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Author Topic: do i have to pay tax on bitcoins ?  (Read 24965 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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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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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.
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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
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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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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).

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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.

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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.
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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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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
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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
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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
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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
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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. 

I love Bitcoin
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October 06, 2016, 08:00:17 AM
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With my little knowledge of how tax works, every tax is backed by an Act of Parliament which will state the income that will be subjected to that tax and any income outside the specified one will be taxed under a different tax or not taxed at all and they will look for a way to bring such income into the tax net. As it relates to relates to Bitcoin since most countries have not expressly accepted its existence, then there is no tax on it since literally, it does not exist.

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October 06, 2016, 03:31:52 PM
#22

But this will vary depending on the market view and the local jurisdictional.  So, as it sits, if you are in the USA and you invest $100 in BTC, then the next day you trade back to FIAT and are able to withdraw an amount that ends in your FIAT account at $125, then you will be responsible for paying tax on the $25 profit.  That is end of day, full net profit.  If the withdrawal was for $130, but you got $125 in the end because of fees, you actually profited $25.
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October 06, 2016, 08:44:21 PM
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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. 
no it is not tax, it is just the fee you pay on transaction, the tax you have to pay to the government and government only impose tax on such things which are legal and do not impose tax on such item which are not legal, as bitcoin is still not consider as legal therefore there is no tax on bitcoin.
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October 06, 2016, 10:06:18 PM
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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. 
no it is not tax, it is just the fee you pay on transaction, the tax you have to pay to the government and government only impose tax on such things which are legal and do not impose tax on such item which are not legal, as bitcoin is still not consider as legal therefore there is no tax on bitcoin.
I am sure he means that the money you earn after selling the bitcoin is taxable. Government imposes tax on anything you earn. Bitcoin is very much legal is mostly all the countries and I myself pay taxes from trading profits.

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October 07, 2016, 07:39:27 AM
#25

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. 
but i think still there is no tax on bitcoin any where, still bitcoin is tax free, and the reason is that still not a single country consider bitcoin as legal currency therefore still there is no tax on bitcoin. may be in future when governments will accept bitcoin as legal currency then they will put tax on bitcoin.
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October 07, 2016, 06:58:15 PM
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if your country have impose tax on bitcoin then you have to pay tax otherwise there is no tax on bitcoin  only those countries may be collecting tax on bitcoin who are already accepted bitcoin as legal currency.
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October 08, 2016, 05:13:42 AM
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if your country have impose tax on bitcoin then you have to pay tax otherwise there is no tax on bitcoin  only those countries may be collecting tax on bitcoin who are already accepted bitcoin as legal currency.

Keep in mind that the government has taken a firm stance in the Bitcoin arena and they may try to do any number of things to make it hard on people until it all settles down. You start dealing with taxes on the trade of BTC and you might find other authorities knocking on your door with claims of money laundering.

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October 08, 2016, 12:15:48 PM
#28

No of course not
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October 08, 2016, 12:22:18 PM
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You don't need to pay any tax until you convert your bitcoins to your fiat. Once your bitcoins converted, you might need to pay tax to your government according to the taxation rules.
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October 08, 2016, 02:49:24 PM
#30

You don't need to pay any tax until you convert your bitcoins to your fiat. Once your bitcoins converted, you might need to pay tax to your government according to the taxation rules.

Now, that was the view from the SEC as of mid-year.  That is how it was laid in the law and that is how it has been treated in the courts. 

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October 08, 2016, 02:55:29 PM
#31

You don't need to pay any tax until you convert your bitcoins to your fiat. Once your bitcoins converted, you might need to pay tax to your government according to the taxation rules.

Now, that was the view from the SEC as of mid-year.  That is how it was laid in the law and that is how it has been treated in the courts. 

If that was your trade, I would not even mention it on taxes. If you are unloading that much every day, then you should deal with the taxes.  That leads to your next issue.  The IRS is not part of the government and is a corporation.  With that in mind, we also know that the IRS and the government feed info back and forth all the time in abundance

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October 08, 2016, 09:21:00 PM
#32

i think it depend on the policy of your country, if your country imposed tax on bitcoin then you have to pay tax on it other wise there is no tax on bitcoin at all.
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October 08, 2016, 09:34:42 PM
#33

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 ?

That depends on your jurisdiction, but assuming you are referring to income related to Bitcoin the answer is almost universally "yes". Modern tax systems generally tax all income regardless of whether is received in Dollars, Bitcoins or any other form of value. Your employer could pay you in oranges and it would almost certainly still be taxable.

I advise you to disregard the replies to this thread and talk to your responsible tax office and/or a tax advisor. The amount of misinformation that is confidently parroted in this thread is astounding.
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October 09, 2016, 04:14:40 AM
#34

i think it depend on the policy of your country, if your country imposed tax on bitcoin then you have to pay tax on it other wise there is no tax on bitcoin at all.

Personally, I would say that if your outward appearance in life has not changed too much, then wait on the taxes until a year when they are not so against Bitcoin. 


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October 09, 2016, 02:57:47 PM
#35

They attack left and right in some cases to fight the introduction of Bitcoin into normal society.  The law says pay taxes on the profits, but that can lead to issues with other laws. 

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October 09, 2016, 09:05:51 PM
#36

i think it depend on the policy of your country, if your country imposed tax on bitcoin then you have to pay tax on it other wise there is no tax on bitcoin at all.

Personally, I would say that if your outward appearance in life has not changed too much, then wait on the taxes until a year when they are not so against Bitcoin. 
yes but as not a single country yet consider bitcoin as legal currency therefore i  think there is no tax on bitcoin and when bitcoin will be consider as legal currency then they will put tax on bitcoin,
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October 09, 2016, 10:16:00 PM
#37

There is no any tax on bitcoin the governments do not know that you have bitcoin or do not know that how much bitcoins you  have so how will be they able to take tax on the amount of bitcoins you have. Bitcoin is a currency of freedom and we are free with them.



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October 11, 2016, 07:06:43 AM
#38

There is no tax with regards to owning bitcoins.  Only fees and with that I think the government have already share on it.  I think if we will put our wealth on bitcoins the government will not have any part of it.  That was a great question from you and now I came up with an idea.  I just hope that bitcoin price is still high for the many years to come and the people continue to support it.
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October 11, 2016, 05:53:50 PM
#39

If you own a huge amount of bitcoins and the Government does get to know about it (sometimes this info is released by wallets like coinbase), it could be an issue for you. There were few users of this forum who did fall into legal trouble and had to prove the sources of their bitcoins as their investment was over $100000. If your amount is below $10,000 you don't have to worry much but just spend it or withdraw it wisely. That's the reason I keep converting it into fiat and don't hold over 1 BTC in any wallet.


