do i have to pay tax on bitcoins ?

[zeeXmr]

it depends on the country in which you are living and as per government rules and regulations regarding bitcoin

[1715256296]

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[kafiddrhman]

Each country certainly has different policies and regulations, as well as tax laws. And for bitcoin tax certainly has limitations, because the legality of bitcoin is currently not official and only a few countries that declare legality. And not necessarily have a rule about bitcoin taxes. About bitcoin tax certainly has a difference, whether the country already has a taxpayer regulation on bitcoin Or not yet.

[TokenStars]

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.

Different countries have different laws but as far as I know, this rule is exactly what's in effect in the US: when you sell bitcoins for USD after having bought them for USD, you must report so that the government knows how much you've won from this transaction.

[BTCwoker]

you no need to pay any tax on Bitcoin. while you shop with Bitcoin or some time use Bitcoin in the payment process, exchanges charge few amount as a fee for your transactions.

[RodeoX]

you no need to pay any tax on Bitcoin. while you shop with Bitcoin or some time use Bitcoin in the payment process, exchanges charge few amount as a fee for your transactions.

For the record, that is absolutely incorrect. In most places on Earth you will owe a tax of some sort. In the USA it is capitol gains tax. No question about it.

[AltCoinAngel]

Depends on the countries rules.  In the UK there is income tax/Capital gains tax/Corporation tax, all depending on what your situation is.  If this is not your main source of income you have CGT with £11k tax free.  If it is your self-employed business it is all subject to income tax, and if it is earned through a limited company it is subject to corporation tax.

[IdVerification]

Many seem to be commenting that paying tax is not a required part of bitcoin. This sounds like wishful thinking.

In this story the IRS is looking to gain Coinbase customer records after only 802 people decided to pay taxes on 2015 earnings.


Judge Blasts IRS Over Bitcoin Probe, Lets Coinbase Customer Fight Summons
posted: 7/20/2017
http://fortune.com/2017/07/20/judge-blasts-irs-over-bitcoin-probe-lets-coinbase-customer-fight-summons/

[corroze]

So far my country of residence has no regulation of income tax on bitcoin, probably because bitcoin use is still illegal in my place. But if you look at the prospect there is a possibility one day the government will legalize bitcoin.

[thecryptoconsultant]

There is one thing I got to say, it's : https://cointracking.info?ref=B399866

[abilarde]

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 ?

As i read of this https://www.bir.gov.ph/index.php/tax-code.html Tax of individuals (section 24 Income tax rate).
(2) Rates of Tax on Taxable Income of Individuals. The tax shall be computed in accordance with and at the rates established in the following schedule:

Not over P10,000
Over P10,000 but not over P30,000
Over P30,000 but not over P70,000
Over P70,000 but not over P140,000
Over P140,000 but not over P250,00
Over P250,000 but not over P500,000
Over P500,000   5%
P500+10% of the excess over P10,000
P2,500+15% of the excess over P30,000
P8,500+20% of the excess over P70,000
P22,500+25% of the excess over P140,000
P50,000+30% of the excess over P250,000
P125,000+32% of the excess over P500,000.

[shohelalam]

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 don't think so you have to pay taxes on bitcoin. it will be depend where we live in what is our gov rules about bitcoin. bitcoin is digital currency we just use a a payment process. By the way we don't give any taxes of our own money or paper currency for use. we just give income tax of government from our business income.

bitcoin is not our business. so why we give tax.

we give fee when we exchange btc with any other currency or nothing.

Thank you.  

[RodeoX]

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.

I hope none of you are entertaining this nonsense. The has NEVER been a time when bitcoin was tax free in the U.S.

[mankind server]

we dont pay tax for the bitcoin. but still it depends on which country u are staying right now. you will only be needing to pay tax if you are gonna do some transaction with the goverment for example: you will be converting your bitcoin into cash. but dont get me wrong bit coin is legal, the only reason i am thinking why bitcoins is taxfree is because not everyone is aware of it.

thank you

[JTASSOCIATES]

The straight answer for Do I Have to Tax on Bitcoins is a VERY BIG NO. Till date the government implement didn't implement any regulation on Bitcoin transactions or any purchase. If I am wrong please reply with the points thanks.

[Valentina N]

Very important topic but I really have no Idea about legal part of your county you need ask somebody from your country or dislocate in more friendly countries

[777Bitcoin]

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 is a must when your country have passed a bill/law about bitcoin, you don't have a choice if that is the case. But if your country like ours has no bill/law made for that matters you don't have to. They can only collect taxes when/if the law is implemented.

[Miles123]

It depends in your country if they have a policy that you need to pay tax. But here in the Philippines there is no need to pay tax. Because bitcoins here are not legal and bitcoins are not already known in my country. So we are happy because there is no tax that we should pay.

[suppersz]

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 is a must when your country have passed a bill/law about bitcoin, you don't have a choice if that is the case. But if your country like ours has no bill/law made for that matters you don't have to. They can only collect taxes when/if the law is implemented.

tell if you have the "f**k the system" attitude, it could be a choice technically. There will always be a choice, many people will fail to report their capital gains

[finom.io]

If you you just store your Bitcoin in your wallet, you don't have to pay taxes for it, the currency itself is not a subject for taxes; however your purchases, transactions, etc. might be taxable. It's the same if you chose to use Bitcoin as income currency as a self-employed; you should check with with your local taxation laws to be sure.

[BurtW]

do i have to pay tax on bitcoins ?

tldr: yes