Do Bitcoins have Tax??

[BitcoinPC]

No, In my country, bitcoin is total tax free, also i don't think that in any country want tax from bitcoin, because i never hear that bitcoin is a tax able things, It is a crypto currency, but only few charges we should pay when we transfer amount, but i think it is not a tax.
And in my country, we are paying tax only things, nothing in currency. But still we are paying very high tax in my country in all over the things luxury or non luxury.

[1714785315]

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[knyolku123]

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??

Bitcoin has no tax for now, but, bitcoin world is now spreading rapidly, in the next years it is not  impossible that government will imposed tax on it. If it has tax already it would be alright with me, because it is for the benefit of all people.

im not agree with you because bitcoin is currency, so i think currency does not need tax. but if you using bitcoin to buy something overseas and shipped to your country maybe it get tax.

[Skarner21]

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??

Bitcoin has no tax for now, but, bitcoin world is now spreading rapidly, in the next years it is not  impossible that government will imposed tax on it. If it has tax already it would be alright with me, because it is for the benefit of all people.

im not agree with you because bitcoin is currency, so i think currency does not need tax. but if you using bitcoin to buy something overseas and shipped to your country maybe it get tax.

For bitcoin there is no tax since its not controlled by government. for shipped to your country that you mean.. i think there is no tax too just you pay for a fee and for transaction with rebate if you buy in purse.io..

[ajun96]

I dont think so. Because yesterdag I withdrawn My bitcoin and converted into cash yesterday using bitcoin atm. And The fee is 5% that is quite big. I dont know where the 5% belongs is it for the transaction fee of blockchain or is it the tax of the bitcoin atm machine. It was my first time yesterday thats why I didnt know where my 5% goes.

Lol of course it is a fee that is used by the atm, ATM as like an exchange, when you tried to do withdraw surely you will be given a few percent fee. I think atm bitcoin also like that although I've never used it. but I'm pretty sure it is a fee of bitcoin ATM that you use instead of a government tax Lol

[ashiqdey]

No there is no tax in bitcoin because it is decentralized money and no one can control this money. But it does have transaction fees which is normal and almost negligible as compared to transaction charge cut my banks. There is no limitation in bitcoin you could send as much as you want with only little transaction fees

[DOGE12321]

Actually, Bitcoin is does have a tax and according to the IRS Bitcoin is recognised as property rather than goods. It is just that when using Bitcoin for payment the taxing authorities may be less likely to be aware of the payments.

For more info, visit this site: https://en.bitcoin.it/wiki/Tax_compliance

[Barbut]

Actually, Bitcoin is does have a tax and according to the IRS Bitcoin is recognised as property rather than goods. It is just that when using Bitcoin for payment the taxing authorities may be less likely to be aware of the payments.

For more info, visit this site: https://en.bitcoin.it/wiki/Tax_compliance

On wiki is clearly written `That means, if you mow your neighbor’s lawn, it doesn’t matter if he pays you $20 in cash, or $20 worth of bitcoins. (Or $20 worth of tomatoes for that matter). In many jurisdictions, you are still legally required to report that as income.` We are always return on this very important part `in many jurisdictions`, that means depends from country to country. Bitcoin are not taxed in many countries, including mine. But again I think laws recognize difference between 20 dollar and 1 mil. dollars. And every country let this small works pass without tax, but big money is always poke in the eye.

[Natalim]

Bitcoin has no tax because it is not regulated and under the custody of the government. We are independent here and we have all the freedom to do whatever we want with our bitcoin.  NO tax is good as more income equals more money.

[Blitzboy]

Bitcoin has no tax because it is not regulated and under the custody of the government. We are independent here and we have all the freedom to do whatever we want with our bitcoin.  NO tax is good as more income equals more money.

Yeah I think the same, bitcoin is not controlled by anyone or any government so how can some one put a tax on bitcoin. Its tax-free is one of the main reasons why I use bitcoin so I think it should not be restricted by any law that says bitcoin has tax. Although I know there are a few countries that have tax for bitcoin, I think they should change their mind 

[RodeoX]

Bitcoin has no tax because it is not regulated and under the custody of the government. We are independent here and we have all the freedom to do whatever we want with our bitcoin.  NO tax is good as more income equals more money.

That's a lovely sentiment. But completely incorrect. You may want to talk to your tax preparer before you get hopelessly in debt over your capitol gains taxes. Remember that all transactions are recorded forever.