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October 11, 2016, 06:01:04 PM
#40

No tax to pay here in my country only fees for transaction. .and i hope someday they dont ask for a tax for bitcoins that can affect also our transaction fees to increase..

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October 12, 2016, 07:09:16 PM
#41

No tax to pay here in my country only fees for transaction. .and i hope someday they dont ask for a tax for bitcoins that can affect also our transaction fees to increase..
yes it depend on the policy of a country, if a country has imposed tax on bitcoin then you have to pay otherwise bitcoin is tax free in most of the areas as most of the countries has yes not yet consider bitcoin as legal currency.
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October 12, 2016, 10:01:10 PM
#42

i think it depend on your country policy, if your country impose tax on bitcoin then you really have to pay tax on it but for this your country must have to declare bitcoin as a legal currency first.
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October 12, 2016, 11:40:27 PM
#43

if you country has imposed tax on bitcoin then you have to pay tax on it, otherwise there is no tax on bitcoin there is  only transaction charges and nothing else.
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October 13, 2016, 05:59:55 AM
#44

thank you very much for al of your responses and i really do appreciate this because i was really curious about the  taxation because its a punishable crime to not pay the taxes so i guess i am now satisfied and will liquify more money and turn in to bitcoin cause hey its tax free and who wants to pay taxes
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October 13, 2016, 10:41:20 AM
#45

thank you very much for al of your responses and i really do appreciate this because i was really curious about the  taxation because its a punishable crime to not pay the taxes so i guess i am now satisfied and will liquify more money and turn in to bitcoin cause hey its tax free and who wants to pay taxes
yes that is right say you can buy more and more bitcoin and can hold it for a long time tell yo wan to keep, as there is no tax on bitcoin and no one has to pay tax on bitcoin tell the government impose tax on it.
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October 13, 2016, 01:48:15 PM
#46

thank you very much for al of your responses and i really do appreciate this because i was really curious about the  taxation because its a punishable crime to not pay the taxes so i guess i am now satisfied and will liquify more money and turn in to bitcoin cause hey its tax free and who wants to pay taxes

What country do you live in that does not tax bitcoin?

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October 13, 2016, 02:48:17 PM
#47

i think bitcoin will be our secret property and government do not know anything if we have bitcoin and i think there is no tax on bitcoin as long as we withdraw our bitcoin with localbitcoin or our friends that have selling and buying bitcoin for their daily jobs.

the government will check into your bank account if there any activity that seem illegal and ask you where do you get those money, but as long as you only make small withdraw at least in just $100, i think it will be safe for you.

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October 13, 2016, 04:16:29 PM
#48

I think paying taxes when you're using bitcoin is just for bitcoin investors, buyers, and miners, it is according from the article that I've read a month ago because this question have already asked by someone that's why I still remember my answer on that question, though some transaction in bitcoin have taxes also but it will automatically deducted on your account or maybe to a certain network if I'm not wrong.


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equator
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October 13, 2016, 04:21:01 PM
#49

It is upto which country you are living , if your country have some rules on bitcoin then i think their will be some tax law of using bitcoin, but like my country where still their is no clue on bitcoin, so we dont have to pay tax on bitcoin as we are not showing anything in tax law. But if we want we can take bitcoin as shortterm profit and pay taxes but that will also be in problem if in future bitcoin is considered as illegal, then it will become that we were doing illegal work using bitcoin.














 

 

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crairezx20
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October 13, 2016, 04:31:11 PM
#50

thank you very much for al of your responses and i really do appreciate this because i was really curious about the  taxation because its a punishable crime to not pay the taxes so i guess i am now satisfied and will liquify more money and turn in to bitcoin cause hey its tax free and who wants to pay taxes
yes that is right say you can buy more and more bitcoin and can hold it for a long time tell yo wan to keep, as there is no tax on bitcoin and no one has to pay tax on bitcoin tell the government impose tax on it.
Yeah there is no tax in bitcoin and only fees for transaction you should pay unless if you are using online wallet like coinbase that do not need to pay for transaction fee..

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virasog
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October 14, 2016, 10:30:52 AM
#51

thank you very much for al of your responses and i really do appreciate this because i was really curious about the  taxation because its a punishable crime to not pay the taxes so i guess i am now satisfied and will liquify more money and turn in to bitcoin cause hey its tax free and who wants to pay taxes
yes that is right say you can buy more and more bitcoin and can hold it for a long time tell yo wan to keep, as there is no tax on bitcoin and no one has to pay tax on bitcoin tell the government impose tax on it.
Yeah there is no tax in bitcoin and only fees for transaction you should pay unless if you are using online wallet like coinbase that do not need to pay for transaction fee..

However, if your experience over the past year with Bitcoin has put two brand new cars in the driveway, then you are going to have to deal with the taxes.  Either way, watch your paper trails and keep your head down. There is a storm coming.

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October 16, 2016, 03:24:38 PM
#52

One of the reasons people use bitcoins is that you don't have to pay any taxes. The government cannot ask anything because it has no control on bitcoin. The great plus of Bitcoin is its decentralization.
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October 16, 2016, 09:55:01 PM
#53

If your government approve bitcoin as a legal currency for the use of your state then yes you will pay the taxes and you will care about all the rules which a government will make for bitcoin and if they will not approve then you are free with them for any use without any tax.


