Cryptocurrency traders hoping to lower their tax bill by two-thirds using new rules may be disappointed by the French government’s latest tax guidance.
Occasional cryptocurrency traders can lower the amount of tax due from gains they made from cryptocurrency trades to 12.8% from the normal 45% rate, under rules that took effect this year. But Sept. 2 guidance leaves open an important question: how to determine whether a trader is “occasional.”
Taxpayers who aren’t certain of whether they qualify as occasional traders may have to pay the higher tax rate in order to avoid fines, tax attorneys said.
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