do i have to pay tax on bitcoins ?

[chrisivl]

In russia there are no taxes for crypto coins at all)) Unless you don't have millions of course

[olubams]

Over here, there is no tax at all to the best of my knowledge and I will attribute this to the level of development of both our tax systems and financial system to the extent that not even entrepreneurs that earn money offline and keep bank accounts have been able to brought into the tax net since they didnt register any business not to talk of those who are earning money online. Maybe in the next 10 years we could get there but now, I guess every one should just continue to enjoy the tax holiday...

[BurtW]

Over here, there is no tax at all to the best of my knowledge and I will attribute this to the level of development of both our tax systems and financial system to the extent that not even entrepreneurs that earn money offline and keep bank accounts have been able to brought into the tax net since they didnt register any business not to talk of those who are earning money online. Maybe in the next 10 years we could get there but now, I guess every one should just continue to enjoy the tax holiday...

Where is "over here"?

[1.btcwonder]

Whatever you accept as payment for things or services is usually taxable income if it is definitely exempted. But there is no assessment or tax in bitcoin just the charge for the exchange, that you ought to pay for each exchange. Laws and tax assessment rules change from country to country.

[vivabux]

in carribean bitcoin is not taxable, most ppl does not even know nothing about Bitcoin.

[rvrl_23]

That's one of the advantages of using bit coins, no tax, you can use it in almost everything.

[Nathan047]

That's one of the advantages of using bit coins, no tax, you can use it in almost everything.

Well, depending on where you live, that “no tax” can become “tax evasion” and get you into a lot of trouble. You should really look into your local laws.

[darkangel11]

That's one of the advantages of using bit coins, no tax, you can use it in almost everything.

Well, depending on where you live, that “no tax” can become “tax evasion” and get you into a lot of trouble. You should really look into your local laws.

An interesting feature of bitcoin is that it's very difficult to prove when they were acquired. This means that if he buys the coins today and spends them in a store, he doesn't have to pay income tax, because he didn't gain anything, but the situation doesn't change much if he buys it a month before and the value rises by $200. Technically, he'll have more and should pay tax from this profit, but in reality he could say he bought it yesterday. I'm sure in future tax offices will have special groups dedicated to tracking blockchain activity, but for now it's pretty much Wild West.

[Raja_MBZ]

At least right now, you can escape from taxes. But I'm pretty much predicting that this won't last longer in many 1st-class countries.

But right now, that's the beauty of bitcoin, you don't have to pay taxes!

[btctousd81]

There is no tax in bitcoin only the fee for transaction that you should pay for every transaction..  but there is online wallet site that you dont need to pay for fees for every transaction like coinbase.

what site is that ? i would like to know., thanks

[BurtW]

There is no tax in bitcoin only the fee for transaction that you should pay for every transaction..  but there is online wallet site that you dont need to pay for fees for every transaction like coinbase.

what site is that ? i would like to know., thanks

I think what they are saying is that if you have your Bitcoins in a deposit account - you do not have the private keys and you have lent your bitcoins to the web site - and you send them to someone who is also a deposit account holder at the same site, then there would be no transaction fee.  This is because the web site owns all the bitcoins you have on deposit there and they can just move them to someone else's account without doing an actual transaction on the block chain.  They just do a database change that deducts the bitcoins from your account and puts them in the other person's account.

There would be no transaction fee since there is no actual Bitcoin transaction on the block chain.

However, you do not own the Bitcoins and you do not control the private key when you have lent your Bitcoins to a "bank" like this.

Coinbase is an example of a deposit account rather than a Bitcoin wallet.

The part that says there is no tax is total bullshit (in the US).

[Renji Abarai]

There is no tax in bitcoin only the fee for transaction that you should pay for every transaction..  but there is online wallet site that you dont need to pay for fees for every transaction like coinbase.

what site is that ? i would like to know., thanks

There is no tax, that is why government pursue or passes laws to  regulate it, in that case the government can get fees in the form of regulating fees, licensed to operate as an exchange etc

[suryana]

I'm sure not. Because bitcoin is not controlled by any state or international financial institution. Bitcoin belongs to everyone in this world.

[BurtW]

I'm sure not. Because bitcoin is not controlled by any state or international financial institution. Bitcoin belongs to everyone in this world.

This does not matter one bit (in the US).

[User365]

NO!

Bitcoin is according to the law a commodity and not a currency.

[BurtW]

NO!

Bitcoin is according to the law a commodity and not a currency.

Therefore it is taxed like any other stock/bond/commodity:  it is subject to the capital gains taxes (in the US).

[Jewell]

in carribean bitcoin is not taxable, most ppl does not even know nothing about Bitcoin.

i do not think that in any area the government is collecting tax on bitcoin, in fact there is no tax on bitcoin right now. but i think the government may be thinking about that, but first they have to consider bitcoin as legal currency and only then they can put tax on bitcoin. as government cannot put tax on illegal items.

[BurtW]

in carribean bitcoin is not taxable, most ppl does not even know nothing about Bitcoin.

i do not think that in any area the government is collecting tax on bitcoin, in fact there is no tax on bitcoin right now. but i think the government may be thinking about that, but first they have to consider bitcoin as legal currency and only then they can put tax on bitcoin. as government cannot put tax on illegal items.

More signature spam total bullshit.  You are wrong.  You could not be more wrong if you tried.

[Amph]

NO!

Bitcoin is according to the law a commodity and not a currency.

Therefore it is taxed like any other stock/bond/commodity:  it is subject to the capital gains taxes (in the US).

the difference is that stock and other are heavily controlled, and you are forced to claim your income, i mean any forex platform require ID, so they know everythign about your movement

but with bitcoin i can do trade in decentralized way if possible, like with bitsquare/bitshares, with bitcoin there is a high chance that you can evade your claiming and they will never know

not to mention all the altcoin that i'm sure can be traded directly with fiat if possible, in real life, i mean i want to met someone and sell him 100k "shittycoin" and he pay me in fiat

we can do this chilling at my home or his home, there is no way that someone will know about this...

[btcdiggingmaster]

Right now in many countries, bitcoin is not taxable because still, governments are still in confusion whether to declare it as legal currency or not.
But people who are making through bitcoin and converting them into fiat are paying taxes to the government.