Should i pay tax if i receive bitcoins ?

[Menahem]

Such instrument as Bitcoin (Liberty Reserve also) appeared in this world because millions of people won't being robbed by government taxes. So, what is the question?

[jerelimZ]

So if I get it right there is no need to pay tax if I transfer small amounts of money from exchange to my bank account? I'm guessing if that country in EU for example, sends a report about the transfer to receiving country...TAX SUX 

Dont worry about not taxing small amounts of money, like $500 yearly. But every country has different value yearly you dont need to tax

[otsaku]

So if I get it right there is no need to pay tax if I transfer small amounts of money from exchange to my bank account? I'm guessing if that country in EU for example, sends a report about the transfer to receiving country...TAX SUX  

absolutely wrong!


the amount doesn't matter - it is the amount of profit you have earned.

Best tip cash out in person if you can and not in the country you reside in, remembering to keep the amount under what you can legally carry into the country.

BUT this year I got stopped in both directions in the UK carrying £4500. Money I had already paid tax on. This happened at the bureau de change who helpfully involved customs - even though the amount was below what I can legally transfer on my person between the UK and Denmark!

I had to firstly demonstrate it was my money and secondly where the money originated from, had to declare my intention for the money. Almost missed my plane on the way out.

[Menahem]

Dont worry about not taxing small amounts of money, like $500 yearly. But every country has different value yearly you dont need to tax

Thats a lie, the most richest people don't pay the taxes at all (or they should become beggars immediately), so other normal people are robbed by their own governments "taxes" and should hide their money transactions.

[bottledwater]

So if I get it right there is no need to pay tax if I transfer small amounts of money from exchange to my bank account? I'm guessing if that country in EU for example, sends a report about the transfer to receiving country...TAX SUX  

absolutely wrong!


the amount doesn't matter - it is the amount of profit you have earned.

Best tip cash out in person if you can and not in the country you reside in, remembering to keep the amount under what you can legally carry into the country.

BUT this year I got stopped in both directions in the UK carrying £4500. Money I had already paid tax on. This happened at the bureau de change who helpfully involved customs - even though the amount was below what I can legally transfer on my person between the UK and Denmark!

I had to firstly demonstrate it was my money and secondly where the money originated from, had to declare my intention for the money. Almost missed my plane on the way out.

What  a hassle, I dont know if I could cross borders with cash the thought of it makes me nervous as hell, I would spill spaghetti when asked about the who what where of it all.

[otsaku]

So if I get it right there is no need to pay tax if I transfer small amounts of money from exchange to my bank account? I'm guessing if that country in EU for example, sends a report about the transfer to receiving country...TAX SUX  

absolutely wrong!


the amount doesn't matter - it is the amount of profit you have earned.

Best tip cash out in person if you can and not in the country you reside in, remembering to keep the amount under what you can legally carry into the country.

BUT this year I got stopped in both directions in the UK carrying £4500. Money I had already paid tax on. This happened at the bureau de change who helpfully involved customs - even though the amount was below what I can legally transfer on my person between the UK and Denmark!

I had to firstly demonstrate it was my money and secondly where the money originated from, had to declare my intention for the money. Almost missed my plane on the way out.

What  a hassle, I dont know if I could cross borders with cash the thought of it makes me nervous as hell, I would spill spaghetti when asked about the who what where of it all.

I had not foreseen any problems as I was below the £10,000 declare limit - next time I'm taking the fee and exchanging the currency in my bank.

[Menahem]

I believe there will be more websites, which are selling real goods and services directly in BTC, so banks (and their finance monitoring) will become useless for most people, which don't trust them and also won't be enslaved and robbed by "taxes".

[Authentic]

If you would have paid tax if you were paid in cash, you will have to pay tax if you get paid in Bitcoin.

[miners78]

Here in the UK it would fall under normal tax on income over a certain amount.

[gooryheta]

If you would have paid tax if you were paid in cash, you will have to pay tax if you get paid in Bitcoin.

What happens if you get paid with sex for your work, do you have to tax it and how much the sex is worth in dollars?

[Menahem]

Actually, you should pay "taxes" for any kind activities which brings you profit in national currency. Bitcoin is not a national currency, so, there no taxes possible.

Peolple, who pay any "taxes" are responsible for supporting all enslavery in the world.

[Bitcoin Oz]

I dont support governments using taxes to kill brown people and wouldnt recommend you incriminate yourself by filing a tax return, but thats just me, dont take this as financial advice.

[Dilapidated]

I feel like this should depend on how much profit you made. If you made 100k or more then possibly. Personally I would be afraid of incriminating myself so I'm not so sure Id report it.