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jaweria khan
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October 17, 2016, 12:09:11 PM
#54

it totally depend on your country policy if your country have impost tax on bitcoin then you certainly have to pay tax on bitcoin otherwise it is free of tax every where.
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October 17, 2016, 05:35:19 PM
#55

it totally depend on your country policy if your country have impost tax on bitcoin then you certainly have to pay tax on bitcoin otherwise it is free of tax every where.
yes i also agree with you, that if you country has impose tax tax on bitcoin then you have to pay tax other wise there is no tax but it is also a fact that still very little number of state have impost tax on bitcoins may be yet not a single country.
Maesters1-
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October 19, 2016, 05:23:20 AM
#56

thank you very much for al of your responses and i really do appreciate this because i was really curious about the  taxation because its a punishable crime to not pay the taxes so i guess i am now satisfied and will liquify more money and turn in to bitcoin cause hey its tax free and who wants to pay taxes

What country do you live in that does not tax bitcoin?
i think most of the countries have no tax on bitcoin, and the reason is that bitcoin is not yet legalize by any state and there is no poly of any country to impost tax on illegal items, and therefore there is no tax bitcoin in most of the countries.
Clement Kaliyar
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October 19, 2016, 12:19:38 PM
#57

if i am earning a good number of bitcoins i am entitled to pay tax in the form of online income in my tax returns and it is madatory to fill in the details regarding it. Since i am not earning any monatory gains at the moment i am not including it in my returns

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Hoor
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October 19, 2016, 03:04:43 PM
#58

if i am earning a good number of bitcoins i am entitled to pay tax in the form of online income in my tax returns and it is madatory to fill in the details regarding it. Since i am not earning any monatory gains at the moment i am not including it in my returns
i think that is not you are paying tax, you are just paying service charges, tax is only collected by the government, and government only collect tax on legal things, as bitcoin is not a legal currency therefore government is not collecting tax on bitocin.
Bavarian Illuminati
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October 19, 2016, 04:45:34 PM
#59

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.
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October 19, 2016, 04:46:56 PM
#60

if your country have impose tax on bitcoin then you have to pay tax otherwise there is no tax on bitcoin  only those countries may be collecting tax on bitcoin who are already accepted bitcoin as legal currency.
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October 19, 2016, 04:52:14 PM
#61

this time I experienced the same thing as you. in my country, the government appeared to be planning tax for bitcoin and not only that, such as being youtuber or online shop. I am quite confused as well to this, because maybe if I did not pay I can be fined or punished. but so far it may save money in the crypto can not be traced. so now truly safe for me.

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Superbitzz
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October 20, 2016, 02:45:11 PM
#62

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.
yes that is a fact that every one has to pay tax on fiat currency, but it we talik about bitcoin so there is no tax on bitcoin because bitcoin is not a legal currency, and still not legalize by any country.
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October 20, 2016, 06:25:27 PM
#63

Currently, you don't have to pay tax on bitcoins. However, as long as the number of people using bitcoin keep rising, i think the government will develop a system which require users to pay money to use bitcoin. Well, the government can do anything that they want. Trust me

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Superbitzz
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October 20, 2016, 08:11:27 PM
#64

if your country have impose tax on bitcoin then you have to pay tax otherwise there is no tax on bitcoin  only those countries may be collecting tax on bitcoin who are already accepted bitcoin as legal currency.

yes that is a fact and i thin still not a single country has impose tax on bitcoin and the reason is that not a single country yec turn bitcoin as legal currency therefore to me there is no tax on bitcoin.
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October 21, 2016, 05:44:27 AM
#65

Currently, you don't have to pay tax on bitcoins. However, as long as the number of people using bitcoin keep rising, i think the government will develop a system which require users to pay money to use bitcoin. Well, the government can do anything that they want. Trust me
but i think the government cannot develop a system to impost tax on bitcoin until they legalize it, and still i do not think that any country has officially legalize bitcoin, i think still any government given any statement about bitcoin that either it is a legal currency or not, and therefore still there is no tax on bitcoin. may be in future when government when the government will legalize bitcoin will think about to impose tax on bitcoin.
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October 22, 2016, 04:48:45 AM
#66

paying a tax on bitcoin depends upon the country you are residing ,in Dubai it is a free heaven,you don't have to pay any taxes and that is a beautiful proposition not only for bitcoin Cool, but there are rumors that they will be introducing VAT by 2018. 














 

 

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Johnyloco
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October 22, 2016, 09:10:41 AM
#67

Whether you have to pay taxes on bitcoin or not solely depends on the country you live in and it's regulations/laws  Undecided
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October 22, 2016, 09:49:29 PM
#68

I think in America we are supposed to pay taxes if we cash out of an exchange. I think it's like selling something for profit. I'm not sure how other countries handle taxes on bitcoin.
ayesha sadiqa
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October 23, 2016, 07:22:47 AM
#69

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.
yes there is no tax on bitcoin directly but if you change your bitcoin in to fiat currency and deposit it in bank they  you have to pay tax, actually bitcoin is not yet consider as legal in any country therefore there is no tax on bitcoin any where.
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October 23, 2016, 06:33:06 PM
#70

i think it is totally depending on the policy of your country, if your country has imposed tax on bitcoin then you must have to pay tax, other wise there is no tax on bitcoin.
satdas
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October 23, 2016, 08:08:04 PM
#71

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.
yes there is no tax on bitcoin directly but if you change your bitcoin in to fiat currency and deposit it in bank they  you have to pay tax, actually bitcoin is not yet consider as legal in any country therefore there is no tax on bitcoin any where.
yes that is right to say, as not a single country has yest consider bitcoin as legal currency therefore they are not putting tax on bitcoin but once it become a legal currency then they will certainly put tax on bitcoin, may be some countries are thinking about this to legalize it, and if once it become a legal currency then it will become more and more popular currency of the world.
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October 24, 2016, 05:57:28 PM
#72

You do not have to pay tax while using bitcoin at the present time. There is no tax here, only fee for miners. However, nowadays, bitcoin is developing so quick making many governments consider to put the tax on it. In my opinion, right now, they are creating a system which makes people pay tax to use bitcoin.

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October 24, 2016, 08:02:13 PM
#73

You do not have to pay tax while using bitcoin at the present time. There is no tax here, only fee for miners. However, nowadays, bitcoin is developing so quick making many governments consider to put the tax on it. In my opinion, right now, they are creating a system which makes people pay tax to use bitcoin.

I agree, there is no tax implemented in bitcoin transaction in my country.  It is not yet regulated by tax department so we are free to convert or buy bitcoin without taxes except for processing fee.  But if we use it to pay bills and other stuff, we are not exempted to the taxes implemented on that billings.

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October 25, 2016, 02:16:52 PM
#74

currently bitcoin is not regulated as legal tender in any country
legislation may vary from country to country,but I never heard about people who paid taxes in bitcoins
or for using,storing buying or selling bitcoins
there could be an exception if you trade at any given US based exchange and you have filled tax resident form 6166 and provided your id

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RodeoX
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October 25, 2016, 04:27:29 PM
#75

thank you very much for al of your responses and i really do appreciate this because i was really curious about the  taxation because its a punishable crime to not pay the taxes so i guess i am now satisfied and will liquify more money and turn in to bitcoin cause hey its tax free and who wants to pay taxes

What country do you live in that does not tax bitcoin?
i think most of the countries have no tax on bitcoin, and the reason is that bitcoin is not yet legalize by any state and there is no poly of any country to impost tax on illegal items, and therefore there is no tax bitcoin in most of the countries.

