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Author Topic: Do Bitcoins have Tax??  (Read 39658 times)
stadus
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December 02, 2016, 01:43:06 PM
 #681

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.
Wow, you're being honest dude. I don't know in my country if they are really that strict to require bitcoin earners to declare their earnings and pay taxes on it. I have no idea because I do not pay taxes with my earnings here but my salary was deducted with tax so I guess that would already be enough to comply with the existing tax laws. At the end of the day, I can still call my self compliant enough.

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December 02, 2016, 02:15:17 PM
 #682

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.
Even if you transfer more then that, the transaction fee remains the same.
It everything depends on the memory your transaction takes place, which is totally depends on the amount of outputs and the amount of inputs your transaction has.
Also if you have a multi-sig address, it may grow the transaction size and require you to add more fees to the tx.
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December 03, 2016, 03:37:54 AM
 #683

no , i don't see there is rule from government about bitcoin tax because in my opinion each tax need a government rule


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December 03, 2016, 05:32:26 AM
 #684

no , i don't see there is rule from government about bitcoin tax because in my opinion each tax need a government rule
Yes I agree, government is not tax it, but some people in here were said that bitcoin transaction fee is a tax, i think they were wrong, the transaction fee is for minner becouse they help the transaction.


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December 03, 2016, 06:32:39 AM
 #685

no , i don't see there is rule from government about bitcoin tax because in my opinion each tax need a government rule
Yes I agree, government is not tax it, but some people in here were said that bitcoin transaction fee is a tax, i think they were wrong, the transaction fee is for minner becouse they help the transaction.
Compared to the real tax you have to pay, it's more cheaper as it does not base on the amount you will transact. Government will only tax exchange sites but the clients like us are not tax but we pay of the trading fees or transfer fees from trading site to our wallet and somehow we can all it tax.

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December 04, 2016, 09:59:48 PM
 #686

For Bitcoin not have to pay taxes because the government has no right to claim your saving.
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December 05, 2016, 11:12:56 AM
 #687

There is no direct tax here in the Netherlands, you can hold as many bitcoins in a wallet as you like, only when it's converted to fiat it becomes taxable at around EUR 2500.
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December 05, 2016, 11:22:54 AM
 #688

It totally depends on which place u are in .well if u are from india , i can tell if u are transacting 2.5 lacs per year then u dont have to pay taxes otherwise more than that u have to show to them and pay taxes .kudoos Smiley

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December 07, 2016, 03:15:10 AM
 #689

Until now, there are no state laws that regulate bitcoin taxes, I feel free of this, upss Cheesy

If tax has been in effect since bitcoin already legalized one day, it doesn't matter because all public access could use bitcoin. There is always an admission tax for welfare. The best way if it happens, collect bitcoin as much as possible from now on.


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December 07, 2016, 04:15:12 AM
 #690

It totally depends on which place u are in .well if u are from india , i can tell if u are transacting 2.5 lacs per year then u dont have to pay taxes otherwise more than that u have to show to them and pay taxes .kudoos Smiley

As quoted depending upon the country you reside, users were supposed to pay tax in respect to the transaction made through various services. Governments can just tax users by this means and miners gets the transaction fee.

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December 08, 2016, 06:15:31 AM
 #691

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??

So far at the present time now, bitcoin don't have have any taxes in this kind of bitcoin industry. Only they get charge for every transaction of all the community we had it in bitcoin world.

                                 
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bitcoinisbest
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December 08, 2016, 06:44:30 AM
 #692

The taxation policy of each country varies and particularly OP will need to mention which country he would like to know.

Like for our country if for certain income its tax free and if you cross that then there are slab wise % of tax. Accordingly profits you earn from bitcoin and personal income needs to be clubbed together and accordingly you will have to pay tax.

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December 12, 2016, 07:15:13 AM
 #693

If we are going back to the meaning of bitcoin, it is decentralized peer to peer currency, Therefore, bitcoin has no tax in every transaction but only charge fee for every transactions.

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December 12, 2016, 02:18:43 PM
 #694

If we are going back to the meaning of bitcoin, it is decentralized peer to peer currency, Therefore, bitcoin has no tax in every transaction but only charge fee for every transactions.
This is true since its been written on the whitepaper of bitcoins project on which its been created to make decentralized p2p transactions and this is the most accurate answer for this. So it means it doesn't really have tax and its impossible to impose tax on it and no government  could able to do that. That's why they don't like bitcoin and some of them ban it because of this reason.



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December 12, 2016, 06:46:04 PM
 #695

Obviously taxes apply in most (all?) countries.
But I wonder if there is any place on Earth that has no taxes associated with bitcoin? Like maybe Dubai?
Anyone know this?

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December 12, 2016, 11:54:32 PM
 #696

Obviously taxes apply in most (all?) countries.
But I wonder if there is any place on Earth that has no taxes associated with bitcoin? Like maybe Dubai?
Anyone know this?

