didn't sell any stocks that made a gain during the year, and ONLY sold stocks that made a loss, then you can carry those losses forward to a future year (as long as you file the losses with revenue) But remember, you always need to offset your losses before you use your exemption. Couple of links below for your reference: www.revenue.ie/en/gains-gifts-and-inheritance/transfering-an-asset/if-you-make-a-loss.aspx#:~:text=You%20might%20make%20a%20loss,in%20the%20same%20tax%20year.&text=You%20might%20not%20have%20any,you%20have%20made%20a%20loss. www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-19/19-02-05.pdf

hi, thanks for this video, very helpful! question.. I sold some stocks in 2020 and i know i'm already late.. I did the math and I think I know how much should I pay, including the penalty for being late, but the question is.. how do I know after paying if I paid the right amount? what if I pay less, will revenue get in touch with me? is there some kind of portal where I can access and see that I paid the right amount? thanks in advance.

[@TheLearningsReport]

Hey Matías, So, I don't think it's very clear on the Revenue website. There is a section in the CG1 form for late filling but I didn't see anything for late payment. I think your best bet is to pay the amount including late fees and then submit an enquiry on MyEnquiries on Revenue.ie explaining your calculations and asking them to confirm they are correct. At least this way you'll have confirmation in writing from them if they ever come back or else they'll tell you what the correct amount is! - Cian

[@Jhen243]

1. Say if you've gained less than the €1,270 exemption, would you add all of my future gains up to that amount and then any gains that are over the exemption limit would need tax paid? e.g. made 3 set of gains throughout a couple of months, €270 €500 €500. I would be exempt from tax on those gains, and any future gain would be taxed? 2. Does the €1,270 exemption reset yearly? If all that makes sense, thanks!

[@TheLearningsReport]

Hey Gartani thanks for the question. 1. Correct, if your total gains within a given tax year are under the €1270 threshold, you won't be liable to pay tax on those gains. Once you go over that, the additional gains are taxed at 33%. 2. Correct, it's an annual exemption but you can't carry it over to future years. You get €1270 for 2021, €1270 for 2022, and so on. Even if you don't use any of it in a given year, you can't just add it on to the next year. It's use it or lose it!

[@Jhen243]

Cheers lads, thanks!

[@tri0tran]

Can I use my wife's €1270 exemption on top of my own when working out my CGT as we are taxed together.

[@TheLearningsReport]

Hey Trevor. So according to revenue, your exemption cannot be transferred to your spouse or partner. I'm assuming when you say you are 'taxed together' you are referring to income tax? For CGT, our understanding is, unless the shares are held jointly under both of your names, then unfortunately you won't be able to. We always suggest double checking with revenue if you have any doubts! On the other side of the coin however, if you both own shares in your own brokerage account, and you sell €1270 worth, and your wife does the same, then you can both offset using your exemption (again, to the best of our knowledge this is the case). - Ste

[@billyfitzgeraldjnr4441]

Brilliant video. If I’m on illness benefits do i also pay this way? Thanks so much

[@davemooney6577]

I see that Forex spot trading is exempt from CGT due to it being considered betting. However, trading Forex CDF's through platform/broker is NOT considered betting and therefore is liable to CGT of 33%. Is this correct? Thank you.

[@ibralmouden4671]

Thanks for the great information, can u please Tel me how can we prouve crypto losts to the revenue, because when we loose assets on an exchange platform we don't get any receipt about that. Thanks

[@TheLearningsReport]

Hey Ibra - if you export your transaction history on whatever exchange you use, you should be able to see your gains and losses within that. Additionally, you could use a crypto tax software provider to do the legwork for you! Check out Koinly, Coinpanda, etc. if interested. - Ste

[@WaKandaIRE]

Do you have to pay taxes on your current holdings? So for example, if I invest 200 and hold 2000 (+1800), without withdrawing any assets, do I pay CGT on that 1800? Or is it only the gains I've nade on disposing an asset? Revenue isnt very clear. Cheers

[@TheLearningsReport]

Hey Jack, thanks for watching. At a high level, it depends on the asset class (e.g. crypto, stocks, ETFs, etc.). For stocks and cryptos, if you haven't sold your holdings, you do not have to pay CGT as it is only on a gain from a sale. When a "sale" occurs can be a bit confusing, especially when it comes to cryptos. For example, if you transfer your crypto from one (which has made a gain) to another, this is considered a sale in the eyes of revenue. We have another video on crypto taxes (kzbin.info/www/bejne/i6vKg5qjqaykb8k) and one on a method of legally reducing your tax bill (kzbin.info/www/bejne/e3yqipmIfbl6gdE) which you can check out. The only exception is with ETFs, where after every 8 years, the "deemed disposal" rule kicks in and you have to pay tax. I won't go into it here but we also have a video explaining it here: kzbin.info/www/bejne/f5_JfYeDidGfnZY Hope this helps! - Cian

[@ryszardgorazda1580]

Great video Guys, but I'm unable to register for ROS ( guessing this is not necessary anymore?) The option to pay CGT via payment section is also unavailable. Am I missing something? Logged ticket with myAccount team already

[@TheLearningsReport]

Hey Ryszard, Thanks for watching the video! Yeah, you're right, registering for Ros not necessary for everyone. And we have heard of a few people who don't have this option. If you just need to pay/file CGT, you can just ask Revenue to activate that option for you. Is this what you requested in the ticket? They should be able to activate that option on your account swiftly enough. Let us know how you get on! - Cian

[@ryszardgorazda1580]

@@TheLearningsReport Thanks for update, Yes, that what I requested but still waiting for Revenue to do their thing (I know they are not the fastest :))

[@ryszardgorazda1580]

@@TheLearningsReport I have also emailed you, not sure if you got my message?

[@TheLearningsReport]

@@ryszardgorazda1580 Hey yep we got it :) Busy weekend but we'll get back to you as soon as we can (if we haven't already by the time you read this!)

[@jimgannon1917]

Can reduce cgt with a pension contribution..

[@cryptolooser9336]

I have invest a 1000 euros in crypto, and lost almost everything. I have only 10 USDT now, and can't withdraw it because withdrawal fee is 30 USDT. Can I file a CG1 Form and claim a loss, even I can't withdraw 10 USDT.

