do i have to pay tax on bitcoins ?

[jerrison]

except if there is any other reason and location determinant, i have only paid tax in form of transfer charge from my bitcoin wallet website and also an exchanger, though a certain exchanger didn't charge me for transfers but of recent they have started charging for transfers

[1715107848]

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[RodeoX]

except if there is any other reason and location determinant, i have only paid tax in form of transfer charge from my bitcoin wallet website and also an exchanger, though a certain exchanger didn't charge me for transfers but of recent they have started charging for transfers

To be clear. The Tx fee is in no way a "tax". Taxes are issued by governments, not math equations running on a distributed network.

[fuer44]

Yes, of course. Every transaction will be taxed by the government, and that is reasonable

[thecryptoconsultant]

Hi all!

Yes, US tax authorities are now going down at exchanges to get identities of US citizen that made undeclared enrichment with Bitcoin and other Cryptocurrencies.

You have to declare the capital gains while filling your taxes as Bitcoin and other cryptocurrencies are considered as assets.

To be sure that you are reporting the correct amount you can track your trades on cointracking.

If you are big in Bitcoin and other cryptocurrencies (trading around and above 10 BTC), you should definitely register to a pro plan so you have an automatic and detailed follow up of your capital gain. So when tax season comes around you just have to copy paste your coin tracking dashboard to your tax file.

Please use this link to register, you will get 10 % off :

https://cointracking.info?ref=B399866


Victor

Register to www.thecryptoconsultant.com newsletter to receive the latest cryptonews !

[laiducnam]

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 ?

[BurtW]

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 ?

Read the thread.

It is pointless to ask this question without stating what country you live in.

Read the thread.

[Blackwhite69]

Of course, you will pay the specified taxes from each region so every transaction will be taxed by the government

[iyan33]

Each country has a different tax policy and so does bitcoin taxes,perhaps if in some countries that declare legal bitcoin should have a tax regime imposed on bitcoin by government.
But this is clearly different from state that prohibits bitcoin,there appears to be no regulation Government for bitcoin taxes

[Malik Asim]

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 ?

[mzainullah]

If it is without tax what is the reason ...?

[darkangel11]

If it is without tax what is the reason ...?

Nothing that has value is without tax these days. Read about capital gains and you'll know why you have to pay.
Check your local tax office for details, maybe you won't have to pay because you're under income tax threshold. For instance in the UK it's £10k. 

[thecryptoconsultant]

Hi all,

Please check cointracking website it is a good tool to help you calculate your capital gain.

If you decide to go with a premium subscription, please copy paste this link, you will get 10 % off:


https://cointracking.info?ref=B399866


I will get a cut out of this, and it will help me out a lot and you still get your 10 % off.

Victor



 

[NJB18]

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.

I think this is correct. First things first, you have to indicate your country and the its laws, well, if there are any, related to taxation on virtual modes of payment such as bitcoin. Because there are countries for sure, a great many of them, that actually do not have any taxation laws to which the classification of bitcoin as a taxable property might belong.

I don't know with your country but here in the Philippines at least, we have income tax. The basic law on income tax basically says that income from individual taxpayers are subject to tax regardless of how and from where it is derived. So I think it also covers bitcoins if you earned them through trading and the like.

However, it is hard to trace and the Bureau of Internal Revenue here might not be updated regarding bitcoins and other cryptocurrencies and so they are not really keen on pursuing taxes on such properties.

[thecryptoconsultant]

Some exchanges started giving away the identity and balance of the account holders.

[1.btcwonder]

Around the world, tax establishments have tried to convey forth rules on bitcoins. Rules and taxation differ from country to country but there are some transactions that will lead to taxes:
• Trade Bitcoin, accepted from someone to a third party.
• Utilizing Bitcoin, which one might have mined, to buy things or services.
• Utilizing Bitcoin, accepted from someone, to purchase things or services.
• Retailing Bitcoin, mine personally, to a third party.

[fuer44]

Bitcoin is not a fiat currency with legitimate status in any country, but often remains attached to the tax liability rules regardless of the medium of money used. There are various laws in many countries that may result in income taxes, sales, payroll, profits, or other forms of tax liability arising with Bitcoin.

[heretolearn]

As of now there is no regulating authority which says you to pay tax but in near future you have to pay capital gain tax. It's time to earn for you with full freedom until governments build rules and regulations on how to monitor and handle.

[Terraformer]

As of now there is no regulating authority which says you to pay tax but in near future you have to pay capital gain tax. It's time to earn for you with full freedom until governments build rules and regulations on how to monitor and handle.

Taxes is very controversial topic in cryptocurrencies area.  Last time USA government interventions in traders  private life has become more frequent. News about new court cases are on the first mainstream pages.

[darkangel11]

As of now there is no regulating authority which says you to pay tax but in near future you have to pay capital gain tax. It's time to earn for you with full freedom until governments build rules and regulations on how to monitor and handle.

You usually have to pay taxes on coins that were converted to fiat. As far as the tax on held coins go, you don't have to because it's unexecutable by the government, since addresses are not linked to identities, and I doubt this will ever change. They may say that you should pay, but they still won't be able to track you, as it would cost them too much. It's much easier for them to track the flow of fiat money.

[ezzy.co]

Well, I think it depends on what country you from. Obviously, different countries have different regulations. In my country you don't have to pay tax on Bitcoin.