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Author Topic: Do Bitcoins have Tax??  (Read 39868 times)
BeManga
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December 31, 2016, 12:40:37 AM
 #741

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 you talking about tax in the country it goes in the goverment to develop the country
but in bitcoin the tax is the transaction fee and it goes to miner

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December 31, 2016, 01:17:50 AM
 #742

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 you talking about tax in the country it goes in the goverment to develop the country
but in bitcoin the tax is the transaction fee and it goes to miner

Yes Bitcoin don't have any personal tax When we sell or buy bitcoin from any company they charge some percentage in the name of transaction tax. But it will not go government it will go to the company account. I have one doubt we will buy coins in online so we send money to the company account, The company how they show this transaction to the government I don't know. Because if Bitcoin involves means it's illegal transaction. I don't know how this process will work.
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December 31, 2016, 06:36:35 AM
 #743

as far as i know their is no tax in bitcoin transaction but some site uses fees for their services , but i don't think so that this fees are to be or can be considered as a tax from your transaction
Getting some fees for your transaction it's same means for you getting a tax for your transaction, i think the tax and fees not having a large different in their definition but maybe some people is having different definition about that, for me tax and fees is same.
you can not say that the fees and tax are same thing , if owner get extra charges on anything then we say it fees, and if the government get charges we can say the tax mean these are too different from each other .

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December 31, 2016, 06:49:56 AM
 #744

If ever the government will regulate bitcoin, it cannot still be fully regulated because we will continue to be anonymous since the system is designed to be decentralized, once decentralized it will connect us with being anonymous and maybe when the government will make strict polity towards it, people will not continue to support bitcoin.

At the most, the government can regulate the conversion of BTC to fiat, and vice versa. It is not possible for the government to monitor and regulate Bitcoin transactions from one wallet to another.

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December 31, 2016, 06:55:37 AM
 #745

Tax free usage seems to be one among the major attention seeker, but when taxes were imposed sure government holds control over bitcoin. This will make it similar to other currencies, only it gets the digital form. Till date taxation is not possible with bitcoin transactions.

Governments won't ever have the ability to directly tax Bitcoin. It doesn't really matter what you are using. If you have something with value, then it simply adds up to your wealth. If it allows you to buy and sell with profits, then it is like you are making profit in general. In both cases you have to pay tax over what you hold and gained in profit. Name of the tool isn't important, the value that it holds is. Difference here is that Bitcoin simply allows people to hide a part of their wealth, where the government doesn't know who or what is holding which amount. They only know it if you declare everything in a honest manner. But who is gonna do so?

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December 31, 2016, 07:01:42 AM
 #746

If ever the government will regulate bitcoin, it cannot still be fully regulated because we will continue to be anonymous since the system is designed to be decentralized, once decentralized it will connect us with being anonymous and maybe when the government will make strict polity towards it, people will not continue to support bitcoin.

At the most, the government can regulate the conversion of BTC to fiat, and vice versa. It is not possible for the government to monitor and regulate Bitcoin transactions from one wallet to another.

And that's the only way they can regulate bitcoin and I guess he is talking about the price movement of bitcoin and as well its transactions together with the production of bitcoin. But whatever it is, those exchange sites that are being registered to their local government are the ones who are responsibly paying tax for their profit in bitcoin, not bitcoin itself.

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December 31, 2016, 09:17:03 AM
 #747

No bro it is a prohabited currency....So it is a tax free way Smiley Smiley


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December 31, 2016, 09:50:51 AM
 #748

No bro it is a prohabited currency....So it is a tax free way Smiley Smiley

Yes, it's illegal currency it doesn't have any tax. And in future also I think it will take a long time to get approved by our all governments. Until and unless if we do not pay tax to government they will not accept this Bitcoin as a legal currency.
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December 31, 2016, 09:54:49 AM
 #749

only goods and services get taxed. bitcoin is a currency only in digital form. governments are probably trying to figure out how to tax goods and services that are paid for in bitcoin...

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December 31, 2016, 02:10:03 PM
 #750

BTC Paying taxes on any earned income or anything with value is good. You can record all blockchain transactions showing proof. Pay your tithes, pay your taxes. BTC
but the government will not know how many bitcoin address you have mate and they will not know where is it your bitcoin address? bitcoin will never fit to apply the tax mate. so do not push it
but still as not a single country turn bitcoin as legal currency therefore there is no tax on it and if the government will consider bitcoin as legal currency then they will be thinking about and will be doing planing for it to impost tax on it.
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December 31, 2016, 02:20:37 PM
 #751

BTC Paying taxes on any earned income or anything with value is good. You can record all blockchain transactions showing proof. Pay your tithes, pay your taxes. BTC
but the government will not know how many bitcoin address you have mate and they will not know where is it your bitcoin address? bitcoin will never fit to apply the tax mate. so do not push it
but still as not a single country turn bitcoin as legal currency therefore there is no tax on it and if the government will consider bitcoin as legal currency then they will be thinking about and will be doing planing for it to impost tax on it.