There is absolutely no question that capitol gains taxes apply in the U.S. And here you owe on all income, even illegal income, which BTC is not. Below is an Illinois tax stamp for weed. Fail to get a tax stamp and you can be charged for tax evasion as well as possession.

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October 26, 2016, 08:14:56 AM
#76

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 ?

I dont know the exact rule in the UK, i know that you wont have to pay tax if you haven't cashed them out so since im hodling for a long time it does matter as of yet. 

Anyone know exact UK rules?






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October 29, 2016, 02:19:34 PM
#77

Depends on your country's rule about bitcoin.  If they impose tax to bitcoin related sales then you need to include your tax to your payment.  If you buy your house in bitcoin, and your country does not impose tax on bitcoin, you still need to pay for the annual tax of the house you bought because the there is an existing law about it.

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October 29, 2016, 04:10:03 PM
#78

Legally, in the majority of the world you are the one who is required to confirm if they need to pay a tax on something, therefore if your country has taxes on BTC as a commodity or the profit trading BTC then you are the one who is required to confirm, Of course you won't be tracked directly but something like an exchange of BTC to USD using your bank account can cause problems I guess.
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October 30, 2016, 06:39:49 PM
#79

I think in America we are supposed to pay taxes if we cash out of an exchange. I think it's like selling something for profit. I'm not sure how other countries handle taxes on bitcoin.
but in my country there is no tax on bitcoin, as we have to pay tax on such item which are legal or registered with government, as bitcoin is not yet registered with government nor the government consider it as legal currency, therefore there is no tax on bitcoin.


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wahb
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November 01, 2016, 02:20:50 PM
#80

i think it is depending on our country policy, if your country has impose tax on bitcoin then you really have to pay tax on bitcoin, but i think still most of the countries has not yet impost tax on bitcoin, therefore bitcoin is still free in most of the countries.
MartinL
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November 02, 2016, 05:07:42 AM
#81

This thread has truly been a boon to account farmers:

hurain
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,
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.
if your country have impose tax on bitcoin then you have to pay tax otherwise there is no tax on bitcoin  only those countries may be collecting tax on bitcoin who are already accepted bitcoin as legal currency.
i think it depend on the policy of your country, if your country imposed tax on bitcoin then you have to pay tax on it other wise there is no tax on bitcoin at all.

Superbitzz
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.
no it is not tax, it is just the fee you pay on transaction, the tax you have to pay to the government and government only impose tax on such things which are legal and do not impose tax on such item which are not legal, as bitcoin is still not consider as legal therefore there is no tax on bitcoin.
i think it depend on your country policy, if your country impose tax on bitcoin then you really have to pay tax on it but for this your country must have to declare bitcoin as a legal currency first.
yes that is right say you can buy more and more bitcoin and can hold it for a long time tell yo wan to keep, as there is no tax on bitcoin and no one has to pay tax on bitcoin tell the government impose tax on it.
yes that is a fact that every one has to pay tax on fiat currency, but it we talik about bitcoin so there is no tax on bitcoin because bitcoin is not a legal currency, and still not legalize by any country.
yes that is a fact and i thin still not a single country has impose tax on bitcoin and the reason is that not a single country yec turn bitcoin as legal currency therefore to me there is no tax on bitcoin.

satdas
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.
but i think the government cannot develop a system to impost tax on bitcoin until they legalize it, and still i do not think that any country has officially legalize bitcoin, i think still any government given any statement about bitcoin that either it is a legal currency or not, and therefore still there is no tax on bitcoin. may be in future when government when the government will legalize bitcoin will think about to impose tax on bitcoin.
yes that is right to say, as not a single country has yest consider bitcoin as legal currency therefore they are not putting tax on bitcoin but once it become a legal currency then they will certainly put tax on bitcoin, may be some countries are thinking about this to legalize it, and if once it become a legal currency then it will become more and more popular currency of the world.

Dora Doll
but i think still there is no tax on bitcoin any where, still bitcoin is tax free, and the reason is that still not a single country consider bitcoin as legal currency therefore still there is no tax on bitcoin. may be in future when governments will accept bitcoin as legal currency then they will put tax on bitcoin.
yes but as not a single country yet consider bitcoin as legal currency therefore i  think there is no tax on bitcoin and when bitcoin will be consider as legal currency then they will put tax on bitcoin,

Maesters1
yes it depend on the policy of a country, if a country has imposed tax on bitcoin then you have to pay otherwise bitcoin is tax free in most of the areas as most of the countries has yes not yet consider bitcoin as legal currency.
i think most of the countries have no tax on bitcoin, and the reason is that bitcoin is not yet legalize by any state and there is no poly of any country to impost tax on illegal items, and therefore there is no tax bitcoin in most of the countries.

Others
if you country has imposed tax on bitcoin then you have to pay tax on it, otherwise there is no tax on bitcoin there is  only transaction charges and nothing else.
it totally depend on your country policy if your country have impost tax on bitcoin then you certainly have to pay tax on bitcoin otherwise it is free of tax every where.
yes i also agree with you, that if you country has impose tax tax on bitcoin then you have to pay tax other wise there is no tax but it is also a fact that still very little number of state have impost tax on bitcoins may be yet not a single country.
i think that is not you are paying tax, you are just paying service charges, tax is only collected by the government, and government only collect tax on legal things, as bitcoin is not a legal currency therefore government is not collecting tax on bitocin.
if your country have impose tax on bitcoin then you have to pay tax otherwise there is no tax on bitcoin  only those countries may be collecting tax on bitcoin who are already accepted bitcoin as legal currency.
yes there is no tax on bitcoin directly but if you change your bitcoin in to fiat currency and deposit it in bank they  you have to pay tax, actually bitcoin is not yet consider as legal in any country therefore there is no tax on bitcoin any where.
i think it is totally depending on the policy of your country, if your country has imposed tax on bitcoin then you must have to pay tax, other wise there is no tax on bitcoin.
but in my country there is no tax on bitcoin, as we have to pay tax on such item which are legal or registered with government, as bitcoin is not yet registered with government nor the government consider it as legal currency, therefore there is no tax on bitcoin.
i think it is depending on our country policy, if your country has impose tax on bitcoin then you really have to pay tax on bitcoin, but i think still most of the countries has not yet impost tax on bitcoin, therefore bitcoin is still free in most of the countries.
moriskarlov
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November 05, 2016, 10:36:28 AM
#82

Who are you going to pay taxes? After all, there is no such official currency.