[@TheLearningsReport]

Hey - Even if you don't withdraw the funds, the taxable event has still occurred (same way you'd still need to pay tax on any gains you made, even if you didn't withdraw the funds). So yes, if your losses are allowable (link below to explain) then yes you can offset those losses. But you need to have gains to claim the losses against - you obviously can't just claim back money you lost. If you have both chargeable gains i.e. from selling some crypto for a profit, but then others that generated a loss, you can use those losses to reduce the tax you owe on the gains. But if you didn't make any gains, and only losses, you can carry forward those losses to future tax years to use them against gains that you make in the future. www.revenue.ie/en/gains-gifts-and-inheritance/transfering-an-asset/if-you-make-a-loss.aspx#:~:text=You%20might%20make%20a%20loss,in%20the%20same%20tax%20year.&text=You%20might%20not%20have%20any,you%20have%20made%20a%20loss.

[@catherinedunne8896]

hi if you are a married couple and are filing jointly can we claim double the amount for CGT exemptions

[@skane28]

Hey guys! This may be a tough question but maybe you can help me out: I will be filing my CGT next year, for my crypto investment from 2021 (should keep my profits under the 1270 EUR threshold and there will be nothing to pay to Revenue). Now I am supposed to leave Ireland later this year so if I take some profits in another country (where I will be tax resident) in the coming years, hopefully. Then I have to declare my taxes in the new country where I am going or still in the country where I was when purchasing crypto originally (Ireland) ? :D

[@TheLearningsReport]

This is a great question, and as you said it's not totally clear because different countries have different rules. We also have to be a little careful as we're not tax advisors (etc etc etc) but in short, I think it comes down to 1) how long you've been out of the country and 2) the value of whatever assets you sell during this time. Here is a quote from revenue's website that we reference for questions we receive similar to yours: "If you have been tax resident in Ireland for three consecutive tax years, you become ordinarily resident from the beginning of the fourth tax year. If you leave Ireland after this time, you continue to be ordinarily resident for three consecutive tax years. For these three years you must pay Irish tax on your worldwide income EXCEPT for: - income from a trade or profession, no part of which is performed in Ireland - income from an office or employment, where all the duties are performed outside Ireland - other foreign income, for example, investment income, if it is €3,810 or less. If it is more than €3,810, the FULL amount is taxable." The last bullet is of course the most relevant to you! Link below for your reference: www.revenue.ie/en/jobs-and-pensions/tax-residence/how-to-know-if-you-are-ordinarily-resident-for-tax-purposes.aspx

[@Ivysage72]

Great video thanks. If you recieve crypto rewards for staking (such as ADA), do you have to pay CGT on this every year or is it income tax? Do you have to pay tax if you leave it as crypto or only if you then dispose of it? Thanks

[@TheLearningsReport]

Hey Liam - Sorry for the delay in getting back to you on this. In short, the answer is - it's hard to know. Revenue don't have direct guidelines on it, and I've been in touch with them to try and get clarification. We can get some sort of guidance by looking at how the US has approached it, but even they are still getting to grips with it. I could summarise the reference pieces I've done a bit of research on, but I'll leave them below for you to check out yourself. Your guess is as good as ours at the moment! doylekeaney.ie/news/crypto-assets-high-level-irish-tax-considerations/ coinpanda.io/blog/cryptocurrency-staking-taxes/ We're hoping to do a full video on this as soon as we have a clearer picture from an Irish standpoint! Cheers for watching - Ste

[@megapwn333]

Halp, I had some share options with a company I work for, they sold we got to exercise the options paid some RTSO on the value gained. Since then every year been receiving extra milestone payments, are these taxed as CGT?

[@TheLearningsReport]

Hey Bill, Just so I understand your situation, were these shares purchased through an ESPP? So, for ESPP, you would initially pay income tax on the money that you buy the shares with and then you would also have to pay income tax on the initial gain you make which comes from the price you purchased the shares at vs. the market value at the time you receive/purchase them. If you then subsequently sell the shares and make a gain, you will be liable to CGT. Not sure why they are asking for further payments - perhaps you underpaid or didn't pay CGT? What are they saying in the correspondence? You can always ask for clarity on MyEnquiries. - Cian

[@megapwn333]

@@TheLearningsReport thanks for the reply, so the share options were given to us as part of compensation. They were exercised on the day of sale but from what I understand there were a number of milestones the company had to reach in order to receive these payments over the 4 years. I think the value of shares post sale was not fixed and additional money was paid depending if those targets were met. Yeh im lost so I reached out to revenue as you suggested. Cheers!

[@TheLearningsReport]

@@megapwn333 ​ I'd run it by your HR/Finance department also - they should (hopefully) have a good idea of the tax due also!

[@NZingeGolding]

If I sell crypto on binance after a bull run but never remove the money from the exchange(waiting to reinvest it when the price of crypto currency comes down) is that allowed or should I have been paying even thought the money never left the exchange

[@bedantasaha5699]

Is it okay/possible to fill CGT on time showing 0 chargeable capital gain but not registering to ROS if my capital gain is less than 1270 ?

[@TheLearningsReport]

Hey Bedanta, Yes, so if your gain is under €1,270 you don't have to pay. You will need to file the next year through a CG1 form but you don't need to register for ROS. You only need to register for ROS if you are a chargeable individual. We have a video which explains this which you can find here: kzbin.info/www/bejne/j6DVqJSKjaqDj6s Have a look and let us know if anything is still unclear! - Cian

[@bedantasaha5699]

@@TheLearningsReport sure and thanks a million. You guys are doing a really great job. I just found your channel last morning and I’m already a fan and subscriber.

