View Poll Results: In what currency do you receive most of your affiliate payments?

Voters
24. You may not vote on this poll
  • Australian Dollars

    0 0%
  • Bitcoins

    3 12.50%
  • Canadian Dollars

    0 0%
  • Euros

    14 58.33%
  • New Zealand Dollars

    0 0%
  • Norwegian Kroner

    0 0%
  • Pounds Sterling

    1 4.17%
  • Russian Rubles

    0 0%
  • Swedish Kroner

    0 0%
  • United States Dollars

    6 25.00%
  • Some Other Currency

    0 0%
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  1. #21
    TheGooner's Avatar
    TheGooner is offline Private Member
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    Quote Originally Posted by Christiaan View Post
    Do you submit the bitcoin payments also to your tax declaration? What exchange amount do you use for that? The bitcoin is so "unstable". I think my accountant wants to kill me if I come with bitcoin payments
    You are thinking too hard and making it much harder than it needs to be.

    There is no need for exchange rates or worry about it being unstable - you get what you get.
    1/ Simply convert the BTC to a fiat currency and then send it to your local bank.
    2/ The amount that the affiliate company paid you is effectively the final amount in the bank.

    If you are holding BTC (or other nations currency like EUR, USD, GBP) at financial year end then you value it at current exchange rates as an asset.

    As I live in NZ - all payments are typically made to us in currencies that are not "local" so we've got used to the process. Although there is an extra step for BTC compared to fiat currencies - that extra step with BTC is typically a profit earner not a loss maker if you wait and time it right.

    As long as you record the money flowing into your accounts correctly - the various tax authorities are not really interested as to whether you converted EUR, USD, GBP, BTC, or Mongolian Tugrik - show the flow, and record the net effect, and you are compliant in most countries.

  2. #22
    Sherlock's Avatar
    Sherlock is offline Public Member
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    I do not declare taxes because I have residency in tax free country and I do not spend 6 months in any country of the world.

    But If I was in that situation, I would not bother to pay taxes on BTC affiliate income. The best thing is to keep hoarding recent relatively cheap bitcoins without effort, because halving is on the way. We had this debate on GPWA 4 years ago, bitcoin was 30x cheaper than now, history will repeat itself into some extent. Even 100-1000% gains are incredibly better than negative interest rates.

    Then, after halving during the peak, when everybody will scream that bitcoin and crypto will take over even agriculture, sell. And either decide to pay the hefty taxes, or just make a well planned trip to other countries for a while and declare nada.
    If you talk to God, you are praying; If God talks to you, you have schizophrenia.

  3. The Following 2 Users Say Thank You to Sherlock For This Useful Post:

    818sfv (11 January 2020), drifter8 (12 January 2020)

  4. #23
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    818sfv is offline Public Member
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    Quote Originally Posted by Sherlock View Post
    I do not declare taxes because I have residency in tax free country and I do not spend 6 months in any country of the world.

    ....
    Then, after halving during the peak, when everybody will scream that bitcoin and crypto will take over even agriculture, sell. And either decide to pay the hefty taxes, or just make a well planned trip to other countries for a while and declare nada.
    A man after my own heart. And agree on the halving etc.
    The one other thing I do is take part of my BTC payments and convert to gift cards for things I'm going to spend on anyways. Amazon, Starbucks, Fuel, Walmart, etc. BTC -> Gift Cards = No Banks.
    TheOracle.guru Sports Handicapping and Betting
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  5. #24
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    Stefanjson is offline Public Member
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    I receive most of my payments in EUR and Swedish Krona.

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