[serjent05]

Bitcoin has no tax because it is not regulated and under the custody of the government. We are independent here and we have all the freedom to do whatever we want with our bitcoin.  NO tax is good as more income equals more money.

That's a lovely sentiment. But completely incorrect. You may want to talk to your tax preparer before you get hopelessly in debt over your capitol gains taxes. Remember that all transactions are recorded forever.

Haha yeah, if the government decided to go for the bitcoin tax and since third party processor gets your identity when encashing bitcoin, you will have no excuse because of the public ledger called blockchain that has all your transaction history and can be easily seen by simply getting your wallet address and view it's history.

[Jambolb2]

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 the currency is not relating to government at all then how come the fees from transactions go to a government? They are simply added to blocks which miners solve and get rewards... those bitcoins from transactions goes to miners i guess... someone correct me if i'm mistaken...

[Daneric]

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 the currency is not relating to government at all then how come the fees from transactions go to a government? They are simply added to blocks which miners solve and get rewards... those bitcoins from transactions goes to miners i guess... someone correct me if i'm mistaken...

The fees are that are charged in bitcoin transactions are meant for miners. There is no government involved in bitcoin mining. Secondly, no government has recognized the use of bitcoin as a legal tender, therefore, there are no taxes. However, a few governments are contemplating laying down regulations for the use of bitcoin. Once this will be passed, it will mean that bitcoin has been recognized and therefore taxes will be imposed.

[xIIImaL]

Bitcoin has no tax because it is not regulated and under the custody of the government. We are independent here and we have all the freedom to do whatever we want with our bitcoin.  NO tax is good as more income equals more money.

Yup its better answer, There is no tax for bitcoins but when transferring the bitcoin from one wallet to another wallet, Just you need a pay a minimum fees atleast. When its become legal may be that time bitcoin will be also under tax. Who knows!!!

[tbterryboy]

I dont think so. Because yesterdag I withdrawn My bitcoin and converted into cash yesterday using bitcoin atm. And The fee is 5% that is quite big. I dont know where the 5% belongs is it for the transaction fee of blockchain or is it the tax of the bitcoin atm machine. It was my first time yesterday thats why I didnt know where my 5% goes.

That charges should be a transaction fee charged by the bitcoin debit card provider but neither bitcoin nor blockchain tax. I was wondering if you do know the terms of services of the the card provider you ate using,did you confirm it ?

[ekoice]

I heard italy is going to levy tax on Bitcoin earnings.Some other governments are also discussing about how to impose tax on Bitcoins.Now, we dont pay tax for Bitcoin earnings, but only pay tax when we convert fiat to BTC or BTC to  fiat.

[Hugroll]

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??

The transaction "tax" you are reffering to isnt really a tax. Its a fee that goes towards paying the miners for confirming your transaction. I would not really consider it a tax, more like a payment to keep bitcoin secure.

[1Referee]

I heard italy is going to levy tax on Bitcoin earnings.Some other governments are also discussing about how to impose tax on Bitcoins.

In fact, there are a lot countries already that require you to pay tax over your holdings and your profits. The governments in these countries however depend on your honesty as you are responsible for declaring all your holdings and profits. Obviously, barely anyone will actually declare what they have or what they gained. I don't declare anything either.

Now, we dont pay tax for Bitcoin earnings, but only pay tax when we convert fiat to BTC or BTC to  fiat.

Bitcoin is money, so in that regard, you will have to pay tax anyway. You converting your coins to fiat, or vice versa, it doesn't matter. At least, not in most countries. Governments are only interested in people paying as much tax as possible. They don't care whether you're a millionaire in fiat, or just with your Bitcoin holdings. Paying tax over that amount is something you can't avoid. On the other hand.... If you had that million purely in Bitcoin, you could choose to keep it in the background and don't declare anything.

[NJRiot]

I dont think there is a tax on bitcoin in the Uk but in the future there my be some sort of it..

[mrcash02]

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??

The transaction "tax" you are reffering to isnt really a tax. Its a fee that goes towards paying the miners for confirming your transaction. I would not really consider it a tax, more like a payment to keep bitcoin secure.

Hmm, I didn't know about it. So, we are paying the transaction taxes to the miners. So, looks they are making a lot of profit... Aren't they like the banks making profit with our transactions everytime? What do you think?