[@TheLearningsReport]

@@bedantasaha5699 really appreciate the positive words and feedback. We're here to make investing accessible and understandable for everyone so great to hear we're helping some people! Any other questions, just shout and otherwise, see you in the next one. 👉 - Cian

[@zonzip8229]

Great content guys. I do have few questions though. 1. I'm selfemployed, so do I still need to pay CGT before 31st of January if I sold in December in the previous year, or I can do it later on my Form 11 2. Do I need to "pay" CGT before 31st of January even if I didn't make any extra profit in December, but only used 1270 CG credit? Thanks

[@TheLearningsReport]

Cheers! 1. For CGT, yes, the deadlines for paying are the same regardless of your employment status. Everyone pays in the year they sell, and files by Oct 31st of the following year. So for your example: - Sold stock in December 2021 - Pay tax on profit by Jan 31st 2022 - File form 11 by Oct 31st 2022 2. Correct - if your TOTAL profit from 2021 (including what you sold in December) is under the €1270 exemption, then no, no tax is due to be paid and all you'll need to do is file your Form 11 by October! Hope that clears it up for you. - Ste

[@zonzip8229]

@@TheLearningsReport Thank you so much for your answer, everything is clear now. Best of luck guys

[@TheLearningsReport]

@@zonzip8229 You're welcome!

[@santubudhe2]

Firstly thank you for your advice. I wanted to ask a quick question. I own a house since 4 years. It was my primary residence for 2 years and now I have been renting it for 2 years, if I sell the property now do I have to pay the entire 33 percent cgt or I get a concession as it was my principal residence for 2 years. Thank you again :)

[@TheLearningsReport]

Hey Santosh, Good question - essentially, you can only claim PPR relief on a property for the time you lived in the property. So, in your case, I believe you could claim for 2/4 years or 50%. Send Revenue an enquiry to confirm your situation but for now sharing more details here: www.revenue.ie/en/gains-gifts-and-inheritance/cgt-reliefs/principal-private-residence-ppr-relief.aspx - Cian

[@Dilljoe333]

Do you need to pay tax if the amount you earn is under that 1200 number

[@risingofmars1859]

Well done lads

[@TheLearningsReport]

Thanks for watching, Rising! See you in the next one. - Cian

[@ladesancho88]

Hi guys!, quick question,lets say, i buy bitcoin in march 2022, but i decide just to keep the money there in order to make profit, and in february 2023 i decide to pass the money in euros and sell it, do i need to declare the gain in 2022 or 2023, cause i bought the coin in 22, but i just got the gain in 23, so i understand that i should declare the gain for 23. Do i need to declare or do something if i just invest in some coins and i just have the money there stoped without no seling it?

[@TheLearningsReport]

Hey Gabryel. So for clarity sake, lets separate 'declaring' and 'paying' into two different sections, as thats how you need to deal with it from a tax standpoint. Step 1 - PAY, Step 2 - File (or 'declare', to use your example). For the BTC you sell in February 2023, you would PAY your tax on the profit by Dec 15th of 2023, and then you would file (declare) your gain to revenue in your tax return that you would file by Oct 31st 2024. (Remember, you PAY in the year you sell, you FILE the following year). If all you do is buy Bitcoin (for example) and don't sell any of it, you wouldn't need to file any sort of tax return until you decided to sell it. - Ste

[@ladesancho88]

thats great , thanks very much i got how it works. Thank you very much for your help. You did explain it very clear.

[@TheLearningsReport]

@@ladesancho88 Excellent, no problem.

[@manu4eva999]

Is it 1270 limit for the year? And if you make profit under that all you need to do is just declare it on the CG1?

[@TheLearningsReport]

Heya Kev, yeah that's pretty much it. You get a total of €1,270 for the year - and its tax free up to that amount, but correct, you still need to file even if you're under the threshold. And yep, CG1 form is spot on! - Ste

[@deanmacksbgcorkcity9517]

Hey new to the channel thanks for the info lads. Quick one haha how much do you need to start earning before you have to pay capital gains tax? Iv only recently started investing myself.

[@TheLearningsReport]

Howiya Dean - Great to have you on board and thanks for the comment. Unfortunately in most cases CGT isn't like income tax. Income tax is charged based on how much you earn, but CGT is a 33% flat rate (or 41% for ETFs) regardless of how much you earn. So you are obliged to pay CGT as soon as realise a gain/profit, regardless of how much you earn! Hope this helps - Ste

[@deanmacksbgcorkcity9517]

@@TheLearningsReport appreciate the reply helped alot. Thanks for the info. Much needed and ill continue to watch the channell for more content. Thanks Very much.

[@TheLearningsReport]

Spot on, you're more than welcome

[@matejdujmovic9327]

Great video lads, could you also do a video of stuff we can do to have tax reduced i.e. more investments or something

[@TheLearningsReport]

Hey Matej - Appreciate it and thanks for watching. Sure we can! I'm curious though, when you say 'more investments' what are you referring to exactly? Do you mean alternative investments as opposed to just stocks? Regardless, we have a video in the pipeline for how to reduce your tax liability in Ireland - so stay tuned for it 👌As mentioned, bed & breakfast sales are a good place to start, and of course, in certain cases, pension funds are also a very tax efficient way to avoid some of the CGT pains.

[@matejdujmovic9327]

@@TheLearningsReport by investments, would crypto be included aswell,cant do bed and breakfast unfortunately

[@TheLearningsReport]

@@matejdujmovic9327 Just in case it wasn't clear, you can use the 'bed & breakfast sale' strategy for your crypto also. The €1,270 exemption is across your CGT gains in general, and not solely for stocks. Unfortunately, €1,270 is the TOTAL exemption, so you would need to balance you sales between cyrpto and stocks. If the total gains between your stocks and crypto together exceed the €1,270, you will owe tax on anything over that amount at 33%. But hypothetically, you could sell €1,000 euros worth of crypto, €270 worth of stocks, and rebuy them straight away without exceeding the €1,270 limit.

[@matejdujmovic9327]

@@TheLearningsReport but I can use that only once a year? Or can I use it multiple times a year? What I didnt get, is the 1270 like your allowance for a year or for every sale that you make?

[@TheLearningsReport]

@@matejdujmovic9327 it is an annual amount. So, €1,270 total but this can be used across multiple sales but only €1,270 for the year.

[@JMTScience]

can I only get taxed at 33% if I exceed €1270 profit from selling stocks? - thanks

[@fabiorosellosalazar549]

thanks, great video!!

