Taxes on Bitcoin

[PsursV]

Collecting taxes is the responsibility of that country/government which or which the particular service is provided and as bitcoin is not yet approved by any government then why will we pay tax to any government? at the time when they will approve it then we will think about that.

Sigh, so misinformed and stupid.  The responsibility to pay taxes is on the people.  That is why YOU fill out a tax form and YOU report what your taxes are. 

yes to pay taxes is the responsibility of the people but tax collecting is the responsibility of the state, and it is also a fact that bitcoin is not a legal currency therefore it is no tax on bitcoin and still it is a tax free currency. and when the government will consider it as legal currency then they can impose tax on bitcoin.

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[DebitMe]

Collecting taxes is the responsibility of that country/government which or which the particular service is provided and as bitcoin is not yet approved by any government then why will we pay tax to any government? at the time when they will approve it then we will think about that.

Sigh, so misinformed and stupid.  The responsibility to pay taxes is on the people.  That is why YOU fill out a tax form and YOU report what your taxes are. 

yes to pay taxes is the responsibility of the people but tax collecting is the responsibility of the state, and it is also a fact that bitcoin is not a legal currency therefore it is no tax on bitcoin and still it is a tax free currency. and when the government will consider it as legal currency then they can impose tax on bitcoin.

The way you are writing that doesn't make sense.  You can't say there are taxes on US dollars because it is a legal currency..  It doesn't make any sense.  There are taxes when you buy something or you incur taxes when you earn dollars.  In the same way, you would owe taxes if you paid with bitcoin...or gold...or silver...or chickens...etc...  You would also owe taxes if you earned bitcoins.

[swogerino]

No too that!
Or I will stop using bitcoin if that ever does happen.

[Universat]

No too that!
Or I will stop using bitcoin if that ever does happen.

i think it is good for bitcoin if the government impost tax on bitcoin, because for putting tax on bitcoin the states have to legalize bitcoin first and consider it as a legal currency and after that they can impost tax on bitcoin so it will be in favour of bitcoin if it become legalize by the states the future of bitcoin will become more bright then .

[StoreBit]

Collecting taxes is the responsibility of that country/government which or which the particular service is provided and as bitcoin is not yet approved by any government then why will we pay tax to any government? at the time when they will approve it then we will think about that.

Sigh, so misinformed and stupid.  The responsibility to pay taxes is on the people.  That is why YOU fill out a tax form and YOU report what your taxes are. 

yes to pay taxes is the responsibility of the people but tax collecting is the responsibility of the state, and it is also a fact that bitcoin is not a legal currency therefore it is no tax on bitcoin and still it is a tax free currency. and when the government will consider it as legal currency then they can impose tax on bitcoin.

The way you are writing that doesn't make sense.  You can't say there are taxes on US dollars because it is a legal currency..  It doesn't make any sense.  There are taxes when you buy something or you incur taxes when you earn dollars.  In the same way, you would owe taxes if you paid with bitcoin...or gold...or silver...or chickens...etc...  You would also owe taxes if you earned bitcoins.

you pay tax on gold or on US Dollar or on any thing you buy because these are legal and recognize, but still bitcoin is not recognize or legalize by any state, it is just like that you do not pay tax on opium or any other drugs because they are also not recognize by the government are not legal.

[BossMacko]

Hi Everybody,

When getting Satoshi/Bitcoins from the internet in general, could you please tell me whether you have to pay tax to the country you get them from or do you just pay taxes to your own country?

Thanks for your help.

The reason why i am using Bitcoin is because i do not have to pay taxes when doing any kind of transaction yet. We only pay for transaction fee when we are doing a transaction but it is only a small amount so it is okey and those are for the miners. If in the future that my country will tax using Bitcoin maybe i will stop using Bitcoin and find another crypto that has no tax yet.

[DebitMe]

Collecting taxes is the responsibility of that country/government which or which the particular service is provided and as bitcoin is not yet approved by any government then why will we pay tax to any government? at the time when they will approve it then we will think about that.

Sigh, so misinformed and stupid.  The responsibility to pay taxes is on the people.  That is why YOU fill out a tax form and YOU report what your taxes are. 

yes to pay taxes is the responsibility of the people but tax collecting is the responsibility of the state, and it is also a fact that bitcoin is not a legal currency therefore it is no tax on bitcoin and still it is a tax free currency. and when the government will consider it as legal currency then they can impose tax on bitcoin.

The way you are writing that doesn't make sense.  You can't say there are taxes on US dollars because it is a legal currency..  It doesn't make any sense.  There are taxes when you buy something or you incur taxes when you earn dollars.  In the same way, you would owe taxes if you paid with bitcoin...or gold...or silver...or chickens...etc...  You would also owe taxes if you earned bitcoins.

you pay tax on gold or on US Dollar or on any thing you buy because these are legal and recognize, but still bitcoin is not recognize or legalize by any state, it is just like that you do not pay tax on opium or any other drugs because they are also not recognize by the government are not legal.

Once again, completEly untrue. You still have to pay taxes on illegal things, in fact, most crime lords/bosses weren't brought up on charges for the crimes they ordered, they were convicted of tax fraud because they didn't pay taxes on the earnings of their illegal activities.

