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Author Topic: Do Bitcoins have Tax??  (Read 39801 times)
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January 19, 2017, 10:37:01 AM
 #881

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??

Well I want us to get a clear distinction here. There are two(2) forms of taxes-Direct and Indirect taxes. Direct taxes are taxes that are imposed and collected from an organization or some group of people responsible (a good example is your income tax). The government has control over this form of taxes  and the second one which is indirect taxes refer to taxes that are collected from some people or organization other than the entity or organization directly responsible (A good example is the sales tax). With regards to bitcoin, it is totally decentralized and so governments will not be able to control and impose direct taxes (like income taxes) on its citizenry but the governments can earn indirect taxes (sales tax) from bitcoin transactions because of its usage in procuring goods and services.I would like to end by saying that the transaction fees of bitcoin are almost negligible and they go to the miners and not the government.



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January 19, 2017, 11:08:59 AM
 #882

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??

Well I want us to get a clear distinction here. There are two(2) forms of taxes-Direct and Indirect taxes. Direct taxes are taxes that are imposed and collected from an organization or some group of people responsible (a good example is your income tax). The government has control over this form of taxes  and the second one which is indirect taxes refer to taxes that are collected from some people or organization other than the entity or organization directly responsible (A good example is the sales tax). With regards to bitcoin, it is totally decentralized and so governments will not be able to control and impose direct taxes (like income taxes) on its citizenry but the governments can earn indirect taxes (sales tax) from bitcoin transactions because of its usage in procuring goods and services.I would like to end by saying that the transaction fees of bitcoin are almost negligible and they go to the miners and not the government.

there is no direct our indirect tax in bitcoin. Just it have transaction fees and that doesn't go to government it goes to miners who verify the the transaction. And when you use bitcoin, you are not giving any taxes to government. You use it in black.


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January 19, 2017, 11:27:02 AM
 #883

no taxex are implemented by the government for their benifits , but bitcoin is not even created by government so whu would it have any tax, all you need to pay is a little fees (mining fees) whenever you are making any transaction. the amount of mining fees you want to pay is choosable considering your priority your can pay it or if you do not have hurry then pay the lowest you could.the lower you pay the longer it will take to confirm the payments


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January 19, 2017, 02:11:27 PM
 #884

The government will never have a power to tax a bitcoin transactions because It was a decentralized system it have a Transaction fee but it's too low that you cant even feel it , those fees will go to the miner who process your transactions
yes that is right but to me i think there is no tax on bitcoin because the governments have not yet recognize bitcoin as legal currency, therefore they cannot put tax on illegal currency. i think they will put tax on bitcoin when they will put tax on it.
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January 19, 2017, 03:20:56 PM
 #885

There are no tax on bitcoins as no one control the bitcoins there is no questions of tax. However small transaction fees will always required as it will be the only income for the service provider.
Nope. Almost every country in the world requires some kind of tax on bitcoin.

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January 19, 2017, 03:45:43 PM
 #886

yes that is right but to me i think there is no tax on bitcoin because the governments have not yet recognize bitcoin as legal currency, therefore they cannot put tax on illegal currency. i think they will put tax on bitcoin when they will put tax on it.

Governments don't have to recognize Bitcoin as legal currency in order to charge tax. It's actually very simple, it basically doesn't matter where you put your money into. Whether it's you having a certain amount of your wealth in oil, Gold, Bitcoin, paintings, cars, etc, it doesn't matter. What matters here is that all of the mentioned add up to your wealth. Over your total wealth you have to pay a certain amount of tax, which of course differs per country/state. Same goes up for when you sell all before mentioned with profit. Then once again you are subject to the tax policy that is set up by your local government. No way to escape unless you don't declare any of your Bitcoin holdings.

