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Author Topic: Do Bitcoins have Tax??  (Read 39868 times)
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July 31, 2016, 07:52:50 AM
 #301

I think the answer is yes but it depends on your country, when you convert bitcoin to fiat then the government will consider it as your income and that is the reason why you need to pay the tax, that is why the government want to tighten up the regulation so they can earn more from bitcoin tax
Yeah tax regulations differ for each country around the world, most countries consider Bitcoin as capital asset, and so any gains made are taxed like capital gains. So if you make profits from selling your coins, those profits are taxed. If you make losses, you may be able to deduct the losses and reduce your taxes.


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July 31, 2016, 08:22:05 AM
 #302

I think the answer is yes but it depends on your country, when you convert bitcoin to fiat then the government will consider it as your income and that is the reason why you need to pay the tax, that is why the government want to tighten up the regulation so they can earn more from bitcoin tax
Yeah tax regulations differ for each country around the world, most countries consider Bitcoin as capital asset, and so any gains made are taxed like capital gains. So if you make profits from selling your coins, those profits are taxed. If you make losses, you may be able to deduct the losses and reduce your taxes.

If you live in the EU, I think it is possible that they have a common tax system concerning crypto currencies.
If I remember correctly, there was even a decision by some higher eu court last year how to handle bitcoins.

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July 31, 2016, 08:56:33 AM
 #303

I think the answer is yes but it depends on your country, when you convert bitcoin to fiat then the government will consider it as your income and that is the reason why you need to pay the tax, that is why the government want to tighten up the regulation so they can earn more from bitcoin tax
Yeah tax regulations differ for each country around the world, most countries consider Bitcoin as capital asset, and so any gains made are taxed like capital gains. So if you make profits from selling your coins, those profits are taxed. If you make losses, you may be able to deduct the losses and reduce your taxes.

If you live in the EU, I think it is possible that they have a common tax system concerning crypto currencies.
If I remember correctly, there was even a decision by some higher eu court last year how to handle bitcoins.

Hmm, but governments don't tax the Money itself, just the gain in value when you realise them by selling or buying.

Are your Bitcoins being taxed? I am from the EU and I never seen any Bitcoin Tax so far.
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July 31, 2016, 08:11:57 PM
 #304

I think the answer is yes but it depends on your country, when you convert bitcoin to fiat then the government will consider it as your income and that is the reason why you need to pay the tax, that is why the government want to tighten up the regulation so they can earn more from bitcoin tax
Yeah tax regulations differ for each country around the world, most countries consider Bitcoin as capital asset, and so any gains made are taxed like capital gains. So if you make profits from selling your coins, those profits are taxed. If you make losses, you may be able to deduct the losses and reduce your taxes.

If you live in the EU, I think it is possible that they have a common tax system concerning crypto currencies.
If I remember correctly, there was even a decision by some higher eu court last year how to handle bitcoins.
i think these are not right information about bitcoin from EU, i have so many friends living there, we often do discussion on bitcoin, infact i first told him about bitcoin and now he is getting information about it, but he never discuss it to me that there bicoin have tax and yet the EU also not recognize bitcoin as a legal currency then how can it be possible that they impost tax on bitcoin.
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July 31, 2016, 08:58:12 PM
 #305

I think the answer is yes but it depends on your country, when you convert bitcoin to fiat then the government will consider it as your income and that is the reason why you need to pay the tax, that is why the government want to tighten up the regulation so they can earn more from bitcoin tax
Yeah tax regulations differ for each country around the world, most countries consider Bitcoin as capital asset, and so any gains made are taxed like capital gains. So if you make profits from selling your coins, those profits are taxed. If you make losses, you may be able to deduct the losses and reduce your taxes.

If you live in the EU, I think it is possible that they have a common tax system concerning crypto currencies.
If I remember correctly, there was even a decision by some higher eu court last year how to handle bitcoins.
i think these are not right information about bitcoin from EU, i have so many friends living there, we often do discussion on bitcoin, infact i first told him about bitcoin and now he is getting information about it, but he never discuss it to me that there bicoin have tax and yet the EU also not recognize bitcoin as a legal currency then how can it be possible that they impost tax on bitcoin.
They don't have to view it as a legal currency, it could be anything like an asset, a property (similar to how you would view a car or house) or, as you say, a currency. There are a lot of classifications for taxes, and nothing is required to be called a currency to be taxed. For example, Bitcoin trading as XBT or whatever on a stock exchange, they can start to tax it as an asset (and tax it higher than they would a currency)
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August 01, 2016, 02:15:17 AM
 #306

Bitcoin doesn't have tax. You get the privilege of keeping tons of money in your wallet and there's no government to put tax on you when you use bitcoin. Bitcoin is decentralized and the government has nothing to do with it, their rules doesn't apply on bitcoin. If a government prohibits the use of Bitcoin, one could just use a VPN to mask his IP address. It would be almost impossible for the government to trace him.

A big part of the salary of the employees goes to income tax. If you work online and you get paid in bitcoins, the money that was sent to you will be the same amount of money that you'll get. Unlike in real life, a big percentage of your income goes to income tax.

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August 01, 2016, 03:00:05 AM
 #307

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.


Do you know if various wallets/exchanges/etc. like bitstamp, coinbase, circle issue 1099s?  If they do then it's being reported to the IRS already and it'd be pretty risky to abstain from reporting your bitcoin assets.  However, if they don't I think it'd be difficult if not impossible for the IRS to know anything about your bitcoin assets (just like they couldn't really know if you were paid cash for a contracted job that the conractee didn't issue a 1099 for). 
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August 01, 2016, 03:34:36 AM
 #308

As Bitcoin is used anonymously i think it's hard for governments to impose tax for using it
But many users exchange their bitcoins to fiat which is under the tax laws

Government can chase the exchange sites and tax them accordingly. But I do not think that individual bitcoin users can be taxed. As long as you can keep it a secret, they can never know how much you are earning from bitcoin. We are all safe from government tax, i hope.

