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Author Topic: Do Bitcoins have Tax??  (Read 39869 times)
pinkpanther03
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January 09, 2017, 02:45:00 PM
 #841

It's not the Bitcoin that is taxed. There is no tax on dollars for example, but if you are earning, or disposing of capital assets, then you may be liable for taxes. If you take a car in lieu of payment, then you still may have to pay tax.

Exactly, Bitcoin obviously don't have any taxes at all because it is a digital currency or like the real money. Unless the government itself will give the by laws about in bitcoin, and if that happen that's not good for the bitcoin enthusiast like us for sure.


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January 10, 2017, 06:42:18 AM
 #842

It's not the Bitcoin that is taxed. There is no tax on dollars for example, but if you are earning, or disposing of capital assets, then you may be liable for taxes. If you take a car in lieu of payment, then you still may have to pay tax.

Exactly, Bitcoin obviously don't have any taxes at all because it is a digital currency or like the real money. Unless the government itself will give the by laws about in bitcoin, and if that happen that's not good for the bitcoin enthusiast like us for sure.
We can only be taxed if we convert that into fiat, for now the government is still in the process of making rules on how to treat our income and transactions online in the crypto world. Although this is not still regulated but the government will always find a way to earn from us as well.

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January 10, 2017, 07:56:18 AM
 #843

NO TAX. It's decentralized and no one have control over bitcoin. Is your freedom to use it, your money, your wallet, and your rules. Is free from any sort of others control.
It should be like that, but unfortunately the opposite is true.

You hodling like $100,000 worth of Bitcoin isn't really different from you hodling $100,000 worth of stocks. In both cases you have to comply with the tax policies in your country.

If you just keep hiding what you have, then it's seen and treated as a serious crime where you can face severe penalties. It's not all that innocent and simple as you may think.

if you just hold and never use your bitcoin, then you are not taxed, even in the USA i beliebe this is the case

as long as you don't use your coin or do trading to acquire more, if lucky, you are not obliged to pay any tax

this is certainly true in europe, i don't know if in america they have changed the law for crypto

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January 10, 2017, 08:00:34 AM
 #844

NO TAX. It's decentralized and no one have control over bitcoin. Is your freedom to use it, your money, your wallet, and your rules. Is free from any sort of others control.
It should be like that, but unfortunately the opposite is true.

You hodling like $100,000 worth of Bitcoin isn't really different from you hodling $100,000 worth of stocks. In both cases you have to comply with the tax policies in your country.

If you just keep hiding what you have, then it's seen and treated as a serious crime where you can face severe penalties. It's not all that innocent and simple as you may think.

if you just hold and never use your bitcoin, then you are not taxed, even in the USA i beliebe this is the case

as long as you don't use your coin or do trading to acquire more, if lucky, you are not obliged to pay any tax

this is certainly true in europe, i don't know if in america they have changed the law for crypto

Generally holding is indeed non-taxable. Unless you realize some profit then you are not liable to pay for taxes. When you profit you have to pay for income taxes to you government. Hence if the prices of bitcoin went up after you bought the coins then sold it, you are liable for income tax. Another tax would be tax on the use of bitcoins, if your government taxes the use of bitcoins that is a separate tax compared to income tax.

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January 10, 2017, 08:46:03 AM
 #845

It's not the Bitcoin that is taxed. There is no tax on dollars for example, but if you are earning, or disposing of capital assets, then you may be liable for taxes. If you take a car in lieu of payment, then you still may have to pay tax.

