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Author Topic: Do Bitcoins have Tax??  (Read 39670 times)
bitdumper
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August 10, 2016, 01:46:10 PM
 #321

givernment charges tax but bitcoin does not.abd if we consider about the transaction fees then we can not compare that with the tax system because money is controlled by banks and tax are implemented by government.btc has txd fees but does not have tax

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August 10, 2016, 01:48:34 PM
 #322

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

Lol crypto to crypto transactions never have a tax.. what you are calling tax is transaction fee, OP is thinking about government tax as far as I know.

I think you just have to pay tax of capital increase once you cash out in fiat, thats all. If they ask me more I just dont know, I don't keep track of the data. Hell MT gox is dead so if they are insane enough to require every transaction I ever did I just dont have that data anymore.

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August 10, 2016, 01:50:26 PM
 #323

givernment charges tax but bitcoin does not.abd if we consider about the transaction fees then we can not compare that with the tax system because money is controlled by banks and tax are implemented by government.btc has txd fees but does not have tax

The tax will not be done by the Government to every transaction is done, but the Government was able to take taxes from the giving of the guarantee against any storage bitcoin is done in the country. I think in the future the Government will conduct a policy of taking the tax to all users of the bitcoin


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August 10, 2016, 05:16:06 PM
 #324

givernment charges tax but bitcoin does not.abd if we consider about the transaction fees then we can not compare that with the tax system because money is controlled by banks and tax are implemented by government.btc has txd fees but does not have tax

The tax will not be done by the Government to every transaction is done, but the Government was able to take taxes from the giving of the guarantee against any storage bitcoin is done in the country. I think in the future the Government will conduct a policy of taking the tax to all users of the bitcoin

I agree it is been stated that the fee payed in transcation is not Tax, it is called transaction fee for the miner proposed fee and processing fee if you are sending it from exchanges.  The government cannot directly implement tax to bitcoin because as I know they do not recognize it as currency yet.

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August 10, 2016, 05:18:02 PM
 #325

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
Those aren't really tax since there's no government involved in bitcoin transactions but they are considered tax since the tx fees are paid to the miners as a sort of incentive to them.
Sending from wallet to wallet always have tax even when it's either from another bitcoin user a gambling site. Except using Xapo wallet though. Using their wallet service, you don't really have to pay any tx fee.

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August 10, 2016, 05:36:00 PM
 #326

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
Those aren't really tax since there's no government involved in bitcoin transactions but they are considered tax since the tx fees are paid to the miners as a sort of incentive to them.
Sending from wallet to wallet always have tax even when it's either from another bitcoin user a gambling site. Except using Xapo wallet though. Using their wallet service, you don't really have to pay any tx fee.

How come with Xapo you don't have to send transaction fee? It does not make sense to me... bitcoin transactions aren't free, it doesn't matter what wallet you are using.
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August 10, 2016, 05:36:32 PM
 #327

It highly depends on the state you're in but I would assume that if you exchange a certain amount to fiat you'll have to include it in your tax returns!
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August 10, 2016, 05:43:42 PM
 #328

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

Lol crypto to crypto transactions never have a tax.. what you are calling tax is transaction fee, OP is thinking about government tax as far as I know.

I think you just have to pay tax of capital increase once you cash out in fiat, thats all. If they ask me more I just dont know, I don't keep track of the data. Hell MT gox is dead so if they are insane enough to require every transaction I ever did I just dont have that data anymore.
but i hear in some countries you must pay tax from the profit you get from trading bitcoin, for detail which countries. i'm forget.

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August 10, 2016, 05:48:28 PM
 #329

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

Lol crypto to crypto transactions never have a tax.. what you are calling tax is transaction fee, OP is thinking about government tax as far as I know.

I think you just have to pay tax of capital increase once you cash out in fiat, thats all. If they ask me more I just dont know, I don't keep track of the data. Hell MT gox is dead so if they are insane enough to require every transaction I ever did I just dont have that data anymore.
but i hear in some countries you must pay tax from the profit you get from trading bitcoin, for detail which countries. i'm forget.
I think Canada is one, you just have to go and look into it and find a list of the countries that tax you. A majority of the time they'll tax you like it is an asset rather than a currency, but there are some other restrictions in different countries. I don't know enough about it, just go and google it.














 

 

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August 10, 2016, 05:59:15 PM
 #330

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
thats true, if you want your transaction to be confirmed faster then you have to include bigger fee while you can also dont include it at all it is yours decision
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August 10, 2016, 06:10:34 PM
 #331

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

Lol crypto to crypto transactions never have a tax.. what you are calling tax is transaction fee, OP is thinking about government tax as far as I know.

I think you just have to pay tax of capital increase once you cash out in fiat, thats all. If they ask me more I just dont know, I don't keep track of the data. Hell MT gox is dead so if they are insane enough to require every transaction I ever did I just dont have that data anymore.
but i hear in some countries you must pay tax from the profit you get from trading bitcoin, for detail which countries. i'm forget.
I think Canada is one, you just have to go and look into it and find a list of the countries that tax you. A majority of the time they'll tax you like it is an asset rather than a currency, but there are some other restrictions in different countries. I don't know enough about it, just go and google it.
I think they are still not giving tax in bitcoin even in trading..because bitcoin still not so popular in every country and i think it takes long time before we will heard that every country are putting tax for every earn or transaction in the future.