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Fireblade
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November 08, 2016, 06:42:44 PM
#83

Who are you going to pay taxes? After all, there is no such official currency.
yes that  is right to say that bitcoin is not an official currency and therefore their is no tax on bitcoin, but once bitcoin become legalize by government then they must impose tax on bitcoin but i think in present time there is no tax on bitcoin.
BrianDonaldson
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November 10, 2016, 07:12:52 PM
#84

There is no tax on bitcoin only the fee for transaction that you should pay for every transaction..
sportis
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November 17, 2016, 01:32:58 PM
#85

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.

     Taxes is a very hot issue for everyone; so if someone wants to have an overview as regards the legislation on taxation can take a look at this article https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country by Wikipedia. About what is happening in every country because the article is relatively old and the tax legislation in some countries changes very often should be addressed to the appropriate law firm. Especially if it concerns EU country then the attorney firm must have the appropriate experience and knowledge of EU directives because many EU countries prefer to embodiment the EU directive particularly if the issue is global, complex and there is not the relevant experience
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November 20, 2016, 10:48:39 PM
#86

This thread has truly been a boon to account farmers:

hurain
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,
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.
if your country have impose tax on bitcoin then you have to pay tax otherwise there is no tax on bitcoin  only those countries may be collecting tax on bitcoin who are already accepted bitcoin as legal currency.
i think it depend on the policy of your country, if your country imposed tax on bitcoin then you have to pay tax on it other wise there is no tax on bitcoin at all.

Superbitzz
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.
no it is not tax, it is just the fee you pay on transaction, the tax you have to pay to the government and government only impose tax on such things which are legal and do not impose tax on such item which are not legal, as bitcoin is still not consider as legal therefore there is no tax on bitcoin.
i think it depend on your country policy, if your country impose tax on bitcoin then you really have to pay tax on it but for this your country must have to declare bitcoin as a legal currency first.
yes that is right say you can buy more and more bitcoin and can hold it for a long time tell yo wan to keep, as there is no tax on bitcoin and no one has to pay tax on bitcoin tell the government impose tax on it.
yes that is a fact that every one has to pay tax on fiat currency, but it we talik about bitcoin so there is no tax on bitcoin because bitcoin is not a legal currency, and still not legalize by any country.
yes that is a fact and i thin still not a single country has impose tax on bitcoin and the reason is that not a single country yec turn bitcoin as legal currency therefore to me there is no tax on bitcoin.

satdas
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.
but i think the government cannot develop a system to impost tax on bitcoin until they legalize it, and still i do not think that any country has officially legalize bitcoin, i think still any government given any statement about bitcoin that either it is a legal currency or not, and therefore still there is no tax on bitcoin. may be in future when government when the government will legalize bitcoin will think about to impose tax on bitcoin.
yes that is right to say, as not a single country has yest consider bitcoin as legal currency therefore they are not putting tax on bitcoin but once it become a legal currency then they will certainly put tax on bitcoin, may be some countries are thinking about this to legalize it, and if once it become a legal currency then it will become more and more popular currency of the world.

Dora Doll
but i think still there is no tax on bitcoin any where, still bitcoin is tax free, and the reason is that still not a single country consider bitcoin as legal currency therefore still there is no tax on bitcoin. may be in future when governments will accept bitcoin as legal currency then they will put tax on bitcoin.
yes but as not a single country yet consider bitcoin as legal currency therefore i  think there is no tax on bitcoin and when bitcoin will be consider as legal currency then they will put tax on bitcoin,

Maesters1
yes it depend on the policy of a country, if a country has imposed tax on bitcoin then you have to pay otherwise bitcoin is tax free in most of the areas as most of the countries has yes not yet consider bitcoin as legal currency.
i think most of the countries have no tax on bitcoin, and the reason is that bitcoin is not yet legalize by any state and there is no poly of any country to impost tax on illegal items, and therefore there is no tax bitcoin in most of the countries.

Others
if you country has imposed tax on bitcoin then you have to pay tax on it, otherwise there is no tax on bitcoin there is  only transaction charges and nothing else.
it totally depend on your country policy if your country have impost tax on bitcoin then you certainly have to pay tax on bitcoin otherwise it is free of tax every where.
yes i also agree with you, that if you country has impose tax tax on bitcoin then you have to pay tax other wise there is no tax but it is also a fact that still very little number of state have impost tax on bitcoins may be yet not a single country.
i think that is not you are paying tax, you are just paying service charges, tax is only collected by the government, and government only collect tax on legal things, as bitcoin is not a legal currency therefore government is not collecting tax on bitocin.
if your country have impose tax on bitcoin then you have to pay tax otherwise there is no tax on bitcoin  only those countries may be collecting tax on bitcoin who are already accepted bitcoin as legal currency.
yes there is no tax on bitcoin directly but if you change your bitcoin in to fiat currency and deposit it in bank they  you have to pay tax, actually bitcoin is not yet consider as legal in any country therefore there is no tax on bitcoin any where.
i think it is totally depending on the policy of your country, if your country has imposed tax on bitcoin then you must have to pay tax, other wise there is no tax on bitcoin.
but in my country there is no tax on bitcoin, as we have to pay tax on such item which are legal or registered with government, as bitcoin is not yet registered with government nor the government consider it as legal currency, therefore there is no tax on bitcoin.
i think it is depending on our country policy, if your country has impose tax on bitcoin then you really have to pay tax on bitcoin, but i think still most of the countries has not yet impost tax on bitcoin, therefore bitcoin is still free in most of the countries.

Agree - perfect examples of poor quality (bad/useless information/advice) posts that continue to plague this forum.

Shenzou
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November 21, 2016, 02:09:40 AM
#87

There is no such thing as taxes in bit coin and that's what makes it so popular' surely there are fees from transferring from one site to another but unlike real bank accounts bitcoin wallets do not take your money

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coynedterm
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November 21, 2016, 02:18:21 AM
#88

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 ?
Ofcourse , You need to pay tax for your bitcoin that you have but you needn't to pay for how much you have in your wallet . But during a huge amount of btc transaction and convert it into fiat , then you need to pay tax ( according to yearly tax system )


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kryptqnick
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December 06, 2016, 07:15:19 PM
#89

We don't know whether your government recognizes btc, because it is not the same for all the countries. Do you have to pay tax? From the moral feeling of duty I guess you do, but the problem is that it wouldn't be easy to do that, because of burocratic stuff. From the legal point of view bitcoin is mostly our of the law, so you shouldn't pay anything. However, I heard some countries (like GB) are now trying to regulate the use of btc.

