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Alternate cryptocurrencies => Altcoin Discussion => Topic started by: sv624 on April 20, 2018, 05:59:44 PM

Title: receiving coins from ICO is taxable?
Post by: sv624 on April 20, 2018, 05:59:44 PM

Hi,
In this video https://www.cnbc.com/video/2018/04/16/fundstrats-tom-lee-makes-the-case-for-a-big-bitcoin-rally-post-tax-day.html?play=1 (https://www.cnbc.com/video/2018/04/16/fundstrats-tom-lee-makes-the-case-for-a-big-bitcoin-rally-post-tax-day.html?play=1)

Around 0:46 seconds thru the video, Tom Lee says that "as soon as you receive coins from an ICO, that is taxable" .
I thought when you invest in an ICO, that is taxable because the price of ETH might be higher at the time of investing in ICO than when you actually bought the ETH.
Just receiving coins from ICO should not be taxable until you actually sell the coins.
Any thoughts on this, please?
Thanks so much

Title: Re: receiving coins from ICO is taxable?
Post by: Snaic on April 20, 2018, 06:18:59 PM

To search for the logic in the taxation, which is connected with the crypto currency, is useless. Everyone will have their own opinion and there will not be any sense in this. It is necessary to look at the tax laws of your country of residence and be guided by it. In my country, the crypto currency is not regulated and there is no taxation. Therefore, I still use relative freedom in this regard. However, what will be in the future, we'll see.

Title: Re: receiving coins from ICO is taxable?
Post by: ZahaRip on April 20, 2018, 06:28:26 PM

In my country, there's taxation of everything you can touch. This is very deplorable, but few people pay taxes, because the government does absolutely nothing for the people.

Title: Re: receiving coins from ICO is taxable?
Post by: hotBriX001 on April 22, 2018, 04:46:23 AM

Quote from: sv624 on April 20, 2018, 05:59:44 PM

In my country receiving coins from ICO is not taxable yet because our government not yet recognized bitcoin or altcoins and there were no laws provided to get paid tax of the coins that we earned in ICO projects. Even if you sell your coins you did not required to pay tax with it but you must pay the transaction of the trading process in converting it into real money, but this is only in my country I don't really know about the others.

Title: Re: receiving coins from ICO is taxable?
Post by: zenhu on April 22, 2018, 04:51:41 AM

Are you from US mate ? Or any other country that allready make rule about cryptocurrency. If you not living in that country who have rule about cryptocurrency so tax is not something you have to worry.

Title: Re: receiving coins from ICO is taxable?
Post by: DeepChipolino on April 22, 2018, 05:09:09 AM

If ETH becomes more expensive, and we buy a security token, there should not be a tax. If, however, the utility token, that is, has value to provide services, then laws are necessary.
In my country, there are still no crypto laws.

Title: Re: receiving coins from ICO is taxable?
Post by: vitkamenev on April 22, 2018, 02:33:07 PM

I have no tax on cryptocurrency in the country. This is nonsense I think. The state does not help me to develop in the world of cryptocurrencies. And I have to pay tax? This is stupid!

Title: Re: receiving coins from ICO is taxable?
Post by: dE_logics on April 22, 2018, 02:40:20 PM

Quote from: vitkamenev on April 22, 2018, 02:33:07 PM

I have no tax on cryptocurrency in the country. This is nonsense I think. The state does not help me to develop in the world of cryptocurrencies. And I have to pay tax? This is stupid!

The government wants to punish you for not using their fiat currency. And also to prevent you from hiding wealth and income there.

Title: Re: receiving coins from ICO is taxable?
Post by: bigcash2011 on April 22, 2018, 02:43:36 PM

I think it is taxable in only fully regulated countries like usa, australia and few more, major part of the world still is tax free for crypto currencies, most of the governments are still illiterate about blockchain and crypto so they will take time accepting them.

Title: Re: receiving coins from ICO is taxable?
Post by: Lodipetmalu on April 22, 2018, 02:46:02 PM

It will depends on the country where you transacted. Like in our country, all related to coins from ICO is not yet taxable since it was not yet put into a law therefore government can not impose tax yet. They must pass a bill first for them to be taxable.

Title: Re: receiving coins from ICO is taxable?
Post by: prehisto on April 22, 2018, 02:47:00 PM

Quote from: sv624 on April 20, 2018, 05:59:44 PM

I believe that in at least part of the countries it is fairly simple.
You pay income tax on your tokens when you exchange them to FIAt and withdraw to your bank acc.

