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RoommateAgreement
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February 19, 2016, 02:51:51 PM |
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i hae never even considered taxes, man i have to think some things over.
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Buying the dip...
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"I'm sure that in 20 years there will either be very large transaction volume or no volume." -- Satoshi
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RodeoX
Legendary
 Offline
Activity: 3066
Merit: 1147
The revolution will be monetized!
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February 19, 2016, 02:59:35 PM |
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i hae never even considered taxes, man i have to think some things over.
Here is the good news if you are in the U.S. The growth in value of your bitcoin is taxable under capitol gains tax. Just as if you bought a stock or anything that appreciates, when you sell or spend that item you must pay. Capitol gains varies but is often 10% (it may be zero depending on your tax bracket). That is way better than the 30-35% you probably give up for working your ass off. Cap-gains are a rich persons tax and so is much lower than you are used to paying. |
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knowhow
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February 19, 2016, 04:45:09 PM |
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Countries will tax bitcoin soon or later as they see they can get a fee from it ,even not aceepting it yet they will tax ,if not declared they will take full control of the wallets as had already happened with a member here ,and law hitted his pocket deeply.
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Kollor
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February 20, 2016, 02:01:15 PM |
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It depends upon on how you use bitcoin,if you buy a digital good and pay it with bitcoin, I don't think that there is tax in it, but if you use itto buy physical goods there is VAT or if you pay an electric bill, there are lots of tax in it such as the tax on transmission charges and many more, the thing is the tax is not imposed on bitcoin but on where it is spend as fiat..
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BTCBinary
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February 20, 2016, 02:21:39 PM |
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Every government has its way of dealing with digital currency. Many countries already have regulation in place while others are working on it.
You need to try and learn what's the government position regarding bitcoin and other digital currencies in your country
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watashi-kokoto
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February 20, 2016, 02:29:15 PM |
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Bitcoin does not operate within a national boundaries. In this regard it's similar to bank notes and it's above the law of every individual nation state.
If you want to, you can pay taxes to your government, or some other government if you don't like yours. In any case, the payment activity you're doing is happening on a mining facility. The company running the mining facility already pays taxes for electricity, staff, so it's pointless to pay tax twice for the same already taxed service.
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Jeremycoin
Legendary
Offline
Activity: 1022
Merit: 1003
𝓗𝓞𝓓𝓛
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February 20, 2016, 02:37:43 PM |
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Bitcoin does not operate within a national boundaries. In this regard it's similar to bank notes and it's above the law of every individual nation state.
If you want to, you can pay taxes to your government, or some other government if you don't like yours. In any case, the payment activity you're doing is happening on a mining facility. The company running the mining facility already pays taxes for electricity, staff, so it's pointless to pay tax twice for the same already taxed service.
They pay taxes just for the electricity not for Bitcoin, because not their obligation to pay taxes for bitcoin. Yeah, it's pointless to pay tax twice when you even don't need to pay it at all. |
faucet used to be profitable |
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srinikethan
Newbie
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Activity: 42
Merit: 0
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February 20, 2016, 02:44:38 PM |
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as far as i know there is no tax for bitcoins,but in my knowledge there are some countries wic take tax for bitcoins..so according to me it depends on which country you live in!!:D
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xuan87
Legendary
Offline
Activity: 1666
Merit: 1001
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February 20, 2016, 02:52:09 PM |
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in my country bitcoin doesnt has a tax if you just hold it in your wallet, when you convert it into fiat, the government will count it as income, and you got to pay the tax
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Laosai
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February 20, 2016, 02:56:56 PM |
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Bitcoin does not operate within a national boundaries. In this regard it's similar to bank notes and it's above the law of every individual nation state.
If you want to, you can pay taxes to your government, or some other government if you don't like yours. In any case, the payment activity you're doing is happening on a mining facility. The company running the mining facility already pays taxes for electricity, staff, so it's pointless to pay tax twice for the same already taxed service.
