Bitcoin cash out tax
Cryptocurrency is not a personal bitcoin cash out tax asset if it is acquired, kept or used: Examples of businesses that involve cryptocurrency include:. This would typically include preparing a business plan and acquiring capital assets or inventory in line with the business plan prepare accounting records and market a business name or product intend to make a profit or genuinely believe you will make a profit, even if you are unlikely to do so in the short term. Cryptocurrency may be a personal use asset if it is acquired and kept or used mainly to purchase items for personal use or consumption. However, if you held the cryptocurrency for 12 months bitcoin cash out tax more, you may be entitled to the CGT discount.