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Author Topic: do i have to pay tax on bitcoins ?  (Read 26935 times)
galaxing
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March 03, 2018, 04:25:59 AM
 #381

I think it depends on your country ,, for my country, so far if to pay taxes from bitcoin, not ... there is only transaction payment only.
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March 03, 2018, 10:57:36 AM
 #382

In my country, Philippines, there is  no pay taxes from bitcoin only we pay for transaction free.

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March 03, 2018, 11:56:24 AM
 #383

bitcoin is tax free since government have not announced it as legal tender and it is yet to be controlled by government

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March 03, 2018, 05:08:46 PM
 #384

How much taxes I should pay now when transfer BTC?
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March 04, 2018, 01:08:27 AM
 #385

You must pay taxes if your government implementing to do tax payment from bitcoin. Actually it wasn't the right decision for the government because bitcoin is not centralized but rather it is decentralized. Recognition of bitcoin in one country doesn't mean to pay tax for bitcoin unless it was written in the law.

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March 04, 2018, 02:32:42 AM
 #386


The current state of affairs regarding the taxation of bitcoins is still a gray area in most countries as of this time, but some governments have been making strides towards it's taxation and the subsequent regulation of the currency thereof though nobody is sure on how bitcoin can be regulated. Best to be on the lookout at all times on what your local government comes up to not be caught unawares. If the law of your land says so, then you'll have to do what the law requires of you.
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March 04, 2018, 06:54:50 AM
 #387

Everything depends on the country of residence and what laws and by-laws are adopted in this country with respect to the crypto currency. Now most states have not yet decided how to treat the crypto-currency, and even more so on the issue of its taxation. However, if regulations on taxation are adopted, they should be adhered to and taxes should be paid. In many countries, tax evasion is a serious crime.

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March 04, 2018, 06:59:36 AM
 #388

In my opinion it is not tax which is the transaction fee for each of our transactions. If the transaction costs are faster and more convenient.

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March 04, 2018, 07:11:58 AM
 #389

No. There are no taxes that you need to pay on the bitcoins until you sell or transfer them. When you sell or transfer them, you need to pay taxes on the difference between the value of the bitcoins and your tax basis in the bitcoins.
The value of the bitcoins would be what you sold them for if you sold them. If you traded them or did not get full value for them the value for tax purposes is their fair market value.
Your basis in the bitcoins is what you paid for them. If you mined them, it's probably their value at the time you acquired them assuming you treated them as income. Otherwise, it gets complicated.
If you held the bitcoins for more than a year, this is a long term capital gain. If you acquire and sell bitcoins on a regular basis, the rules get tricky for which sells you have to match to which buys.
I am not a lawyer. Please check with your own tax professional if you need advice you can rely on.

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March 04, 2018, 11:48:12 AM
 #390

you don't have to pay tax on bitcoin because you selling your bitcoin and then you get the money and if you withdraw the money into your bank account then you need to pay the fee for transferring the money. maybe you will pay the tax for the income that coming into your bank account in every month and it is not about a tax on bitcoin but it's about income tax.

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March 04, 2018, 05:51:13 PM
 #391

you don't have to pay tax on bitcoin because you selling your bitcoin and then you get the money and if you withdraw the money into your bank account then you need to pay the fee for transferring the money. maybe you will pay the tax for the income that coming into your bank account in every month and it is not about a tax on bitcoin but it's about income tax.
when necessary I will choose to pay taxes rather than avoiding it especially when required by our law, it is better to reduced the money that I am earning at rather than my name will have a case just because I don't pay the right taxes, it is nothing different as the case theft.

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March 04, 2018, 07:05:13 PM
 #392

bitcoin is tax free since government have not announced it as legal tender and it is yet to be controlled by government
yes it's not a legal tender but there are some countries that account it as a property rather than a currency, they can tax you for selling your cryptocurrency higher than what you paid for it and the rates will depend on how long you hold your btc or alts.

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March 04, 2018, 09:17:06 PM
 #393

You have to pay tax most especially if you live in a country where Bitcoin and other crypto currency are accepted as a means payment for goods and services like United kingdom, United States of America and some other countries that accept crypto currency as a means payment for goods and services.

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March 05, 2018, 06:08:52 AM
 #394

Those countries that welcomed bitcoin most probably may imply taxation rules soon. Australia and Germany as what I heard aren't imposing tax on bitcoin so hopefully other countries will follow.



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budz0425
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March 05, 2018, 06:13:11 PM
 #395

Those countries that welcomed bitcoin most probably may imply taxation rules soon. Australia and Germany as what I heard aren't imposing tax on bitcoin so hopefully other countries will follow.
Since we are not yet required to pay bitcoin here in our country so we are free to do whatever we want with our earnings, but as far as I know they are already studying or working with how much rate they are going to imposed tax with regards to crypto related concerns.

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March 06, 2018, 02:59:25 AM
 #396

For those interested in bitcoin and how it relates to the laws of your land, what happened to this man may serve as a lesson to all: http://sbj.net/stories/breaking-news-klein-sentence,55367 and http://time.com/5161663/bitcoin-sting-jason-klein-crypto-irs-money-transmitter/. Things that seem ordinary for us regular guys may not be what it is. The moral of the story is to be aware of the existing legislation for bitcoin/crytocurrencies around your place and adhere to the law. The government pouncing on the jason klein's of this world may seem like overkill to some but being caught up in legal tangles with the government will only bring unwanted troubles to yourself.
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March 06, 2018, 10:52:08 AM
 #397

If your country doesn't recognize Bitcoin yet then you don't have to pay taxes on it. But you will pay on your fiat income.
If you avoid to change it to fiat (paper money) and buy things, you will end up paying taxes on those things.
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March 06, 2018, 12:17:25 PM
 #398

You can not pay tax on your bitcoin becouse government is yet to approve bitcoin as a legal tender but converting your bitcoin to any country,s currency you will have to pay the bank bank some charges for your transaction

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March 06, 2018, 04:15:38 PM
 #399

IT is  depend on your country but as I know It's hard for the government to charge you taxpayers because they will not be able to manage who is using bitcoin as a source of income.
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March 07, 2018, 07:55:28 AM
 #400

so I wanna know do I really 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?
Each country has its own rules. If in your country the Government tells you to pay taxes from Bitcoin earnings means you must obey the rules. But if in the country there is no law that regulates the taxation of Bitcoin, yes I do not think you need to pay taxes.

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