Exactly, Bitcoin obviously don't have any taxes at all because it is a digital currency or like the real money. Unless the government itself will give the by laws about in bitcoin, and if that happen that's not good for the bitcoin enthusiast like us for sure.
I'd agree with your point that taxes is not so good for our wallet but we can't avoid paying those taxes otherwise, we'll bear the risk to be jailed. But, I guess that the taxes is not going to be that high and no need to be afraid.
And if you all as a bitcoin users never pay the taxes then probably the government will make another movement, banning bitcoin is also one of their option to keep their taxes on fire

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January 10, 2017, 08:53:13 AM
 #846

if you just hold and never use your bitcoin, then you are not taxed, even in the USA i beliebe this is the case

as long as you don't use your coin or do trading to acquire more, if lucky, you are not obliged to pay any tax

this is certainly true in europe, i don't know if in america they have changed the law for crypto

I am from Europe myself. I have been doing some research where I also contacted my local government to see what their stand point is on holding crypto in general. I have been told that if I ever was to hold whatever amount that is in the tens of thousand range, then even holding them will be seen as something that they can charge tax over. It's part of my wealth. That's however not the case when it comes to virtual profits (e.g. coins having gained value after buying without selling). Tax on profits will apply at the time I sell these coins at a price higher than what I bought them for. Either way, you having plenty of coins, or just a few coins, declaring them is a must.

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January 11, 2017, 02:27:09 AM
 #847

if you just hold and never use your bitcoin, then you are not taxed, even in the USA i beliebe this is the case

as long as you don't use your coin or do trading to acquire more, if lucky, you are not obliged to pay any tax

this is certainly true in europe, i don't know if in america they have changed the law for crypto

I am from Europe myself. I have been doing some research where I also contacted my local government to see what their stand point is on holding crypto in general. I have been told that if I ever was to hold whatever amount that is in the tens of thousand range, then even holding them will be seen as something that they can charge tax over. It's part of my wealth. That's however not the case when it comes to virtual profits (e.g. coins having gained value after buying without selling). Tax on profits will apply at the time I sell these coins at a price higher than what I bought them for. Either way, you having plenty of coins, or just a few coins, declaring them is a must.
The thing is they will only know if you declare, if not then you can have all your profit. Maybe for now the rules of bitcoin taxing is not that comprehensive but overtime as we gain more popularity the government will certainly make it more strict to compel us to report what should be reported.

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January 11, 2017, 05:43:03 AM
 #848

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??

According to what I read in the google search about the definenition of bitcoin it is a peer to peer currency and decentralized, which means none of us even the government itself cannot control it. Therefore, there is no tax charge will happen in bitcoin industry.


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January 11, 2017, 06:10:09 AM
 #849

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??

According to what I read in the google search about the definenition of bitcoin it is a peer to peer currency and decentralized, which means none of us even the government itself cannot control it. Therefore, there is no tax charge will happen in bitcoin industry.
Exactly, but the moment we cash out it's a different story. The law says that we have to pay taxes if we are doing transaction such as selling for a profit and when we trade we make profit and that is the time when we cash out we have to report our income and pay the appropriate tax.

Supposedly that will be the scenario, however due to the privilege of using bitcoin to avoid taxes, until now we are still enjoying it and honestly I really hope it will last long. The feeling is better if you can maximize your profit. Therefore "bitcoin itself will not be tax".




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January 11, 2017, 06:14:10 AM
 #850

All my bitcoin income are taxfree,  and i havent filed tax for my online income since 2008 and only filed for my physical business and never declared my bitcoin income. 

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January 11, 2017, 06:40:22 AM
 #851

Taxing bitcoin will likely be a nightmare and I am sure that's line of the reasons government of some countries are trying hard to discourage its use in their respective countries rather than what they made people to believe that because its being used for illegal purpose and other bad things. For any form of income to be taxed there even has to be a law to that effect to capture and a law cannot be made without fully understanding the subject matter in which I know its in process currently by most countries and until that, let's enjoy our tax free income.
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January 11, 2017, 12:07:47 PM
 #852

