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Author Topic: Do Bitcoins have Tax??  (Read 39823 times)
MTBTT
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November 20, 2016, 10:40:38 PM
 #601

bitcoin do not have tax it has the miner fees which is also choosable according to payers needs or priority. tax are taken by government for the primary porpose of development of the countty but bitcoin does not charge anything like that
of course bitcoin will never have a tax, even though the government will apply tax due instead of making bitcoin be legal, I think there will be a lot of tax evasion, and the government will not be able to do anything


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mikehersh2
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November 20, 2016, 10:59:28 PM
 #602

It depends. Some countries have none at all, some have low and some have high.
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November 20, 2016, 11:09:20 PM
 #603


If you are in the US, BTC has capital gains tax.  Embarrassed


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November 21, 2016, 12:25:29 AM
 #604

until now there is no regulation governing taxation bitcoin. can be said bitcoin has no taxes at all. That makes a lot of people interested in using bitcoin compared to other investments.


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November 21, 2016, 12:29:53 AM
 #605

might have a tax in the future :/

once the gov gets their hands on it who knows what will happen my doodie
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November 21, 2016, 02:14:01 AM
 #606

bitcoin do not have tax it has the miner fees which is also choosable according to payers needs or priority. tax are taken by government for the primary porpose of development of the countty but bitcoin does not charge anything like that

Yes at this moment there is no direct tax in most of the countries (I guess in all the countries) but I have an account on unocoin where tax is charged on the conversion of bitcoin to fiat or vice versa and it is different from exchange fees. This tax is called service tax which is levied by government for the service industries and hence we have to pay some service tax on the price of bitcoin so it is indirect tax for bitcoin. It's for the service and not directly on bitcoin.

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November 21, 2016, 04:19:16 AM
 #607

bitcoin do not have tax it has the miner fees which is also choosable according to payers needs or priority. tax are taken by government for the primary porpose of development of the countty but bitcoin does not charge anything like that

Yes at this moment there is no direct tax in most of the countries (I guess in all the countries) but I have an account on unocoin where tax is charged on the conversion of bitcoin to fiat or vice versa and it is different from exchange fees. This tax is called service tax which is levied by government for the service industries and hence we have to pay some service tax on the price of bitcoin so it is indirect tax for bitcoin. It's for the service and not directly on bitcoin.
yes that is a fact that still there is no tax on bitcoin and the main reason for this is that still bitcoin is not consider as a legal currency, once if government will accept bitcoin as legal currency then they must put tax on it,.
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November 21, 2016, 05:41:55 AM
 #608

yes that is a fact that still there is no tax on bitcoin and the main reason for this is that still bitcoin is not consider as a legal currency, once if government will accept bitcoin as legal currency then they must put tax on it,.

Please call the IRS and tell them there is no capital gains tax on BTC in the US.

Unlike you , they seem to think there is :  https://www.cato.org/blog/irs-believes-all-bitcoin-users-are-tax-cheats

SATIRE: I am sure if you tell them , it is a Fact , that will be the end of it.  Cheesy


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November 21, 2016, 05:54:43 AM
 #609

bitcoin do not have tax it has the miner fees which is also choosable according to payers needs or priority. tax are taken by government for the primary porpose of development of the countty but bitcoin does not charge anything like that

Yes at this moment there is no direct tax in most of the countries (I guess in all the countries) but I have an account on unocoin where tax is charged on the conversion of bitcoin to fiat or vice versa and it is different from exchange fees. This tax is called service tax which is levied by government for the service industries and hence we have to pay some service tax on the price of bitcoin so it is indirect tax for bitcoin. It's for the service and not directly on bitcoin.
yes that is a fact that still there is no tax on bitcoin and the main reason for this is that still bitcoin is not consider as a legal currency, once if government will accept bitcoin as legal currency then they must put tax on it,.

Not only as a currency because right now it can be classified not only under currency but also as a negotiable instrument, commodity, asset or even a computer software (as per notes from existing laws) so there will be difference in imposing taxes. There are more than one aspect and this it will create a long term impact on the whole bitcoin as well as crypto currency technology.

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November 21, 2016, 06:06:47 AM
 #610

No there is no taxes in bitcoin. What made you think that bottom have taxes. It's free from government rules it's fully decentralized for all over the world and there is no one to take the taxes. And even none of the government can't modify or impose  taxes but we'll they can ban the currency.
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November 21, 2016, 06:16:01 AM
 #611

No there is no taxes in bitcoin. What made you think that bottom have taxes. It's free from government rules it's fully decentralized for all over the world and there is no one to take the taxes. And even none of the government can't modify or impose  taxes but we'll they can ban the currency.
You are right but still it have tax .
Actually in small transaction we have freedom of tax but if we go for deals in lakhs then according to government rules of tax we need to pay yearly tax for bitcoin give/take .
Because if a trader is giving money in lakhs or taking money in from/his bank account then we need to give answer for which purpose we have madrd the transaction .


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November 21, 2016, 07:24:52 AM
 #612

No there is no taxes in bitcoin. What made you think that bottom have taxes. It's free from government rules it's fully decentralized for all over the world and there is no one to take the taxes. And even none of the government can't modify or impose  taxes but we'll they can ban the currency.
You are right but still it have tax .
Actually in small transaction we have freedom of tax but if we go for deals in lakhs then according to government rules of tax we need to pay yearly tax for bitcoin give/take .
Because if a trader is giving money in lakhs or taking money in from/his bank account then we need to give answer for which purpose we have madrd the transaction .
There's no rule telling really that we need to pay taxes using bitcoin, the fact that bitcoin is not yet regulated so they cannot enforce tax to us. Time will come in the future if bitcoin will be regulated that is the only time that taxing bitcoin would happen.

