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Author Topic: do i have to pay tax on bitcoins ?  (Read 24613 times)
audaciousbeing
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October 06, 2016, 08:00:17 AM
 #21

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
 #23

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
 #24

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
 #26

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
 #27

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
 #29

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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crairezx20
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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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