[@TheLearningsReport]

Thanks, Fabio! Glad you found it helpful. Shout if you have any other topics you'd like covered 👍 - Ste

[@jamesmartin60]

Great video lads well done. if you have a loss on a overseas share sale, can you declare it as a loss if so how ?

[@TheLearningsReport]

Hey James - Sorry for the delay in getting back to you. When you say 'overseas' share sale, what exactly do you mean?

[@jamesmartin60]

@@TheLearningsReport thanks for coming back to me lads. Bought shares while aboard 8 years ago. Sold them in the last 6 months. With a loss

[@TheLearningsReport]

Gotcha - so there are some nuts and bolts to this (and again, need to caveat not financial advice etc etc.) but it'll likely come down to your tax residency, and if the losses are 'allowable'. If you're now ordinarily tax resident in Ireland, and have been for the required amount of time (I can't recall the time to hand, but it's definitely not longer than 8 years!) then our understanding is that you'd be liable for CGT here, and thus, also permitted to claim a loss against those shares. But it will depend on the type of shares, how you acquired the shares (did you buy through a broker, receive through employment, etc.). This will be a pretty simple process if those shares are in your existing brokerage account. If they're held separately, you might have a bit more admin to do. I had a similar issue while living in the US, but I was able to simply transfer my holdings to my broker here in Ireland. I've left a couple of revenue links below that may or not be of use to you! Fire away with some more questions, or if we've completely missed your Q here 😅 www.revenue.ie/en/property/foreign-property/cgt-when-disposing-of-a-foreign-property.aspx www.revenue.ie/en/jobs-and-pensions/tax-residence/index.aspx

[@jamesmartin60]

@@TheLearningsReport thanks again. Great info I'll cross the fingers for limiting the gains in recent months with the abroad stock. Happy trading keep up the great videos.

[@depressedindublin1512]

Hi there! When you say we can deduct our previous year losses, does it applies to previous yearS or year? Thank you :)!

[@TheLearningsReport]

Hey! It applies to previous year(s), but only if you've filed your losses for those years (i.e. Revenue will likely need a record of your previous year losses in order to be eligible to deduct them). Hence the importance of filing your return every year, even if you make a loss! You may be able to file losses retrospectively (for example, if you didn't file them for previous years) but I don't know how revenue handle that, or if its permitted. No harm in asking 🤷‍♂ - Ste

[@depressedindublin1512]

@@TheLearningsReport thank you son much for the answer, just started with 500$/month but I only have small to invest because high rents in Dublin :(

[@TheLearningsReport]

@@depressedindublin1512 We feel your pain! $500 per month is a decent chunk of change though - so good for you. At an 8% average annual return (avg long term return of stock market), over 10 years, you're looking at approx $90k. Not too shabby!

[@InterRohan14]

Would it still be considered a 33% CGT on sales of US shares? Or does it jump to 40% CGT as it's foreign shares. Also is there a us witholding tax added to the total taxed aswell? Cheers for any help kind gentleman

[@TheLearningsReport]

Howiya Joe - thanks for the question. By US shares I'm assuming you mean US listed shares? If so yes, it all falls under 33% CGT. The 40% tax (or rather the 41% I think you're referring to) is the DIRT (Exit Tax) that is charged on ETF investments in Ireland. In short, ETF profits in Ireland are taxed at 41% while individual stocks (e.g. AMZN, FB, ABNB) are taxed at the 33% rate. US domiciled ETFs are technically taxed at 33% but Irish investors (and most of Europe I think) can no longer invest in US domiciled ETFs as of 2019. Our video on ETFs explains this in more detail! kzbin.info/www/bejne/f5_JfYeDidGfnZY There is a 30% withholding tax on US dividends for non-US residents. However , if you complete a W8-Ben form for your stockbroker, a lower 15% tax rate will apply (Most brokers ask you to complete this during the sign-up process anyway). You will need to declare dividend income on your Irish tax return. You will be liable for either 5% or 25% of the dividend in additional tax. (Depending on whether you pay income tax at 20% or 40%) Hope this helps! - Ste

[@entity97]

Is reselling capital gains tax

[@jm353]

If in the period 1jan - 30nov 2021 all I do is buy crypto and exchange it for other cryptos , and in the period 1 jan 30nov 2022 is when I sell it and get back money, I would only have to pay cgt by dec 2022 and make my filing in Oct 2023, correct ?

[@TheLearningsReport]

Hi Joe, thanks for the question & comment. Incorrect, unfortunately! 'Exchanging' or 'swapping' one crypto for another is considered a sale from a tax standpoint so in your example, you would need to figure out your taxable gains/losses on your 'swaps' were, and pay those by Dec 15th of this year (2021), and file a tax return by October of next year (2022). Then if you actually 'sold' all of your holdings in 2022, you would pay CGT on those sales by Dec 15th 2022, and file by Oct of 2023. Again to reiterate, exchanging ETH for BTC is still considered a 'sale' from a tax standpoint. Hope this clarifies things! Shout if not. - Ste

[@jm353]

@@TheLearningsReport alright. playing on your ETH example, say for instance i bought BTC and an amount of ETH directly after the purchase of the BTC (such that the relative prices of the assets are the same in euro), would it be correct to assume that i would incur a very little amount of tax because there is very little amount of gain/loss throughout those exchanges ? thanks a ton

[@TheLearningsReport]

@@jm353 Hmm not sure I follow your example. But in short, the idea is that you're just taking your cost basis and comparing that to the value of the coin you're exchanging for at the time you make the trade (relative to the amount of token you're swapping). So if you have 0.5 BTC that you bought for $5,000, and then today you swap that 0.5BTC for 10ETH, and again lets just pretend that amount of ETH equals 50k, your taxable gain would simply be 33% of $45k. ($50k gain minus $5,000 cost basis/amount you invested = $45k) On the other hand, if hypothetically you buy X BTC for X amount in January, and then over the coming few months, the price of ETH jumps up and down, but then in June ends up right back at the same value it was when your first bought your BTC - and THEN you swapped your BTC for ETH, then yes the taxable gain/loss would likely be v small because the underlying value is basically still the same. The last thing I'd say though, is that you also need to take into account the FIFO rule (first in first out) so if you bought 0.1 btc in 2010, and then 0.15 btc in 2012, and then 0.33 btc in 2016, and THEN in 2021 you decide to swap 0.2 btc for ETH, your cost basis would need to take into account that some of the BTC your swapping is valued at the amount you bough it at in 2010, and then some of it at the amount you bought in 2012. Of course, this is where things get v complicated. Hence why a crypto tax software might be advisable!

