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Author Topic: Do Bitcoins have Tax??  (Read 39868 times)
BitHodler
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November 02, 2016, 01:33:01 PM
 #541

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 has no tax for now, but, bitcoin world is now spreading rapidly, in the next years it is not  impossible that government will imposed tax on it. If it has tax already it would be alright with me, because it is for the benefit of all people.
Let me tell you something, governments from quite a number of countries are already taxing your Bitcoin activities.

With that I mean that it can be earnings through offered services, profit through trading, price that went up, and the list goes on. I personally don't see it as a bad thing.

It shows that governments take Bitcoin serious as they (some governments do) somewhat place Bitcoin in nearly the same category as fiat when it comes to earning and hodling.

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November 02, 2016, 02:01:33 PM
 #542

No there is no taxes in bitcoin because it is decentralized and no one can impose taxes on it. In other way you can take it as private assets used by public. But it does have transaction fees which is normal because bank also cuts transaction fees. But bitcoin have Less transaction fees almost negligible fees.
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November 02, 2016, 02:03:46 PM
 #543

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 has no tax for now, but, bitcoin world is now spreading rapidly, in the next years it is not  impossible that government will imposed tax on it. If it has tax already it would be alright with me, because it is for the benefit of all people.
Let me tell you something, governments from quite a number of countries are already taxing your Bitcoin activities.

With that I mean that it can be earnings through offered services, profit through trading, price that went up, and the list goes on. I personally don't see it as a bad thing.

It shows that governments take Bitcoin serious as they (some governments do) somewhat place Bitcoin in nearly the same category as fiat when it comes to earning and hodling.
Yes you are right. There is no bad thing giving tax to it. As long as it is fair and just, (I'm sure it will). It is the duty as earners to give part our earnings for the benefit of us.  Smiley May all of us see the positive side once tax imposed on it.
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November 03, 2016, 04:48:00 AM
 #544

No, In my country, bitcoin is total tax free, also i don't think that in any country want tax from bitcoin, because i never hear that bitcoin is a tax able things, It is a crypto currency, but only few charges we should pay when we transfer amount, but i think it is not a tax.
And in my country, we are paying tax only things, nothing in currency. But still we are paying very high tax in my country in all over the things luxury or non luxury.

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November 03, 2016, 06:09:18 AM
 #545

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 has no tax for now, but, bitcoin world is now spreading rapidly, in the next years it is not  impossible that government will imposed tax on it. If it has tax already it would be alright with me, because it is for the benefit of all people.
im not agree with you because bitcoin is currency, so i think currency does not need tax. but if you using bitcoin to buy something overseas and shipped to your country maybe it get tax.

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November 03, 2016, 06:19:54 AM
 #546

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 has no tax for now, but, bitcoin world is now spreading rapidly, in the next years it is not  impossible that government will imposed tax on it. If it has tax already it would be alright with me, because it is for the benefit of all people.
im not agree with you because bitcoin is currency, so i think currency does not need tax. but if you using bitcoin to buy something overseas and shipped to your country maybe it get tax.
For bitcoin there is no tax since its not controlled by government. for shipped to your country that you mean.. i think there is no tax too just you pay for a fee and for transaction with rebate if you buy in purse.io..

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November 03, 2016, 06:52:58 AM
 #547

I dont think so. Because yesterdag I withdrawn My bitcoin and converted into cash yesterday using bitcoin atm. And The fee is 5% that is quite big. I dont know where the 5% belongs is it for the transaction fee of blockchain or is it the tax of the bitcoin atm machine. It was my first time yesterday thats why I didnt know where my 5% goes.
Lol of course it is a fee that is used by the atm, ATM as like an exchange, when you tried to do withdraw surely you will be given a few percent fee. I think atm bitcoin also like that although I've never used it. but I'm pretty sure it is a fee of bitcoin ATM that you use instead of a government tax Lol


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November 03, 2016, 07:31:42 AM
 #548

No there is no tax in bitcoin because it is decentralized money and no one can control this money. But it does have transaction fees which is normal and almost negligible as compared to transaction charge cut my banks. There is no limitation in bitcoin you could send as much as you want with only little transaction fees
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November 03, 2016, 08:07:35 AM
 #549

Actually, Bitcoin is does have a tax and according to the IRS Bitcoin is recognised as property rather than goods. It is just that when using Bitcoin for payment the taxing authorities may be less likely to be aware of the payments.

For more info, visit this site: https://en.bitcoin.it/wiki/Tax_compliance
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November 03, 2016, 08:15:35 AM
 #550

Actually, Bitcoin is does have a tax and according to the IRS Bitcoin is recognised as property rather than goods. It is just that when using Bitcoin for payment the taxing authorities may be less likely to be aware of the payments.