Yup, would never have made the Government's reason for bitcoin give tax to the user bitcoin. Because the bitcoin officially has not been accepted by most countries in the world, so if the Government imposes taxes to all users of the bitcoin then seconds was also that bitcoin is officially accepted by the Government. And it was the beginning where everyone will surely be more confident to use bitcoin, because indeed the Government indirectly accept bitcoin through enforcement of tax
 


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December 31, 2016, 02:31:50 PM
 #752

I guess this needs to be stated every page.  Roll Eyes
In the U.S. You absolutely owe capitol gains tax on any rise in price. No question at all about it.
https://www.irs.gov/uac/ten-important-facts-about-capital-gains-and-losses

And to clarify, the mining fee is payment for service and not a tax. Taxes are levied by governments. Bitcoin is not a government.

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December 31, 2016, 03:05:42 PM
 #753

Bitcoins dont have taxes. But some countries are discussing on imposing taxes on bitcoin earnings.
Governments usually dont like bitcoin development since they loose their tax revenues due to bitcoins.
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December 31, 2016, 03:14:15 PM
 #754

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??
ya , you alright . bitcoin does not have tax ..
because bitcoin not things can see real like bussines..


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December 31, 2016, 04:52:26 PM
 #755

I guess this needs to be stated every page.  Roll Eyes
In the U.S. You absolutely owe capitol gains tax on any rise in price. No question at all about it.
https://www.irs.gov/uac/ten-important-facts-about-capital-gains-and-losses

And to clarify, the mining fee is payment for service and not a tax. Taxes are levied by governments. Bitcoin is not a government.

It's embarrassing to see how many people understand nothing about taxes. How do they survive in society not understanding their taxation responsibilities and why are more of them not in prison?

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December 31, 2016, 05:19:05 PM
 #756

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??

I am not a CPA, so this is a non-professional opinion.  You should act on advice from a tax professional.

I am an advocate/activist for small government.  Although not an anarchocapitalist, i am sympathetic to the anarchocapitalist perspective, and have many acquaintances who describe themselves as such.

That said, bitcoin transactions are definitely taxable in the US.

Based on Federal court rulings, BTC does not qualify as "money", but rather as an item of value.

It does not qualify as a "currency" in the way that most Americans trade FX (Secs. 1256 or 988 contracts or straddles), at least not yet.  But there will probably be BTC futures trading on the CME by the end of Q1 2017.

Holding BTC and then making a transaction triggers a capital gain.  To be conservative, you should use first-in-first-out (FIFO) accounting.

It may not seem right or fair, but the tax liability exists whether or not you pay it. 

I would prefer to pay taxes as the liability accrues rather than having to pay fines later, or be accused of willful evasion of taxes.

   
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December 31, 2016, 09:43:08 PM
 #757

I guess this needs to be stated every page.  Roll Eyes
In the U.S. You absolutely owe capitol gains tax on any rise in price. No question at all about it.
https://www.irs.gov/uac/ten-important-facts-about-capital-gains-and-losses

And to clarify, the mining fee is payment for service and not a tax. Taxes are levied by governments. Bitcoin is not a government.

It's embarrassing to see how many people understand nothing about taxes. How do they survive in society not understanding their taxation responsibilities and why are more of them not in prison?
actually in most cases the government are receiving taxes by applying it directly on our salary an other product we do not pay tax naually therefore most of the people have no idea about the tax they are paying to the government.
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December 31, 2016, 10:34:54 PM
 #758

I guess this needs to be stated every page.  Roll Eyes
In the U.S. You absolutely owe capitol gains tax on any rise in price. No question at all about it.
https://www.irs.gov/uac/ten-important-facts-about-capital-gains-and-losses

And to clarify, the mining fee is payment for service and not a tax. Taxes are levied by governments. Bitcoin is not a government.

It's embarrassing to see how many people understand nothing about taxes. How do they survive in society not understanding their taxation responsibilities and why are more of them not in prison?
actually in most cases the government are receiving taxes by applying it directly on our salary an other product we do not pay tax naually therefore most of the people have no idea about the tax they are paying to the government.

That's the way it works in the USA too. I don't know where you're from but here we are expected to reconcile that every April. It is true that many people here trust a business to do that for them. That business really doesn't care how much of their money they keep. It's so stupid but people are lazy.

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December 31, 2016, 10:53:08 PM
 #759

Bitcoins dont have taxes. But some countries are discussing on imposing taxes on bitcoin earnings.
Governments usually dont like bitcoin development since they loose their tax revenues due to bitcoins.

The question and the answer show a bit of miss understanding, the equivalent would be like saying (about bitcoin the currency not Bitcoin the protocol) does USD have taxes? well... USD the currency in and of itself has no taxation depending on the territory or it has strict foreign exchange policies and stringent taxation again depending on the territory.

The same applies to bitcoin, in and of itself the technology is what it is. But governments treat it differently all around the world.

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January 01, 2017, 01:38:10 AM
 #760

There is a country that try to take the tax from bitcoin, the government try to collect 8% of bitcoin that their people bought from their legitimate place. But the people are disagree with that. Anyway people can buy bitcoin anywhere they wants which no tax on it.


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