[@jm353]

@@TheLearningsReport alright, thanks. sorry for the poor example, trying to wrap my head around this disposal of assets upon trading cryptos for one another is hard to get my head around. another question. if i were to buy 350 euro of BTC, but there's a fee of BTC which is equal to about 50 euro in BTC, meaning i have equivalent to 300 euro in BTC in my account would my cost basis on the gains/losses of that BTC be 300 or 350 euro ?

[@TheLearningsReport]

@@jm353 No need to apologise, it's definitely confusing! Again, the answer to your 2nd in short is 'maybe'. No specific guidelines from revenue, so it's up for debate. This blog article (below) is written from a US perspective, but you could probably take a few learnings/direction from it for what we might expect on the Irish side. It's phrased from an ETH gas fee perspective, but in my opinion, it's still relevant to your BTC question as the logic is similar. tokentax.co/blog/are-ethereum-gas-fees-tax-deductible/

[@prabagaran.s1285]

Are we intended pay for paper profits as well? Or else only if we sell we need to pay CGT ?

[@TheLearningsReport]

Hey there thanks for the comment. No, unless the gains are 'realised', then CGT is not due - the taxable event occurs when you sell, and realise a gain. - Ste

[@johnoshea2789]

Hey Lads, if you leave your stocks as unrealised gains (for a few years)do you have to inform revenue in your yearly tax return?

[@TheLearningsReport]

Hey John, Sorry for the late response - big summer off! When you say 'unrealized gains' are you just saying buy and hold the shares? if so then yes, no need to inform revenue of anything. Or are you saying that you've sold some shares and the proceeds are just sitting in your brokerage account?

[@johnoshea2789]

@@TheLearningsReport I was talking about buying and holding the shares, but now that you mention about sitting in a brokerage account where would I stand on that

[@kyleewing4375]

Hi, I am wondering when you are mining cryptocurrency on NiceHash and getting paid in BTC, when I go to exchange the BTC for euro is this a taxable event? Essential when you mine the cryptocurrency through NiceHash you are renting your hashrate and getting paid in BTC. Would this be a capital gains tax as no investment was made?

[@TheLearningsReport]

Hey Kyle - So in short, the answer is I don't know. The crypto industry is so nascent that regulation & revenue is playing catch-up However, it's generally safe to assume in most of these scenarios, that there's no such thing as a free lunch! When you refer to the fact that you're 'paid' in Bitcoin, that would make me think that you're going to be subject to some sort of tax (likely income tax, charged at your regular marginal rate). From what I've read, 'mining' crytpocurrency is subject to income tax as opposed to CGT. So my guess would be that the taxable event happens at the point that you receive 'payment' in Bitcoin (either income tax or CGT). When you exchange it for euro (the second step of the process), you've already paid tax so presumably you would just pay the standard exchange rate in order to change it. An analogy (whether it's correct or not) might be getting paid in USD by your employer, you pay tax on your income, and then what you do with that money after (e.g. exchange to Euro) is your business and you would simply pay the Forex exchange fee. To reiterate, this is speculation on my part from some limited research, so would be very curious what you end up finding out. As I said, to me it sounds more like you would pay income tax as opposed to CGT. Wish we had a more solid answer for ya! - Ste

[@SuperGloryGamer]

Hey guys, quick question as I'm confused. Bought Crypto in January of 2021 and haven't sold the said coin or exchanged it for anything. Do I still have to file and declare to the Revenue next year about my holdings or is it only when I sell the said coin completely? Thanks again, videos are great!

[@TheLearningsReport]

Cheers for the question and for watching! So in short, no, you won't need to do anything at all until you actually sell. However, just to clarify when you say 'sell the said coin completely' - even if you've sold a portion of whatever crypto you have, that still counts as a sale. That may be obvious, but just to make sure! The only exception would be if you stake your crypto, or receive interest payments from holding it - in that case you'd probably still need to declare some of those earnings. Hope this answers your question! - Ste

[@stephencallaghan9449]

Is it the same for if one had shares. Like would one only have to file and declare about one's holdings to the revenue only if one sells their shares? Am I right in saying u dont have to file and declare ur holdings each year? I've been binge watching ur videos throughout the day. Better than Netflix haha. Very informative videos!! Thanks, Stephen

[@TheLearningsReport]

@@stephencallaghan9449 Hey Ste - delighted your enjoying the vids. So yes, same situation for shares. The only exception is that revenue technically ask that you 'declare' a purchase of an ETF to them, but don't make it very clear where to do this. You may have watched our video on ETFs already, but basically look at an ETF like a basket of stocks (but you only need to purchase the basket, not each individual stock). All you really need to worry about, is both paying and filing a tax return if and when you decide to sell your shares. If you simply hold them and do nothing, you don't need to pay OR file. You can simply sit back and watch compounding work it's magic (albeit, slowly!). - Ste

[@stephencallaghan9449]

@@TheLearningsReport thank you!!

