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Author Topic: Taxes on bitcoin?  (Read 3476 times)
LFC_Bitcoin
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May 08, 2015, 09:25:13 PM
 #21

I don't think there's a single country where it would be legal to pay for a property in BTC.
Most countries have taxes on property transactions, and all property transaction must be registered, with the price in local currency included in the registration process. So you may exchange the fiat income from the transaction in BTC, after the transaction, then to Sterling, and then you'll pay tax. I'd recommend to keep the money outside of the UK.

Depends if the seller of the house decided to sell the house privately & not go through an estate agent / real estate manager.
I'm unsure if that would be legal but if two people decide on a method of payment privately surely that's ok?

I have no idea, no legal background, I'm just presuming here.
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May 08, 2015, 09:38:49 PM
 #22


Depends if the seller of the house decided to sell the house privately & not go through an estate agent / real estate manager.
I'm unsure if that would be legal but if two people decide on a method of payment privately surely that's ok?

I have no idea, no legal background, I'm just presuming here.

Most countries will have some type of property transaction tax. Registering change of ownership won't be possible without paying it.

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May 14, 2015, 01:33:16 PM
 #23

Why do so many People think that by using bitcoin You dont have a legal obligation to pay taxes? You Will always have to. The question is, Will You risk not declaring it? Not smart imo.
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September 25, 2017, 10:48:27 AM
 #24

It depends on were to sell property in a different country. If the country has not declared a legalization of the Bitcoin you will not pay a tax and if it's legal on the country you will pay a tax. But you should research that if that country is legal or illegal about Bitcoin. But if you talk privately you will send it with no taxes, but only my opinion.

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September 25, 2017, 10:53:13 AM
 #25

Payment method is not relevant, you need to see what taxes apply to the specific transaction.

You don't need to included a transaction in the paperwork, just the amount and then you pay whatever taxes you need to pay...
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September 25, 2017, 11:26:18 AM
 #26

If I were to sell property in a different country and the buyer were to pay me in bitcoins, would there be any taxes to pay? And when trading in the bitcoins for UK GBP, would there be any taxes to pay then?  Smiley

In order to issue the transaction legally you will need to assess the property in Fiat. In many countries there are restrictions on paying cash, therefore you may be required to make payment to the account. I think that you have no chance to avoid conversion and therefore have to pay tax.

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September 25, 2017, 01:41:39 PM
 #27

In the UK bitcoin is only subject to capital gains tax as far as I know. BTC in the UK is treated as an asset in the same way gold, silver etc are treated, unless you are liable as a corporate entity. You have an allowance of £11,100 yearly.

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September 27, 2017, 01:09:47 AM
 #28

If I were to sell property in a different country and the buyer were to pay me in bitcoins, would there be any taxes to pay? And when trading in the bitcoins for UK GBP, would there be any taxes to pay then?  Smiley

I think it is not necessary to pay taxes when you are being payed by bitcoins.
Bitcoins are internet money and it is not yet converted into flat.
When you converted the bitcoin before you pay, then you will also have to pay a tax.

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September 27, 2017, 01:52:01 AM
 #29

If I were to sell property in a different country and the buyer were to pay me in bitcoins, would there be any taxes to pay? And when trading in the bitcoins for UK GBP, would there be any taxes to pay then?  Smiley


Yes you need to pay the tax for the government records like the registry of deeds and the attorney services to process your legal property documents that you will need in the future but this time you will pay in fiat money. No matter how buyer pay your property in gold, dollars, pounds, yen, or bitcoin etc. still you will indicate your total selling value in local money to your legal documents as the base for the tax to be paid in the government.

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AlphaWolf
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September 28, 2017, 02:30:01 PM
 #30

If I were to sell property in a different country and the buyer were to pay me in bitcoins, would there be any taxes to pay? And when trading in the bitcoins for UK GBP, would there be any taxes to pay then?  Smiley


Taxes are everywhere.
Even in transaction fees.
But also, don't expect to trade without taxes.
Everyone needs some % of your BTC.