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December 07, 2016, 12:25:37 AM
#90

There is no tax on bitcoin only the fee for transaction that you should pay for every transaction..

In the US there is good precedence set for taxation and a good tax accountant can easily advise you. The big focus should be in building credibilty and a good reputation for the entire ecosystem. A few bad apples can really have a negative impact on wide spread adoption and invite undeserved scrutiny for the rest of us that are trying to legitimize cryptocurrencies.
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December 08, 2016, 07:43:51 AM
#91

I do think btc is designed to not paying tax.

Because tax is something from centralization , while btc not.

If we pay tax and tell the government how much btc we have and how we spending it .

What the difference between btc and fiat money?
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December 11, 2016, 12:01:59 AM
#92

We don't know whether your government recognizes btc, because it is not the same for all the countries. Do you have to pay tax? From the moral feeling of duty I guess you do, but the problem is that it wouldn't be easy to do that, because of burocratic stuff. From the legal point of view bitcoin is mostly our of the law, so you shouldn't pay anything. However, I heard some countries (like GB) are now trying to regulate the use of btc.
WTF are you talking about? How come you feel morally responsible to pay taxes? Did the world go insane or are you the new generation of slaves born into debt and taxation and thinking it's your moral duty to pay them? Wait, it gets better, you think you're not legally obliged to pay, but feel like you should! I'm speechless. Remember to brush your teeth, take your pills and be fast asleep before midnight citizen!


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Silberman
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December 11, 2016, 03:32:02 AM
#93

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 ?
Laws vary from country to country, but it is likely that if you buy bitcoin for 500 and sell it for 700 then some kind of tax is likely to be applied for that profit margin.

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Virman01
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December 17, 2016, 08:53:20 AM
#94

I think bitcoin is not taxed because bitcoin is not a currency in certain countries only currency bitcoin in gital that facilitate the exchange of bitcoin to major currencies so no one should be disadvantaged from each other

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darkangel11
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December 18, 2016, 12:01:07 AM
#95

I think bitcoin is not taxed because bitcoin is not a currency in certain countries only currency bitcoin in gital that facilitate the exchange of bitcoin to major currencies so no one should be disadvantaged from each other
It doesn't have to be a currency to be taxed. For instance the house you're living in (or a block of flats) is taxed.
Anyway, I agree that in most places you don't have to pay taxes on bitcoin as long as you don't have a registered business and don't buy fiat or expensive goods with it.

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December 18, 2016, 12:55:33 AM
#96

Anyway, I agree that in most places you don't have to pay taxes on bitcoin as long as you don't have a registered business and don't buy fiat or expensive goods with it.

That's not the legal reality in most jurisdictions, just what people can often get away with.
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December 18, 2016, 02:23:46 AM
#97

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 ?
Ofcourse we need to pay tax for Bitcoin because it is also a type of money which is Making living of the millions people .
Here the big reason to pay tax is because if we are with Bitcoin than at last we need to convert Bitcoin into fiat That fiat is come in your account from where ?? and why?? this question will be made  if your earning will go cross the upper tax paying amount in your bank account . So if I will not paid tax then you are violating the laws of taxation in your country .
Allover you are earning in very small amount then you don't need to pay tax at all .


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December 18, 2016, 02:39:20 AM
#98

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 ?
Ofcourse we need to pay tax for Bitcoin because it is also a type of money which is Making living of the millions people .
Here the big reason to pay tax is because if we are with Bitcoin than at last we need to convert Bitcoin into fiat That fiat is come in your account from where ?? and why?? this question will be made  if your earning will go cross the upper tax paying amount in your bank account . So if I will not paid tax then you are violating the laws of taxation in your country .
Allover you are earning in very small amount then you don't need to pay tax at all .
I think it is only matter that how much you are saving from Bitcoin after spent in daily life .
Since I am in the Bitcoin from about two year but still my earning is not much more , even I am making trading but if anyone in Bitcoin is running his casino like things than he is making a big bundle or money ,So the system of taxation is  only for millionaire in the Bitcoin .


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December 18, 2016, 02:56:57 AM
#99

This thread has truly been a boon to account farmers:

hurain
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,
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.
if your country have impose tax on bitcoin then you have to pay tax otherwise there is no tax on bitcoin  only those countries may be collecting tax on bitcoin who are already accepted bitcoin as legal currency.
i think it depend on the policy of your country, if your country imposed tax on bitcoin then you have to pay tax on it other wise there is no tax on bitcoin at all.

Superbitzz
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.
no it is not tax, it is just the fee you pay on transaction, the tax you have to pay to the government and government only impose tax on such things which are legal and do not impose tax on such item which are not legal, as bitcoin is still not consider as legal therefore there is no tax on bitcoin.
i think it depend on your country policy, if your country impose tax on bitcoin then you really have to pay tax on it but for this your country must have to declare bitcoin as a legal currency first.
yes that is right say you can buy more and more bitcoin and can hold it for a long time tell yo wan to keep, as there is no tax on bitcoin and no one has to pay tax on bitcoin tell the government impose tax on it.
yes that is a fact that every one has to pay tax on fiat currency, but it we talik about bitcoin so there is no tax on bitcoin because bitcoin is not a legal currency, and still not legalize by any country.
yes that is a fact and i thin still not a single country has impose tax on bitcoin and the reason is that not a single country yec turn bitcoin as legal currency therefore to me there is no tax on bitcoin.

satdas
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.
but i think the government cannot develop a system to impost tax on bitcoin until they legalize it, and still i do not think that any country has officially legalize bitcoin, i think still any government given any statement about bitcoin that either it is a legal currency or not, and therefore still there is no tax on bitcoin. may be in future when government when the government will legalize bitcoin will think about to impose tax on bitcoin.
yes that is right to say, as not a single country has yest consider bitcoin as legal currency therefore they are not putting tax on bitcoin but once it become a legal currency then they will certainly put tax on bitcoin, may be some countries are thinking about this to legalize it, and if once it become a legal currency then it will become more and more popular currency of the world.