[@cianroche4669]

Quick question; If you have a gain of less than the €1270 exemption do you pay the CGT and revenue return it to you at a later date, do you fill out your ROS as €0 of taxable gains or do you just leave it entirely and handle that when you're filing your gains

[@TheLearningsReport]

Hey Cian, Just a heads up that you no longer need to register for ROS in order to pay your Capital Gains Taxes (unless you're seen as a 'chargeable individual' by revenue - see below). Revenue has added a 'Make a payment' button to the 'My Account' page: 1⃣Login & scroll down to 'Payments/Repayments' on your 'My Account' page 2⃣Choose 'Make a payment' 3⃣Select 'tax' and then 'capital gains tax'. You can make a payment here. ⚠ If the above isn't visible for you, message revenue through MyEnquiries, tell them you wish to pay CGT, and they will activate button for you! 💡You only need to register for ROS if you are deemed to be a ' chargeable individual ' from a tax standpoint. A chargeable individual is someone who is 1) self-employed or 2) Has greater than €5,000 in NON-paye income (income from side hustles, renting a room, dividend/staking income, etc.) If the above situation still applies to you, and you need to file via ROS, then yes you would just enter €0 as your chargeable gain - and file next year (or this year technically, if you're referring to sales you made in 2021)

[@TheLearningsReport]

Hey Cian, Just to add to this, you don't have to pay Revenue if the gain is less than €1,270 - it is a bit of a nightmare getting a refund from Revenue! And then you can file this gain and apply the exemption, so at the end of the form you'll have a net tax due of 0. You file on ROS if you're a chargeable individual and a CG1 form if not. - Cian

[@thewools]

@@TheLearningsReport Hi guys, if I do not see the Capitial Gains Option and I do not receive a response before 31st January; should I still make a payment via one of the other options? I have to make a CGT payment due to selling shares in December and made a gain after the allowance is taken into consideration.

[@TheLearningsReport]

@@thewools That's a good question. Personally, I would message revenue to explain the situation. Explain you want to pay before the deadline, but you can't see the option visible. You'll then have a timestamp on your message for your own records to show you actively tried to pay on time. I would be very doubtful if Revenue have any issue with it being a couple of days late just so long as you mention your issue. - Ste

[@thewools]

@@TheLearningsReport thanks Ste, I'll try make contact with them again tomorrow

[@victortomaz1991]

Hi lads. I have a question. I live in Ireland, I'm Portuguese, and in Portugal we don't pay crypto gains tax. Do you know if I can get around Ireland taxes somehow without breaking any law?

[@victortomaz1991]

BTW, AWESOME Video, you guys are life saver

[@TheLearningsReport]

Hey Victor - Really appreciate the feedback, and glad you enjoyed. So in short, the answer is I don't know unfortunately. This isn't the tax man's first rodeo - so rest assured they will do everything within their power to ensure you pay some sort of tax on your gains! However, if you haven't already, I would look into your tax residency status. There may be a possibility of returning to Portugal, become a tax resident there (by spending the required number of days applicable), and then possible avail of the tax laws there. But there are so many ifs and buts to that question, that you'd really need to talk to a tax advisor. My guess would be that as long as you're a resident/tax resident in Ireland, you're unfortunately going to be subject to the rules & regulations - and the only ways of 'avoiding' are by utilising the €1,270 exemption we mention in the video. Do let us know if you find out a way around it though!

[@victortomaz1991]

@@TheLearningsReport thanks, I'll get back to you once I have some news. Thanks, and you got another subscriber to your channel. Thanks

[@TheLearningsReport]

Nice one, Victor - great to have you on board and thanks for the subscribe! Absolutely, we'd be very curious to hear what you find out. Cheers!

[@Darragh_Moran]

What if I hypothetically put €5 into a stock and earn €5 back do I have to pay tax?

[@TheLearningsReport]

You wouldn't owe tax as your €5 is under the €1270 exemption, but based on the tax rules, you would technically be required to file a return to declare the gain. That being said, no one is coming after you for not declaring €5.

[@Darragh_Moran]

@@TheLearningsReport thank you just wondering

[@TheLearningsReport]

Always worth asking! Cheers for the question.

[@JoeFellaga]

I find it tedious that revenue created this ROS account step. Don't they want their money as quick as possible ? ^^. They make things too complicated. They sent me the password by post...

[@TheLearningsReport]

Hey Joe - we find a lot of things tedious about Revenue's system 😅 Yea they send you the activation code/password by post and then you use that to activate the account. Agreed, it seems a bit archaic! - Ste

[@spamaccount9067]

Let's say I make 100 k profit on a stock and then lose 90 % of my investment when i reinvest it, does that mean I still have to pay around 33 k even though I have already lost all the money which could potential put me in debt ... since I have to wait until year after to count the loss ( hypothetical )

[@TheLearningsReport]

In short, yes, that is what would happen! But the sensible play would be, take your 100k profit, set aside $33k and withdraw it from your brokerage into your savings account for taxes. Then the choice of what to do with your remaining 66k is up to you!

[@spamaccount9067]

And when is it classified as a profit? , when you close the investment on a trading app or when the money goes into your bank account ? ( guessing it when you close the investment )

[@TheLearningsReport]

@@spamaccount9067 Correct - as soon as you hit that sell button unfortunately! Keeping the money in your brokerage account or app makes no difference - you've still made the sale, realised a gain (or loss), and need to pay/file taxes on that sale

[@spamaccount9067]

Alright thanks

[@TheLearningsReport]

@@spamaccount9067 No worries, best of luck!

[@WhoCares2307]

Super video as i just started investing in crypto. My question is.....is i plan to invest in long term and not touching my Crypto for 5 years.......do i have to do all this or only when I sell my Crypto in 5 years time. Thank you

[@TheLearningsReport]

Thanks Daniel - appreciate that! Your approach is similar to ours. Unless you receive income from staking your crypto (if you're unsure of what this means, it unlikely applies to you just yet) then no, you won't need to pay tax until you sell your holdings. The only caveat is that swapping a crypto (say Bitcoin to Ethereum), counts as a 'sale' from a tax standpoint, so you would be required to pay 33% on that. Hope this answers your question! - Ste

[@WhoCares2307]

@@TheLearningsReport Thank you for taking the time to answer.

[@TheLearningsReport]

@@WhoCares2307 You're very welcome

[@viktorask]

If I unemployed do I need file CG1 Return or Form11?

