How crypto price fall could give you a tax refund
The value of cryptocurrencies can be very volatile. In the past year, Bitcoin hit a record high – then fell sharply.
Photo: CFOTO / NurPhoto via AFP
Investors who have to sell their cryptocurrency for a loss may be able to claim tax back from Inland Revenue (IRD).
IRD has made it clear that people who are trading cryptocurrency should pay tax on their gains.
In July last year IRD signalled it was honing in on people buying and selling crypto who were not declaring their income.
It had identified had 227,000 unique crypto asset users in New Zealand undertaking around 7 million transactions with a value of $7.8 billion.
Last week, accountant Tim Doyle, who specialises in cryptocurrency, told Checkpoint nearly a third of his…
