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Author Topic: Do Bitcoins have Tax??  (Read 39868 times)
Daneric
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July 21, 2016, 09:16:53 AM
 #221

Taxation is done by governments and according to ones income. For one to be taxed, there needs to be documented evidence of income like bank transactions, paychecks etc. At the moment, there has been no government or institution which has recognized bitcoin as a form of currency and therefore I doubt if there is anybody in this world who is being taxed due to his income in bitcoin. I would love to know if there exists one.
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July 21, 2016, 10:14:28 AM
 #222

Well as long as i keep btc in my wallet and those addresses aren't traceable to me i don't pay any taxes over it. But here in my country once you got extra cash over 2500 euro's per year we have to notify the authorities and pay taxes over it. So btc itself is tax free untill converted to a certain amount in euro's and then i pay taxes anyways.
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July 21, 2016, 01:52:52 PM
 #223

Taxation is done by governments and according to ones income. For one to be taxed, there needs to be documented evidence of income like bank transactions, paychecks etc. At the moment, there has been no government or institution which has recognized bitcoin as a form of currency and therefore I doubt if there is anybody in this world who is being taxed due to his income in bitcoin. I would love to know if there exists one.
a very clear explanation, no need to utter any more words, it has been said very well. Smiley

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July 21, 2016, 01:59:27 PM
 #224

Generally be taxed as ordinary income, and be ineligible for capital gain treatment. If you get paid in dollars it doesn’t matter that the price of dollars against euros changes before you spend it. The value of the dollar may be rising internationally, but you are not taxed on that return like a normal investment.
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July 21, 2016, 02:07:48 PM
 #225

Taxation entirely depends on the country of your residence. Even if your country don't have taxes on bitcoin, you can always declare your income as foreign asset in your income declaration form. The taxing authority will put the taxes accordingly.

I heard Canada is planning to impose tax on bitcoin but I see that most countries simply don't bother about bitcoin.

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Snorek
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July 21, 2016, 02:29:55 PM
 #226

Though we don't have and are not even close anything we could call standardization of cryptocurrency taxes, we can observe some moves toward regulating and taxing Bitcoin.
We should be happy, because this indicates that cryptocurrencies are definitely moving toward mainstream and financial industry acceptance.

If we want bitcoin to become a major currency taxation is inevitable.
doctor877
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July 21, 2016, 02:43:37 PM
 #227

In most of the countries bitcoin is not legal, so there won't any taxes, but once it is legal then surely they will deduct the taxes, i hope in some countries bitcoin are accepted in stores so there may be taxes.
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July 21, 2016, 02:45:39 PM
 #228

Taxation entirely depends on the country of your residence. Even if your country don't have taxes on bitcoin, you can always declare your income as foreign asset in your income declaration form. The taxing authority will put the taxes accordingly.

I heard Canada is planning to impose tax on bitcoin but I see that most countries simply don't bother about bitcoin.

yeah you can never give a general answer to this because each country has a different set of rules about bitcoin and some countries are not even aware of bitcoin existence.

for example where i live nobody knows what bitcoin is and i searched about laws about bitcoin and its usage, there were a couple of proposals but no laws were made so far.














 

 

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shamzblueworld
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July 21, 2016, 03:16:45 PM
 #229

There is no tax yet here in Pakistan as of yet on BTC, because it is not as popular to masses yet. I think once our government has a sniff about it, they'll surely tax it quite heavily.

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Yakamoto
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July 21, 2016, 03:17:42 PM
 #230

Bitcoins have a "tax" on transactions, which are fees, because it helps the miners to have a bit more Bitcoin in their pocket, while prioritizing your transactions and helping everything to move along smoothly.

As for tax on income with Bitcoin, the only tax that exists is one that is imposed by the government on any capital gains you might get from Bitcoin, and anything else that's similar to that.














 

 

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RodeoX
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July 21, 2016, 03:18:05 PM
 #231

Short answer: YES

Bitcoin has no authority to demand taxes, its a math program.
Governments have the authority however. In the U.S., ALL MONEY YOU MAKE IS SUBJECT TO TAX LAW. Sometimes your tax rate may be zero, but the laws still apply. In the case of bitcoin you owe capitol gains on the appreciation in value. The rate varies depending on your tax bracket and other factors, but 10% is a normal amount.

Don't kid yourself into thinking that you don't have to pay taxes. All your transactions have been recorded on the blockchain forever and one day the IRS may hand you a bill that also includes penalties and interest. You might even have to do a little jail time.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin in ICELAND - https://bitcointalk.org/index.php?topic=1610684
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July 21, 2016, 03:28:43 PM
 #232

Short answer: YES

Bitcoin has no authority to demand taxes, its a math program.
Governments have the authority however. In the U.S., ALL MONEY YOU MAKE IS SUBJECT TO TAX LAW. Sometimes your tax rate may be zero, but the laws still apply. In the case of bitcoin you owe capitol gains on the appreciation in value. The rate varies depending on your tax bracket and other factors, but 10% is a normal amount.

