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Author Topic: Do Bitcoins have Tax??  (Read 39869 times)
thejaytiesto
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February 12, 2016, 06:46:14 PM
 #41

Even if you don't report that you have Bitcoin to the goverment, in the future, let's say it goes to 10K per coin and you want to sell some to buy a car... well, there is no way around it, you will need to get those 10K taxed and explain where the Bitcoin came from to the goverment, because you can't get away with buying a car without telling the goverment, and let alone a house, so your untaxed Bitcoin are only useful to buy small stuff, if you want cars and houses, it's impossible that the goverment doesn't end up knowing about it.

So my question is, should we report all of our BTC now, or should we do it with only the amount we are interested in selling, and do it in the future when we want to sell that amount to buy something and not now? cause I just dont like the idea of the goverment knowing my total amount of BTC holdings (its not much but in the future it may be a lot).

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arbitrage
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February 13, 2016, 01:00:50 PM
 #42

Till there is no taxes on bitcoin we can enjoy.
I doubt we will ever see this, but if happens ,
it won't destroy bitcoin probably will be adopted massively
( taxation=acceptance from government).
What do you think?
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February 13, 2016, 02:19:25 PM
 #43

yes anything you gain from price increases you have to pay tax on atleast here in sweden , its 30%

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February 13, 2016, 02:44:04 PM
 #44

As bitcoins exchanges become more regulated, we might see some tax on buying/selling and we might be asked from where we acquired the coins, if we're selling i.e. and nothing wrong with that.

 

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February 13, 2016, 02:51:48 PM
 #45

Bitcoin is not taxed at all and whatever we earn in bitcoin stays the same unless we trade and increase it. Holding in bitcoin is absolutely tax free but trading or converting into fiat may attract taxes in most of the countries.


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socks435
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February 13, 2016, 02:54:39 PM
 #46

There's no tax in bitcoin. Because we have no government to use bitcoin. the only fee we need to pay is the fee for transaction.
In our real money or fiat they have a tax because its government involve..
If you exchange it to fiat for our local exchanger you deducted for tax but here bitcoin to bitcoin there's no tax..


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February 13, 2016, 03:26:13 PM
 #47

No tax and I hope it stay as it is but I think it won't be taxed as there's no governing body to see things through.

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February 13, 2016, 03:32:42 PM
 #48

We'll find our way to buying big items with our bitcoin conveniently, just like we did with small purchases using a prepaid card. Give it time.
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February 13, 2016, 03:35:51 PM
 #49

Satoshi should be sending out this year's tax slips anytime now. This way you can claim the $17 of capital gains you've earned this past tax year. Don't worry, he's got your address.
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February 13, 2016, 03:49:53 PM
 #50

Maybe in future, people put taxes on transcations of bitcoins ?
 Huh
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February 13, 2016, 04:01:16 PM
 #51

here in the netherlands holding bitcoins is being considered the same as holding stocks for example. it's part of your wealth so you will need to pay the same amount of tax as usual.
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February 13, 2016, 04:47:13 PM
 #52

No tax and I hope it stay as it is but I think it won't be taxed as there's no governing body to see things through.
Yes, bitcoin is a crypto currency and it can not be tracked how much bitcoins you are holding by any Government or Organization that makes it not fall in the tax category. I feel it is a big advantage to me.

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February 13, 2016, 04:49:14 PM
 #53

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??
ive never heard of bitcoins being taxed. but i do think that if u earn more than $600 with bitcoins in the U.S, you do have to fill out a form for tax purposes. but even if u didnt, i dont think theyd find out.
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February 13, 2016, 04:53:41 PM
 #54

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??
ive never heard of bitcoins being taxed. but i do think that if u earn more than $600 with bitcoins in the U.S, you do have to fill out a form for tax purposes. but even if u didnt, i dont think theyd find out.
You only need to fill that form if you are withdrawing the bitcoin to Fiat which is called W2 form if memory serves me right
As for now bitcoin is still not regulated so you don't have to pay any tax and all of the other stuffs Wink
But if you are trying to convert it via exchange you might need it as it counts as Income, and you need to pay Income taxes (At least in my local laws)
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February 13, 2016, 05:12:02 PM
 #55

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??
ive never heard of bitcoins being taxed. but i do think that if u earn more than $600 with bitcoins in the U.S, you do have to fill out a form for tax purposes. but even if u didnt, i dont think theyd find out.

it depends on the country you live in. some countries have more flexible tax rules. and besides if you can stay anonymous in your bitcoin trades you have a better chance of escaping taxes but if you get caught you will be charged with tax evasion!

Looking for Sig.
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February 13, 2016, 05:20:45 PM
 #56

Imposing the charge of tax for bitcoin transaction is totally fruitless. There's no way to linking civilian identities to transactions in current governemnt procedures. This will take maybe some decades before it tuns into a real problem for bitcoin users.
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February 13, 2016, 05:34:49 PM
 #57

There is not tax in my country for bitcoins
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February 13, 2016, 06:05:04 PM
 #58

Let me put the question slightly different because I would also like an answer to this.

Lets just say I buy, sell and mine bitcoins and I am constantly converting btc to usd and sending to my bank account. At what point do I have to pay taxes on my us$ earning I have made from buying selling and mining bitcoins?
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February 13, 2016, 06:15:10 PM
 #59

Well it depend per country. In my country it's mot taxed. But i am sure some countries tax any bitcon transaction.
Best it to call your local tax office.

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February 13, 2016, 06:49:31 PM
 #60

Bitcoin is not taxed at all and whatever we earn in bitcoin stays the same unless we trade and increase it. Holding in bitcoin is absolutely tax free but trading or converting into fiat may attract taxes in most of the countries.

Yes, holding bitcoin is absolutely free from tax and even free from any fee too. Only when transacting with bitcoin we have to pay a small miner fee though which we call as transaction fees which we would need to pay even while transacting via banks.

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