Taxes on bitcoin?

[electronicash]

he may have evade in the first rounds but transferring names to the buyer's would mean tax paying for him. i would rather be accept fiat for such transaction than making those people from the government suspicious with what you deals with.

If payment of real estate for bitcoin is made in a country that does not recognize the digital currency as a means of payment, then this is a very interesting situation. Apparently, there must be a special law or subordinate act that explains this issue. Many issues related to crypto currency have not yet been regulated by the state. Therefore, they are decided at the discretion of the citizens themselves.

there are however countries that are slowly accepting btc, that would mean they will pay taxes.

[1713579681]

1713579681

[nazzzzz]

you need need only ask him price

example if you want to send to china

only use exchange to change bitcoin to yoan and then send the number of bitcoin

[Kronos21]

If payment of real estate for bitcoin is made in a country that does not recognize the digital currency as a means of payment, then this is a very interesting situation. Apparently, there must be a special law or subordinate act that explains this issue. Many issues related to crypto currency have not yet been regulated by the state. Therefore, they are decided at the discretion of the citizens themselves.

In order to make a deal on the acquisition of real estate in any country you need to execute legal documents and pay taxes. This must be a expert estimation of property value in the national currency. This price will determine the amount of taxes.

[Emmami@758]

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? 

up to  now on bit coin had no tax. it is crypto currency so government did not gave statement on bit coins tax. some country's slowly accepting bit coins. person to person  money transactions.

[alva 666]

you only need to pay network fee (less than 2$ for 100$)but you can back it to normal bank system and pay tax if you want to pay 

[deisik]

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? 

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.

Yes, don't mess with the IRS

Obviously, you talk about only the US citizens (the IRS is the US tax agency) since in other countries and jurisdictions there can be different regulations. That said, if you use Bitcoin for trading purposes (i.e. when you sell it for fiat, say, the US dollar, and vice versa), I guess you should not declare every transaction (i.e. trade) you make. You just calculate how much you earned (lost) in total and declare that amount to the IRS once a year, and, correspondingly, pay the capital gains tax (or whatever) once a year as well (provided you booked profits in the first place, of course)

[Granxis]

If you do not have a bitcoin company, you do not have to pay taxes. Using only bitcoin will not make you your company owner. No country can get tax from you with such an illogical reason. Continue to use bitcoin. I hope we will see better days.

[meliodas]

In my opinion, there shouldn't be a tax on bitcoin. The exchange rate of the currency of bitcoin is greater than average, meaning the tax for every bitcoin transaction will be so high. Only government officials want this to gain more money.

[Nameless27]

As per exchanges must allocated a portion of conversion fee as taxes for the government and it should be monitored by a representative of the government which specialise on digital technology. It won’t be hard as the bitcoin exchanges provider cooperated as to show willingness to be called legally recognized.

It won’t be that big for us but if accumulated by all, it would be a great helped for a countries development.

[Proton2233]

If you do not have a bitcoin company, you do not have to pay taxes. Using only bitcoin will not make you your company owner. No country can get tax from you with such an illogical reason. Continue to use bitcoin. I hope we will see better days.

I am not a supporter of legalizing bitcoin and not pay taxes using bitcoin. I am surprised by the position of those who want legalization. But the absurdity of the situation is that until will not be able to use bitcoin without exchanging for Fiat governments will never accept bitcoin. They will take taxes Fiat money in exchange. When people exchange bitcoins directly would be easier to hide their trades, and the government will be forced to accept bitcoin in order to accept taxes in bitcoin.

[jekjekman]

If you do not have a bitcoin company, you do not have to pay taxes. Using only bitcoin will not make you your company owner. No country can get tax from you with such an illogical reason. Continue to use bitcoin. I hope we will see better days.

I am not a supporter of legalizing bitcoin and not pay taxes using bitcoin. I am surprised by the position of those who want legalization. But the absurdity of the situation is that until will not be able to use bitcoin without exchanging for Fiat governments will never accept bitcoin. They will take taxes Fiat money in exchange. When people exchange bitcoins directly would be easier to hide their trades, and the government will be forced to accept bitcoin in order to accept taxes in bitcoin.