Title: Re: receiving coins from ICO is taxable?
Post by: lienfaye on April 22, 2018, 03:03:51 PM

What's the status of bitcoin/altcoins in your country? because this totally depends on which country you are from. Regarding taxation our government has no existing law yet regarding cryptos to address this issue hence we are at ease that our income by participating in ICOs and other related activities were still intact. However, as the users now are growing each day last year they released guidelines to balance interests of harnessing innovation.

Title: Re: receiving coins from ICO is taxable?
Post by: CHENIEN on April 22, 2018, 03:05:45 PM

This is a decentralized business system, and without any government taxes or a government tax free business, maybe those people talking about payments of taxes are missed understood about such payment involve, because tokens transactions has a form of gas up payment which used to transact tokens selling into ethereum.

Title: Re: receiving coins from ICO is taxable?
Post by: rextoinsem on April 22, 2018, 03:06:20 PM

the simple logic is that since any income should be paid tax. Income may mean a positive difference between the purchase price and the sale price. But why do pay this tax in the cryptocurrency world, if the losses (possible) you set no one.

Title: Re: receiving coins from ICO is taxable?
Post by: sv624 on April 26, 2018, 05:11:57 PM

Hi,
This question is for USA residents only.

I understand that tax must be paid whenever there is income.
For example, lets say I bought ETH yesterday at $600.
Today I invested in an ICO that allows US residents.
Lets assume ETH reached $650 today.
I have to report $50 as income even though I exchanged one coin to another without converting to fiat.
But in the video he says receiving coins from an ICO is taxable.
That is what I don't understand.
Thanks so much

Title: Re: receiving coins from ICO is taxable?
Post by: BitcoinGuruOne on April 26, 2018, 05:16:36 PM

I see this as any other work our income and I think it should be this way.
The only difference is that the income tax should be calculated the when you withdraw to your bank account because of the high fluctuations of the market.
At least now while the cryptos are not mass adopted this is the best solution.

Title: Re: receiving coins from ICO is taxable?
Post by: mangkanor on April 26, 2018, 05:54:11 PM

As far as i know it isnt.unless you are going to cashout you will get taxed.If you are going to cashout big amounts i would rather suggest to ask for someone who are willing to pay cryptocurrencies for cash so that there will be no hassle and questions ,taxes to put on your earnings.i dont want to get taxed by the government because cryptocurrencies are decentralized currencies.

Title: Re: receiving coins from ICO is taxable?
Post by: ZahaRip on July 29, 2018, 03:01:49 PM

Quote from: vitkamenev on April 22, 2018, 02:33:07 PM

I have no tax on cryptocurrency in the country. This is nonsense I think. The state does not help me to develop in the world of cryptocurrencies. And I have to pay tax? This is stupid!

the state has taxes and it will try to collect them from everything that can get. the state has a problem with the globalization of bitcoin. perhaps there will be a global tax that will divide countries.

Title: Re: receiving coins from ICO is taxable?
Post by: zeze18 on July 29, 2018, 03:03:57 PM

Quote from: sv624 on April 20, 2018, 05:59:44 PM

Title: Re: receiving coins from ICO is taxable?
Post by: Razick on July 31, 2018, 07:55:58 PM

Not from where I live right now, there is no tax at all on crypto earnings so it does not matter where the coins come from, I don't have to worry about taxes. i do believe that we are going to start getting taxed soon for the crypto earnings. What I am most worried about are the back taxes if they decide to use that which would mean we could be paying a lot more than we earn.

Title: Re: receiving coins from ICO is taxable?
Post by: eternalgloom on July 31, 2018, 07:59:38 PM

That depeds on what country you're from, I'm assuming you're talking about the US here, in that case I think they tax every transaction.
Even those between crypto, so I would assume that it's correct you'll have to pay taxes once you receive ICO tokens.

It's a really crazy system IMO, I consider myself lucky that I don't live in the US :P

Title: Re: receiving coins from ICO is taxable?
Post by: dntkcoin on July 31, 2018, 08:02:35 PM

Depends on which country you live in and also depends on if you cash out your coins to Fiat currency or not. In some countries no matter where you get your coins from and ICO or airdrop if you cash them out they will be taxable.