Are you going to pay taxes?

[Sithara007]

I think it's depend on how much is the cost. If it's expensive i won't pay.

ROFLMAO. I don't think that you are having a choice here. You need to pay your taxes, irrespective of the rate. Else, you may be arrested for tax evasion, sent to prison and all of your wealth may be confiscated. If you are that adamant about it, then you can try purchasing the citizenship of some country where there is no income tax.

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[buldog16]

I will not do it,
It,s not because i am stingy, but there is no connecting goverment with us,
And one more, they are cheating in my contry,
They do corruption, of course they will be easy to cheating the taxes from bitcoin.
I do disagree with this.
Need more rules and detail information about the taxes will go for, if those are clear, i don't mind to pay it.

[Minnie1928]

Taxes in my country are not a joke. Everything is taxable and avoiding the taxes is being considered as the criminal activity. I hope for the reducement of the taxes for everyone cause with every new year there is something else that the taxes are involved with. Bitcoin is still newly coin and new stuff that is not yet officially taxable but report must be made if Bitcoin is transferred to a bank.

[mgoz]

If your only intention is to amass a huge supply of Bitcoins, the question does not apply to you.

In the U.S. this isn't true. You're required to pay taxes based on the USD fair market value when you received or mined the coins. Even if you never spend or trade them, you still have to pay taxes. If you do ever spend or trade them, then you also have to report gains or losses based on the difference of value when received/mined and value when spent/traded. Being that there are multiple different exchanges with different Bitcoin to USD values, there will be multiple different ways one can determine fair market value, but you must apply it consistently.

For someone strictly mining, I'd think value could be determined based on whatever it costs to mine plus whatever profit you'd want in order to sell. Exchanges are driven by hype and manipulation when the true value of Bitcoin is whatever you want it to be until the government considers it legal tender or kills it off entirely.

[pazzanegro]

No, I'm not going to...  In Belarus (Eastern Europe) crypto legalise and tax free. Thank you Mr. President Lukashenko

[BoBBaumeister]

if i ever make profit, ofc

[ChrishAi28]

Are you going to pay taxes on your Bitcoin profits?

Suppose you make a million dollars. Suppose you have already made a million dollars. Are you going to hand half of that cash over to the government? Of course, this is assuming you convert your coins into federally recognized cash. If your only intention is to amass a huge supply of Bitcoins, the question does not apply to you.

You're supposed to pay income taxes. It seems rather easy to get away with not doing it, though... at least in this case.

Yes of course if it is in the law of our government that bitcoin income to be tax. But if not for sure im not going to  pay it.

[squog]

Are you going to pay taxes on your Bitcoin profits?

Suppose you make a million dollars. Suppose you have already made a million dollars. Are you going to hand half of that cash over to the government? Of course, this is assuming you convert your coins into federally recognized cash. If your only intention is to amass a huge supply of Bitcoins, the question does not apply to you.

You're supposed to pay income taxes. It seems rather easy to get away with not doing it, though... at least in this case.

As the good book says, "give to Cesar what is due to Cesar".  So saying that, i will do every loophole to get away with paying taxes. I mean yes it's in the law to pay taxes, but there are ways to bend them but never break. I would really love to pay taxes if i see that it improves my life considerably, but if i see politicians riding in their luxury cars living in mansions then i think no...

[Stegobit]

Else, you may be arrested for tax evasion, sent to prison and all of your wealth may be confiscated.

Crypto assets cannot be confiscated if private key (wallet file) encrypted and stored safely in the cloud.

Keep good records of your trades, the exchanges do and report to the government here in the US.

Never use exchanges. Sell Bitcoin only for cash!

[Sithara007]

USA citizen.
Yes, I will pay all taxes as best as I can calculate.

A friend who makes a lot as a programmer was doing side work from 2006-2009 and didn't report the income.       All was cool until he received a $35,000 insurance payout in 2016 (truck pulled out in front of his motorcycle).      That got the IRS looking and now he owes over $200,000 in taxes, interest, and penalties.      Still being settled (tax lawyer involved now) but he is seriously in debt now to the IRS.     Looks like they will settle for about $96,000 and he will be audited forever.

I intend to fully pay taxes on the capitol gains.

Keep good records of your trades, the exchanges do and report to the government here in the US.

This is scary. But still I am glad that he avoided a jail term. I really suspect that the guy lost somewhere around $300K. Because on top of the 96K penalty, he has to pay for the interest and legal expenses. It will put him back by at least 10-15 years. Even here in India, it is the same situation. If the tax authorities catch you, then you are ruined.

[Yourlover]

When the time comes that I am already earning from bitcoin, I will not pay taxes to government but I will donate it to the charity, I think that is better than giving my taxe in the government. Another one why I will not give taxe to government; my source of income is non-taxable so no need to pay.

[Saksham]

Are you going to pay taxes on your Bitcoin profits?

Suppose you make a million dollars. Suppose you have already made a million dollars. Are you going to hand half of that cash over to the government? Of course, this is assuming you convert your coins into federally recognized cash. If your only intention is to amass a huge supply of Bitcoins, the question does not apply to you.

You're supposed to pay income taxes. It seems rather easy to get away with not doing it, though... at least in this case.

I am going to pay taxes there is no doubt in this because in order to evolve this world, this country and even this city i live in my duty is to participate to the development of it by paying taxes.

[agus_sna]

Yes I will pay taxes, because it is also for our own benefit ,,
But before that should we who pay taxes who want to late tax in sanctioned so we can compact in mrmpayar tax ,,
Tanks you

[wtfonly16]

Saya sangat senang akan adanya forum diskusi ini,,

35% tax in US...

[samyang2x]

I will pay taxes only and only if i am earning millions but for now i want the government to look for those billionaires and bussinessmens out there if they really do pay their exact taxes before me.

[Goethe]

I think is correct to pay taxes on Bitcoin profits ,if that is the low of your Country.

[vkwame30]

Taxes are used by government to make infrastructure development and pay security forces so we can have peace of mind to do our work. So I will pay my tax. Besides, is morally binding for me to  do so.

[Stegobit]

Taxes are used by government to make infrastructure development and pay security forces so we can have peace of mind to do our work. So I will pay my tax. Besides, is morally binding for me to  do so.

Infrastructure is heavily underfunded in most countries now, while govt employees live in mansions and drive Ferraris!
Security forces being used to repress people's freedoms and rob them even more (taxes). They are your enemies and never friends!

[wtfonly16]

Taxes are used by government to make infrastructure development and pay security forces so we can have peace of mind to do our work. So I will pay my tax. Besides, is morally binding for me to  do so.

Infrastructure is heavily underfunded in most countries now, while govt employees live in mansions and drive Ferraris!
Security forces being used to repress people's freedoms and rob them even more (taxes). They are your enemies and never friends!

soooo move the fuck outa the country with the tax money you are not giving them
 

[Sithara007]

Else, you may be arrested for tax evasion, sent to prison and all of your wealth may be confiscated.

Crypto assets cannot be confiscated if private key (wallet file) encrypted and stored safely in the cloud.

There will be no taxation as long as you are not converting your coins to cash. So there is no need to hide your coin holdings. But once you trade your coins to fiat, then you may be required to pay taxes, which can range from 13% to 60% of the total amount, depending on the jurisdiction and duration of holdings.