[@TheLearningsReport]

Unless you are declaring other forms of non-PAYE income i.e. money you earn through means other than an employer (e.g. renting a room, freelancing, side-hustle, etc. that is greater that €5,000) you should only need to file a CG1 Return. Form 11 is for non-PAYE income OVER €5,000 euro (usually for people who are self-employed) Form 12 is if your main source of income is PAYE (i.e. a job) but you still have some income to declare from other sources (e.g. some side-jobs you do in your free time) - but the net amount. is LESS than €5,000 euro

[@mareknowak316]

Hi, you are doing great work, there is very limited information you can find in Ireland regarding the CGT tax. We have a question regarding mining and farming. We bought a computer, graphic card (for mining) and 10 hard drives to farm Chia. We farmed a few XCH coins which we exchanged for stable coins and then, for the stable coins we bought a Helium hotspots (another devices to mine HNT). How to treat our earnings and expenses? Theoretically we have 6000 profit from Chia but in reality we spent 4000 for the computer and 6000 for Helium hotspots. Do we have to pay CGT for the 6000? What about the 1270 exemption for me and my wife...can we treat our PC and the Helium hotspots as "a joint invest" and double the 1270 exemption? I was trying to learn something about it calling to Revenue, but they were just connecting me to other operators endlessly. It looks like they just do not know....so I should know??? It looks like the country is very unfriendly for single (couple) investors.

[@TheLearningsReport]

Hi Marek, According to revenue, and from direct contact we had with them "there are no special tax rules in place for cryptocurrencies." So we need to apply existing CGT & income tax rules. In this scenario, I would assume that your mining would be taxed under your marginal income tax rate (either 20% or 40% + USC & PRSI). For a married couple in 2021, this would be 20% up to €44,300 and 40% thereafter The cost of the asset at the date of receipt will then be your base cost for CGT. You can deduct any expenses incurred from mining such as the cost of electricity, video cards etc. My understanding is that 'exchanging' your coins for stable coins is essentially a 'sale' (you sell X and buy Y) thereby making you liable for 33% tax on that also. As you are a couple, you would individually be entitled to a €1,270 exemption, but this is not transferable so you would both need to hold a portion of the crypto in your accounts in order to avail of the dual benefit. Or if you can figure out a way of holding the crypto in both names, you may also be able to double up that way (I have no idea if thats possible or not). Resources: www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-02/02-01-03.pdf doylekeaney.ie/news/crypto-assets-high-level-irish-tax-considerations/

[@mareknowak316]

@@TheLearningsReport Many, many thanks for the clarification, We really appreciate it! Just two more questions, If it comes to the tax rate for couple, now we have on our tax certificate: 20% up to €70,600...does it mean our tax credit will drop to €44,300 because of our mining? Another question is how to pay the income tax for mining? Is it the same way as for CGT? Pay tax in December, then in January and finally file the CG1 to the end of 31 October? We can see some implication with the USC...how to take it into consideration?

[@TheLearningsReport]

I'm not sure I understand your question. As a married couple, you would pay 20% on your first €44,300 (combined) and then 40% on the balance of your income (see link below re: tax bands). Anything over €44,300 is taxed at the 40% rate. Calculation (at a very high level): - Partner 1 income + partner 2 income + mining income = taxable income File a form 11 or form 12 for declaring additional income. No, you will need to declare your income by the end of October (as its income, not capital gains) Read the guides below! www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/tax-relief-charts/index.aspx www.taxback.com/blog/your-bullsh1t-free-guide-to-self-assessment-taxes-in-ireland

[@mareknowak316]

@@TheLearningsReport Hi, the standard (20%) rate for working couple is €70,600 not €44,300, see below: "What is an increased rate band? the standard (20%) rate band for couples in a marriage or civil partnership is €44,300. If both people are working it is increased by the lower amount of either: €26,300 or the income of the lower earner. This means that the maximum standard rate band a couple can have is €70,600 (€44,300 + €26,300). It is not possible for one person to use the full amount of €70,600. An individual can have no more than €44,300 unless they have additional reliefs such as Personal Retirement Savings Account or Flat Rate Expenses. www.revenue.ie/en/jobs-and-pensions/calculating-your-income-tax/what-is-an-increased-rate-band.aspx"

[@TheLearningsReport]

@@mareknowak316 Thanks for flagging this, Marek - appreciate it!

[@eoinmcinerney1627]

Is leverage trading seen as betting as you don't purchess an asset

[@TheLearningsReport]

Hey Eoin - Are you referring to spread betting or trading CFDs? Both are taxed differently. Spread betting is categorised under gambling according to revenue, i.e., it's exempt from CGT. CFD trading, however, is liable for CGT.

[@eoinmcinerney1627]

@@TheLearningsReport how about spot trading or leveraging crypto on an exchange

[@TheLearningsReport]

Haha, you're getting into uncharted territory here from our standpoint. Revenue are playing catch-up with a lot of this stuff, so the documentation is limited. However, keep in mind that they generally treat crypto investing like other forms of investing/income. If you can make the case that what you're doing falls under gambling (e.g. akin to spread betting where you're purely betting on a price movement), then you might be exempt. But for most scenarios, it's highly likely you're going to either owe income tax or CGT. The caveat of course is that, in short, we don't know the definitive answer. There a lot of ifs & buts! However, given that its self assessed, you could always argue your case either way when filing your return and let revenue decide where you fall. Sorry we couldn't be of more help! Let us know what you end up doing - I'm sure there are others in your predicament. - Ste

[@eoinmcinerney1627]

@@TheLearningsReport thanks for the reply so spread betting is tax free? In a spread bet is the gain possibly achieved pre determined or fixed? Is there a point in your loss that the bet is lost ie insolvent. Where you can't loose any more than originally staked. This is how leverage on crypto works. you never own or can clame the crypto. Do you think that metes the gamble test

[@TheLearningsReport]

All good! So, yes, spread betting is exempt from CGT. However, neither of us spread bet, or use leverage when trading - so I'm afraid we can't offer further help in terms of your follow-up questions (especially when it comes to leverage crypto trading). The blog piece linked below might at least help you from the spread-betting side of things - but I genuinely have no idea when it comes to your crypto leverage trading! - Ste www.moneyguideireland.com/cfd-trading-financial-spread-betting-online.html

[@tozguitar]

does the 1270 exemption increase for a married couple? thanks

[@TheLearningsReport]

As a married couple, you both can avail of the exemption (i.e. you both get €1,270) but it's not transferable - so unless the shares are held jointly, you can only use the exemption for the shares you hold individually, you can't simply double up!

[@mareknowak316]

Hi, can you explain this in more details please? So a married couple should open two separate accounts, for example on Binance (it cannot be open joint account there) to increase the exemption? It does not really make sense...