For more info, visit this site: https://en.bitcoin.it/wiki/Tax_compliance

On wiki is clearly written `That means, if you mow your neighbor’s lawn, it doesn’t matter if he pays you $20 in cash, or $20 worth of bitcoins. (Or $20 worth of tomatoes for that matter). In many jurisdictions, you are still legally required to report that as income.` We are always return on this very important part `in many jurisdictions`, that means depends from country to country. Bitcoin are not taxed in many countries, including mine. But again I think laws recognize difference between 20 dollar and 1 mil. dollars. And every country let this small works pass without tax, but big money is always poke in the eye.

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November 03, 2016, 02:56:37 PM
 #551

Bitcoin has no tax because it is not regulated and under the custody of the government. We are independent here and we have all the freedom to do whatever we want with our bitcoin.  NO tax is good as more income equals more money.

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November 03, 2016, 03:17:15 PM
 #552

Bitcoin has no tax because it is not regulated and under the custody of the government. We are independent here and we have all the freedom to do whatever we want with our bitcoin.  NO tax is good as more income equals more money.
Yeah I think the same, bitcoin is not controlled by anyone or any government so how can some one put a tax on bitcoin. Its tax-free is one of the main reasons why I use bitcoin so I think it should not be restricted by any law that says bitcoin has tax. Although I know there are a few countries that have tax for bitcoin, I think they should change their mind  Grin

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November 03, 2016, 03:31:41 PM
 #553

Bitcoin has no tax because it is not regulated and under the custody of the government. We are independent here and we have all the freedom to do whatever we want with our bitcoin.  NO tax is good as more income equals more money.
That's a lovely sentiment. But completely incorrect. You may want to talk to your tax preparer before you get hopelessly in debt over your capitol gains taxes. Remember that all transactions are recorded forever.

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November 03, 2016, 04:02:23 PM
 #554

Bitcoin has no tax because it is not regulated and under the custody of the government. We are independent here and we have all the freedom to do whatever we want with our bitcoin.  NO tax is good as more income equals more money.
That's a lovely sentiment. But completely incorrect. You may want to talk to your tax preparer before you get hopelessly in debt over your capitol gains taxes. Remember that all transactions are recorded forever.

Haha yeah, if the government decided to go for the bitcoin tax and since third party processor gets your identity when encashing bitcoin, you will have no excuse because of the public ledger called blockchain that has all your transaction history and can be easily seen by simply getting your wallet address and view it's history.

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November 03, 2016, 07:45:29 PM
 #555

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??

If the currency is not relating to government at all then how come the fees from transactions go to a government? They are simply added to blocks which miners solve and get rewards... those bitcoins from transactions goes to miners i guess... someone correct me if i'm mistaken...
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November 04, 2016, 10:50:46 AM
 #556

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??

If the currency is not relating to government at all then how come the fees from transactions go to a government? They are simply added to blocks which miners solve and get rewards... those bitcoins from transactions goes to miners i guess... someone correct me if i'm mistaken...

The fees are that are charged in bitcoin transactions are meant for miners. There is no government involved in bitcoin mining. Secondly, no government has recognized the use of bitcoin as a legal tender, therefore, there are no taxes. However, a few governments are contemplating laying down regulations for the use of bitcoin. Once this will be passed, it will mean that bitcoin has been recognized and therefore taxes will be imposed.
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November 04, 2016, 11:17:02 AM
 #557

Bitcoin has no tax because it is not regulated and under the custody of the government. We are independent here and we have all the freedom to do whatever we want with our bitcoin.  NO tax is good as more income equals more money.

Yup its better answer, There is no tax for bitcoins but when transferring the bitcoin from one wallet to another wallet, Just you need a pay a minimum fees atleast. When its become legal may be that time bitcoin will be also under tax. Who knows!!!

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November 05, 2016, 06:52:02 PM
 #558

I dont think so. Because yesterdag I withdrawn My bitcoin and converted into cash yesterday using bitcoin atm. And The fee is 5% that is quite big. I dont know where the 5% belongs is it for the transaction fee of blockchain or is it the tax of the bitcoin atm machine. It was my first time yesterday thats why I didnt know where my 5% goes.
That charges should be a transaction fee charged by the bitcoin debit card provider but neither bitcoin nor blockchain tax. I was wondering if you do know the terms of services of the the card provider you ate using,did you confirm it ?


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November 05, 2016, 07:15:17 PM
 #559

I heard italy is going to levy tax on Bitcoin earnings.Some other governments are also discussing about how to impose tax on Bitcoins.Now, we dont pay tax for Bitcoin earnings, but only pay tax when we convert fiat to BTC or BTC to  fiat.
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November 05, 2016, 07:25:53 PM
 #560

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??

The transaction "tax" you are reffering to isnt really a tax. Its a fee that goes towards paying the miners for confirming your transaction. I would not really consider it a tax, more like a payment to keep bitcoin secure.
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