Dora Doll
but i think still there is no tax on bitcoin any where, still bitcoin is tax free, and the reason is that still not a single country consider bitcoin as legal currency therefore still there is no tax on bitcoin. may be in future when governments will accept bitcoin as legal currency then they will put tax on bitcoin.
yes but as not a single country yet consider bitcoin as legal currency therefore i  think there is no tax on bitcoin and when bitcoin will be consider as legal currency then they will put tax on bitcoin,

Maesters1
yes it depend on the policy of a country, if a country has imposed tax on bitcoin then you have to pay otherwise bitcoin is tax free in most of the areas as most of the countries has yes not yet consider bitcoin as legal currency.
i think most of the countries have no tax on bitcoin, and the reason is that bitcoin is not yet legalize by any state and there is no poly of any country to impost tax on illegal items, and therefore there is no tax bitcoin in most of the countries.

Others
if you country has imposed tax on bitcoin then you have to pay tax on it, otherwise there is no tax on bitcoin there is  only transaction charges and nothing else.
it totally depend on your country policy if your country have impost tax on bitcoin then you certainly have to pay tax on bitcoin otherwise it is free of tax every where.
yes i also agree with you, that if you country has impose tax tax on bitcoin then you have to pay tax other wise there is no tax but it is also a fact that still very little number of state have impost tax on bitcoins may be yet not a single country.
i think that is not you are paying tax, you are just paying service charges, tax is only collected by the government, and government only collect tax on legal things, as bitcoin is not a legal currency therefore government is not collecting tax on bitocin.
if your country have impose tax on bitcoin then you have to pay tax otherwise there is no tax on bitcoin  only those countries may be collecting tax on bitcoin who are already accepted bitcoin as legal currency.
yes there is no tax on bitcoin directly but if you change your bitcoin in to fiat currency and deposit it in bank they  you have to pay tax, actually bitcoin is not yet consider as legal in any country therefore there is no tax on bitcoin any where.
i think it is totally depending on the policy of your country, if your country has imposed tax on bitcoin then you must have to pay tax, other wise there is no tax on bitcoin.
but in my country there is no tax on bitcoin, as we have to pay tax on such item which are legal or registered with government, as bitcoin is not yet registered with government nor the government consider it as legal currency, therefore there is no tax on bitcoin.
i think it is depending on our country policy, if your country has impose tax on bitcoin then you really have to pay tax on bitcoin, but i think still most of the countries has not yet impost tax on bitcoin, therefore bitcoin is still free in most of the countries.
Perfect example of the total shit this forum has to deal with due to paid signatures.

The policy should be one warning then perm ban anyone with a paid signature.  Ban ALL paid signatures.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
darkangel11
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December 18, 2016, 05:17:35 PM

Perfect example of the total shit this forum has to deal with due to paid signatures.

The policy should be one warning then perm ban anyone with a paid signature.  Ban ALL paid signatures.

First of all what does this post have to do with the topic? It should be in meta, not here. By saying "signatures are shit" in a topic about taxes you are spamming like the rest of them.
It has been repeated hundreds of times, not all signature posters spam and not all write for the sole purpose of getting paid.

Anyway, I agree that in most places you don't have to pay taxes on bitcoin as long as you don't have a registered business and don't buy fiat or expensive goods with it.
That's not the legal reality in most jurisdictions, just what people can often get away with.
So, what in your view should a bitcoin holder do? Calculate the price of his stashed coins each year and report a gain or loss depending on whether in the last 12 months bitcoin was pumped or dumped?
This would mean that if you own any jewelry you should do the same and report a gain or loss each year based on its value.

MartinL
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December 18, 2016, 05:47:16 PM

So, what in your view should a bitcoin holder do? Calculate the price of his stashed coins each year and report a gain or loss depending on whether in the last 12 months bitcoin was pumped or dumped?
This would mean that if you own any jewelry you should do the same and report a gain or loss each year based on its value.

Again, it depends on the specific jurisdiction. Generally speaking there is no tax on holding financial assets烹itcoin or not. Consequently you aren't required to continuously report the current value of your assets.

However, there is a tax on capital gains in most jurisdictions, i.e. the difference between cost basis and sale price. So the Bitcoin holder in your example doesn't need to report anything until he actually sells his Bitcoins and realizes any profit.
MartinL
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December 18, 2016, 05:49:12 PM

Perfect example of the total shit this forum has to deal with due to paid signatures.

The policy should be one warning then perm ban anyone with a paid signature.  Ban ALL paid signatures.

First of all what does this post have to do with the topic? It should be in meta, not here. By saying "signatures are shit" in a topic about taxes you are spamming like the rest of them.

He was responding to my earlier comment showing that a large portion of comments in this thread are just account farmers repeating the same message again and again.
morgand
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January 20, 2017, 02:15:14 AM

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 ?

i think it depends on your country. Some country bann coin payment because coin is annonymous. No information about you have that coin. So they cant get some tax from it. CMIIW
In my country they doesnt know about bitcoin. Still no law and rules about it. They dont even know bitcoin existl.
I dont know about your country, but untill now i dont have to pay taxes.
PremiumMaster
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January 23, 2017, 11:14:08 PM

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 ?


No you don't have to pay taxes on bitcoin because the gov doesn't recognize bitcoin as a real money. If you really want to make sure the gov can't trace your bitcoins use a VPN. Virtual Private Network.
 A VPN in a nutshell. A vpn encrypts data from your computer to a target ip(websites) so the gov, your internet service provider and hackers can't see what you're doing online.
Think of this
there is person A, B, C, D, and E Person A(You) gives Person(B) a note person B(The VPN) shreds the note into little pieces. Person B then gives Person C(Your internet service provider/gov) the shredded note then Person C gives Person D(VPN server/FakeIP) the note Person D Puts the note back together to make it readable then Person D ships the note to Person E(The target website/Server) Person D(Fake IP) says it from himself but Person A wrote the note.
There is more technical stuff about a vpn that makes it more secured. I won't go in dept but I summed it up pretty well.

Ok I explained what a VPN is to people who are new to it.

I hope this answered your question.
divyam_94
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January 28, 2017, 08:22:17 PM

Nope! you dont have to be bother as the bitcoin does not involve any third party as also like government so there will be no involvment of the government & if there is no involvment of government then there will be no need of paying tax & it is not a unrecognized money or currency so there is no terror of any issue it is simple digital currency.Therefore there is no need of paying taxes on bitcoin.
RussiaIsBest
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January 28, 2017, 08:24:10 PM

In Croatia we dont need to pay tax.It depends on ecah country.If in your country you must pay tax then you must pay it when you withdrawal your money to your bank account.
sir.humus
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January 28, 2017, 08:29:16 PM

Israeli Tax Authority Declared Bitcoin a Taxable Asset,  Not Currency.
So Israeli cryptocurrency users have to pay the 25% capital gains tax every time they sell bitcoin, and bitcoin exchanges and miners charge 17% VAT.
This is a new thing, but I can't see how they are going to enforce it.
btcdiggingmaster
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January 30, 2017, 04:59:15 PM

In Croatia we dont need to pay tax.It depends on ecah country.If in your country you must pay tax then you must pay it when you withdrawal your money to your bank account.

