Greetings, I have had a storj node for a long time now and I would like to be able to exchange or use the currency to buy equipment.
In recent years, many laws have come out to control cryptos, I would like to know how I could return the storage, without having to declare or present any tax report. (SPAIN)
I have read that changing it into € directly into my bank account is not a very good idea.
I have also read that they can be exchanged for gift cards in bitrefill, which I can use on Amazon.
I don’t know how you manage to benefit from some way of operating as a node legally, without having to declare or present reports to the Treasury.
It’ll be your own responsibility to comply with local tax law. I don’t know how people here would be able to help you with that. I’m pretty certain that the conversion to fiat isn’t relevant for your tax laws. Unless you are asking how to evade them, in which case, I’m not inclined to help you with that.
In short, I wanted to know how I could benefit economically from having a node, I’m talking about ridiculous amounts (€100) without having to go into the matter of taxes or declarations to the treasury.
There is a minimum of €.
having a node in storj is considered mining and I don’t know to what extent I am exempt
You’ve already mentioned a few options. You can also use an exchange, some of which offer credit cards to use your crypto to pay for stuff. I’m not sure what kind of solution you are looking for. But it seemed your question was about tax. I don’t know if there is a minimum exemption, but I’m sure there are government sites where you can find that info. You may owe taxes even over small amounts, though I doubt you’d get in trouble over it if it’s just 100 EUR.
Crypto.comsupports Storj, and they have a Visa Debit card available in most countries. You could have your payouts sent to their Storj wallet (or send it manually)… and in a few clicks sell-to-fiat and pour it in the the card. Then spend it anywhere that takes Visa. Takes like 5 minutes.
Be very careful with this, especially in EU, as there is a new law in effect, I believe starting this year, that mandates exchanges and places dealing with crypto to file reports about their users to tax authorities in various EU countries. And as they usually have KYC, they will know exactly who you are.
I don’t know how your tax systems works.
For mine I can just add it to extra income, without a receipt or anything.
Just like renting out a house, it is additional income.
In pretty much all jurisdictions you are required to report all income.
Why?
You still have to report the income.
These two statements are contradictory. You have to report all income. Including hobby income. You may also have expenses – for example, you may be able to write off part of cost of electricity running the node side of your server, or if you bought any equipment.
You need to consult with tax lawyer in your jurisdiction on how to handle that correctly.
Channeling your earnings (crypto tokens are classified either as money or property, depending on where you are and what token are we talking about) through gift cards is tax evasion.
The easiest is to use one of the large exchanges to manage your cryptocurrencies, they will generate tax statement for you in the end of the year, that you can file as needed with your taxes.
@superleo Agencia Tributaria lists virtual currencies in Chapter 11 Captial gains and losses / Virtual currencies (linked below for your convenience)
**General Reminder For Everyone : ** It is important to keep in compliance with your local tax laws. This applies to everyone. It is inappropriate to use the Forum to request help to do otherwise.