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Author Topic: do i have to pay tax on bitcoins ?  (Read 26944 times)
OSISzig
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October 31, 2017, 01:23:50 PM
 #301

Yes, if your country has a regulation about it. You'd want to avoid an accumulated tax, worst thing of all
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November 10, 2017, 01:04:04 AM
 #302

Here in the Philippines, the government does not hold any control over Bitcoin which is why it is not taxable. The wallet that I also use does not have a transaction fee when I want to send Bitcoin to someone who has the same wallet. When I want it converted to fiat however, a minimal fee applies but I noticed that it is just this certain bank that requires that fee. Other banks that is in partnership with the app does not have any transaction fee for withdrawing.
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November 10, 2017, 01:48:45 AM
 #303

Yes, if your country has a regulation about it. You'd want to avoid an accumulated tax, worst thing of all

Obviously, a country which has regulations regarding bitcoin and tax it as capital gains, such as in US. https://www.investopedia.com/university/definitive-bitcoin-tax-guide-dont-let-irs-snow-you/
On the other hand, in a country where people could easily use bitcoin in daily transactions in Japan, there is no tax for trading bitcoin. https://cointelegraph.com/news/its-official-japan-has-eliminated-tax-on-bitcoin-rise-in-trading-expected
But in most countries that don't have any fixed regulations, you are free to trade bitcoin and don't have to pay tax, but only fees to exchanges.
isaac_clarke22
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November 10, 2017, 02:32:28 AM
 #304

There is no government in control of Bitcoin, so there is no literal tax to it. However when you make transactions online such as transferring of Bitcoin into another cryptocurrency for exchange then it costs a fee. Lastly when you try to cash out or convert it to fiat money then it also costs a fee for the service of processing and conversion of the money.

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November 10, 2017, 06:00:05 AM
 #305

Even though if the government does not regulate Bitcoin but you need to pay for the transaction you are doing with your bank account. They can easily identify from where the transaction is being so it is always better for you to pay taxes on Bitcoin transactions.

Cordillera
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November 10, 2017, 09:26:27 AM
 #306

For me bitcoin is virtual money no one can say he/she own a bitcoin in personal figure therefore it is not necessary to pay tax with bitcoin no one can control it even the government itself. unless you encash and cash-in into your web wallet the deduction of every transaction is your tax.

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November 12, 2017, 08:29:05 AM
 #307

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 should know the answers to those questions. It's easy to acquire informations in the internet and with just one click, you will get what you need. Find a local reputable site that has anything related to crypto  and I'm sure you will find the answers.
christian07
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November 12, 2017, 03:12:47 PM
 #308

No we dont have tax here but i think the transaction fees here is the tax in some way because its really big if you think or do transact here.Try to do trading there always a fee if you withdraw your money and its really high like tax.I think if you add more tax in bitcoin transaction some people all over in different country will angry in that but i think we need tax here

Owl129
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November 13, 2017, 01:39:50 AM
 #309

We don't pay tax here for bitcoin but only transaction fees. Bitcoin in our country is not yet considered a legal currency so i think that is why there is no tax.

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November 13, 2017, 01:47:31 AM
 #310

i think there is no tax that we should paid on bitcoin because bitcoin is not the same like fiat and i think bitcoin is like paypal and we only pay the fee of transaction. even if bitcoin is accepted on the country, how the government applied the tax for bitcoin user? the government needs to make regulation about paying tax for bitcoin user and they need to make their calculation to be applied to the transaction or when the amount of money is receive into our bank account. and if the government is agree to make tax then they should ask the question to bitcoin user how the tax will be apply.


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November 13, 2017, 05:25:27 AM
 #311

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 bitcoin is more like money than actual properties like houses or businesses, so i think the government will not charge you taxes just because you have some bitcoins on you.

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Habakkuk77
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November 14, 2017, 08:35:47 AM
 #312

No need to pay tax in bitcoin because it has no connection with the governments and banks. Governments have no control on it. This is the good thing in investing bitcoin because it has no tax. You will only pay when you turn your bitcoin into fiat and cash it out, you will be deducted with small amount by the banks.

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November 14, 2017, 09:15:11 AM
 #313

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 ?
Bitcoin has no tax because we pay here charges when we cashout our bitcoins turn to fiat.Government and banks has no authority to imposed tax  on it,we only have the control on our transactions.
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November 19, 2017, 07:19:30 AM
 #314

No we dont have tax here but i think the transaction fees here is the tax in some way because its really big if you think or do transact here.Try to do trading there always a fee if you withdraw your money and its really high like tax.I think if you add more tax in bitcoin transaction some people all over in different country will angry in that but i think we need tax here
No you don't need to pay tax on bitcoin, the fee applicable is very low for transaction, this is a great point for the attraction of investors, the more people invest here because they do not need to pay high taxes and get a high output, the output received then should be either reinvested or used in making property as an asset. These all reasons are making bitcoin more worthy and its demand is increasing


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Bonakid
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November 19, 2017, 11:47:47 AM
 #315

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 we do not need.to pay tax on bitcoin when we are transacting we pay some charges and fees that our wallet need thats like tax that we pay every withdraw in bitcoin.As long this is not legalize the government and other authorities has no power to imposed tax on bitcions.
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November 19, 2017, 08:06:19 PM
 #316

Quote
do i have to pay tax on bitcoins ?

YES
How many times does this need to be explained?  Roll Eyes
Tax has nothing to do with acceptance as a currency or who controls bitcoin. In the U.S. (and almost everywhere on the planet) you owe tax when you profit. <----That's a period.
You pay property tax right? Is property money? Put your head in the sand if you must, but one day the tax man will come with your tax bill + interest + penalties + possible jail time.  You will then have turned the easiest, most profitable investment of your life into an expensive disaster. 

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November 19, 2017, 08:22:29 PM
 #317

I think that in the near future, local governments will impose taxes on the currencies.
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November 20, 2017, 02:19:33 AM
 #318

Unless there is zero income tax in your country, you will have to pay taxes on your profits from Bitcoin. Now the question is whether these profits are treated as regular income or as capital gains. If your trades could qualify as long term capital gains, then you can pay a lower rate of taxes, when compared to that on regular income.

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November 20, 2017, 04:42:51 AM
 #319

Here in the Philippines, the government does not hold any control over Bitcoin which is why it is not taxable. The wallet that I also use does not have a transaction fee when I want to send Bitcoin to someone who has the same wallet. When I want it converted to fiat however, a minimal fee applies but I noticed that it is just this certain bank that requires that fee. Other banks that is in partnership with the app does not have any transaction fee for withdrawing.
No. i don't have to pay any taxes in every time i earn of bitcoin because we know that bitcoin is a decentralized system so no third party involve therefore no taxation can be collected, and besides bitcoin is not yet fully accepted  by our country and there is no any legalities for them to collect any tax out of it.
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November 20, 2017, 10:22:40 AM
 #320

Here in the Philippines, the government does not hold any control over Bitcoin which is why it is not taxable. The wallet that I also use does not have a transaction fee when I want to send Bitcoin to someone who has the same wallet. When I want it converted to fiat however, a minimal fee applies but I noticed that it is just this certain bank that requires that fee. Other banks that is in partnership with the app does not have any transaction fee for withdrawing.

It is not because the government does not control Bitcoin that you are not liable for any taxes it is because Philippines has a weak taxation system. Once you converted your bitcoin into a fiat currency that should be considered as an income and is subject to income tax, if you are going to declare in on your income tax return then you need to pay for the taxes but since Philippines has a weak monitoring on income taxes you can just avoid declaring it.

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