Yeah every country has different rules on paying taxes, government will always welcome to people who want to pay taxes on using multiple currencies. But even each government will provide some rules and regulation on minimum usage, if people reach more than that means definitely they need to pay taxes on it.

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legendbtc
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January 31, 2017, 01:07:26 PM

If you want to use bitcoin wisely in any form like investment, gambling, trading. If you make any profits from it, definitely you have to pay taxes on it. If you taxes on your bitcoin earning than no government will ban your bank accounts and you won't any notices from government.



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canah17
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January 31, 2017, 05:59:02 PM

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 ?

It really depends on what country that you lived in because some countries doesn't even support bitcoin and they just let it be. furthermore the government will not do anything if they don't support bitcoin they just let it slide for once's but they don't really understand the bitcoin thing but to some countries like United States that really supports bitcoin and they can make tax of it so that they will also earn bitcoin and also you must be able to be wise Cheesy in all times in bitcoin first you must make profit Cheesy
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February 04, 2017, 08:39:45 AM

If you don't want to face any problems with government it's better for you pay taxes to government on time. Because really it is wise decision so you will not be in any problems if you pay taxes on time to government.


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BitHodler
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February 04, 2017, 08:51:15 PM

If you don't want to face any problems with government it's better for you pay taxes to government on time. Because really it is wise decision so you will not be in any problems if you pay taxes on time to government.
Officially most people here are subject to certain tax laws that also apply to Bitcoin, but you can't blame people for not declaring their tax files in full honesty.

If you play it well, then there is barely any risk in having governments know that you have been avoiding tax through Bitcoin where you get a hefty penalty as result.

You will have to avoid using exchanges where you verify yourself with all your personal details, and also payment services and bank accounts. Basically everything that is asking for your information.

Buying and selling coins should be done locally where you meet up somewhere and complete the deals. It's of course not without risk, but at least you can obtain Bitcoin without verification and all other hassle.

If you want to do trading where you want to put your coins to work, then there are exchanges such as btc-e where you don't need any verification in order to start trading.

Just make sure you don't cash out fiat as you then might get forced to verify yourself. They can lock your coins until you come through with sufficient enough details and scans.

darkangel11
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February 05, 2017, 08:03:46 PM

If you don't want to face any problems with government it's better for you pay taxes to government on time. Because really it is wise decision so you will not be in any problems if you pay taxes on time to government.
Officially most people here are subject to certain tax laws that also apply to Bitcoin, but you can't blame people for not declaring their tax files in full honesty.

If you play it well, then there is barely any risk in having governments know that you have been avoiding tax through Bitcoin where you get a hefty penalty as result.

You will have to avoid using exchanges where you verify yourself with all your personal details, and also payment services and bank accounts. Basically everything that is asking for your information.

Buying and selling coins should be done locally where you meet up somewhere and complete the deals. It's of course not without risk, but at least you can obtain Bitcoin without verification and all other hassle.

If you want to do trading where you want to put your coins to work, then there are exchanges such as btc-e where you don't need any verification in order to start trading.

Just make sure you don't cash out fiat as you then might get forced to verify yourself. They can lock your coins until you come through with sufficient enough details and scans.
Some exchanges allow for withdrawals up to a certain amount without verification. Also, in case of small sums you can simply take a risk.
That said, there's not much to gain in trying to avoid taxes, because sooner or later you will have to buy something and the bigger the purchase will be the more difficult it will be to hide it.
For instance, try to hide a new house or apartment from the government, good luck with that Wink

BitHodler
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February 05, 2017, 10:08:33 PM

Some exchanges allow for withdrawals up to a certain amount without verification. Also, in case of small sums you can simply take a risk.
That said, there's not much to gain in trying to avoid taxes, because sooner or later you will have to buy something and the bigger the purchase will be the more difficult it will be to hide it.
For instance, try to hide a new house or apartment from the government, good luck with that Wink
It basically doesn't matter if they allow you to withdraw fiat without verification. If you're serious about your personal details to remain private, then withdrawing through whatever payment service won't be an option.

It's not about buying stuff. It's about keeping the wealth you have sitting in Bitcoin remain only to yourself without anyone knowing who or what these coins belong to.

If you manage to keep your coins hidden from the governments, then you can avoid paying tax over your wealth where in my case that's around 1.2% per year. Then we have to pay tax over our realized profits.

If you take that into consideration, then it's not a question of gaining something with hiding our coins, but more that we don't lose something when the governments find out about our wealth.

tuvok007
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February 07, 2017, 05:05:01 PM

In most countries you DONT have to pay taxes on bitcoin. BUT when you sell your bitcoin for fiat and you want to pull out that fiat money from your bank account than you HAVE TO pay taxes.For example: in my country if I hold 10 bitcoins I have to pay 0 tax! BUT if I sell my bitcoins for 10000 usd and I convert them into my local currency i HAVE TO pay 2000 USD in my local currency or 20 percent!

zeze18
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February 07, 2017, 07:12:00 PM

I think as a good citizen has the obligation to pay taxes, but not with the tax bitcoin because each country has different regulations on taxation bitcoin, even in the state where I live there are no rules about Bitcoin taxes,

   
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hawkins
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February 11, 2017, 05:56:31 PM

well, maybe you do not have to pay taxes on the bitcoin.
bitcoin has been designed to be used free of charge, without having to pay taxes, and it is one of the advantages bitcoin. in addition, we use it on the internet, so we do not need to pay taxes, because it would only provide benefits to the government.

mkmdoc
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February 12, 2017, 10:59:38 AM

I think as a good citizen has the obligation to pay taxes, but not with the tax bitcoin because each country has different regulations on taxation bitcoin, even in the state where I live there are no rules about Bitcoin taxes,

Whether you are following the rules of your government or not check it with your banks, because many people are paying taxes on bitcoin to the governments. Even though government are not involved in bitcoin but still they are accepting taxes on using bitcoin.