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Author Topic: Do Bitcoins have Tax??  (Read 39869 times)
goldcoinminer
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December 01, 2016, 02:39:53 PM
 #661

As far as I know Bitcoin itself doesn't have taxes, it's not regulated that way. But if you trade Bitcoin and exchange it to fiat, especialy if you are doing this through your bank account you should report that to your local tax authorities as a kind of the income and on that you should pay taxes.
There no tax regulation that requires us to report our income in the crypto world, the fact that it's not under the control of the government they do have the right to oblige us to pay taxes on our income online. It's not a legal tender what we are using and we are not known by the government and even our information in the exchange site are completely anonymous.

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December 01, 2016, 02:58:42 PM
 #662

As far as I know Bitcoin itself doesn't have taxes, it's not regulated that way. But if you trade Bitcoin and exchange it to fiat, especialy if you are doing this through your bank account you should report that to your local tax authorities as a kind of the income and on that you should pay taxes.
There no tax regulation that requires us to report our income in the crypto world, the fact that it's not under the control of the government they do have the right to oblige us to pay taxes on our income online. It's not a legal tender what we are using and we are not known by the government and even our information in the exchange site are completely anonymous.
In the U.S. that is absolutely incorrect. You owe capitol gains based on your income. Failure to pay is punishable by jail time, but normally you can avoid by paying back the principal you owe plus late fees plus interest.

Read here: https://www.bitcoin.tax/

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin in AFRICA - https://bitcointalk.org/index.php?topic=2710325.msg27720734
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December 01, 2016, 03:02:43 PM
 #663

As far as I know Bitcoin itself doesn't have taxes, it's not regulated that way. But if you trade Bitcoin and exchange it to fiat, especialy if you are doing this through your bank account you should report that to your local tax authorities as a kind of the income and on that you should pay taxes.
it is one of the advantages. many people choose not to pay taxes because they want to get larger transactions and also without any deductions. of course it will help them to maintain their wealth.

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December 01, 2016, 03:07:33 PM
 #664

As far as I know Bitcoin itself doesn't have taxes, it's not regulated that way. But if you trade Bitcoin and exchange it to fiat, especialy if you are doing this through your bank account you should report that to your local tax authorities as a kind of the income and on that you should pay taxes.
it is one of the advantages. many people choose not to pay taxes because they want to get larger transactions and also without any deductions. of course it will help them to maintain their wealth.
but it is not justified. as a country will be very good when countries get a tax payment from the community. This will be controversial because there are negative and positive sides.

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December 01, 2016, 04:11:18 PM
 #665

there is not ! because bitcoin not real business like company or factory.. i feel bitcoin very profitable because many profit without tax
Yea, there is not taxes must be paid for users of bitcoins are not come from America or they are not costumers of coinbase, but the users from America especially costumers of coinbase, they must be ready for pay taxes to government and their indentity had been given to IRS. check out on this https://cointelegraph.com/news/us-federal-court-approves-irs-collection-of-coinbase-user-database
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December 01, 2016, 07:19:47 PM
 #666

Hello,

We have Finland this stupid thing, you must have company then you get foundation on rig hardware  Angry

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December 01, 2016, 07:21:16 PM
 #667

Depends on the country you live in.
For example, if you live in US you have to pay taxes from btc income, otherwise it would be considered as tax evasion.

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December 01, 2016, 08:53:46 PM
 #668

As far as I know Bitcoin itself doesn't have taxes, it's not regulated that way. But if you trade Bitcoin and exchange it to fiat, especialy if you are doing this through your bank account you should report that to your local tax authorities as a kind of the income and on that you should pay taxes.
yes i am also agree with you that still there is no tax on bitcoin, and in fact the reason is that bitcoin have not yet consider bitcoin as legal currency, but i think government must now thinking about  bitcoin to turn it as legal currency.

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December 02, 2016, 12:14:18 AM
 #669

Bitcoin has no tax , it only has transaction fee for miners for transaction speed purposes but it depends on you. That is the reason why many have their own Bitcoin business because they don't pay taxes.
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December 02, 2016, 12:20:32 AM
 #670

there is not ! because bitcoin not real business like company or factory.. i feel bitcoin very profitable because many profit without tax
Yea, there is not taxes must be paid for users of bitcoins are not come from America or they are not costumers of coinbase, but the users from America especially costumers of coinbase, they must be ready for pay taxes to government and their indentity had been given to IRS. check out on this https://cointelegraph.com/news/us-federal-court-approves-irs-collection-of-coinbase-user-database
so if you are not US citizen then you don't have to worry about tax
for US bitcoiner just avoid to use coinbase as your exchanger service if you won't be taxed
IRS will never collect any info outside coinbase for tax
so basically bitcoin is free tax!

