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Author Topic: Do Bitcoins have Tax??  (Read 39868 times)
Beinglove
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July 20, 2016, 05:55:49 PM
 #201

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.
If no tax will be charged then, i wish the btc should be used worldwide. So that tax exemption would be there. Will be very wealthy right. Hope to experience such so.
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July 20, 2016, 06:08:41 PM
 #202

No I never heard tax being enfored on bitcoins in any country because its not controlled by government so why tax.But yes if some one convert large amount of bitcoins into fiat then may be he has to pay tax of his/her fiat money.
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July 20, 2016, 06:12:27 PM
 #203

It is only a matter of time before the governments start gathering information about your addresses and exchange accounts.

The biggest issue at the moment is, if you don't declare your bitcoins and you make a big purchase, how are you going to explain where the money came from? If you can't explain, you may get fined or be charged for tax evasion.. Want to risk it? Better to just declare what you hold imo.

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July 20, 2016, 06:22:08 PM
 #204

For now here in my country there is no tax but i didnt know for other country.. also bitcoin is very restrict now a days here in my country and i think we will experience of tax after few years.. here in my country because they are restricting gambling online also bitcoins here..


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July 20, 2016, 06:43:19 PM
 #205

No I never heard tax being enfored on bitcoins in any country because its not controlled by government so why tax.But yes if some one convert large amount of bitcoins into fiat then may be he has to pay tax of his/her fiat money.
For now i think we are still not experience with tax.. but maybe in the future if government will adopt bitcoin and we know governments are corrupted.
So if there is bitcoin they can make more money to corrupt.

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July 20, 2016, 06:56:39 PM
 #206

I did not have paid any tax till now , as no one know that I have bitcoin so none of the government can ask for tax from me, Bitcoin is anonymous currency and so none of the way for tax is introduced.

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July 20, 2016, 08:29:32 PM
 #207

If bitcoin is decentralized virtual digital currency, than why you need to pay tax? I think no, it's already your tax when you pay transaction's fee. Until it's not controlled, you need to pay taxes. In my country, there is no tax, so I don't worry now about this.

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July 20, 2016, 08:31:47 PM
 #208

This is one of the reasons that the governments do not see bitcoin as a currency at this time, they see it as an asset.  There is so little control they cn take over it, but you better believe that you need to make sure you pay your taxes on what ever bitcoin transactions you do.  If you get hit with an audit and need to explain, you will be in for a world of trouble if you do not pay your taxes.

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July 20, 2016, 08:48:24 PM
 #209

I think all the Bitcoin exchanges in countries where Bitcoin is legalized will be connected to the national revenue agency and customers' data will be automatically collected upon withdrawal of coins/cash. And I believe Bitcoins will be taxable so there is no way around that if people use the licensed Bitcoin exchanges. For private deals off the Internet I think it's possible to keep the coins secret and not taxable but this will be a crime though.

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July 20, 2016, 08:56:40 PM
 #210

No I never heard tax being enfored on bitcoins in any country because its not controlled by government so why tax.But yes if some one convert large amount of bitcoins into fiat then may be he has to pay tax of his/her fiat money.
though bitcoins themselves dont have any taxes except for the fees you pay during transactions

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July 20, 2016, 09:17:28 PM
 #211

to me up to now there is no tax on bitcoin any where. but i think those countries who have accepted bitcoin and consider it as a legal currency i think they may be thinking about to impose tax on bitcoin now.
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July 20, 2016, 09:39:43 PM
 #212

Old Chinese proverb:

Those who take tax advise from Internet stranger will one day take cock up ass from prison stranger.

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July 20, 2016, 10:52:50 PM
 #213

There is already some countrie taxing bitcoin as they consider it as investment like gold or similiar, even being digital currencie i believe its USA that has this option to expose our portfolio, making maybe the coins looks like more clean then if we dont declare them to the government.


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July 21, 2016, 04:38:12 AM
 #214


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 is not taxable that's why many people prepared to use it as a currency, and the government don't have the authority to taxx bitcoin , but it's already discussing in other country but of course the community will not accept it if it will happen. And for tax you mention its not tax it's a fee for every transaction and the fee will not go to the government.


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Schuyler
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July 21, 2016, 05:00:03 AM
 #215

There is already some countrie taxing bitcoin as they consider it as investment like gold or similiar, even being digital currencie i believe its USA that has this option to expose our portfolio, making maybe the coins looks like more clean then if we dont declare them to the government.
The government will always find a way to squeeze tax from us, even from bitcoin which is supposed to be decentralized and free from government intervention. That is why there are a lot of rich people who resort to tax-evading schemes just to avoid paying for something that doesn't benefit them much in return.


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July 21, 2016, 05:55:54 AM
 #216

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.
yeah I think it's government property tax would not be possible to do or give you the tax because bitcoin is anonymous so they would not be able to see the wealth or total bitcoin amount you have. so basically bitcoin is not suitable to be taxed

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July 21, 2016, 07:34:38 AM
 #217

It is only a matter of time before the governments start gathering information about your addresses and exchange accounts.

The biggest issue at the moment is, if you don't declare your bitcoins and you make a big purchase, how are you going to explain where the money came from? If you can't explain, you may get fined or be charged for tax evasion.. Want to risk it? Better to just declare what you hold imo.


Yes it is when the time comes that you will be found out where did your money comes from the moment you sold your bitcoins. So at this point if we have large amount of bitcoins it is nice to declare it and pay tax even though the government is not asking. In the end honesty is the best policy. And honesty may save your money and bitcoins from the eyes of anti - money laundering law.
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July 21, 2016, 07:37:13 AM
 #218

in my country (indonesia) not yet, but the company where open service for eschange bitcoin to fiat, must pay 1% of total omzet, this is goverment rules all people who open bussiness must pay 1% of total omzet Smiley

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July 21, 2016, 09:01:59 AM
 #219

For now here in my country there is no tax but i didnt know for other country.. also bitcoin is very restrict now a days here in my country and i think we will experience of tax after few years.. here in my country because they are restricting gambling online also bitcoins here..

Well, I think, we might not feel it that much but for sure, the exchange  is paying their taxes in the government and most probably they charge that to us, might be too small, a very small fraction that we couldn't almost feel it, and also, when we cash out, those remittances are also charging a few to us.. so it means,once we convert  our bitcoin to cash and use it, that's the only time it get tax and take note, it is not on bitcoin but on the converted money..  Smiley

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July 21, 2016, 09:05:26 AM
 #220

No I never heard tax being enfored on bitcoins in any country because its not controlled by government so why tax.But yes if some one convert large amount of bitcoins into fiat then may be he has to pay tax of his/her fiat money.

Then you hear it for the first time here. Bitcoin can in fact be tax charged if you declare all your holdings. At least, that's how it goes here in Western Europe. If you (hide) don't declare your holdings, then of course you won't be forced to pay anything as they don't know anything about you and what you hold, etc.

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