Bitcoin Forum

Do you guys pay taxes on your crypto currencies? What do you guys think of taxes when it comes to decentralized crypto?

I do not only pay taxes I'm also singing the National Anthem every time I'm doing so

In my case, my country has given no clarified classification on cryptocurrencies hence my cyrpto profits on trading has no tax when basing it legally. However, the liquidity is low we only have 2 companies doing services for such and it is ported out to money remittance services and the like or a bank which you will wait for it the next day to be processed. Basically there's still a cut or the spread is about 10% when I try to cash it out. I feel that kind of offsets the tax thing.

I don't pay any taxes on cryptocurrencies I own because there are no taxes to pay, if/when the time comes that I have to pay something, I'll do it, because, you know, you don't mess with the taxman.

I don't think there will be a tax on cryptocurrency, usually taxes on property are for physical stuff, like houses and cars.

Definitely an interesting and important question. I think as of now it doesn't get taxed, but different governments can and presumably will legislate to change that, and courts may also choose to issue rulings treating cryptocurrency as an asset if the topic comes up.

I did not pay taxes to the government but when i made some exchanges on bittrex they charged me a fee for the exchange and a tax fee of 100 000 satoshies.

In the EU, where I live, you don't have to pay taxes on held cryptocurrencies, only on fiat that comes from selling them. That is why I don't report how much crypto I own.
One day, when I decide to cash out and buy something, like a motorcycle or a piece of land, I'll of course pay my taxes. It's very difficult to hide large purchases and not worth the risk IMO.

I do not pay taxes for using crypto currency. In our country, until now, bitcoins have not been accepted, and nothing specific about this is a gag. I think that there is no need to pay tax for the crypto currency.

I don't. I'm not required to. Our government already takes a lot of money from the exchange whenever we cash in or out, hence the high spread. And it's not like they are capable of tracking down every transaction.

I don't pay taxes and are not going to do that. To I pay taxes I have to see how we spent my money and I need to trust the government. At the moment I do not see and therefore do not feel obliged to my country. My money is only mine and I do not owe anything to the government.

No, in my country government is still in a discussion mode for regulations on Bitcoin. Exchanges are subjected to taxes and they charge us in turn. Thus, we are indirectly paying the tax. But there is no such direct tax on capital gain through Bitcoin.

As far as I know I do not pay any taxes whenever I use bitcoins.  But everytime I will withdraw some of my bitcoins through redemption center or remittances there are charges on it.  So maybe there is tax.  That is there way to earn from us the money that we get from them.  But as to load and other services there is no charge.

This is not a tax. It is the earnings of those who carries out the transaction or exchange. If the IRS verifies your Bank account and you will see that there are amounts not paid by you in the Declaration you will have problems.

Most of the countries havent decided their statement on cryptocurrencies yet. Many governments think they are the easiest way for money laundering and using black money. Some local exchanges put taxes on conversion of Bitcoins when you convert them to fiat. No one knows whether they pay them to the govt or not.

i am not expert in terms of cryptocurrencies but as for me, is it the fees we are paying not the taxes? Or you just misunderstood the meaning of taxes, maybe its because only the government has the right to ask taxation funds, for me i believe that taxes are the fees we are already paying, not only to ask them to send our money but a part of it is their share.

I've paid once and then they've come for more with the guns  >:(

I think it will never happen that crypto will be deventralized. but as for your question at this current days, I dont pay taxes on my earnings thru bitcoin. the government on our country has no idea about what is cryptocurrency and how they can charge taxes on the users.

Depends on where you live. In a lot of countries, you'd be looking at jail time if you don't report and pay your taxes on the gains you made trading crypto.

Though this should only happen when you convert your crypto to fiat. If you just keep trading between Bitcoin vs Altcoins, then I don't think you have to pay taxes in any country.

In my country I don't pay any taxes with my cryptocurrency since they don't require us to pay and the exchange we use charge a lot every time we withdraw so I think that fair enough. But if in case our government will decide and implement tax for those who are holding crypto then i would gladly follow the rules to avoid trouble in the future.

Are you nuts or what? I don't want to pay any tax on my income from crypto-currencies and till now I have never paid any such taxes in my life. I am already paying income tax on my wages from the regular job, and the tax rates are quite high here. I don't want to pay anymore taxes on top of what I am already paying to the government.

as of now, we don't have regulations and taxes for cryptocurrencies. only the fees for transfer and cash in from various exchanges.i think that is one of the good characteristics of cryptocurrencies, it will never be manipulated by one family or country. maybe they can ban but they will not have basis for taxation. but i believe in the near future, government will be able to calculate the tax per cryptocurrency issued.