At this point you are embarrassing yourself by showing you don't know what your talking about. You are arguing with a CPA who works for a major tax firm and is the go to on bitcoin tax matters for your clients. I know what I am talking about.

[Xester]

In my experience I have no memory of having taxes on bitcoins I have bought.  I bu bitcoins through banks and there is so little fee but after you have deposited it the bank then will return the fee as rebate.  Maybe they get their tax through some other thing like when we will exchange our bitcoins into currency then there would be a little fee. 

[abugseuf]

In my experience I have no memory of having taxes on bitcoins I have bought.  I bu bitcoins through banks and there is so little fee but after you have deposited it the bank then will return the fee as rebate.  Maybe they get their tax through some other thing like when we will exchange our bitcoins into currency then there would be a little fee. 

i thinks still there is no place where banks accept bitcoin, or may be recently some banks have started depositing and withdrawing bitcoin but still i have no clear area, if it is so then it will be really a good news about bitcoin, and hope it will really promote bitcoin in society.

[Superbitzz]

In my experience I have no memory of having taxes on bitcoins I have bought.  I bu bitcoins through banks and there is so little fee but after you have deposited it the bank then will return the fee as rebate.  Maybe they get their tax through some other thing like when we will exchange our bitcoins into currency then there would be a little fee. 

yes here is the same situation, i also never hear about the tax on bitcoin, i think there is no tax on bitcoin because still no government has yet declare bitcoin as legal currency, and there is no rule to impost tax on illegal thing so bitcoin is still tax free.

[StoreBit]

to me still there is no tax on bitcoin, as not a single country still consider bitcon as legal currency therefore they  cannot put tax on bitcoin, as not a single country has the policy to put tax on illegal items.

[youhgt2]

to me still there is tax on bitcoin, as no country has yet consider bitcoin as legal currency therefore they have not yet imposed tax on bitcoin, but if they accept bitcoin as legal currency then they will certainly impose tax on bitcoin.

[Superbitzz]

to me still there is tax on bitcoin, as no country has yet consider bitcoin as legal currency therefore they have not yet imposed tax on bitcoin, but if they accept bitcoin as legal currency then they will certainly impose tax on bitcoin.

yes i am also agree with you, as still no country still accept bitcoin as legal currency, therefore they did impost tax on bitcoin right now but as soon as the countries will accept bitcoin they will also impose tax on it.

[HandoR]

Hi Everybody,

When getting Satoshi/Bitcoins from the internet in general, could you please tell me whether you have to pay tax to the country you get them from or do you just pay taxes to your own country?

Thanks for your help.

There is a courtcase in Estonia, which has influence to all EU member states. It is Otto de Voogd vs RAB. In this decision bitcoin was deemed to be as an "Alternative means of payment" which means, it is handled pretty much as a normal currency from the anti money laundering and financial regulation perspective.

However, for tax it is different and really depends on each different state. Many states tax also assets which are not fiat, some don't. Estonian companies can keep every asset, including FIAT tax-free. In principle, bitcoin has a market value which corresponds to a fiat value, which means that no holder of bitcoin is relieved from tax, if there is any. HOWEVER, the other question is that how much the tax authorities can actually track and enforce the tax on bitcoin and playing around with this possibility is a risk in itself.

The only more super-governmental statement came in European Court of Justice Case C‑264/14 David Hedqvist vs Skatteverket, which set the standard in European Union that selling Bitcoins is exempt from VAT as being an alternative means of payment again.

Bitcoin is not necessarily illegal in Europe and being cooperative with the authorities right now is a way to sustain a healthy business on the area. That, at least, I can ascertain in Estonia.

[hulk1]

in present time as bicoin is not yet legalize by any country therefore there is no tax on bitcoin, but i think in future when countries will legalize bitcoin then they will certainly put tax on it and hope with this bitcoin is going to be more popular and become more stable currency.

[hulk1]

as bitcoin is yet not recognize by any country there for it is free of tax, but it is a reality that when states will consider it as legal currency then all may be state impose tax on bitcoin but yet there is no tax on bitcoin anywhere.

[Superways]

we do not have any tax on us for having bitcoins but while buying bitcoins we do pay a fess and maybe tax to those companies which are involve in that purchase and that companies do their work to collect the tax so you do not worry for that they will get the tax for their respective country.

[lucki777]

i think there is no tax on bitcoin as yet not a single country as accepted and therefore still there is no tax on bitcoin. but when the states will accept it then they will really put tax on it.

[satdas]

we do not have any tax on us for having bitcoins but while buying bitcoins we do pay a fess and maybe tax to those companies which are involve in that purchase and that companies do their work to collect the tax so you do not worry for that they will get the tax for their respective country.

yes that is a fact that we do not have tax on bitcoin but the only reason is that bitcoin is still not consider as  legal currency by any government , therefore it in most of the countries people are using bitcoin illegally. but as soon as government will consider bitcoin as legal l currency then government must put tax on gambling.

[Arrakeen]

I've read somewhere about having to file for taxes if you start an ICO in the US? If this is true, does anyone know the details?