I think as long the government will not recognize Bitcoin as a legal tender to their country in buying and selling of their goods and services in exchange of it then it can't be tax. In able for the governments in the whole world to implement taxing cryptocurrency they must create a dedicated branch or department in this king of thing because it is a big thing now and a big money is involve inside of it.

[kkent]

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? 

Your tax liabilities will depend on your country's specific regulations. For example, in the United States, the IRS has released regulatory guidelines about how cryptocurrencies are to be reported on tax forms.

[denny27]

As far as I know bitcoin, I don't knowing yet that on using bitcoin there is a taxes must be paid to the local government. I think it depends on the government of the country, how to deal with bitcoin using on its country.. maybe some countries has already applied taxes on the using of bitcoin, however in the country where I live there is no such thing as taxes for bitcoin, because the government is still seen giving freedom for bitcoin users.

[equator]

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? 

Ya surely you have to pay taxes for selling property and when selling in a different country then i think forex trading charges will also applied as you are going to deal in other country so you will be charges double with property trading and including in foreign currency trading. But when dealing in Bitcoin i think that you have to contact your legal and tax department about it.

[Palmerson]

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? 

Ya surely you have to pay taxes for selling property and when selling in a different country then i think forex trading charges will also applied as you are going to deal in other country so you will be charges double with property trading and including in foreign currency trading. But when dealing in Bitcoin i think that you have to contact your legal and tax department about it.

It makes no sense to go to the tax office with such a problem. Nowhere in the world bitcoin is not recognized currency. This means that nobody will make out at the official level deal in bitcoins. You will have in any case to change bitcoins for national currency and execute the transaction in the usual manner.

[kimochidesh]

If you make a transaction in BTC; It does not impose any tax until you convert into fiat currency of your country through an authorized exchange. Tax evasion is a very serious issue. Tax would be induced on Capital gain above the original principal amount invested.

[deisik]

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? 

Ya surely you have to pay taxes for selling property and when selling in a different country then i think forex trading charges will also applied as you are going to deal in other country so you will be charges double with property trading and including in foreign currency trading. But when dealing in Bitcoin i think that you have to contact your legal and tax department about it.

It makes no sense to go to the tax office with such a problem. Nowhere in the world bitcoin is not recognized currency. This means that nobody will make out at the official level deal in bitcoins. You will have in any case to change bitcoins for national currency and execute the transaction in the usual manner.

Wtf are you talking about?

Bitcoin is recognized as a currency in half of the world, and it is recognized in the countries which matter most for Bitcoin such as the US, Japan, and EU. In the US it is considered as commodity for trading purposes but this doesn't mean Bitcoin is not legalized there. In the EU the European court recommended local governments to treat Bitcoin as a foreign currency for taxation purposes. If you mean that you can't pay taxes directly with Bitcoin, I agree with that but this is not what the poster you replied to seems to mean. As I got it, he means that you should ask your tax authority whether you should pay taxes on your Bitcoin deals, irrespective of the currency you are going to pay these taxes with

[Taki]

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? 

I don't know the law of the UK, but here in Russia we actually have to pay taxes from every income what I don't do actually. For now nobody yet asked me where from money that I get on my bank's account are going from, but I have few friends whom been asked about it by tax police. For that case I plan to say that it is family support or something like that. I don't earn some big money and I hope I will not attract a lot of attention. There are many ways to escape the tax system you know 

[Wesimon]

Bitcoin is a virtual currency and can be exchange into different currencies such as EUR, USD, Peso and other more. And most of us treat it as a property. To be able to have tax in a certain property it must be  recorded properly and must be known by the government. But since bitcoin is really anonymous and very decentralized, it would be hard to keep records of it. Meaning it will be hard to imply tax into bitcoin. Maybe, tax with bitcoin can be felt in every transactions we make. Payments and other transactions.

[ripti]

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. 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.