For now, we enjoy using bitcoin tax free and it could benefit us so much.

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November 21, 2016, 07:39:15 AM
 #613

No there is no taxes in bitcoin. What made you think that bottom have taxes. It's free from government rules it's fully decentralized for all over the world and there is no one to take the taxes. And even none of the government can't modify or impose  taxes but we'll they can ban the currency.
You are right but still it have tax .
Actually in small transaction we have freedom of tax but if we go for deals in lakhs then according to government rules of tax we need to pay yearly tax for bitcoin give/take .
Because if a trader is giving money in lakhs or taking money in from/his bank account then we need to give answer for which purpose we have madrd the transaction .
There's no rule telling really that we need to pay taxes using bitcoin, the fact that bitcoin is not yet regulated so they cannot enforce tax to us. Time will come in the future if bitcoin will be regulated that is the only time that taxing bitcoin would happen.

For now, we enjoy using bitcoin tax free and it could benefit us so much.
yes still there is no rule defined which shows that bitcoin has tax, therefore not a single person still paying tax on bitcoin but in future i think tax will be impose on bitcoin and i think at that time i think it will create more issues.

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November 21, 2016, 07:50:36 AM
 #614

Since it's not regulated and not so much popular, bitcoin don't has taxes by goverment but it's taxes is simply it's fees when you are making transaction. I think if number of bitcoin's users will highly grow in the future, than goverment will make some actions and they don't leave us without fees, but hope bitcoin's structure won't give them that permission.

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groll
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November 21, 2016, 06:31:58 PM
 #615

In my country still their is no detail on Bitcoin, so their is not tax still on Bitcoin, if i want to show the profit and loss then it will be as unsecured profit or loss. Other country taxation is how dont know about it.
[/quote

The government still not opening thier door on bitcoins thats why until now bitcoins have no tax. On some country, the government banned bitcoins and consider it as illegal, if only they know how people enjoying the benefits of using bitcoins. Once the government open the door for bitcoins, tax can be implied immediately, but if bitcoins have tax? You think how many percentage it could be?
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November 22, 2016, 12:06:25 AM
 #616

Since it's not regulated and not so much popular, bitcoin don't has taxes by goverment but it's taxes is simply it's fees when you are making transaction. I think if number of bitcoin's users will highly grow in the future, than goverment will make some actions and they don't leave us without fees, but hope bitcoin's structure won't give them that permission.

You can't call the fees as taxes, because taxes are being issued and paid to government unlike fees are for the company. Unless your local government will issue tax to you if they knew that you are earning bitcoins, then you should be paying the tax for bitcoin. But most of the government are not even considering bitcoin so we don't have to worry about it.

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goldcoinminer
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November 23, 2016, 07:46:26 AM
 #617

Since it's not regulated and not so much popular, bitcoin don't has taxes by goverment but it's taxes is simply it's fees when you are making transaction. I think if number of bitcoin's users will highly grow in the future, than goverment will make some actions and they don't leave us without fees, but hope bitcoin's structure won't give them that permission.

You can't call the fees as taxes, because taxes are being issued and paid to government unlike fees are for the company. Unless your local government will issue tax to you if they knew that you are earning bitcoins, then you should be paying the tax for bitcoin. But most of the government are not even considering bitcoin so we don't have to worry about it.
That's true, the fees are not the tax but our expenses. However for a certain exchange sites they have fees as well and it form part of there income and as a business operating legally, they are obliged to pay the right taxes and we contributed on their income so it's like saying we are paying tax as well.

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November 23, 2016, 11:18:28 AM
 #618

According the legislation of my country there is no tax for bitcoin transactions. Even more there is no VAT because bitcoin is considered not a coin, like as fiat, but an agreement between two parties
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November 23, 2016, 11:24:39 AM
 #619

According the legislation of my country there is no tax for bitcoin transactions. Even more there is no VAT because bitcoin is considered not a coin, like as fiat, but an agreement between two parties
Or maybe they simply cannot put tax on it? That's one of the advantages of bitcoin. The government just can't do anything about it. They do not support it but they also cannot ban it for not being able to put tax on it. Even when you earn millions from bitcoins, they can't put tax on you. The only problem is when you start transferring them to your bank account because they'll notice that there's a mysterious change in your account. That's when the government going to enter your life and you'll be interviewed by a supervisor.

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sunsilk
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November 23, 2016, 03:22:05 PM
 #620

According the legislation of my country there is no tax for bitcoin transactions. Even more there is no VAT because bitcoin is considered not a coin, like as fiat, but an agreement between two parties
Or maybe they simply cannot put tax on it? That's one of the advantages of bitcoin. The government just can't do anything about it. They do not support it but they also cannot ban it for not being able to put tax on it. Even when you earn millions from bitcoins, they can't put tax on you. The only problem is when you start transferring them to your bank account because they'll notice that there's a mysterious change in your account. That's when the government going to enter your life and you'll be interviewed by a supervisor.

Bitcoin is not taxable, the only thing can be covered by taxation are the exchange websites but not bitcoin itself.

Because there is no law covered to be taxed by government for this crypto currency. But that is only applicable to the service providers.

Like exchange sites and maybe online gambling sites as well.

.

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