There are a lot of countries that bitcoin is still not yet honored so they don't have choice but to ignore bitcoin even though their citizens are earning good amount with it that's why there are a lot of people who are using bitcoins that are evading taxes because their source is not taxable and that is with bitcoin.
There is no tax only the company or exchange are paying for a tax that is why they are giving a exchange rate not the exact price in in preev price.
In bitcoin we are just paying fee for every transaction but in local exchange like here in my country there is no fee for every transaction this good thing in our wallet.. but i think that company are paying in taxes which is a company that nearly here in my place.. anytime you can go near to them and see the bitcoin atm..  tax only apply if they are asking for a fee for withdrawals..

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December 13, 2016, 12:02:27 AM
 #697

Obviously taxes apply in most (all?) countries.
But I wonder if there is any place on Earth that has no taxes associated with bitcoin? Like maybe Dubai?
Anyone know this?

There are a lot of countries that bitcoin is still not yet honored so they don't have choice but to ignore bitcoin even though their citizens are earning good amount with it that's why there are a lot of people who are using bitcoins that are evading taxes because their source is not taxable and that is with bitcoin.
There is no tax only the company or exchange are paying for a tax that is why they are giving a exchange rate not the exact price in in preev price.
In bitcoin we are just paying fee for every transaction but in local exchange like here in my country there is no fee for every transaction this good thing in our wallet.. but i think that company are paying in taxes which is a company that nearly here in my place.. anytime you can go near to them and see the bitcoin atm..  tax only apply if they are asking for a fee for withdrawals..

Exchanges and other Bitcoin related services do pay tax over their entire revenue and profits translated to the fiat equivalent. They can't hide from the IRS. Most exchanges don't charge you anything when you cash out fiat, so from that point there is nothing they have to pay tax over. That's however not the case with certain services that allow you to buy and sell coins. They mostly charge fees ranging from 1 to 5% per transaction. Over that percentage they have to pay tax.

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December 13, 2016, 12:12:23 AM
 #698

Obviously taxes apply in most (all?) countries.
But I wonder if there is any place on Earth that has no taxes associated with bitcoin? Like maybe Dubai?
Anyone know this?

There are a lot of countries that bitcoin is still not yet honored so they don't have choice but to ignore bitcoin even though their citizens are earning good amount with it that's why there are a lot of people who are using bitcoins that are evading taxes because their source is not taxable and that is with bitcoin.
There is no tax only the company or exchange are paying for a tax that is why they are giving a exchange rate not the exact price in in preev price.
In bitcoin we are just paying fee for every transaction but in local exchange like here in my country there is no fee for every transaction this good thing in our wallet.. but i think that company are paying in taxes which is a company that nearly here in my place.. anytime you can go near to them and see the bitcoin atm..  tax only apply if they are asking for a fee for withdrawals..

Exchanges and other Bitcoin related services do pay tax over their entire revenue and profits translated to the fiat equivalent. They can't hide from the IRS. Most exchanges don't charge you anything when you cash out fiat, so from that point there is nothing they have to pay tax over. That's however not the case with certain services that allow you to buy and sell coins. They mostly charge fees ranging from 1 to 5% per transaction. Over that percentage they have to pay tax.
does that mean they could only charge the the fees or taxes in case of exhanging between fiats and cryptos, in a nutshell?



government should reserve bitcoins and altcoins in order to ensure they have sufficient fund to sustain the country instead of simply asking their citizens for the tax. Smiley

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December 13, 2016, 03:30:05 AM
 #699

Obviously taxes apply in most (all?) countries.
But I wonder if there is any place on Earth that has no taxes associated with bitcoin? Like maybe Dubai?
Anyone know this?

There are a lot of countries that bitcoin is still not yet honored so they don't have choice but to ignore bitcoin even though their citizens are earning good amount with it that's why there are a lot of people who are using bitcoins that are evading taxes because their source is not taxable and that is with bitcoin.
There is no tax only the company or exchange are paying for a tax that is why they are giving a exchange rate not the exact price in in preev price.
In bitcoin we are just paying fee for every transaction but in local exchange like here in my country there is no fee for every transaction this good thing in our wallet.. but i think that company are paying in taxes which is a company that nearly here in my place.. anytime you can go near to them and see the bitcoin atm..  tax only apply if they are asking for a fee for withdrawals..

Exchanges and other Bitcoin related services do pay tax over their entire revenue and profits translated to the fiat equivalent. They can't hide from the IRS. Most exchanges don't charge you anything when you cash out fiat, so from that point there is nothing they have to pay tax over. That's however not the case with certain services that allow you to buy and sell coins. They mostly charge fees ranging from 1 to 5% per transaction. Over that percentage they have to pay tax.
does that mean they could only charge the the fees or taxes in case of exhanging between fiats and cryptos, in a nutshell?



government should reserve bitcoins and altcoins in order to ensure they have sufficient fund to sustain the country instead of simply asking their citizens for the tax. Smiley

That's a good move, only if they will even try to consider that bitcoin is going to be able to help to the country's finances. This is possible to happen if a country from the first world will do this initiative and after that the smaller countries will try to do this too and will imitate what's on the trend from the rich countries.
That's too much to ask for them, we are not even regulated and bitcoin is not considered as an asset or commodity like gold is. It should be in a sequential process and we start with the beginning which is being regulated.

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December 13, 2016, 09:35:28 AM
 #700

bitcoins have no tax , because for me bitcoins is not a company bitcoins can get in internet easily so why do they put in a tax on bitcoins .

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