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Author Topic: Do Bitcoins have Tax??  (Read 39909 times)
Jemzx00
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February 11, 2016, 03:40:17 PM
 #1

Since bitcoin is an internet currency that can be turn into a actual money. And Bitcoin too is known on Government but still government can't observe bitcoin that good. So I'm thinking if Bitcoin has tax??

Edit:
Now I know that bitcoin doesn't have tax but Transaction does..
Where do these Tax go?Government? And what kind of tax is it??


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Amph
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February 11, 2016, 03:45:49 PM
 #2

depend on what tax and in what zone, vat is excluded for europe for example, and for usa under 600 per year there is no tax to pay

but i'm sure with low money in play and with thing purchased directly in bitcoin, you can go ahead and avoid tax completely
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February 11, 2016, 03:53:13 PM
 #3

It's not the Bitcoin that is taxed. There is no tax on dollars for example, but if you are earning, or disposing of capital assets, then you may be liable for taxes. If you take a car in lieu of payment, then you still may have to pay tax.

I'm starting to plan my Crypto Coin Tree speculation club

Send me a PM if you would be interested in taking part in the initial planning.
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February 11, 2016, 03:54:03 PM
 #4

Since bitcoin is an internet currency that can be turn into a actual money. And Bitcoin too is known on Government but still government can't observe bitcoin that good. So I'm thinking if Bitcoin has tax??

Depends on your countries. Most countries don't even legitimate btc as a currency.

But anyway there is no tax on bitcoin itself. But you'll pay any tax you have to each time you go from fiat to btc or btc to fiat.



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yenxz
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February 11, 2016, 05:17:57 PM
 #5

Since bitcoin is an internet currency that can be turn into a actual money. And Bitcoin too is known on Government but still government can't observe bitcoin that good. So I'm thinking if Bitcoin has tax??
so far bitcoin have no tax,and since bitcoin founded. but i believe in some countries,bitcoin is considering to have tax,and also happen in my country.
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February 11, 2016, 05:21:41 PM
 #6

No type of money anywhere has tax. How you obtain and use the money sure as shit is taxed. You might be lucky enough to live in a jurisdiction with relaxed rules. Maybe you're not.

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February 11, 2016, 05:40:45 PM
 #7

Since bitcoin is an internet currency that can be turn into a actual money. And Bitcoin too is known on Government but still government can't observe bitcoin that good. So I'm thinking if Bitcoin has tax??

Depends on your countries. Most countries don't even legitimate btc as a currency.

But anyway there is no tax on bitcoin itself. But you'll pay any tax you have to each time you go from fiat to btc or btc to fiat.

Each country has different rules. If you live in Germany you have to pay tax if you buy Bitcoins then sell them in less than a year, apart from those you sell under an exemption limit of 600 €. On the other hand if you buy Bitcoins there, hold them for over a year, then sell them you don't have to pay any tax. This quote is from a thread about the German Bitcoin tax rules.

If I understood correctly, selling Bitcoins is complety free of tax when transaction is made by private person (and for private purpose only) and Bitcoins have been kept for more than year. Am I right?

Jep, you´re right

If selling Bitcoins would be my only one source of income, will I be exempt from paying income tax at all?

If you sell the Bitcoin after one year u dont have to pay income tax´es for Bitcoins.

But its necessary to say, that holding one year means holding one year..
So if u buy 1 BTC on 1. June 2015 and 1 BTC on 1. July 2015..  u must hold the first BTC until 01. June 2016..
If u sold 1 coin between the both dates.. You alwas sell the first u buy (First In First Out)..

For trades with Bitcoins under a year u got a exemption limit of 600 €, after passing the limit u must pay income taxes.

Sorry 4 bad english Tongue

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February 11, 2016, 07:10:17 PM
 #8

I dont think there is a tax on bitcoin yet in the Uk but in the future there my be some sort of cgt,  but in the end of the day if you may a income from bitcoin you will have to pay income tax..... Embarrassed
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February 11, 2016, 07:12:24 PM
 #9

Since bitcoin is an internet currency that can be turn into a actual money. And Bitcoin too is known on Government but still government can't observe bitcoin that good. So I'm thinking if Bitcoin has tax??

Bitcoin is a currency. You don't have taxes on currencies but on what you do with it!

Even if you're not taxed, you'll have to use btc. So here you'll pay indirect taxes and the company behind will pay the rest of the taxes Wink

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February 11, 2016, 08:00:07 PM
 #10

I dont think there is a tax on bitcoin yet in the Uk but in the future there my be some sort of cgt,  but in the end of the day if you may a income from bitcoin you will have to pay income tax..... Embarrassed


in sweden its 30% :/ for the profit you make , and that sucks just found out months after i actualy bought them lol.
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February 11, 2016, 08:04:49 PM
 #11

In my country we are supposed to declare to "IRS" every bitcoin we own as a "financial asset". Well, who would be stupid enough to do that? That just doeasn't make sense.
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February 11, 2016, 08:06:48 PM
 #12

In my country, there ain't any taxes and everybody here is warned not to trade Bitcoins as it is the most volatile currency and our Reserve Bank says that "we should not invest what we cannot afford to lose"... Wink

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February 11, 2016, 08:15:12 PM
 #13

Depends on what country you're living in. You'd have to check if you need to.
Where I'm from when you're into bitcoin you have to report that you are and how much you've made, depending on how much profit you got, you'd have to pay taxes over that.
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February 11, 2016, 08:16:38 PM
 #14

Depends on what country you're living in. You'd have to check if you need to.
Where I'm from when you're into bitcoin you have to report that you are and how much you've made, depending on how much profit you got, you'd have to pay taxes over that.

There's no such thing as needing to declare it! How would they prove you got an digital asset? The only case you would need to do it is if you convert it to fiat...
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February 11, 2016, 08:17:54 PM
 #15

From where i am, Bitcoin is still considered as monopoly money by central bank and authorities, so there are no extra taxes on it. Personally, i would not mind to pay taxes on my earnings related to it if authorities would bit regulate market and prevent flood of scams (which hurt Bitcoin lot more than some percentage of eventual tax on it).
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February 11, 2016, 08:50:03 PM
 #16

In my country still their is no detail on Bitcoin, so their is not tax still on Bitcoin, if i want to show the profit and loss then it will be as unsecured profit or loss. Other country taxation is how dont know about it.
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February 11, 2016, 08:53:56 PM
 #17

if you are saying for the government then this questions is mainly to exchange the bitcoins into the faint but if we say about other thing as trading and mining charges then i dont think we have any excess tax like our real life :p even our mining fees is choosable too

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February 11, 2016, 09:15:41 PM
 #18

In europe there is no tax for the bitcoins at all what is pretty sweet.
Altough in america its more difficult to gain bitcoins with higher amounts.

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February 11, 2016, 09:24:06 PM
 #19

There is no tax imposed on bitcoin. Some countries have strict regulations which are just to reduce the use of bitcoin. Tax issues has not arise yet just because bitcoin is decentralized.




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February 11, 2016, 09:26:28 PM
 #20

There is not tax up here in Canada. I vaguely remember however there being taxes currency in Brazil. I  agree that Bitcoin is money and should not be taxed. I do think however governments should leave the currency alone. The fed is stealing a  lot of money from the working class.

Signatures? How about learning a skill... I don't care either way. Everybody has to make a living somehow.
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