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August 10, 2016, 06:38:18 PM
 #332

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

Lol crypto to crypto transactions never have a tax.. what you are calling tax is transaction fee, OP is thinking about government tax as far as I know.

I think you just have to pay tax of capital increase once you cash out in fiat, thats all. If they ask me more I just dont know, I don't keep track of the data. Hell MT gox is dead so if they are insane enough to require every transaction I ever did I just dont have that data anymore.
but i hear in some countries you must pay tax from the profit you get from trading bitcoin, for detail which countries. i'm forget.
I think Canada is one, you just have to go and look into it and find a list of the countries that tax you. A majority of the time they'll tax you like it is an asset rather than a currency, but there are some other restrictions in different countries. I don't know enough about it, just go and google it.
I think they are still not giving tax in bitcoin even in trading..because bitcoin still not so popular in every country and i think it takes long time before we will heard that every country are putting tax for every earn or transaction in the future.


go where the tax if bitcoin have a taxes? because bitcoin is not under the government. so it is not feasible to have a tax.

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August 10, 2016, 06:53:09 PM
 #333

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

Lol crypto to crypto transactions never have a tax.. what you are calling tax is transaction fee, OP is thinking about government tax as far as I know.

I think you just have to pay tax of capital increase once you cash out in fiat, thats all. If they ask me more I just dont know, I don't keep track of the data. Hell MT gox is dead so if they are insane enough to require every transaction I ever did I just dont have that data anymore.
but i hear in some countries you must pay tax from the profit you get from trading bitcoin, for detail which countries. i'm forget.
I think Canada is one, you just have to go and look into it and find a list of the countries that tax you. A majority of the time they'll tax you like it is an asset rather than a currency, but there are some other restrictions in different countries. I don't know enough about it, just go and google it.
Certain European countries also charge tax on profits made through trading and just holding Bitcoin.

I however don't think there are many people actually declaring their profits and holdings to the IRS to lose out on money. I can't blame them for that.

Having that said, nowadays nearly all serious exchanges force you to verify your account with all your personal information.

If the government somehow force the exchange to hand over details about a certain trader on their platform, then they must do so. Which means, the government will still come after you.

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August 10, 2016, 06:56:30 PM
 #334

Why do you bring "tax" into a beautiful thing like bitcoin? No bitcoins do not have tax. Your earnings do. If you don't report your earnings, there won't be any tax. Voila, problem solved. You still need to be careful tho, you may end up in jail if they find out.
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August 10, 2016, 07:54:57 PM
 #335

Why do you bring "tax" into a beautiful thing like bitcoin? No bitcoins do not have tax. Your earnings do. If you don't report your earnings, there won't be any tax. Voila, problem solved. You still need to be careful tho, you may end up in jail if they find out.
Unfortunately, in some countries it is considered as a surrogate cryptocurrency money that should not exist. Therefore, those who are engaged in their earning power persecuted. This is unfortunate.
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August 10, 2016, 08:24:35 PM
 #336

Why do you bring "tax" into a beautiful thing like bitcoin? No bitcoins do not have tax. Your earnings do. If you don't report your earnings, there won't be any tax. Voila, problem solved. You still need to be careful tho, you may end up in jail if they find out.

It's true nobody likes taxes but like with every currency and offcourse income there is tax involved in everything. And atlhough most countries just ignore bitcoin totally, some countries decided to ignore acceptance, but not the tax. They started taxing bitcoin on income. But in the near future buying stuff with bitcoin will be taxed too.
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August 10, 2016, 10:42:29 PM
 #337

In my country there no tax for betcoin.its dependence upon our government. same country have tax for Betcoin .my friends told that in their country have changed..
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August 11, 2016, 12:53:14 AM
 #338

Why do you bring "tax" into a beautiful thing like bitcoin? No bitcoins do not have tax. Your earnings do. If you don't report your earnings, there won't be any tax. Voila, problem solved. You still need to be careful tho, you may end up in jail if they find out.

It's true nobody likes taxes but like with every currency and offcourse income there is tax involved in everything. And atlhough most countries just ignore bitcoin totally, some countries decided to ignore acceptance, but not the tax. They started taxing bitcoin on income. But in the near future buying stuff with bitcoin will be taxed too.
in 2014 IRS the U.S. government agency responsible for tax collection announced that a "payments worth at least $600 and made with bitcoins will be taxed" they taxed bitcoin as property btw not as currency. a greedy government , tax bitcoin but didn't support bitcoin.

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August 11, 2016, 01:05:30 AM
 #339

My bitcoin not use TAX
because my country not regulated about bitcoin
but is exchanger market placed bitcoin in my country is legal company and ready paid TAX
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August 11, 2016, 01:34:14 AM
 #340

In my country there no tax for betcoin.its dependence upon our government. same country have tax for Betcoin .my friends told that in their country have changed..
LOL, but the government is not including bitcoin on their regulation and cause by that the government is not putting a tax. but it's just a miracle for me to happened. but you're forgetting about the tax is you always get if you wanna for making any transaction.

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