David is right. You can't declare "terang2" to banks.

Only declare the gains if it is due to trading gains and not capital gains.

Better to declare whatever gains. It will not be easy to differentiate between trading gains and capital gains. LHDN may have their own interpretation of it.

Interpretation is not based on "their". It is based on the rule and substance of the transactions. So the traders/investors have to define their transactions. It is very simple to differential only.

Don't tell me that I bought ETH in 4-5 years ago when it was USD150 and I sell now at USD4000 and I made huge profits and I need to pay? It is 100% capital gain.

Don't buta to pay tax just because of mahu senang. You have your rights.

This post has been edited by jack2: Dec 9 2021, 07:02 PM

if your purpose is to use reported earnings to apply bank facilities like high end credit card or loan, better forget it, coz once they find out it is derived from crypto, you are gone for good, they start send out mail to close relationship with you and you cant use any bank facilities for life coz you are flag as high risk profile in their system. you can't undo and you will regret it...

So hypothetically if I kena jackpot from one of those x1000 altcoins and made RM500k now and I want to 'cash out' to buy a house or car. What is the best way? Since we can't "declare" it the normal way.

My advise is better to consult auditor or accountant.

They will tell you some ways.

You can contact me. I can help you.

Are you an accountant or lawyer??

accountant

Ic..nice to meet you. Freelancer?

This post has been edited by leo_kiatez: Dec 23 2021, 03:56 PM

Yes.

Like David said, don't declare such crypto income for the purpose to buy property or assets. It won't be worked.

Anyone know how much we can withdraw per month before banks starts noticing? Eg rm20k per withdrawal will trigger them?

Someone reported my replies here.... Huhu


So I won't contribute anymore

Don't think there is a definite answer, it depends on the bank. I have withdrawn more than 20k a month and it's ok
The other thread someone reporting 2k from remitano got closed account

Sorry to hear, but there are all kinds of people, just ignore

Just curious, to all of you that had withdrawn via Luno, there should be no worries about tax records and blacklist or frozen account all right? Just fill in tax form like normal right? Planning to withdraw my initial BTC invested in 2017 via Luno early next year. (Have 3x)

This post has been edited by ljken: Dec 24 2021, 11:05 PM

there always a way, crypto is not the only asset people want to cash out, so dont worry, im sure many bros here can share privately, as im not offering those services.


This post has been edited by David900924: Dec 27 2021, 07:01 PM

i have said this many times here, consult a tax accountant or auditor.

Get advice before making decision.

My good friend kaya gila doing crypto. Ssm some IT and travel agency business then declare tax. Purchased properties in dubai and cyprus, driving new aston martin. Emirates first class flight evertime. But very lay low. Followers on ig <20. Planning to launch own blockchain and crypto coin soon.

I asked him how he move money, he answered make money first then he will show the way. Hahaha

This post has been edited by iena_jr: Jan 26 2022, 10:40 PM

wow, what is the blockchain name

I forgot the name. Not sure if he has launched it or not. He planned to launch in November last year.