Don't kid yourself into thinking that you don't have to pay taxes. All your transactions have been recorded on the blockchain forever and one day the IRS may hand you a bill that also includes penalties and interest. You might even have to do a little jail time......


......if you live in the USA. It's impossible to give tax advise on an international forum.

crairezx20
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July 21, 2016, 03:30:41 PM
 #233

Same here never heard that bitcoin has a tax.. and we don't love it to happen in the future.. and i hope it will not happen this following years..
Bitcoins they are just asking for miners fee for every transaction thats it.

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Cresciuanto
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July 21, 2016, 04:02:28 PM
 #234

i never heard about this that either there is any tax on bitcoin any where in the world or not. but i think bitcoin is still tax free. and those countries who have accepted bitcoin as a currency they may be thinking about bitcoin to have tax on it.
MingLee
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July 21, 2016, 04:08:30 PM
 #235

i never heard about this that either there is any tax on bitcoin any where in the world or not. but i think bitcoin is still tax free. and those countries who have accepted bitcoin as a currency they may be thinking about bitcoin to have tax on it.
There are taxes everywhere, they may be disguised as fees or whatever but it's always a tax for using a service or doing a thing or living in an area. A fee is just a nice word for a tax.

Miner's fees are a tax for using the network, withdrawal fees are a tax by companies, everything has some sort of a tax attached to it.

It's like Benjamin Franklin said, "In this world nothing can be said to be certain, except death and taxes".
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July 21, 2016, 04:53:01 PM
 #236

Its impossible that bitcoin will be have a tax by a government for the future. but we dont know what will happen in the future and maybe it will happen..
And i hope they can only get low tax if it will happen..


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July 22, 2016, 04:26:28 PM
 #237

In mx country tgere is not any tax for bitcoin do i am really happy becaude of that.Omg abiut 30% tax in sweden omg wtf why so big fees omg are they crazy or what.In EU every country can choose if she will have bitcoin tax.
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July 22, 2016, 04:44:00 PM
 #238

Short answer: YES

Bitcoin has no authority to demand taxes, its a math program.
Governments have the authority however. In the U.S., ALL MONEY YOU MAKE IS SUBJECT TO TAX LAW. Sometimes your tax rate may be zero, but the laws still apply. In the case of bitcoin you owe capitol gains on the appreciation in value. The rate varies depending on your tax bracket and other factors, but 10% is a normal amount.

Don't kid yourself into thinking that you don't have to pay taxes. All your transactions have been recorded on the blockchain forever and one day the IRS may hand you a bill that also includes penalties and interest. You might even have to do a little jail time......


......if you live in the USA. It's impossible to give tax advise on an international forum.
True. In some places perhaps there is no tax on BTC at all.  Huh

Also, can we stop confusing taxation and fees. Bitcoin HAS NO TAX. A lot of posters are calling the Tx fee a tax. The VOLUNTARY fee is payment for service. Routing your transactions costs money and bitcoin is not a free service. If you want something delivered you have to pay for it. It could be a postcard or a package from Amazon, or a bitcoin. You are simply paying for the work and expense involved in moving your BTC, and it is no more a tax than a UPS shipping charge.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin in ICELAND - https://bitcointalk.org/index.php?topic=1610684
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July 22, 2016, 04:47:41 PM
 #239

Short answer: YES

Bitcoin has no authority to demand taxes, its a math program.
Governments have the authority however. In the U.S., ALL MONEY YOU MAKE IS SUBJECT TO TAX LAW. Sometimes your tax rate may be zero, but the laws still apply. In the case of bitcoin you owe capitol gains on the appreciation in value. The rate varies depending on your tax bracket and other factors, but 10% is a normal amount.

Don't kid yourself into thinking that you don't have to pay taxes. All your transactions have been recorded on the blockchain forever and one day the IRS may hand you a bill that also includes penalties and interest. You might even have to do a little jail time......


......if you live in the USA. It's impossible to give tax advise on an international forum.
True. In some places perhaps there is no tax on BTC at all.  Huh

Also, can we stop confusing taxation and fees. Bitcoin HAS NO TAX. A lot of posters are calling the Tx fee a tax. The VOLUNTARY fee is payment for service. Routing your transactions costs money and bitcoin is not a free service. If you want something delivered you have to pay for it. It could be a postcard or a package from Amazon, or a bitcoin. You are simply paying for the work and expense involved in moving your BTC, and it is no more a tax than a UPS shipping charge.

Very true or as MingLee above said, depending on how you define tax every thing everywhere in the world is taxed.

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July 22, 2016, 04:53:02 PM
 #240

As far as I know, there's no tax. I never read the laws of other countries though, but I never heard of paying taxes for BTC either. The only 'tax' you can have is the commission when you exchange BTC into any other currency and vice versa.
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