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Author Topic: Do Localbitcoins sellers pay taxes?  (Read 2058 times)
bitbunnny
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September 18, 2016, 09:58:53 PM
 #1

I wonder if sellers on.Localbitcoins are paying taxes? I know that in many countries Bitcoin is not regulated and in some you are not obliged to pay tax on Bitcoin itself. But are they paying taxes like registered exchange office or maybe for on line job and earning. Are they reporting this income to their relevant authorities? What do you think or maybe do you have first hand experience?

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September 18, 2016, 10:17:31 PM
 #2

you would if you want a quiet life. there's tons of other jobs too where you could carry on and not pay tax until someone shines a microscope on you and you're screwed.

in America selling on localbitcoins looks like a dangerous business. I get the impression quite a few of them have money transmitter licences now. elsewhere I guess it's a lot more casual.

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philiveyjr
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September 19, 2016, 12:15:55 AM
 #3

I am a localbitcoin seller and I do pay my taxes. But sometimes not for all the amounts as its difficult to show the profits and losses there.

letyouearn2
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September 19, 2016, 05:19:10 AM
 #4

I wonder if sellers on.Localbitcoins are paying taxes? I know that in many countries Bitcoin is not regulated and in some you are not obliged to pay tax on Bitcoin itself. But are they paying taxes like registered exchange office or maybe for on line job and earning. Are they reporting this income to their relevant authorities? What do you think or maybe do you have first hand experience?

I don't think so the sellers from india on localbitcoin pays taxes. As it is really hard for the individual to show the business based on bitcoin. I have also tried asking some couple of banks about how to show the business , profit or loss of bitcoin business.

They said ," I have to register my business first , then I have to show my business turn over . Then I will be able to pay taxes. "

philiveyjr
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September 19, 2016, 06:03:14 AM
 #5

I wonder if sellers on.Localbitcoins are paying taxes? I know that in many countries Bitcoin is not regulated and in some you are not obliged to pay tax on Bitcoin itself. But are they paying taxes like registered exchange office or maybe for on line job and earning. Are they reporting this income to their relevant authorities? What do you think or maybe do you have first hand experience?

I don't think so the sellers from india on localbitcoin pays taxes. As it is really hard for the individual to show the business based on bitcoin. I have also tried asking some couple of banks about how to show the business , profit or loss of bitcoin business.

They said ," I have to register my business first , then I have to show my business turn over . Then I will be able to pay taxes. "

Sellers from India? What are you talking about ? Ofcourse no one will pay taxes claiming its from bitcoin. You should rather be showing it as earnings online which could be anything like trading or just freelancing, or buying/selling. With bitcoin you are likely going to come under the radar unnecessarily.

letyouearn2
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September 19, 2016, 06:51:26 AM
 #6

I wonder if sellers on.Localbitcoins are paying taxes? I know that in many countries Bitcoin is not regulated and in some you are not obliged to pay tax on Bitcoin itself. But are they paying taxes like registered exchange office or maybe for on line job and earning. Are they reporting this income to their relevant authorities? What do you think or maybe do you have first hand experience?

I don't think so the sellers from india on localbitcoin pays taxes. As it is really hard for the individual to show the business based on bitcoin. I have also tried asking some couple of banks about how to show the business , profit or loss of bitcoin business.

They said ," I have to register my business first , then I have to show my business turn over . Then I will be able to pay taxes. "

Sellers from India? What are you talking about ? Ofcourse no one will pay taxes claiming its from bitcoin. You should rather be showing it as earnings online which could be anything like trading or just freelancing, or buying/selling. With bitcoin you are likely going to come under the radar unnecessarily.

Do you mean that if I said bank , I am earning bitcoin , I will get in trouble bcoz of income tax department ?

bitbunnny
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September 19, 2016, 09:10:26 AM
 #7

So it seems that many sellers are indeed paying taxes and that avoiding this could be dangerous for them. More problems are probably in those countries that haven't regulated Bitcoin in any way or there are holes in.regulations regarding this type of income. But I think that there are stil also "illegal" sellers.

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September 19, 2016, 10:18:16 AM
 #8

I had to trade several times in localbitcoins and I don't know that there is a tax if do  a trade at there because I get the full payment without any deduction.

philiveyjr
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September 19, 2016, 10:45:10 AM
 #9

I wonder if sellers on.Localbitcoins are paying taxes? I know that in many countries Bitcoin is not regulated and in some you are not obliged to pay tax on Bitcoin itself. But are they paying taxes like registered exchange office or maybe for on line job and earning. Are they reporting this income to their relevant authorities? What do you think or maybe do you have first hand experience?

I don't think so the sellers from india on localbitcoin pays taxes. As it is really hard for the individual to show the business based on bitcoin. I have also tried asking some couple of banks about how to show the business , profit or loss of bitcoin business.