Taxing bitcoin will likely be a nightmare and I am sure that's line of the reasons government of some countries are trying hard to discourage its use in their respective countries rather than what they made people to believe that because its being used for illegal purpose and other bad things. For any form of income to be taxed there even has to be a law to that effect to capture and a law cannot be made without fully understanding the subject matter in which I know its in process currently by most countries and until that, let's enjoy our tax free income.
I think with taxing will make approve bitcoin in the country. Until recently my country not yet there are rules for tax bitcoin, if there was a tax course this would make bitcoin is recognized as one of the main commodity. I agree if there's a tax levy on bitcoin.
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January 17, 2017, 11:20:07 AM
 #853

bitcoin has no tax because no one has control of it even the government. i think that is one of the reason why some countries banned bitcoin because aside from they don't have control over it, they cannot earn from it because it has no tax. and it is really impossible to tax bitcoin users!





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January 17, 2017, 12:45:49 PM
 #854

I don't believe that in owning bitcoins we would have to pay any tax.
But if you trade the bitcoins for cash, I know for sure you have to pay tax on that capital gained.
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January 17, 2017, 12:50:04 PM
 #855

No tax for sending/receiving bitcoin. No one can ask you any satoshi. However there is transaction fees.
But when you convert it to cash, you hve to pay tax along with fees of agency who convert it for you.

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January 17, 2017, 12:56:20 PM
 #856

No tax for sending/receiving bitcoin. No one can ask you any satoshi. However there is transaction fees.
But when you convert it to cash, you hve to pay tax along with fees of agency who convert it for you.

Right ,those transaction fees like in cashing out or sending money were being accumulated with the tax, those tax were paid by the bank or companies we put our transactions with. They paid tax in our government. Though it was not us bitcoin users who got charged automatically.

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January 17, 2017, 12:58:51 PM
 #857

bitcoin has no tax because no one has control of it even the government. i think that is one of the reason why some countries banned bitcoin because aside from they don't have control over it, they cannot earn from it because it has no tax. and it is really impossible to tax bitcoin users!

It's indeed not possible to force Bitcoiners to pay tax, but there are certain policies/laws where Bitcoin isn't directly being mentioned, but it's without a doubt that since Bitcoin isn't any different from money, that you have to pay tax over what you hold in Bitcoin. In that regard, there is no real difference in having $100,000 in cash, or $100,000 sitting in Bitcoin. The point is that we are supposed to declare every bit of our holdings and profits in a honest manner when filling in our tax reports. But since there is no way for the government to surely know whether or not we own Bitcoin or made profits, we can just keep our mouth shut and don't declare anything. I don't think there are many people honestly declaring all their holdings. It's just not smart to do so.

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January 17, 2017, 01:01:03 PM
 #858

No tax for sending/receiving bitcoin. No one can ask you any satoshi. However there is transaction fees.
But when you convert it to cash, you hve to pay tax along with fees of agency who convert it for you.

Right ,those transaction fees like in cashing out or sending money were being accumulated with the tax, those tax were paid by the bank or companies we put our transactions with. They paid tax in our government. Though it was not us bitcoin users who got charged automatically.
Yeah!
It is compulsive payment on those companies by bank!
But the companies transfer that tax to users using their service in form of taxes such as VAT, CST, etc. People may mistood that tax, the tax is not on Bitcoin but the service offered by those companies.

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January 17, 2017, 01:02:10 PM
 #859

As far as I know, bitcoin has no tax. The government is not controlling the bitcoin like the other currency. If bitcoin has a tax then maybe you can tell that the bitcoin is a legal currency of a country. Thats why bitcoin are said to be free.

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January 17, 2017, 02:33:00 PM
 #860

As far as I know, bitcoin has no tax. The government is not controlling the bitcoin like the other currency. If bitcoin has a tax then maybe you can tell that the bitcoin is a legal currency of a country. Thats why bitcoin are said to be free.

Bitcoin does not have tax and just because of it several countries feared of economic collapse and initiated ban for bitcoin within the country. But later realized the true technology that's been found as an innovation which supports all sectors of living. Now countries at least started giving importance for the technology than the coin.

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