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August 01, 2016, 07:41:46 AM
 #309

As Bitcoin is used anonymously i think it's hard for governments to impose tax for using it
But many users exchange their bitcoins to fiat which is under the tax laws

Government can chase the exchange sites and tax them accordingly. But I do not think that individual bitcoin users can be taxed. As long as you can keep it a secret, they can never know how much you are earning from bitcoin. We are all safe from government tax, i hope.

if the individual bitcoin user is using bitcoin to earn money in things like trading on exchanges, on localbitcoins, or if he is using bitcoin in his business even if it is small one on the forum like in selling goods then he should think about paying his taxes because that is running a business and also an unlicensed one which may cause more problems too.

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August 01, 2016, 08:03:01 AM
 #310

As Bitcoin is used anonymously i think it's hard for governments to impose tax for using it
But many users exchange their bitcoins to fiat which is under the tax laws

Government can chase the exchange sites and tax them accordingly. But I do not think that individual bitcoin users can be taxed. As long as you can keep it a secret, they can never know how much you are earning from bitcoin. We are all safe from government tax, i hope.

Yeah bitcoins are the new swiss banks. Let's see how long this can keep going though.
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August 01, 2016, 08:06:12 AM
 #311

It's not 'internet currency' in my tax jurisdiction. In fact, bitcoin is a computer software as per Indian law,

Have a look on this article - 'Summary of Bitcoin as per Indian constitution | Bitcoin Alliance India'.

Also have a look on this Wikipedia topic - Legality of bitcoin by country.

There is no tax right now but when I try to convert bitcoin in fiat I have to pay service tax.

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August 01, 2016, 08:14:28 AM
 #312

As far as I know they are not paying taxes in bitcoin transactions, but some sites use fees for their services, but I do not think so, this fee is or can be viewed from your transaction tax

No, that is not tax, as long as you are not converting your coins to fiat, there is no tax in it, only transaction fee and we all know where those transaction fees will go...If there is a fee each time you convert your coins to fiat in an exchange, that is for them, their profit, that is the payment for their service they made for you on converting your coins to fiat..

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August 01, 2016, 08:17:26 AM
 #313



There is no tax right now but when I try to convert bitcoin in fiat I have to pay service tax.
It's same you getting a tax for your bitcoin because although the transaction if have relationships or for bitcoin and getting some charge maybe for the transaction it means you're getting tax for your bitcoin. and I never heard there is another tax from the tax of the transaction.



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August 01, 2016, 08:36:19 AM
 #314

As Bitcoin is used anonymously i think it's hard for governments to impose tax for using it
But many users exchange their bitcoins to fiat which is under the tax laws

But I do not think that individual bitcoin users can be taxed. As long as you can keep it a secret, they can never know how much you are earning from bitcoin. We are all safe from government tax, i hope.
Because the decentralised system or another system is having the big role to making a prevention from the government intervention, and making the government it's so difficult to make an intervention in there. until this time we will always safe from the government tax about the bitcoin.

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BicolIsarog
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August 03, 2016, 11:51:43 AM
 #315

I think bitcoin doesn't have any tax. But to send and receive bitcoin our wallet sites will charge some little amount of BTC. I think If my country accept Bitcoin as legal currency then the regular tax will add to Bitcoin. the transaction fees are really low and it is does not depend on how much money you transact.But when Bitcoin becomes legal if will have tax for sure.
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August 05, 2016, 06:40:24 PM
 #316

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 maybe in some other country have tax  but majority of the country  who dont accept bitcoin yet but only community use it dont have tax. And what kind of tax? well frankly to say don't have any idea what kind it is.


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Bitcoinsummoner
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August 05, 2016, 06:41:31 PM
 #317

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 maybe in some other country have tax  but majority of the country  who dont accept bitcoin yet but only community use it dont have tax. And what kind of tax? well frankly to say don't have any idea what kind it is.
I think almost all country still not have a tax to transfer money using bitcoin and i think bitcoin still not control by government.s

..Decision from segwit2x is not Final..
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August 05, 2016, 06:43:16 PM
 #318

With the stronger regulations of Bitcoin probably also the taxes will come together. But majority of countries still don't know what to do with Bitcoins and how to deal with it, how to regulate it by the law so to my opinon it will take some time for this to happen.

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erickkyut
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August 10, 2016, 01:25:07 PM
 #319



There is no tax right now but when I try to convert bitcoin in fiat I have to pay service tax.
It's same you getting a tax for your bitcoin because although the transaction if have relationships or for bitcoin and getting some charge maybe for the transaction it means you're getting tax for your bitcoin. and I never heard there is another tax from the tax of the transaction.

it's not a tax but a transaction fee Cheesy tax is a sum of money demanded by a government for its support or for specific facilities or services, levied upon incomes, property, sales, etc. while transaction fee is a fee that a broker-dealer assesses on a client for the service of filling an order. Usually, the transaction fee is a percentage of the value of the transaction, but sometimes it is a flat rate, such as two cents per share or seven dollars per trade. those are two different things my friend Cheesy

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August 10, 2016, 01:42:04 PM
 #320

it always depends , because if you use to send your money to another bitcoin wallet ofcourse there's a little tax and if you also use gambling where you send your profit to your bitcoin wallet there's always a tax but if you change you bitcoin into fiat it always depends if what you use because if your from philippines and if you are using coins.ph then probably you know the remitance centers and banks Smiley
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