They said ," I have to register my business first , then I have to show my business turn over . Then I will be able to pay taxes. "

Sellers from India? What are you talking about ? Ofcourse no one will pay taxes claiming its from bitcoin. You should rather be showing it as earnings online which could be anything like trading or just freelancing, or buying/selling. With bitcoin you are likely going to come under the radar unnecessarily.

Do you mean that if I said bank , I am earning bitcoin , I will get in trouble bcoz of income tax department ?

Maybe, Maybe not. I would still not declare transactions to the tax departments involving bitcoin. Usually I show it as a side income from Online work.

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September 19, 2016, 11:46:24 AM
 #10

I am a localbitcoin seller and I do pay my taxes. But sometimes not for all the amounts as its difficult to show the profits and losses there.
So how exactly you declare and describe your activities with bitcoins? Does your local IRS even respect bitcoin as legal currency?
If it is that difficult to show profits and losses while trading on localbitcoins then why bother at all? I doubt bitcoin trading is properly regulated anyway.


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masfaii
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September 19, 2016, 11:54:43 AM
 #11

actually maybe in localbitcoin they pay taxes but i really don't know because i am not yet buy and sell bitcoin on there. for reporting about their income, its depend from them, if they want they can report, but if not, they will not report but there is i think will get some penalty for abuse the system taxes.

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BingoDog
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September 19, 2016, 06:46:50 PM
 #12

I had to trade several times in localbitcoins and I don't know that there is a tax if do  a trade at there because I get the full payment without any deduction.

It is not the localbitcoins who takes or collects the tax. You are the one who should report your business and income there to the relevant authority in your country and then pay the tax if that is the law in your country and if you are obliged to do so.

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JeffBrad12
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September 19, 2016, 10:59:23 PM
 #13

I am a localbitcoin seller and I do pay my taxes. But sometimes not for all the amounts as its difficult to show the profits and losses there.
And where your tax is going?and I think that is more than going into the local bitcoins pouch and I don't think will till the government.
And every exchange of cryptocurrencies is not having a valid regulation in government and I can say it's not  regulated in government.

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philiveyjr
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September 20, 2016, 08:36:15 AM
 #14

I am a localbitcoin seller and I do pay my taxes. But sometimes not for all the amounts as its difficult to show the profits and losses there.
And where your tax is going?and I think that is more than going into the local bitcoins pouch and I don't think will till the government.
And every exchange of cryptocurrencies is not having a valid regulation in government and I can say it's not  regulated in government.
What do you mean ? Taxes is what is paid to the government and not to localbitcoins pouch.  The topic is for sellers paying their taxes and not localbitcoin's taxes.

reb0rn21
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September 20, 2016, 10:02:00 PM
 #15

I presume people will only pay taxes if they use local banks, paypal for money transfers, even then like someone sad, its a bit hard to calculate what you have earned or lost, so you can pay taxes on your profit only

Money transfered over banks or paypal might be a problem, because if they track you, check on you, you must disclose from what source it come, if bitcoin is not regulated then i don`t know how would you alone pay taxes even if you wanted!

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September 21, 2016, 07:44:34 AM
 #16

I don't think anybody nor sellers buyers of bitcoin in localbitcoins are paying or have to pay tax for doing bitcoin related transaction. Even in regulated countries when you try to cashout bitcoin in fiat, than you need to pay taxes and in countries like mine where even what is bitcoin is not known to our government paying taxes for bitcoin related income is far than reality.

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September 21, 2016, 08:21:46 AM
 #17

In some country you need to pay, in some others you don't need. If you sell bitcoin for small amount, you could get cash and don't need to pay. If you sell 1k btc or more, the cash is too much, paying tax is a must thing, or police will catch you.
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September 21, 2016, 11:00:10 AM
 #18

I don't think anybody nor sellers buyers of bitcoin in localbitcoins are paying or have to pay tax for doing bitcoin related transaction. Even in regulated countries when you try to cashout bitcoin in fiat, than you need to pay taxes and in countries like mine where even what is bitcoin is not known to our government paying taxes for bitcoin related income is far than reality.
actually if the government just know that you're doing a business and can avoid their taxes,they'll find out the way to taxing you even by using any possible way,it's about money and seems government won't miss out money

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September 21, 2016, 11:10:45 AM
 #19

I wonder if sellers on.Localbitcoins are paying taxes? I know that in many countries Bitcoin is not regulated and in some you are not obliged to pay tax on Bitcoin itself. But are they paying taxes like registered exchange office or maybe for on line job and earning. Are they reporting this income to their relevant authorities? What do you think or maybe do you have first hand experience?
yes many of my friends who are big traders usually paid tax to government for thier earning about 5-6$ per month . because there earning ia very high and they earn honesty and also pay tax honestly .


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September 21, 2016, 11:13:17 AM
 #20

I think they don't pay taxes because there are not rules for sellers paying taxes and they just pay fees trade on localbitcoin. But i think the owner of website pay tax for building service in their country.
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