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September 29, 2017, 06:49:07 AM
 #31

There would not be any taxes as the transaction will take place in private and there is no involvement of authorities and the government. It would be great if you find a buyer who is ready to pay such huge amount in the bitcoins.
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September 29, 2017, 07:05:13 AM
 #32

There would not be any taxes as the transaction will take place in private and there is no involvement of authorities and the government. It would be great if you find a buyer who is ready to pay such huge amount in the bitcoins.
Yeah,as you said there is no taxes on the transactionof bitcoins.But you need to pay the taxes while you earn income from investing bitcoin as the investment.The most common and diplomatically safe assumption, at this point in time, is that bitcoin trade is a business, and just like any business, income tax needs to be paid on the profit made from buying and selling of this virtual currency
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September 29, 2017, 08:03:09 AM
 #33

There would not be any taxes as the transaction will take place in private and there is no involvement of authorities and the government. It would be great if you find a buyer who is ready to pay such huge amount in the bitcoins.
Yeah,as you said there is no taxes on the transactionof bitcoins.But you need to pay the taxes while you earn income from investing bitcoin as the investment.The most common and diplomatically safe assumption, at this point in time, is that bitcoin trade is a business, and just like any business, income tax needs to be paid on the profit made from buying and selling of this virtual currency

Maybe the only time that the government could actually tax bitcoin is when it is converted to fiat money that the bank has been notified that there is a transaction made from a wallet address. That is the only i could see that the government could actually make some tax in bitcoin transactions. Because right now even if i transfer money to a bank, no charge that the money i sent like 5k stays the same amount after it was received in my credit card.
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September 29, 2017, 09:35:02 AM
 #34

I think we already have that here in philippines because in the transaction fees its so high but its ok for good exchanger,i think if you add more fees like tax is not good for everyone because its spread in different country so if we have tax coming in different country that will be big problem,where we do paid if this is for everyone?

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September 29, 2017, 10:26:35 AM
 #35

There are agreements between countries for avoidance of double taxation. If you pay taxes in one country then in another country, you no longer have to do that. As for real estate transactions the tax is paid by the seller. When you make a transaction in the contract will contain the price in pounds. With this amount, you will pay the tax.
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September 29, 2017, 10:39:28 AM
 #36

If you're immediately converting bitcoins after accepting them... why would there be any tax on this transaction? Roll Eyes
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September 29, 2017, 06:01:22 PM
 #37

If I were to sell property in a different country and the buyer were to pay me in bitcoins, would there be any taxes to pay? And when trading in the bitcoins for UK GBP, would there be any taxes to pay then?  Smiley


Whenever bitcoin is bought, sold, or traded, there are tax impacts. When it comes to taxes, the Internal Revenue Service has ruled that bitcoins and other "convertible virtual currencies" are "treated as property" and not treated as currency. Virtual currencies are property for tax purposes. That means, you'll have capital gain or loss when disposing of virtual currency. Business transactions as well as selling properties in bitcoin are subject to all the normal rules for sales tax, withholding, and information reporting.
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September 30, 2017, 08:41:58 AM
 #38

I don't think there's a single country where it would be legal to pay for a property in BTC.
Most countries have taxes on property transactions, and all property transaction must be registered, with the price in local currency included in the registration process. So you may exchange the fiat income from the transaction in BTC, after the transaction, then to Sterling, and then you'll pay tax. I'd recommend to keep the money outside of the UK.


Dubai seems to be fine selling flats for BTC

http://gulfnews.com/business/property/own-this-dubai-property-pay-in-bitcoin-1.2086115
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September 30, 2017, 01:01:33 PM
 #39

Stricly speaking is not legal to buy or sell a property and pay via Bitcoin. But if you choose that, at the Contract of Sale for the Property you will need to show a legitimate price according to the currency of your country. That contract will be submitted to the Tax Office and after you get the clearance from the Tax Office or after they ask you to pay the taxes, then you will submit the contract and all documents received from the Tax Office to the Land Registry Department of your Country.

Thus you cant avoid taxes for transactions such as the sale of properties.

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September 30, 2017, 01:29:06 PM
 #40

If I were to sell property in a different country and the buyer were to pay me in bitcoins, would there be any taxes to pay? And when trading in the bitcoins for UK GBP, would there be any taxes to pay then?  Smiley


Whenever bitcoin is bought, sold, or traded, there are tax impacts. When it comes to taxes, the Internal Revenue Service has ruled that bitcoins and other "convertible virtual currencies" are "treated as property" and not treated as currency. Virtual currencies are property for tax purposes. That means, you'll have capital gain or loss when disposing of virtual currency. Business transactions as well as selling properties in bitcoin are subject to all the normal rules for sales tax, withholding, and information reporting.
It is impossible to register a real estate transaction with bitcoin. All transactions which require registration of ownership papers are checked by the tax authorities. You will not be able to avoid taxation on such sales. If you buy a property then the tax authorities must inquire the source of your income and require the payment of taxes. Bitcoin is good only for small purchases and money laundering.
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