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Author Topic: do i have to pay tax on bitcoins ?  (Read 24369 times)
omer_parvez
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September 30, 2016, 05:11:44 PM
 #1

so i wanna know do i realy have to pay taxes on bitcoins and does my gov recognize bitcoins as my property and do i have to care about any legal action by  gov on my bitcoin property ?
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crairezx20
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September 30, 2016, 05:16:06 PM
 #2

There is no tax in bitcoin only the fee for transaction that you should pay for every transaction..  but there is online wallet site that you dont need to pay for fees for every transaction like coinbase.

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botany
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October 01, 2016, 03:06:26 AM
 #3

so i wanna know do i realy have to pay taxes on bitcoins and does my gov recognize bitcoins as my property and do i have to care about any legal action by  gov on my bitcoin property ?

The first question - Which country are you from?
Laws and taxation rules vary from country to country.
hurain
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October 01, 2016, 03:55:37 PM
 #4

no we do not pay tax on bitcoin, actually our government has not yet declare bitcoin as legal currency therefore it is yet tax free, because there id no tax on any illegal object, but if the government will recognize it as legal then they will impost tax on bitcoin and every one will then pay tax,
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October 01, 2016, 06:45:38 PM
 #5

so i wanna know do i realy have to pay taxes on bitcoins and does my gov recognize bitcoins as my property and do i have to care about any legal action by  gov on my bitcoin property ?

For your bitcoin property, no. But if you end up converting those bitcoin to real money, then yes, you will have to report the money and pay taxes on it.

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October 01, 2016, 10:32:31 PM
 #6

as currently none of the country have approved bitcoin for the use of their state so they are not allowed to put taxes on its usage but if you will use the resources of government for to work with bitcoin then you will have to pay tax for that things like tax on internet connection, on banks which you will use for to withdraw your bitcoin etc.

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eshaal.khan
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October 02, 2016, 11:30:29 AM
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Well  Generally Income that is earned through the exchange of services with another person, whether in the form of bitcoins, dollars, or barter; is included in gross income, and would be subject to income tax at applicable rates. Also these bitcoins could be subject to self employment tax.
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October 02, 2016, 12:01:32 PM
 #8

so i wanna know do i realy have to pay taxes on bitcoins and does my gov recognize bitcoins as my property and do i have to care about any legal action by  gov on my bitcoin property ?

you don't have to pay taxes on bitcoins. if there is no statement from your government about bitcoin then you are safe to withdraw bitcoin into your fiat without no worry about pay taxes.

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October 02, 2016, 12:34:21 PM
 #9

so i wanna know do i realy have to pay taxes on bitcoins and does my gov recognize bitcoins as my property and do i have to care about any legal action by  gov on my bitcoin property ?

you don't have to pay taxes on bitcoins. if there is no statement from your government about bitcoin then you are safe to withdraw bitcoin into your fiat without no worry about pay taxes.

And what do you do when the government asks where did that money come from ? It will be some form of income unless you bought bitcoins using fiat earlier.

Bitcoin is traded for money, hence you will have to pay for it just like money which would have come into your account for anything else you trade(stocks/currency).

dollarneed
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October 02, 2016, 02:36:08 PM
 #10

If you convert your bitcoin to the fiat and then you should pay the tax since you are literally making profit by convert your bitcoin to fiat, however it's depend on which country you live due to rules and regulation of each country is different. Unless you don't need to pay tax when you hold your bitcoin on your wallet or transaction with them.

hurain
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October 03, 2016, 03:22:37 PM
 #11

i think it depend on your country polity if your country has decler bitcoin legal and imposed tax on bitcoin then surely you have to pay tax on bitcoin, otherwise there is no tax on bitcoin because in most of the area bitcoin is not legal and the country not yet consider bitcoin as legal currency.
virasog
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October 03, 2016, 05:50:16 PM
 #12

so i wanna know do i realy have to pay taxes on bitcoins and does my gov recognize bitcoins as my property and do i have to care about any legal action by  gov on my bitcoin property ?

Right now Bitcoin itself is considered a part of the uncontrolled commodities market in the USA.  That means that you would generally have to pay taxes on profit made and not more. 

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October 03, 2016, 06:05:03 PM
 #13

so i wanna know do i realy have to pay taxes on bitcoins and does my gov recognize bitcoins as my property and do i have to care about any legal action by  gov on my bitcoin property ?

You have not stated which government you mean, but you almost certainly owe taxes. What penalties you face depends, again, on what government you are talking about. It could include fines, jail time, etc. In the U.S. you would owe capitol gains tax on your profits. Failing to pay would likely result in the IRS garnishing your wages until you pay your tax, plus your penalties, plus possible imprisonment.

Unless your rich, then apparently you can just screw your fellow citizens and be called a genius.  Angry

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October 03, 2016, 07:23:18 PM
 #14

all depends where you live. the most likely thing is that they'll require you to pay capital gains on your profits if you sell bitcoins into usd/eur or whatever. or you might be one of the lucky countries that ain't subject to that.

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satdas
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October 04, 2016, 08:53:28 AM
 #15

it depend on the area and the country where you are living, if your country has imposed tax on bitcoin they you have to pay tax but i thin still not a single country has yet consider bitcoin as legal currency therefore there is still no tax on bitcoin.
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October 05, 2016, 03:17:50 PM
 #16

it depend on the area and the country where you are living, if your country has imposed tax on bitcoin they you have to pay tax but i thin still not a single country has yet consider bitcoin as legal currency therefore there is still no tax on bitcoin.

That is absolutely incorrect. Bitcoin doesn't have to be a currency for taxes to be imposed on it.
Taxes are imposed on income / profits and you definitely can profit using bitcoins.
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October 05, 2016, 07:18:24 PM
 #17

As per IRS view "The IRS also clarified that mining is treated as immediate income at the fair or market value of those mined coins on their date of receipt. While the IRS Notice does confirm that Bitcoin is taxed as property rather than a currency, there are still some unresolved issues."

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October 05, 2016, 07:28:36 PM
 #18

it depend on the area and the country where you are living, if your country has imposed tax on bitcoin they you have to pay tax but i thin still not a single country has yet consider bitcoin as legal currency therefore there is still no tax on bitcoin.

That is absolutely incorrect. Bitcoin doesn't have to be a currency for taxes to be imposed on it.
Taxes are imposed on income / profits and you definitely can profit using bitcoins.
but i think it is up to your country policy, if your country consider bitcoin as legal and then impost tax on it then you must have to pay tax on it ans you will have no other choice.
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October 05, 2016, 07:31:53 PM
 #19

Some countries recognize bitcoin as commodity. So when you sell something for bitcoins, they consider it as a no cash involved trade. You don't pay any taxes for trading stuff. You pay taxes only if you gain cash. If your country considers bitcoin as cash, then you need to pay taxes.
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October 05, 2016, 11:15:20 PM
 #20

Bitcoin is definitely taxable.  If you sell all of your bitcoin for USD you pay a tax on the profits.  Make sure to check with your local government tax office before failing to pay taxes. 

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