Do you have to get your bitcoins taxed if you sell like 220 dollars monthly?

[Wind_FURY]

So let's say you sell 220 dollars monthly to help your family with paying bills, food and basic expenses. I am making around that monthly and I need to help at home. I have no job right now and I can't find one since my studies and I can only aim at really low paying jobs which suck so I would rather keep making money online with trading and websites. I don't make much but enough to not have to work to buy myself some stuff.

Anyway, if I sell 220 dollars worth of bitcoin every month, does this need to get taxed or the amount is so small that I don't need to report it?

It would depend on what country you live in. If you live in the US, I heard that the IRS is really strict and they do not want its citizens to miss paying their taxes no matter how small they are. If you live in a 3rd world country then it would not matter. Who pays taxes out there anyway?

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[rekinthis]

So let's say you sell 220 dollars monthly to help your family with paying bills, food and basic expenses. I am making around that monthly and I need to help at home. I have no job right now and I can't find one since my studies and I can only aim at really low paying jobs which suck so I would rather keep making money online with trading and websites. I don't make much but enough to not have to work to buy myself some stuff.

Anyway, if I sell 220 dollars worth of bitcoin every month, does this need to get taxed or the amount is so small that I don't need to report it?

It would depend on what country you live in. If you live in the US, I heard that the IRS is really strict and they do not want its citizens to miss paying their taxes no matter how small they are. If you live in a 3rd world country then it would not matter. Who pays taxes out there anyway?

thats true, i think that in the future bitcoin is going to be way ore popular and make me some good money, though i think that it should be taxed in any ways

[rphk]

i believe 220$ does not come under tax , and also you can save by showing the proof by investing on tax saving instruments like insurance , rent ,donation etc.in our country 220$ comes below the tax range , so i hope it may be same for you also.

[coin_gambler]

So let's say you sell 220 dollars monthly to help your family with paying bills, food and basic expenses. I am making around that monthly and I need to help at home. I have no job right now and I can't find one since my studies and I can only aim at really low paying jobs which suck so I would rather keep making money online with trading and websites. I don't make much but enough to not have to work to buy myself some stuff.

Anyway, if I sell 220 dollars worth of bitcoin every month, does this need to get taxed or the amount is so small that I don't need to report it?

It would depend on what country you live in. If you live in the US, I heard that the IRS is really strict and they do not want its citizens to miss paying their taxes no matter how small they are. If you live in a 3rd world country then it would not matter. Who pays taxes out there anyway?

you are right,  some countries have bigger taxes and some of them smaller, though i dont think that the taxes would be too big

[davis196]

So let's say you sell 220 dollars monthly to help your family with paying bills, food and basic expenses. I am making around that monthly and I need to help at home. I have no job right now and I can't find one since my studies and I can only aim at really low paying jobs which suck so I would rather keep making money online with trading and websites. I don't make much but enough to not have to work to buy myself some stuff.

Anyway, if I sell 220 dollars worth of bitcoin every month, does this need to get taxed or the amount is so small that I don't need to report it?

It depends of  your country tax legislation.

Where are you from?

Usually even small amounts have to be reported,but i don`t know about taxation.

[twerdefnce]

it really depends on the country and its laws but most probably you will have some fees, though they shouldnt be too high in my opinion

[rekinthis]

So let's say you sell 220 dollars monthly to help your family with paying bills, food and basic expenses. I am making around that monthly and I need to help at home. I have no job right now and I can't find one since my studies and I can only aim at really low paying jobs which suck so I would rather keep making money online with trading and websites. I don't make much but enough to not have to work to buy myself some stuff.

Anyway, if I sell 220 dollars worth of bitcoin every month, does this need to get taxed or the amount is so small that I don't need to report it?

It would depend on what country you live in. If you live in the US, I heard that the IRS is really strict and they do not want its citizens to miss paying their taxes no matter how small they are. If you live in a 3rd world country then it would not matter. Who pays taxes out there anyway?

thats true, in my opinion everything would depend on the country where you live but i dont think that you should get any fees

[n691309]

So let's say you sell 220 dollars monthly to help your family with paying bills, food and basic expenses. I am making around that monthly and I need to help at home. I have no job right now and I can't find one since my studies and I can only aim at really low paying jobs which suck so I would rather keep making money online with trading and websites. I don't make much but enough to not have to work to buy myself some stuff.

Anyway, if I sell 220 dollars worth of bitcoin every month, does this need to get taxed or the amount is so small that I don't need to report it?

I see people say that this is a small amount but if the law about taxes mention bitcoin or any other digital currency that should be taxed then I think any amount should be taxed(my opinion maybe I'm wrong, I hope to be wrong) otherwise if they tax $1000 they should tax $200 too.

[richmcrich]

Even if tax is not applicable for converting bitcoins into fiats, we must at least consider the exchange fees incurred for conversion. The only possible solution for this, having all type of merchants for ever daily needs. If there is no need to convert our bitcoins into fiat, we never need to worry about tax.

[justdimin]

Even if tax is not applicable for converting bitcoins into fiats, we must at least consider the exchange fees incurred for conversion. The only possible solution for this, having all type of merchants for ever daily needs. If there is no need to convert our bitcoins into fiat, we never need to worry about tax.

Even OP's concern is not this, the most needed thing for all the bitcoiners here must be spreading out bitcoin adoption. Till then, we may need to fear about government regulations /taxes /exchange fees and obviously high fluctuations of bitcoin prices.