[@TheLearningsReport]

@@mareknowak316 I've linked revenue's guidance document below (it's pretty short) www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-19/19-07-01.pdf Based on our understanding of revenue's guidance, unless you can hold the crypto in joint names (and I'll take your word for it that you can't on Binance, as we haven't checked) then both you and your partner can use the exemption, but not collectively. So for example, if YOU own BTC and ETH, and make €2540 profit, and your partner doesn't trade at all, you can only use €1270 to write off as tax free. If you own BTC only, your partner owns ETH, and each of you make €1270 profit, then that is fine and it's all tax free. (as both of you can use your exemption).

[@mareknowak316]

@@TheLearningsReport Many thanks for your prompt response. Shall we also file the CGT separately? What if I make 5000 profit on ETH, and my wife loose 500 on BTC? Can I transfer my wife full exemption? Another question, if I transfer "my" ETH to my wife wallet or ledger will it be treated as a joint investment? Can we use the Koinly software to calculate our tax for booth of us or we have to calculate separately (and pay double fee for two licenses). Ufff, when the Irish low has been written, in the middle ages or for PhD people? -:)

[@cremlin6655]

Do betting/gambling losses write off the gains?

[@TheLearningsReport]

Hey - betting/gambling is exempt from CGT but you can’t offset your losses in gambling with your gains in investing unfortunately 😂

[@cremlin6655]

@@TheLearningsReport 😭😭😭I could’ve wrote off like 200 fs

[@TheLearningsReport]

@@cremlin6655 Haha, yeah - unfortunately the tax man is never going to allow tax free gains on gambling profits, while also allowing tax write-offs for your losses. That would be the dream 😅

[@cremlin6655]

@@TheLearningsReport what about shorting and longing ?

[@TheLearningsReport]

Shorting is subject to CGT, but not sure what you mean by 'longing' exactly? Going 'long' in our heads is simply another way of saying you're buying and holding the investment for a long time i.e. it's a normal investment type, and thus, is CGT! Or am I misunderstanding?

[@CaioCezarlima]

Obrigado!

[@TheLearningsReport]

De nada!

[@liammelia6843]

I really wish they'd just call crypto-trading betting haha

[@TheLearningsReport]

Can you imagine! So many tax free gains. Here's hoping 🙏

[@TheMarasar]

Hi Lads, Thank you for very informative video! + SUB I am so glad that I found your channel:) I have a few questions though. 1. Let's assume that I am investing €2000 per year for next 3 years and keep all my cryptocurrencies on Binance or Coinmarket. Can I send CG1 to Revenue for next 3 years with €2000 loss every year? And then if I decide to capitalize part of my coins back to euro - let's say €7270 and transfer them to my bank account - does it means I will not have to pay any tax (3x2000 losses +1270 exemption)? 2. If I account my taxes with my wife as per one household, can I double the exemption for the tax year? So instead of €1270 it will be €2540? 3. How can I calculate my profit if I swap Bitcoin worth €1000 to Ethereum also worth €1000? 4. If all my coins are on the market, how can I calculate anything? Should I count all invested money and subtract them from current value of my wallet? Of if profit applies only to the money transferred back to my account? Sorry for bothering and thank you in advance for your reply.

[@TheLearningsReport]

Thank you! Great to have you on board 💪 1. So unless you actually generate a loss of €2000 each year from your trading on Binance or Coinbase, then no you won't be able to declare those losses. Simply lodging money to those accounts doesn't count as a 'loss' as the money is still yours. You also need to declare you gains or losses ANNUALLY, so using your example, in 3 years you would need to file 3 separate returns for each year you were trading. To be honest though, this question is a little confusing so let me know if what I've answered is what you meant. CGT on disposals between 1 January and 30 November must be paid by 15 December of the same year; tax on disposals made between 1 December and 31 December must be paid by 31 January of the following year. 2. You can both use your exemption, but the €1270 isn't transferrable i.e. unless you hold the shares in 'joint' account, you couldn't simply just take her exemption and use it for yourself. A simple workaround would be to ask her to open an account with her name, and you could trade on that account. Then you would be able to use her exemption also (but only on profits/losses made in that specific account). 3. You would take the cost basis of what you paid for Bitcoin (lets say it cost you €500). If you swap BTC for ETH, and the ETH you swap for is worth €1000, then you would minus €1000-€500= €500 profit. For the sake of the example, if you had bought BTC for €1,000 and swapped it for ETH which was also worth exactly €1000 at the time of the swap (unlikely, but again, just an example) then there would be no tax due as they're worth the exact same (your cost basis of €1000 is the same as the value you're exchanging it for). 4. Not sure if I understand this question. But I'll guess at what you're asking. Basically, you need to keep track of any sales or swaps that you've made (you can download your trade history or use a crypto tax software to pull your trade history and calculate it for you). So even if your funds are all currently invested, I assume you've made trades at different times in the past and then simply reinvested those funds. Similar to stocks, if I sell €2000 worth of Microsoft (that I bought for €1,000), I would create a taxable event (€1000 gain taxed at 33% is €333). I now have €1000 in my brokerage account, but 33% technically isn't mine as I need to pay that in tax. Now, I can still choose to reinvest the full €1000, but I'll need to remember that when it comes to tax season that I still owe €333 so I'll need to get that cash from somewhere. So if you've reinvested all your crypto funds (which I think is what you're asking), you're going to need to go back through your trades and figure out for each one whether you made a gain or a loss. Then you will be able to calculate your total tax due. As we mention in the video, keeping your funds on the exchange doesn't mean you avoid the tax. If a sale happens, you're liable to pay! Regardless if you withdraw to your bank account or not. Hope this answers most of your questions! - Ste

[@TheMarasar]

@@TheLearningsReport Thank you Ste for your answer :) I think I know more less now what to do. Still some confusion regarding calculating my gains. So probably I will just check value of my wallet at 30th November and compare it with all money I invested and will then pay (or think deeper about it if earn too much) tax from the difference. Thank you for your help again!

[@TheLearningsReport]

No worries - I'd suggest trialing a crypto tax software (e.g. Koinly) and see what they calculate your crypto gains/losses as. That should give you some indication of what you might owe!