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This post has been edited by mirakurumimagic: Dec 28 2021, 05:02 AM

Have you did crypto lending before because i have some questions too about that. Collaterizing on crypto means using BTC/other crypto right? But there's a risk of the collateral depreciating, if theoretically if there's suddenly a bear market in mid 2022 or so.

Wouldn't it be bad if for example:

- 10BTC(worth 600k USD) used to take loan in 500-600k USDT loan which you use to buy XRP and then transfer to Luno and cash out that amount in MYR.
- Suddenly everything starts crashing and that 10BTC is worth 300k, which is less than your loan of 500k USDT

What would happen when the amount we borrow is worth less than our collateral? Do we "become in debt" with the exchange that offers lending and we need to pay the difference? Or just that our 10BTC got taken away which would mean we theoretically cashed out to MYR without paying taxes?

And for the 182 days tax applies does it matter if we cash out in Malaysia or other country?

This post has been edited by neuro4869: Oct 21 2021, 04:14 PM

Let's say :
2021 : You have around $150k of usdt after TP on the bull run and you want to wd RM100k using p2p.So we declare the RM100k of our additional income in borang B?

Im curious about this too, i've read that we need to be taxed at the point of conversion into stablecoin which means entire $150k usdt. But ive also heard some people managed to get taxed on what they converted to MYR only. Rules and regulation about crypto is so not clear in Malaysia

Tax when converted to MYR is logic.Already asked my tax agent regarding this, hope will get some clarification soon

Does your tax agent know if conversion to stablecoin not taxed? Or only taxed at the point of conversion to MYR?

I hope we don't need to pay taxes when we convert BNB into USDT/BUSD stablecoin, cuz technically USDT/BUSD is still in crypto form not FIAT yet.

.

This post has been edited by mirakurumimagic: Dec 28 2021, 05:02 AM

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This post has been edited by mirakurumimagic: Dec 28 2021, 05:02 AM

hey there.
this is my 1st year trading crypto futures, and i have made heavy losses. Higher end of 5 digits

Its via binance, not via any regulated platform. Can i keep track this losses to offset future gains ar?

Sounds stupid if let say next year if i manage to say, earn enough to break even 2021's losses , then i pay income tax on that. Do i need to declare losses in my income tax return form YA 2021?

This post has been edited by prozfromhell: Dec 4 2021, 07:06 PM

tax on that rm100k not the usdt 150k

pay taxes only on the myr u cashed out

this guy crypto. and this guy tax.

nice to learn from you.

How future works,?

Yes, you can offset tax losses against your 2022 profit and you do not need to declare so but for your YA 2021, you need to declare tax losses...then 2022, tax profit berapa then minus out tax losses b/f berapa.

Futures is leveraged trading. No real crypto. Only contracts.

margin trading with 1:10 or 1:50?

If you want me to help you declare tax for your trading, I can help you to declare as per Section 3 of the Income Tax Act 1967

This post has been edited by jack2: Dec 8 2021, 11:06 AM

Can i safely cash out without lhdn knocking my door, my eth that i gain from this situation?

Bought a single nft item an manage to sell it at higher price ( example bought at 0.07eth and sold at 3.5eth )

diam diam will do

how you gonna cash out?

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This post has been edited by David900924: Dec 9 2021, 12:38 PM

crypto is not acceptable activities to banks, by declaring you are doing crypto as ur job and apply loan from bank, is it even possible? they might as well close all ur banks for that matter. Coz i hav few circles all blacklist from it after they known you are on crypto.

This post has been edited by David900924: Dec 9 2021, 12:40 PM

Yes declare. Under borang BE, pendapatan lain lain.
A lot of people will advise you and say no need to declare because still no guideline or whatever. But better you declare to be on safe side.