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mustang321
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February 17, 2016, 01:31:52 AM |
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for my country no tax for bitcoin
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Make sure you back up your wallet regularly! Unlike a bank account, nobody can help you if you lose access to your BTC.
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Jemzx00 (OP)
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February 17, 2016, 03:18:59 PM |
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Is there even such a law from Government for bitcoin??
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xslugx
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February 17, 2016, 03:44:29 PM |
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No, and it should not be. It's impossible that someone ask you for a tax on your Bitcoin, unless if the government on your country have their own regulations to take a tax for every person who has a Bitcoin which is won't ever happen.
Even with such a regulation law you can't just control it! Let's just hope so. Because if they find a way, it will all go downhill from that moment on. Yeah but if they find a way to control bitcoin... Well they can't! It's the main principle they can't control it! Unless maybe they setup 51% of miners no? |
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Jeremycoin
Legendary
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Activity: 1022
Merit: 1003
𝓗𝓞𝓓𝓛
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February 17, 2016, 03:57:23 PM |
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No, and it should not be. It's impossible that someone ask you for a tax on your Bitcoin, unless if the government on your country have their own regulations to take a tax for every person who has a Bitcoin which is won't ever happen.
Even with such a regulation law you can't just control it!Let's just hope so. Because if they find a way, it will all go downhill from that moment on. Yeah but if they find a way to control bitcoin... Well they can't! It's the main principle they can't control it!Unless maybe they setup 51% of miners no? That's why I said that it won't ever happen, because we are the one who can control our own Bitcoin. |
faucet used to be profitable |
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bonski
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Activity: 98
Merit: 10
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February 17, 2016, 04:09:48 PM |
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Here in the Philippines, if the money came from online earning tax doesn't cover it. And as far as I know, same with other countries too correct me if I'm wrong.
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xslugx
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February 17, 2016, 04:56:33 PM |
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No, and it should not be. It's impossible that someone ask you for a tax on your Bitcoin, unless if the government on your country have their own regulations to take a tax for every person who has a Bitcoin which is won't ever happen.
Even with such a regulation law you can't just control it!Let's just hope so. Because if they find a way, it will all go downhill from that moment on. Yeah but if they find a way to control bitcoin... Well they can't! It's the main principle they can't control it!Unless maybe they setup 51% of miners no? That's why I said that it won't ever happen, because we are the one who can control our own Bitcoin. Well after I asked it I started to wonder... any government could control it just by setting enough miners no? I means it would be a big investment for a government and they'd immediately have control over btc no? If they get like 60% of mining power in the world? |
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Wobberdk
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February 17, 2016, 05:12:42 PM |
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well, there is no way around it, you will need to get those 10K taxed and explain where the Bitcoin came from to the government, because you can't get away with buying a car without telling the government, and let alone a house, so your untaxed Bitcoin are only useful to buy small stuff, if you want cars and houses, it's impossible that the government doesn't end up knowing about it.
So my question is, should we report all of our BTC now, or should we do it with only the amount we are interested in selling, and do it in the future when we want to sell that amount to buy something and not now?
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wearepoor
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February 17, 2016, 05:28:09 PM |
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There are no tax on bitcoins as no one control the bitcoins there is no questions of tax. However transaction fees will always required as it will be the only income for the service provider.
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RodeoX
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The revolution will be monetized!
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February 17, 2016, 05:31:02 PM |
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In the US there is no question that you must pay capitol gains on the appreciation in value of your BTC. The triggering event is when you trade BTC for dollars or spend them. Others may try convincing you that BTC is somehow free money, but they are wrong and it is you that will go to jail.
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EdenHazard
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February 17, 2016, 06:59:44 PM |
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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??
soon,i wish some countries goverments have this plan. bitcoin should be have tax,and i'm sure several years later,its will happen. |
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DimensionZ
Sr. Member
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Shit, did I leave the stove on?
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February 17, 2016, 07:08:59 PM |
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Here in the Philippines, if the money came from online earning tax doesn't cover it. And as far as I know, same with other countries too correct me if I'm wrong.
You have to pay tax on every profit you make and it doesn't matter if it's from online trading or freelancing you have to declare your earnings. I think you even have to declare your money from gambling because if the gov finds out you are in a lot of trouble. |
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silly_ninja
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February 17, 2016, 07:09:26 PM |
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Many countries don't even recognize BTC and which do, some of them have declared it as an asset and others are still thinking about it. Lol  |
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richardsNY
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February 17, 2016, 07:23:49 PM |
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no they dont have any taxes and they never will have any, though you have to pay small fees for transactions
Did you even read the OP before commenting? He is talking about the governments charging taxes over your Bitcoins. Bitcoin is being considered to be part of your full capital, and that means that you have to pay tax over the coins that you own. |
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craked5
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February 19, 2016, 11:52:08 AM |
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Here in the Philippines, if the money came from online earning tax doesn't cover it. And as far as I know, same with other countries too correct me if I'm wrong.
You have to pay tax on every profit you make and it doesn't matter if it's from online trading or freelancing you have to declare your earnings. I think you even have to declare your money from gambling because if the gov finds out you are in a lot of trouble. Yeah otherwise it would be really too easy to just launder your money xD |
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ranochigo
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February 19, 2016, 11:56:25 AM |
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Transaction fees goes to the miners who use it as an incentive to confirm your transaction. Governments do not have a viable way to apply taxation policies to every Bitcoin users due to it being pseudonymous. With that, government would be more reluctant to accept Bitcoin.
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CryingMidget
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February 19, 2016, 12:03:25 PM |
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Transaction fees goes to the miners who use it as an incentive to confirm your transaction. Governments do not have a viable way to apply taxation policies to every Bitcoin users due to it being pseudonymous. With that, government would be more reluctant to accept Bitcoin.
taxation on bitcoins and its reporting is not as simple as it seems. For starters, it is difficult to determine the fair value of the bitcoin on purchase and sale transactions. Bitcoins are very volatile and there are huge swings in prices in a single trading day. |
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craked5
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February 19, 2016, 12:09:45 PM |
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Transaction fees goes to the miners who use it as an incentive to confirm your transaction. Governments do not have a viable way to apply taxation policies to every Bitcoin users due to it being pseudonymous. With that, government would be more reluctant to accept Bitcoin.
UNLESS government starts mining itself :3 |
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Palinanv
Member
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February 19, 2016, 12:11:49 PM |
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I don't think so, no. I believe it depends on where you registered your wallet from.
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Lutzow
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February 19, 2016, 12:25:15 PM |
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Haven't heard of it being taxed, that's because it is not being regulated by any government so it is safe to assume that it is not.
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RodeoX
Legendary
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Activity: 3066
Merit: 1145
The revolution will be monetized!
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February 19, 2016, 02:47:23 PM |
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Haven't heard of it being taxed, that's because it is not being regulated by any government so it is safe to assume that it is not.
You need to talk to a lawyer man. It is NEVER safe to assume that. In fact, bitcoin is taxable in the U.S. and most every other place on Earth. "I didn't know?" is not a defense and you would own the tax, the penalties, the interest on the tax, and maybe some jail time. There was never a time when BTC was not taxable in the U.S. |
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