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December 02, 2016, 12:35:45 AM
 #671

no there is no type of tax or excess charges while transfering your coins all it have is a mining fees which is a verification step made for keeping the balance in bitcoin system and side by side also helps verifying each and every single transaction and this fees is also adjustable according to users need


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December 02, 2016, 06:59:36 AM
 #672

no there is no type of tax or excess charges while transfering your coins all it have is a mining fees which is a verification step made for keeping the balance in bitcoin system and side by side also helps verifying each and every single transaction and this fees is also adjustable according to users need
It's definitely the mining fee not the tax. I do not mind it as it's only a small amount of charge compared to using a other legitimate online processor that they would charge you base on the amount transacted.

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December 02, 2016, 07:20:15 AM
 #673

no there is no type of tax or excess charges while transfering your coins all it have is a mining fees which is a verification step made for keeping the balance in bitcoin system and side by side also helps verifying each and every single transaction and this fees is also adjustable according to users need
It's definitely the mining fee not the tax. I do not mind it as it's only a small amount of charge compared to using a other legitimate online processor that they would charge you base on the amount transacted.
Yeah , both of you right but still I am not sure that there is no tax for Bitcoin . For example if we made the deal with a Bitcoin trader then he will make buy/sell Bitcoin online with his bank money so he needs to pay tax for that fiat money deal ( for Bitcoin ) because his daily give/take will make his income very big that will be result onto tax to make your deal legit .


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December 02, 2016, 07:29:47 AM
 #674

To the best of my knowledge there are no direct or indirect taxes on bitcoin here in my country but rumors has it that there's gonna be taxes on the holding of bitcoins soon considering bitcoins as assets. That's all I know till now. I'll keep updating you guys as I come to know some new developments in this regard.
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December 02, 2016, 07:36:51 AM
 #675

You don't need to pay any tax for the government when dealing with bitcoins as it is not considered real money,only when you convert the bitcoins to real fiat then you may pay taxes.

If you by taxes you meant to fees,then yes,you need to pay a small fee for the miners for each transaction you make.
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December 02, 2016, 10:42:20 AM
 #676

You don't need to pay any tax for the government when dealing with bitcoins as it is not considered real money,only when you convert the bitcoins to real fiat then you may pay taxes.

If you by taxes you meant to fees,then yes,you need to pay a small fee for the miners for each transaction you make.

Yeah i couldn't agree more with you that bitcoin didn't cut for any tax . It is one of the advantage from using bitcoin.
And if you see every transactions bitcoin is only additional fees less than 1 dollars. Usually when i make a transactions around 10 - 30 dollars in bitcoin, the fees only 0.1 - 0.2 dollars and every my transactions has a different fees. But I didn't think it was a tax.

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December 02, 2016, 11:18:40 AM
 #677

In my country, as of now bitcoin don't have any tax. Maybe if bitcoin is recognize by a government to be  a legal Curency in a country, i think thats that time bitcoin have a tax.
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December 02, 2016, 11:29:34 AM
 #678

In my country, as of now bitcoin don't have any tax. Maybe if bitcoin is recognize by a government to be  a legal Curency in a country, i think thats that time bitcoin have a tax.
   
   Every time we transfer money or bitcoins we pay something, they call that transactions fees. Its something like a tax and that will always be present, we can call it with other names but it is the same thing.
   In country I live in there is no law about bitcoins, and when I asked people from my place how they sell bitcoins for our currency they tell me they pay just transaction fees and exchange fees, and all that can goes to 7 %. What they can do more, if they tax bitcoin with additional 20 % that will be a lot.
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December 02, 2016, 11:32:48 AM
 #679

You don't need to pay any tax for the government when dealing with bitcoins as it is not considered real money,only when you convert the bitcoins to real fiat then you may pay taxes.

If you by taxes you meant to fees,then yes,you need to pay a small fee for the miners for each transaction you make.

Bitcoin could consider has tax if you send it (fees) as we know but in several countries which already have regulations about bitcoin, users indirectly pay the taxes if they deal with exchangers, but overall we can't avoid taxes if you do legal transaction in a country.

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December 02, 2016, 11:40:37 AM
 #680

You don't need to pay any tax for the government when dealing with bitcoins as it is not considered real money,only when you convert the bitcoins to real fiat then you may pay taxes.

If you by taxes you meant to fees,then yes,you need to pay a small fee for the miners for each transaction you make.

Bitcoin could consider has tax if you send it (fees) as we know but in several countries which already have regulations about bitcoin, users indirectly pay the taxes if they deal with exchangers, but overall we can't avoid taxes if you do legal transaction in a country.

What you are saying is right. It is always good to show the entry in tax and pay tax according to it. In my country i show Bitcoin earning and Tradings as shortterm profit and loss. And balance which i keep in other Wallet i Show as Shortterm Investment and pay tax according to it.
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