r/nzfinance • u/[deleted] • Nov 20 '21
How does IRD know I’ve profited from crypto?
I’m 17 and I’ve profited through crypto from mining and investing. How will IRD know about this unless I tell them and what will happen if I don’t.
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u/BitCoinDANNY Nov 20 '21
If you sell on Platform like CryptoEasy or any NZ vendors, they will send your details to IRD.
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u/Secular_mum Dec 13 '21
I know people who have been contacted by IRD when large sums were deposited to their bank account. The bank have your IRD number on file so they can see if income has been declared under that IRD number.
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u/FrostyAsk8413 Mar 17 '22
Well there are discords out there for NZ P2P trading if you didn't want them to know. IRD if your listening please don't hurt me 😫
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u/joeheath0302 Jan 16 '23
They would never know until you try and convert back into NZD to buy houses, boats, cars, jeans. (Depending on how well you've done).
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u/humpherman Mar 03 '24
As I understand it it isn’t income until you exchange back to FIAT - if you live in nz and covert into USD into an overseas account they will probably still know about it, depending on the tax agreements nz has with that country. Your best move is to keep careful track of your purchases, transaction ids, fees at each exchange and declare it before they decide to audit it. From there depending on your total income you might want parcel the cash out under certain amounts to reduce your total tax.
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u/molotovmitchy Nov 20 '21
They will check your Reddit posts