Exactly, as being international, btc can't be limited by national boundaries! It means you don't pay direct taxes, though you're still subject to indirect taxation of course. |
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n0ne
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February 20, 2016, 02:58:58 PM |
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To my concern I haven't heard of tax imposed on bitcoin. Just the taxes imposed for electric charge consumption has a effect on the bitcoin mining which at times leads to reduced mining strategies
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Laosai
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February 20, 2016, 02:59:10 PM |
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in my country bitcoin doesnt has a tax if you just hold it in your wallet, when you convert it into fiat, the government will count it as income, and you got to pay the tax
Yeah but you don't pay taxes on btc here! You pay taxes on fiat in reality  |
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RodeoX
Legendary
Offline
Activity: 3066
Merit: 1147
The revolution will be monetized!
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February 22, 2016, 03:00:10 PM |
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Bitcoin does not operate within a national boundaries. In this regard it's similar to bank notes and it's above the law of every individual nation state.
If you want to, you can pay taxes to your government, or some other government if you don't like yours. In any case, the payment activity you're doing is happening on a mining facility. The company running the mining facility already pays taxes for electricity, staff, so it's pointless to pay tax twice for the same already taxed service.
Exactly, as being international, btc can't be limited by national boundaries! It means you don't pay direct taxes, though you're still subject to indirect taxation of course. I don't know where you guys got your law degrees, but in the U.S. that is absolutely no defense at all. "Because it has no national boundaries"? So gold has no tax also? And as far as double taxation consider this. If I earn a dollar then I must pay tax on that income. Now if I hire you for that same dollar then it is taxed again. In fact if that dollar floats around the economy for years paying lots of people then it is taxed over and over again, not just once. Basically any wealth you make is taxable. Even if you find a gold ring with your metal detector (I think I have read this example) technically you must pay tax on that ring. |
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gregyoung14
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February 22, 2016, 04:16:49 PM |
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Bitcoin does not operate within a national boundaries. In this regard it's similar to bank notes and it's above the law of every individual nation state.
If you want to, you can pay taxes to your government, or some other government if you don't like yours. In any case, the payment activity you're doing is happening on a mining facility. The company running the mining facility already pays taxes for electricity, staff, so it's pointless to pay tax twice for the same already taxed service.
Exactly, as being international, btc can't be limited by national boundaries! It means you don't pay direct taxes, though you're still subject to indirect taxation of course. Come to think of it. There are a lot who has already used cryptocurrencies for their money laundering. |
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silly_ninja
Newbie
Offline
Activity: 10
Merit: 0
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April 11, 2016, 06:23:33 PM |
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Well some people wont be able to exchange their porfolio of crypto into fiat as the banks and all financial system will ask where the money camed from,those who exchanged all their coins to fiat and made huge ammount lost a part to the country as fees,they clean the money paying the interest around the financial market.
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BitcoinBlackjack
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April 11, 2016, 09:30:33 PM |
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You absolutely need to speak with your accountant regarding this! The laws are different for every country and state.
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rababo
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April 12, 2016, 03:54:41 PM |
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Since tax is organised by goverment so it depends on every country.
Bitcoin can be considered as digital currency, so I'm sure there is country that have rules about it.
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Hirose UK
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April 13, 2016, 12:25:38 AM |
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Depends on what country you're living in. You'd have to check if you need to.
Where I'm from when you're into bitcoin you have to report that you are and how much you've made, depending on how much profit you got, you'd have to pay taxes over that.
I thought taxes the guy meant that were fees, but I was wrong. and I thought bitcoin has not taxes, but it has. well I think it means that bitcoin is legal already in your country if you have to pay taxes. In my country we don't need to pay taxes of bitcoin. |
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niall05
Newbie
Offline
Activity: 42
Merit: 0
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April 13, 2016, 06:55:16 AM |
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I think bitcoin have no tax since started . but I don't know if the owner of bitcoin will pay taxes
Bitcoin is a legit and safe cryptocurrency.
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Wendigo
Legendary
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Activity: 2604
Merit: 1036
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April 13, 2016, 08:30:40 AM |
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I am not a legal expert in any way but I guess online retailers that are accepting Bitcoin payments must include their profits in the annual tax report as it's revenue generated by them. As for the regular user I don't think it's compulsory to include your Bitcoin stash in your tax report. All Bitcoin enthusiasts are so eager to keep their money secret haha  |
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