Our country has recognized bitcoin as a legal tender but currently has no system for taxing it. Even if they do, it's not like our government is great at collecting taxes. The only time they'd probably be able to catch us is when we cash in or out via our local exchange but then again, they're already taking money from the exchange.

I actually don't pay taxes at all when it comes to cryptocurrency, The only tax I pay is when I use it to purchase goods and pay for services online and mostly when am buying from companies not individuals.  I have read people say that they pay taxes when buying bitcoins with fiat.

In my country, bitcoin is not prohibited and not allowed. It is used by some individuals and some shops. When converting Bitcoin to Fiat, I pay a commission to the exchanger, but not to the state budget

Correct me if i'm wrong, but more than the 90% of countries don't accept BTC to pay taxes. It's a non sense question. Even if we could who would that?

Please read the OP again. The OP is not referring to using BTC to pay taxes. On the other hand, OP is talking about whether you need to pay taxes on your revenues and profits from the trade of crypto-currencies or not.

Nope. I don't pay taxes and i don't think anyone's been doing so yet. Cryptocurrencies haven't been globally accepted yet and a few countries have just started adopting it. It would have to be more widespread and the features of crypto would make it hard for governments to tax crypto.

I do not pay taxes for my crypto currency, because in our country it was not mentioned about this and I do not have so much yet. In addition, I consider the whole system of taxation theft.

I am not paying taxes for using crypto currency. This was initially the main idea of avoiding taxation and ability to use the currency in a free way.

I do not pay tax on the crypto currency, because in our country nothing is said about this and in general I consider the taxation of theft. I'd rather do charity for those in need than pay taxes.

i can't pay taxes for the crypto currency i only pay the service transactions in online wallet, taxes for the crypto currencies is not regulated by the government as a decentralized currency, but i will pay the taxes if the crypto currency regulated by every country under the government law. but now have nothing law about taxes in any government institution for the crypto currency.

No, i don´t pay taxes with my cryptocurrency, well not right now but who knows in the future jeje

I've realized some gains this year and I could declare that money, rate for capital gains is from 28 to 35%, but I have a lot of deductible expenses and I wouldn't have to actually pay anything.

Hope in the future I make so much money I actually have to pay taxes. :D

Right now when it's not regulated it's better not to pay taxes, good to save time and money
But in general I consider mining, transaction fees as taxes type - so in this case everybody pays taxes)

I think we pay taxes using bitcoin when we made some transactions over an exchanger site. But that taxes is not mine but for the owners of the exchanger site to be payed in their government. Maybe we may not call it a tax but we may cal it as a fee.

Personally i know i am not paying any taxes for my bitcoins...
But it may be a different story when i am tin transaction with converting agencies..
I don't know if part of their services charges is deducted of tax or not...
.

No I'm not paying any tax in crypto.
Here in my country in every purchase you make there's a taxation already and for sure when I cashout my bitcoins, the exchange is being taxed.

I spend my crypto mostly for online/digital goods and I really don't even transact with that much so no. You can't pay sales tax with bitcoin anyways. Once the governments start cracking down and see the money though I would assume it's a good idea to pay taxes.

Why should I? I've been taxed very high with my salary. I'm not even earning yet, I'm still investing in crypto, I still have to wait for a little longer.

No, because crypto currencies not yet being legalized, so I dont know whether it is consider as asset or currency, and the government not really care about it, and I only got very liitle income from crypto currencies

Nope. Till now I haven't paid taxes on my income from crypto-currency. I have sold a few of my coins during the past 3 years, but I used Localbitcoins and never paid any taxes over the gains.

Everyone's not paying taxes with using crypto. That's one thing that makes it popular to many users. The fact that it's not corrupted by the current system and that can't be manipulated and monopolized is what's making crypto in demand nowadays.

No, I do not pay tax on crypto currency and do not want to be legalized in my country or to have some kind of law on the payment of the tax on crypto currency. I want to use an uncontrolled currency.

no, i don't pay it, because not any rules for pay it, so just hold in your hand

I live in the country where the government is always too late when it comes to modernization, so my answer is no, and when half of the countries in this world start asking for taxes then after that maybe my country will think about it  ;D