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 Anyone Declaring Crypto on LHDN

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jack2
post May 19 2021, 11:07 AM

Mr
********
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If you declare it, it is like putting a mouse into tong beras...
jack2
post Oct 19 2021, 08:27 PM

Mr
********
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Joined: Oct 2004
who is bodoh to pay tax?
jack2
post Dec 8 2021, 12:46 AM

Mr
********
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QUOTE(prozfromhell @ Dec 4 2021, 07:05 PM)
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?
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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.

jack2
post Dec 8 2021, 11:04 AM

Mr
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QUOTE(mois @ Dec 8 2021, 09:33 AM)
Futures is leveraged trading. No real crypto. Only contracts.
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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
jack2
post Dec 9 2021, 12:09 AM

Mr
********
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QUOTE(Exit @ Dec 8 2021, 11:58 PM)
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 )
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diam diam will do
jack2
post Dec 9 2021, 05:03 PM

Mr
********
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QUOTE(David900924 @ Dec 9 2021, 12:40 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.
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David is right. You can't declare "terang2" to banks.

QUOTE(hbm90 @ Dec 9 2021, 12:58 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.
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Only declare the gains if it is due to trading gains and not capital gains.

jack2
post Dec 9 2021, 07:00 PM

Mr
********
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QUOTE(hbm90 @ Dec 9 2021, 06:46 PM)
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.
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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
jack2
post Dec 23 2021, 06:34 AM

Mr
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QUOTE(KahVII @ Dec 22 2021, 06:05 PM)
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.
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You can contact me. I can help you.
jack2
post Dec 23 2021, 03:41 PM

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QUOTE(leo_kiatez @ Dec 23 2021, 03:11 PM)
Are you an accountant or lawyer??
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accountant
jack2
post Dec 23 2021, 04:15 PM

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QUOTE(leo_kiatez @ Dec 23 2021, 03:55 PM)
Ic..nice to meet you. Freelancer?
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Yes.

Like David said, don't declare such crypto income for the purpose to buy property or assets. It won't be worked.
jack2
post Dec 23 2021, 10:10 PM

Mr
********
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Someone reported my replies here.... Huhu


So I won't contribute anymore
jack2
post Feb 1 2022, 11:05 AM

Mr
********
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15,192 posts

Joined: Oct 2004
If you have large volume to be liquidated, the best deal to avoid all queries is via cash or connection.
jack2
post Feb 12 2022, 06:00 PM

Mr
********
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Joined: Oct 2004
QUOTE(Benaroo @ Feb 12 2022, 05:51 PM)
Ideal but very hard wen no good jln
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Sendiri korek lubang

 

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