Taxes on Bitcoin

[markyminer]

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.

but i think we will still play gambling if tax is imposed on bitcoin, as in my country there is no tax on illegal thing, the government has to turn bitcoin legal first and only then they can impost tax on it, and it will be too good for bitcoin if our government turn bitcoin as legal currency.

[olubams]

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.

but i think we will still play gambling if tax is imposed on bitcoin, as in my country there is no tax on illegal thing, the government has to turn bitcoin legal first and only then they can impost tax on it, and it will be too good for bitcoin if our government turn bitcoin as legal currency.

Its virtually the same way in all country that are yet to accept Bitcoin as currency because literally you cannot not taxed what does not exist and so far Taxes have to do with laws backing it up, then you have to legalize the source of the income first,then you can now then talk about taxing it. Over here, the law is kind of silent about the whole matter altogether and for those who have been exposed to it including myself can get to enjoy it while it last...

[wahb]

may be in some places there are tax on bitcoin but in most of the area there is no tax on bitcoin, and it is free of tax, but i think after considering it as legal currency government must apply tax on bitcoin and then it will not be a tax free currency.

[ivanpoldark]

I think at the momentgovernments of many countries simply close their eye to the problem Bitcoin issue and taking tax from them. Because, as I understand it, it is impossible to track that the wallet belongs to you.

[Fireblade]

I think at the momentgovernments of many countries simply close their eye to the problem Bitcoin issue and taking tax from them. Because, as I understand it, it is impossible to track that the wallet belongs to you.

but i think if they have closed their eyes on bitcoin then how can they impost tax on bitcoin, first they have to declare bitcoin as legal currency and only then they can impose tax on bitcoin.

[RodeoX]

I think at the momentgovernments of many countries simply close their eye to the problem Bitcoin issue and taking tax from them. Because, as I understand it, it is impossible to track that the wallet belongs to you.

but i think if they have closed their eyes on bitcoin then how can they impost tax on bitcoin, first they have to declare bitcoin as legal currency and only then they can impose tax on bitcoin.

Unfortunately that is false. Technically if you found a diamond ring today you would owe taxes on it. At least in the U.S. ALL your income is taxable. No matter what it is or how you got it or what it's worth. Simply ask your tax preparer instead of a random Internet forum.

[Fluidsix]

I thought taxes only had to be paid once you converted the bitcoins.  any insight?

[DebitMe]

I thought taxes only had to be paid once you converted the bitcoins.  any insight?

You need to provide more information than that.  What you wrote is too vague to give an answer to.  Also keep in mind that 99% of the idiots on here are spouting complete nonsense and have absolutely no idea what they are talking about.

[BellaBitBit]

I thought taxes only had to be paid once you converted the bitcoins.  any insight?

This was my understanding as well, at least here in the United States.  If you are holding your bitcoin and not selling or turning into USD it cannot be taxed.  It is when you sell for a profit that you would pay tax on the profit.  I would also be interested in hearing the correct answer.

[LilibethSantos]

If you don't have a paper trail, don't claim a damn thing.

[kidsrock]

i can not imagine if government approve bitcoin and then makes people to pay taxes. what will be happen with this? i hope the government which already approve bitcoin don't make any regulation that could make bitcoin not growth.

[Skarner21]

i can not imagine if government approve bitcoin and then makes people to pay taxes. what will be happen with this? i hope the government which already approve bitcoin don't make any regulation that could make bitcoin not growth.

I do not heard any news that there is government that approve to use bitcoin local but there is a country right now that i heard are using bitcoin locally.
I heard that brazil has 150+ stores are accepting bitcoin as payment and i think there is no taxes using bitcoin instead there is rebate promotion for some stores using bitcoin.. that can help bitcoin to grow in their country,,

[mrcash02]

i can not imagine if government approve bitcoin and then makes people to pay taxes. what will be happen with this? i hope the government which already approve bitcoin don't make any regulation that could make bitcoin not growth.