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January 19, 2017, 04:13:07 PM
 #887

one of the characteristics of bitcoins is anonymity, so how could the goverment prove that i am the owner of some amount of bitcoins. thats one of the characteristics that bitcoin will keep, no matter the usage that people can give to it(it is not good or bad just depend of how people use it and that can never be controlled), it is like saying that it cant be used some technologies casuse could be used in improper ways.
rigth now the tx fees in my opinion are some kind of tax, and they will increase in the future because will be the main source of income of miners( rigth now blocks rewards)

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January 19, 2017, 04:15:53 PM
 #888

one of the characteristics of bitcoins is anonymity, so how could the goverment prove that i am the owner of some amount of bitcoins. thats one of the characteristics that bitcoin will keep, no matter the usage that people can give to it(it is not good or bad just depend of how people use it and that can never be controlled), it is like saying that it cant be used some technologies casuse could be used in improper ways.
rigth now the tx fees in my opinion are some kind of tax, and they will increase in the future because will be the main source of income of miners( rigth now blocks rewards)

They can't keep track. I don't know how they plan on doing so. I'm sure you've heard of the IRS vs Coinbase issue going on, they're trying to obtain the records of Coinbase users to be sure no one was evading taxes.
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January 19, 2017, 04:37:32 PM
 #889

Bitcoin only have vat if you convert too much of it to fist at once to often. You will habe to explain to recover of revenue where all this westh is coming from. So buy what you need in bitcoin and only cash out small amounts of it and you should be fine.

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January 19, 2017, 07:29:35 PM
 #890

It can not be taxed as a bitcoin structure. It can not be taxed because it is a system that is not under the control of the states. It is also an anonymous system, so which account is unknown to whom. It is not possible to get a special tax on this person.

But you are paying taxes when transferring your bank accounts from the stock exchanges to the USD. There are transaction limits that each country has established. If you exceed these transaction limits, you must pay taxes.
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January 19, 2017, 07:32:16 PM
 #891

It can not be taxed as a bitcoin structure. It can not be taxed because it is a system that is not under the control of the states. It is also an anonymous system, so which account is unknown to whom. It is not possible to get a special tax on this person.

But you are paying taxes when transferring your bank accounts from the stock exchanges to the USD. There are transaction limits that each country has established. If you exceed these transaction limits, you must pay taxes.

Since you are talking about USD, I assume you are referring to the United States.  Well here is some helpful information, your entire post is wrong and FUD.  The IRS has pretty clearly explained how bitcoins should be taxed.  Please do not spread information you know nothing about.


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whizter
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January 19, 2017, 08:01:35 PM
 #892

The government will never have a power to tax a bitcoin transactions because It was a decentralized system it have a Transaction fee but it's too low that you cant even feel it , those fees will go to the miner who process your transactions
yes that is right but to me i think there is no tax on bitcoin because the governments have not yet recognize bitcoin as legal currency, therefore they cannot put tax on illegal currency. i think they will put tax on bitcoin when they will put tax on it.
but still government may still be thinking how to find way to impost tax on bitcoin. may be they turn bitcoin for the purpose of to impose tax on it. but i think still it will take some more time to turn bitcoin as legal currency .

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January 19, 2017, 09:20:23 PM
 #893

Depending on your location and exact country, for example in the US nobody is going to say pay us these taxes while holding a paper BUT you have to make sure you are the one compliant, and if they find out you are not "Bank TX's or anything suspicious you can't explain"...
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January 20, 2017, 03:30:41 AM
 #894

The government will never have a power to tax a bitcoin transactions because It was a decentralized system it have a Transaction fee but it's too low that you cant even feel it , those fees will go to the miner who process your transactions
yes that is right but to me i think there is no tax on bitcoin because the governments have not yet recognize bitcoin as legal currency, therefore they cannot put tax on illegal currency. i think they will put tax on bitcoin when they will put tax on it.
but still government may still be thinking how to find way to impost tax on bitcoin. may be they turn bitcoin for the purpose of to impose tax on it. but i think still it will take some more time to turn bitcoin as legal currency .
We could not discount that possibility, it can happen, they see the growing community of bitcoin and that means income to them. They are gonna tax us as they started to regulate big exchange sites already by directing them to comply with the KYC policy, the next thing will happen is for them to determine our income and tax us accordingly.

