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Frank0209
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September 21, 2017, 04:54:49 PM |
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You only have to pay tax on Bitcoin when it's legalized in your country. As in my country, Bitcoin is not legalized but still not banned so I still can exchange Bitcoin into cash and don't have to pay tax. But now I still have to exchange Bitcoin into cash if I wanna buy anything so I hope that Bitcoin will be legalized in my country that I can easily use Bitcoin to buy everything I want online directly
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The forum strives to allow free discussion of any ideas. All policies are built around this principle. This doesn't mean you can post garbage, though: posts should actually contain ideas, and these ideas should be argued reasonably.
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Granxis
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September 21, 2017, 05:33:04 PM |
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Technically simple users do not have to pay taxes, but companies that serve as institutional companies must be obliged to pay taxes, that is, for personal use.
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link2yasar
Newbie
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Activity: 12
Merit: 0
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September 21, 2017, 05:44:58 PM |
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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 ?
Hi There I am from Pakistan and i want to know do I need to pay taxes on Bitcoin profit. |
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rido
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September 21, 2017, 06:27:02 PM |
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may be so where now use taxes let alone bitcointalk tax is very valuable for bitcointalk and will not be disappointed.
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ALT67890
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September 21, 2017, 07:29:35 PM |
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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 ?
Those question needs a specific details like what country your referring to or is it legal in that place. We can't assume any counties policy toward taxation without any proof or writing/links replayed to it. But if in case this is my country, I'm from Philippines by the way. Bitcoin is not yet legal but is not also illegal. So we can transact regarding without the need to report to our government about our tax liability. |
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spngebob
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September 27, 2017, 04:27:01 PM |
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do i have to pay tax on bitcoins ? tldr: yes Yes? Hm. I think it depends on country, you can't really answer this with simple "yes". For example, in Europe you don't have to pay tax on bitcoins, but when you are exchanging it to your local currency you have to pay tax. In my country you can have as many bitcoins as you like and you won't pay any tax. |
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taxmanmt5
Legendary
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Activity: 1190
Merit: 1024
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September 27, 2017, 06:42:03 PM |
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It is a legal commodity and you would pay taxes on profits created from a commodity trade. I assume that your question means that you have made no money and are just sitting on the coins, so that would mean no. If, in the future, you do manage a profit, then that is the taxable amount and that is handled as a commodity profit.
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Roman Abraham
Member
Offline
Activity: 116
Merit: 100
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September 27, 2017, 10:34:47 PM |
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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 ?
Actually, I think bitcoin is a type of investment that's need taxed at all, because it adopts a peer-to-peer system, so it would be quite difficult to take taxes from bitcoin, taxes on bitcoin usually depend on the government that has legalized bitcoin as a legal currency in their country. so I think it's possible that bitcoin is taxed because of the policies taken by the local government. |
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illinest
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September 27, 2017, 11:01:03 PM |
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It is a legal commodity and you would pay taxes on profits created from a commodity trade. I assume that your question means that you have made no money and are just sitting on the coins, so that would mean no. If, in the future, you do manage a profit, then that is the taxable amount and that is handled as a commodity profit.
That's probably true in a lot of jurisdictions, but not all. Bitcoin is treated as property in the US, so taxes are handled the way that you mention. However, I've seen many non-Americans state that their countries have deemed Bitcoin not property or a commodity, but rather a currency. Supposedly, some people don't need to pay taxes on capital gains in that case. I don't know the details, though. All I know is that capital gains taxes are brutal for me in the US. |
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Harlot
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September 28, 2017, 12:22:27 AM |
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How did you get or obtain your Bitcoin? Is it some sort of income? Then yes Bitcoin is taxable under income tax as even it is a different form of currency it still counts as income. Regardless of what form you receive your income it still will be counted as taxable. And if Bitcoin is not taxable even Billionaires will convert their wealth into Bitcoin which we don't see up to now. Another way to tax Bitcoin is under capital gains tax where you profit from trading and it varies from country to country.
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Darklinkz
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September 28, 2017, 02:45:19 AM |
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As long as they don't have any actions implemented yet pertaining to taxing bitcoin, you don't have to be worried. I know they will find a way to do it in the future so be smart and find a way where you won't be taxed.
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jaocoincrypto18
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September 28, 2017, 06:36:16 AM |
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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 will depend on your country policy especially if bitcoin is legal in your country, if their is a policy that there is a tax imposed for every bitcoin tax usage then of course you are oblige to comply but if bitcoin is not declared as legal to use in your country then no need to pay bitcoin taxes at all because that is not in their policy. |
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fanou1989
Newbie
Offline
Activity: 42
Merit: 0
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October 01, 2017, 12:55:51 AM |
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no it's wrong. no tax in bitcoin only the fee for transaction that you should pay for every transaction
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Bitcocoin
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October 02, 2017, 02:12:08 PM |
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I heard that some countries are paying taxes, Is there anyone living in Spain?I think it's paid in Spain.
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Lieldoryn
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October 02, 2017, 02:25:05 PM |
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Yet to levy taxes on bitcoin user is only in the plans of governments. I don't know of examples of that somewhere in there are laws regulating the utilization of bitcoins. As soon as you change bitcoins for Fiat you get into the zone of action of the tax legislation. That is why it is very important now to promote the use of bitcoin directly. Bypassing the heat exchangers.
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Oo ako to
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October 03, 2017, 02:57:19 AM |
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My country still doesn't take actions regarding with the use of bitcoin. I'm very confident to say that if I'm not paying tax on bitcoin, they can't create any charges against me.
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suvo05
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October 03, 2017, 03:30:50 AM |
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It depends on the country you live. I have heard that Australia and Japan have made the bitcoin transaction legal in their country so their citizen have to pay tax for the transactions. And if you are converting your bitcoin into real money then you may have to pay tax while the transaction is done.
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Snaic
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October 03, 2017, 03:57:26 AM |
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Each state may, at its discretion, establish taxes and fees for its citizens. Such taxes can be set for the profit that the citizen receives from carrying out various operations with the crypto currency. Here it is up to everyone to comply with the prescriptions prescribed by the state, or not. However, non-payment of taxes, depending on the unpaid amount, is usually a crime and provides for criminal liability.
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savushkinTA
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October 03, 2017, 12:52:31 PM |
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If the government will recognize it as legal then they will impost tax on bitcoin and every one will then pay tax
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RodeoX
Legendary
Offline
Activity: 3066
Merit: 1145
The revolution will be monetized!
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October 03, 2017, 02:19:45 PM |
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If the government will recognize it as legal then they will impost tax on bitcoin and every one will then pay tax
It is not that complicated. In the U.S. you owe tax on any money you make. Legal, illegal, any money at all. If you found the only know unicorn tooth and sold it, then you owe tax. Some states even have formal taxes for illegal stuff.  |
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