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Author Topic: Do Bitcoins have Tax??  (Read 39909 times)
Coin_trader
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July 20, 2016, 01:59:44 PM

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??
bitcoin has no tax, and transaction too, what they have deducted is just a transaction fee and not a tax, transaction fee is the payment for those who processed the transaction (i.e. blockchain) in local wallets provider it is their earnings.

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July 20, 2016, 02:10:00 PM

Bitcoin is an internet currency so the government cannot put any tax on it if I am correct and that is the great thing with Bitcoin.
But I am sure that if Bitcoin becomes legal that it is going to change.
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July 20, 2016, 02:21:37 PM

This is actually a good question because me myself never thought of it being taxed or
paying tax on it but what about buying it and selling it. If you are buying and selling it
and turning the profits into the US dollar Im sure there is some tax that your are responsible
for?

Im no tax expert but also think if you have a business and take bitcoins as payment you
would have to pay tax on that income?

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July 20, 2016, 02:31:09 PM

bitcoin is not under the government, so there is no tax and this is one of the hallmarks of bitcoin without being taxed.

bitcoin already added fees on each transaction, and if there are the tax will go where?
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July 20, 2016, 02:43:36 PM

bitcoin is not under the government, so there is no tax and this is one of the hallmarks of bitcoin without being taxed.

bitcoin already added fees on each transaction, and if there are the tax will go where?
ofcourse will goes to the ones who make the regulation about taxing bitcoin,the only way government could taxing bitcoin is through merchant not every bitcoin transaction itself because it's impossible


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Anon_7716
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July 20, 2016, 02:47:08 PM

bitcoin is not under the government, so there is no tax and this is one of the hallmarks of bitcoin without being taxed.

bitcoin already added fees on each transaction, and if there are the tax will go where?
ofcourse will goes to the ones who make the regulation about taxing bitcoin,the only way government could taxing bitcoin is through merchant not every bitcoin transaction itself because it's impossible

Yeah, all that could be done by the Government to conduct a taxation for bitcoin it or could use how to take the funds stored in wallets online. But it is rather long, because there is no Government in the world that performs a deeper study about bitcoin. And this happens there will be a possibility that it was a damning us
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July 20, 2016, 03:06:19 PM

bitcoin is not under the government, so there is no tax and this is one of the hallmarks of bitcoin without being taxed.

bitcoin already added fees on each transaction, and if there are the tax will go where?
ofcourse will goes to the ones who make the regulation about taxing bitcoin,the only way government could taxing bitcoin is through merchant not every bitcoin transaction itself because it's impossible

Yeah, all that could be done by the Government to conduct a taxation for bitcoin it or could use how to take the funds stored in wallets online. But it is rather long, because there is no Government in the world that performs a deeper study about bitcoin. And this happens there will be a possibility that it was a damning us
yes and  that is the reason that compel me to say that there is no tax on bitcoin. because a large number of countries has yet not legalize bitcoin and they have no polity for the tax structure on bitcoin.
155UE
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July 20, 2016, 03:08:33 PM

There is no tax. You are not claiming it. But if gov't sees your assets are worth more than what you make annually they will start to look into where is that extra income is coming from. The IRS is known for doing that.

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July 20, 2016, 03:49:16 PM

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??

Bitcoin isn't regulated by the government so basically there is no tax involved when using bitcoin,  As you have known, there is a transaction fee when a transaction is done.  The transaction fee goes to the miner.  It serves as payment or reward to the miner for  moving the blocks and keeping the chain healthy.

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Digitalbitcoin
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July 20, 2016, 03:56:39 PM

Bitcoin is decentralized virtual digital currency. No one control it. So there is no TAX for altcoins till any government implement cryptocurrency in main stream of economy.

Already bitcoin or any altcoin use transaction fee to pay to miner who verify transactions.

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July 20, 2016, 03:58:11 PM

Im no tax expert but also think if you have a business and take bitcoins as payment you
would have to pay tax on that income?

Obviously, you pay taxes based on the tax rules where your business is registered in. It is really not different from other form of payments you might accept as well.

If you have online business, it is smart to register and operate your business from country with lowest taxes. I see it as a form of free market where you choose the place with lowest operational costs.

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July 20, 2016, 03:59:00 PM

Bitcoin is decentralized virtual digital currency. No one control it. So there is no TAX for altcoins till any government implement cryptocurrency in main stream of economy.

Already bitcoin or any altcoin use transaction fee to pay to miner who verify transactions.
Yes no tax in bitcoin or any other cryptocurrency because government has no control over the bitcoins. Also government can never know how much bitcoins are there in any ones wallet but it doesnt matter bitcoins can not have tax.
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July 20, 2016, 04:04:08 PM

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??
bitcoin has no tax, and transaction too, what they have deducted is just a transaction fee and not a tax, transaction fee is the payment for those who processed the transaction (i.e. blockchain) in local wallets provider it is their earnings.
I don't think so, the transaction fee are has the same definition with the tax of the transaction. but the tax of bitcoin it's just for their transaction. nothing have another thing will need a tax too.


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July 20, 2016, 04:08:49 PM

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??
I think these taxes for transactions go to some companies, from whose websites we send money to our wallets.

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July 20, 2016, 05:25:49 PM

Bitcoin is an internet currency so the government cannot put any tax on it if I am correct and that is the great thing with Bitcoin.
But I am sure that if Bitcoin becomes legal that it is going to change.
Yaa Bitcoins don't have tax. There are just transaction fee that is paid to the wallet. That fact that bitcoins are decentralized and no
one can have legit control over it is amazing. So, there are no tax involved and even if bitcoins are made legal and regulated, I still
think that many people can escape tax.
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July 20, 2016, 05:28:22 PM

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??
bitcoin has no tax, and transaction too, what they have deducted is just a transaction fee and not a tax, transaction fee is the payment for those who processed the transaction (i.e. blockchain) in local wallets provider it is their earnings.
Yep. Those extra payments that we add when we do transactions are called transaction fees, which serves as our little payment for the miners for providing the essential security and transmitting transaction and a form of appreciation.

Bitcoin has no tax. That's true. However, I've read an article that there are state/s that is/are planning to place tax on bitcoins.

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July 20, 2016, 05:33:27 PM

Its really interesting to hear that no tax is deducted on this. Seriously paying tax has become a big burden. More do not love to do so. It depends on the government how much they tax on different section. I wish the tax should be decreased in my country.
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July 20, 2016, 05:38:34 PM

There is no tax. You are not claiming it. But if gov't sees your assets are worth more than what you make annually they will start to look into where is that extra income is coming from. The IRS is known for doing that.
well to be honest there are some taxes, i think that transaction fees you can call as taxes because it requires to be paid all the time though those are really low
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July 20, 2016, 05:40:09 PM

Besides transaction fees, as stated above, bitcoin is a commodity and is taxed when sold for capital gain. If you sell bitcoin for fiat, you will be liable for taxes on it that year, in the States at least.
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July 20, 2016, 05:44:37 PM

There is no tax on bitcoins, but when you buy a product with bitcoins this product could be taxed by your government. Also some countries are asking to tax the money that you earn with trading bitcoins, like they tax the stocks earnings.
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