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January 20, 2017, 05:52:15 AM
 #895

The government will never have a power to tax a bitcoin transactions because It was a decentralized system it have a Transaction fee but it's too low that you cant even feel it , those fees will go to the miner who process your transactions
yes that is right but to me i think there is no tax on bitcoin because the governments have not yet recognize bitcoin as legal currency, therefore they cannot put tax on illegal currency. i think they will put tax on bitcoin when they will put tax on it.
but still government may still be thinking how to find way to impost tax on bitcoin. may be they turn bitcoin for the purpose of to impose tax on it. but i think still it will take some more time to turn bitcoin as legal currency .
We could not discount that possibility, it can happen, they see the growing community of bitcoin and that means income to them. They are gonna tax us as they started to regulate big exchange sites already by directing them to comply with the KYC policy, the next thing will happen is for them to determine our income and tax us accordingly.
It is already happening now on which government are  trying to impose  or implement regulation on some exchanges related to tax which means we do really be affected specially to those people who always buying and using those exchangers. Government cant impose taxes on bitcoin directly thats why they are seeking another way.

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January 20, 2017, 05:54:39 AM
 #896

It depends on which country do you live, some countries tax on bitcoin revenue, like USA, but some countries don't tax, like China. In the future, if bitcoin is defined as money in most countries, it means that government will tax it.
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January 20, 2017, 06:18:26 AM
 #897

It depends on which country do you live, some countries tax on bitcoin revenue, like USA, but some countries don't tax, like China. In the future, if bitcoin is defined as money in most countries, it means that government will tax it.

Well, no need to tax bitcoin, coz one way or another we will be exchanging our bitcoin to fiat. Most probably that is one reason why bitcoin is not being taxed by some countries yet. I do believe that bitcoin will be taxed by the government if it is considered as its property and the use of it is being regulated by them.

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January 20, 2017, 06:47:04 AM
 #898

It depends on which country do you live, some countries tax on bitcoin revenue, like USA, but some countries don't tax, like China. In the future, if bitcoin is defined as money in most countries, it means that government will tax it.

Well, no need to tax bitcoin, coz one way or another we will be exchanging our bitcoin to fiat. Most probably that is one reason why bitcoin is not being taxed by some countries yet. I do believe that bitcoin will be taxed by the government if it is considered as its property and the use of it is being regulated by them.
What we are trying to discuss here is to determine the proper tax based on the type of income we are making, if this will be converted to fiat and we are not tax on our income with bitcoin, most probably we are paying like VAT for the products and services we avail. I guess the government does not want that as there are different tax depending on how to classify it and they have different rates.

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January 20, 2017, 06:57:13 AM
 #899

It depends on which country do you live, some countries tax on bitcoin revenue, like USA, but some countries don't tax, like China. In the future, if bitcoin is defined as money in most countries, it means that government will tax it.

Well, no need to tax bitcoin, coz one way or another we will be exchanging our bitcoin to fiat. Most probably that is one reason why bitcoin is not being taxed by some countries yet. I do believe that bitcoin will be taxed by the government if it is considered as its property and the use of it is being regulated by them.

That is not called a tax. Exchanging from Bitcoin to fiat or vice versa is not mandatory, you can only do it if you want. Otherwise there's no implied tax in it except the transaction fees, which again, are not mandatory. I consider taxes the amounts you have to pay on a regular period, like every month. Bitcoin is still not taxxed and/or controleld by govs.
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January 20, 2017, 08:23:06 AM
 #900

If you are asking just about Bitcoin , like taking it just as a crypto currency,
then there is no nax. Infact have you heard of any currency having tax ?
But if you go to make payments , obviously there will be tax , like if there is no tax ,
how will the government work.
Also it depends on your country. As far as i know not all countries accept Bitcoin
as a currency even.
So it depends on the scenario of your surroundings.

   
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