do i have to pay tax on bitcoins ?

[ronaldo40]

this time I experienced the same thing as you. in my country, the government appeared to be planning tax for bitcoin and not only that, such as being youtuber or online shop. I am quite confused as well to this, because maybe if I did not pay I can be fined or punished. but so far it may save money in the crypto can not be traced. so now truly safe for me.

[1714186406]

1714186406

[Superbitzz]

If you convert your bitcoin to the fiat and then you should pay the tax since you are literally making profit by convert your bitcoin to fiat, however it's depend on which country you live due to rules and regulation of each country is different. Unless you don't need to pay tax when you hold your bitcoin on your wallet or transaction with them.

yes that is a fact that every one has to pay tax on fiat currency, but it we talik about bitcoin so there is no tax on bitcoin because bitcoin is not a legal currency, and still not legalize by any country.

[ged00u]

Currently, you don't have to pay tax on bitcoins. However, as long as the number of people using bitcoin keep rising, i think the government will develop a system which require users to pay money to use bitcoin. Well, the government can do anything that they want. Trust me

[Superbitzz]

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.

yes that is a fact and i thin still not a single country has impose tax on bitcoin and the reason is that not a single country yec turn bitcoin as legal currency therefore to me there is no tax on bitcoin.

[satdas]

Currently, you don't have to pay tax on bitcoins. However, as long as the number of people using bitcoin keep rising, i think the government will develop a system which require users to pay money to use bitcoin. Well, the government can do anything that they want. Trust me

but i think the government cannot develop a system to impost tax on bitcoin until they legalize it, and still i do not think that any country has officially legalize bitcoin, i think still any government given any statement about bitcoin that either it is a legal currency or not, and therefore still there is no tax on bitcoin. may be in future when government when the government will legalize bitcoin will think about to impose tax on bitcoin.

[eaLiTy]

paying a tax on bitcoin depends upon the country you are residing ,in Dubai it is a free heaven,you don't have to pay any taxes and that is a beautiful proposition not only for bitcoin , but there are rumors that they will be introducing VAT by 2018. 

[Johnyloco]

Whether you have to pay taxes on bitcoin or not solely depends on the country you live in and it's regulations/laws 

[outatime1]

I think in America we are supposed to pay taxes if we cash out of an exchange. I think it's like selling something for profit. I'm not sure how other countries handle taxes on bitcoin.

[ayesha sadiqa]

If you convert your bitcoin to the fiat and then you should pay the tax since you are literally making profit by convert your bitcoin to fiat, however it's depend on which country you live due to rules and regulation of each country is different. Unless you don't need to pay tax when you hold your bitcoin on your wallet or transaction with them.

yes there is no tax on bitcoin directly but if you change your bitcoin in to fiat currency and deposit it in bank they  you have to pay tax, actually bitcoin is not yet consider as legal in any country therefore there is no tax on bitcoin any where.

[x|8y8|x]

i think it is totally depending on the policy of your country, if your country has imposed tax on bitcoin then you must have to pay tax, other wise there is no tax on bitcoin.

[satdas]

If you convert your bitcoin to the fiat and then you should pay the tax since you are literally making profit by convert your bitcoin to fiat, however it's depend on which country you live due to rules and regulation of each country is different. Unless you don't need to pay tax when you hold your bitcoin on your wallet or transaction with them.

yes there is no tax on bitcoin directly but if you change your bitcoin in to fiat currency and deposit it in bank they  you have to pay tax, actually bitcoin is not yet consider as legal in any country therefore there is no tax on bitcoin any where.

yes that is right to say, as not a single country has yest consider bitcoin as legal currency therefore they are not putting tax on bitcoin but once it become a legal currency then they will certainly put tax on bitcoin, may be some countries are thinking about this to legalize it, and if once it become a legal currency then it will become more and more popular currency of the world.

[lol3c]

You do not have to pay tax while using bitcoin at the present time. There is no tax here, only fee for miners. However, nowadays, bitcoin is developing so quick making many governments consider to put the tax on it. In my opinion, right now, they are creating a system which makes people pay tax to use bitcoin.

[BitcoinPanther]

You do not have to pay tax while using bitcoin at the present time. There is no tax here, only fee for miners. However, nowadays, bitcoin is developing so quick making many governments consider to put the tax on it. In my opinion, right now, they are creating a system which makes people pay tax to use bitcoin.

I agree, there is no tax implemented in bitcoin transaction in my country.  It is not yet regulated by tax department so we are free to convert or buy bitcoin without taxes except for processing fee.  But if we use it to pay bills and other stuff, we are not exempted to the taxes implemented on that billings.

[veleten]

currently bitcoin is not regulated as legal tender in any country
legislation may vary from country to country,but I never heard about people who paid taxes in bitcoins
or for using,storing buying or selling bitcoins
there could be an exception if you trade at any given US based exchange and you have filled tax resident form 6166 and provided your id

[RodeoX]

thank you very much for al of your responses and i really do appreciate this because i was really curious about the  taxation because its a punishable crime to not pay the taxes so i guess i am now satisfied and will liquify more money and turn in to bitcoin cause hey its tax free and who wants to pay taxes

What country do you live in that does not tax bitcoin?

i think most of the countries have no tax on bitcoin, and the reason is that bitcoin is not yet legalize by any state and there is no poly of any country to impost tax on illegal items, and therefore there is no tax bitcoin in most of the countries.

There is absolutely no question that capitol gains taxes apply in the U.S. And here you owe on all income, even illegal income, which BTC is not. Below is an Illinois tax stamp for weed. Fail to get a tax stamp and you can be charged for tax evasion as well as possession.

[bitjoin]

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 dont know the exact rule in the UK, i know that you wont have to pay tax if you haven't cashed them out so since im hodling for a long time it does matter as of yet. 

Anyone know exact UK rules?

[serjent05]

Depends on your country's rule about bitcoin.  If they impose tax to bitcoin related sales then you need to include your tax to your payment.  If you buy your house in bitcoin, and your country does not impose tax on bitcoin, you still need to pay for the annual tax of the house you bought because the there is an existing law about it.

[romanticks]

Legally, in the majority of the world you are the one who is required to confirm if they need to pay a tax on something, therefore if your country has taxes on BTC as a commodity or the profit trading BTC then you are the one who is required to confirm, Of course you won't be tracked directly but something like an exchange of BTC to USD using your bank account can cause problems I guess.

[markyminer]

I think in America we are supposed to pay taxes if we cash out of an exchange. I think it's like selling something for profit. I'm not sure how other countries handle taxes on bitcoin.

but in my country there is no tax on bitcoin, as we have to pay tax on such item which are legal or registered with government, as bitcoin is not yet registered with government nor the government consider it as legal currency, therefore there is no tax on bitcoin.

[wahb]

i think it is depending on our country policy, if your country has impose tax on bitcoin then you really have to pay tax on bitcoin, but i think still most of the countries has not yet impost tax on bitcoin, therefore bitcoin is still free in most of the countries.