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Author Topic: Filing taxes and bitcoin?  (Read 908 times)
youdamushi
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May 03, 2017, 03:39:53 PM
 #21

There will be no special treatment given to Bitcoin trades if it is not recognized in your country. Therefore, it will be considered equivalent to stock investment and your profits will be considered as capital gains. These gains will be added to your net worth in the year end and if your income will be in tax slab, you have to pay taxes, no excuses.  Cheesy
Other than above direct tax, you may need to pay additional indirect taxes as on the time of sale/purchase, no matter whether you made profit or loss.

It depends though.
I know that in France for example it's filled as "exceptionnal gains" and is taxed in a very special way.

Best is always to seek advise to your own country administration. You'll see what to do afterwards.


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May 03, 2017, 04:42:10 PM
 #22

There will be no special treatment given to Bitcoin trades if it is not recognized in your country. Therefore, it will be considered equivalent to stock investment and your profits will be considered as capital gains. These gains will be added to your net worth in the year end and if your income will be in tax slab, you have to pay taxes, no excuses.  Cheesy
Other than above direct tax, you may need to pay additional indirect taxes as on the time of sale/purchase, no matter whether you made profit or loss.

It depends though.
I know that in France for example it's filled as "exceptionnal gains" and is taxed in a very special way.

Best is always to seek advise to your own country administration. You'll see what to do afterwards.
Interesting. I thought that no country has taxes for bitcoin. In my country is one wanted to pay taxes for such a business, one would have to pass burocratic procedures on making oneself a businessman and taxes in btc still wouldn't be accepted, of course, so one would have to sell some btc for local currency of thus pay. I think that such a case will be in most of countries. So no worries about taxes in this sphere.

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May 03, 2017, 04:57:45 PM
 #23

In 90% of the case it's more or less the same.
You buy bitcoin, ok.
Your btc value rises, cool for you.
You sell your btc at a higher value? HERE you have to pay taxes on what you won.

There are specific rules on your country after that but in msot cases you'll pay only on what you earned.

Yeah, that's true and that's called capital gains

On which you should pay a capital gain tax, a sort of income tax. On the other hand, seeking advice from authorities may actually move the government to pay special attention to Bitcoin, and the outcome of that may not make you quite happy (in respect to the amount of taxes you may have to pay, in the very least). Indeed, a small number of such appeals won't raise enough suspicion but if many folks start asking, everything may change. In other words, don't trouble trouble until trouble troubles you

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