I do not heard any news that there is government that approve to use bitcoin local but there is a country right now that i heard are using bitcoin locally.
I heard that brazil has 150+ stores are accepting bitcoin as payment and i think there is no taxes using bitcoin instead there is rebate promotion for some stores using bitcoin.. that can help bitcoin to grow in their country,,

The only tax I pay for using BTCs is the wallet transaction fee and the exchange fee to turn BTCs into local currency money. Until now the government isn't taking any part of my money. It's not a problem for them yet, because only few people are using Bitcoins here and the sum isn't so big yet.

[kryptqnick]

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.

You have to pay for a transaction certainly. It is 20 000 Satoshi. Other stuff depends on a country. I guess you have to pay something in GB, for example. But mostly you don't. Better check it here not to have problems:https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country.

[DebitMe]

Probably about time I post again and tell anyone who is reading this that 99% of the posts above are so very wrong it isn't even funny.  You owe taxes on any gains you make with bitcoin.  Consult a CPA about your tax situation instead of random strangers on the internet.

[RodeoX]

Those who think that no taxes need to be paid are about to find out otherwise. 

https://www.justice.gov/opa/press-release/file/914226/download

Orders to turn over all transaction records are being sent to exchanges and software to determine ownership of addresses has gone live. If you are caught cheating on your taxes you will wish you had just paid them. It would have been far cheaper.

[Skarner21]

i can not imagine if government approve bitcoin and then makes people to pay taxes. what will be happen with this? i hope the government which already approve bitcoin don't make any regulation that could make bitcoin not growth.

I do not heard any news that there is government that approve to use bitcoin local but there is a country right now that i heard are using bitcoin locally.
I heard that brazil has 150+ stores are accepting bitcoin as payment and i think there is no taxes using bitcoin instead there is rebate promotion for some stores using bitcoin.. that can help bitcoin to grow in their country,,

The only tax I pay for using BTCs is the wallet transaction fee and the exchange fee to turn BTCs into local currency money. Until now the government isn't taking any part of my money. It's not a problem for them yet, because only few people are using Bitcoins here and the sum isn't so big yet.

There is no tax in bitcoin the fee is not for government it is just a fee for transaction that can get by miners..
I think taxes only is in government. we have a freedom to use bitcoin and some online wallet are giving free service without fee for every transaction but the problem like coinbase you can not use it for gambling activity it is against of their rules..

[botany]

Those who think that no taxes need to be paid are about to find out otherwise. 

https://www.justice.gov/opa/press-release/file/914226/download

Orders to turn over all transaction records are being sent to exchanges and software to determine ownership of addresses has gone live. If you are caught cheating on your taxes you will wish you had just paid them. It would have been far cheaper.

The US has made a start, but all governments are sure to follow suit. As long as you keep your bitcoins, the government will decide to ignore you. Once you convert it to fiat or spend it, the taxman will start breathing down your neck.

[Tmdz]

Those who think that no taxes need to be paid are about to find out otherwise. 

https://www.justice.gov/opa/press-release/file/914226/download

Orders to turn over all transaction records are being sent to exchanges and software to determine ownership of addresses has gone live. If you are caught cheating on your taxes you will wish you had just paid them. It would have been far cheaper.

The US has made a start, but all governments are sure to follow suit. As long as you keep your bitcoins, the government will decide to ignore you. Once you convert it to fiat or spend it, the taxman will start breathing down your neck.

I wouldn't get too worried they are concerned with the big tax cheats and not the small fish like most of here are.  They do not have the resources to hunt down every person that owes the IRS 10 bucks in taxes

[DebitMe]

Those who think that no taxes need to be paid are about to find out otherwise. 

https://www.justice.gov/opa/press-release/file/914226/download

Orders to turn over all transaction records are being sent to exchanges and software to determine ownership of addresses has gone live. If you are caught cheating on your taxes you will wish you had just paid them. It would have been far cheaper.

The US has made a start, but all governments are sure to follow suit. As long as you keep your bitcoins, the government will decide to ignore you. Once you convert it to fiat or spend it, the taxman will start breathing down your neck.

I wouldn't get too worried they are concerned with the big tax cheats and not the small fish like most of here are.  They do not have the resources to hunt down every person that owes the IRS 10 bucks in taxes

Sigh, a couple of good quality posts and then back to utter shit.  It's OK to do because you probably won't get caught.  Real good advice to give you idiot.