Do Bitcoins have Tax??

[TastyChillySauce00]

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

[1Referee]

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.

[Botnake]

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.

[blackhawkeye1912]

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.

[mirakal]

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".

[pinoycash]

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. 

[olushakes]

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.

[Bitcoin0916]

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.

[erickkyut]

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!

[Yates]

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.

[webtricks]

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.

[Casabrandy]

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.

[1Referee]

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.

[webtricks]

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.

[FlightyPouch]

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.

[ASHLIUSZ]

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.

[Xester]

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.

In India bitcoin is termed as a property by the taxing agency. This just implies that probably they will place taxes on owning bitcoins like you own a real property. But the problem with taxing bitcoin as a property is its hard to determine who owns bitcoin and how much bitcoin did they own. In the Philippines bitcoin is not taxable but the company that runs bitcoin pays taxes to the government such as business and income tax.

[Harlot]

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.

In India bitcoin is termed as a property by the taxing agency. This just implies that probably they will place taxes on owning bitcoins like you own a real property. But the problem with taxing bitcoin as a property is its hard to determine who owns bitcoin and how much bitcoin did they own. In the Philippines bitcoin is not taxable but the company that runs bitcoin pays taxes to the government such as business and income tax.

Well if Bitcoin is identified as a kind of property whether it is real or personal than it can be considered taxable. It really depends on the government's identification with Bitcoin. But at the end it will be hard for Bitcoin to be tax because it is hard to be followed on because it is a currency that no government has control on. That is why many countries identify Bitcoin as some kind of illegal currency.

[LeGaulois]

It's depend from country to country and theirs laws.

In mine, we have to pay taxs if we make profits with the price. (Let's say you buy at 700$ and sell at 800$). As long you don't sell your bitcoin then no taxs.
Some of us buy it with Paypal or others, to hide what we are doing with it so in case they control, they see the money is sent to paypal, not to an exchange platform.
I remember a period some banks were blocking banks transfers to Kraken telling us "risk fraud" LOL who asked your opinion

[Zadicar]

Bitcoin doesnt have tax but i does have transaction fees but that isnt much to worry since its just a small amount and also bitcoin is decentralized and government couldnt really imply or impose taxes on it thats why some government doesnt want bitcoin to be adopt on their place.