amwer
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March 04, 2018, 07:11:58 AM |
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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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traderethereum
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March 04, 2018, 11:48:12 AM |
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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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Yzhel
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March 04, 2018, 05:51:13 PM |
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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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astrid.uchiha24
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March 04, 2018, 07:05:13 PM |
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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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Bagaji
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March 04, 2018, 09:17:06 PM |
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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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NJB18
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March 05, 2018, 06:08:52 AM |
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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 |
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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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dbers79
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March 06, 2018, 02:59:25 AM |
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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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Brambam
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March 06, 2018, 10:52:08 AM |
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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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Yara1
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March 06, 2018, 12:17:25 PM |
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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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bitcoinFPT
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March 06, 2018, 04:15:38 PM |
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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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valintino7
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March 07, 2018, 07:55:28 AM |
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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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BUK2016
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March 07, 2018, 03:31:24 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 ?
All depends on the country you live because there are country where bitcoin are not accepted and there are countries where bitcoin and other crypto currency are accepted. So, if you live in a countries where bitcoin and altcoins are accepted you are expected to pay tax from your earning. |
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sheenshane
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Cashback 15%
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March 07, 2018, 04:00:27 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 ?
All depends on the country you live because there are country where bitcoin are not accepted and there are countries where bitcoin and other crypto currency are accepted. So, if you live in a countries where bitcoin and altcoins are accepted you are expected to pay tax from your earning. If we pay tax on bitcoin it is a really small amount for us, when we cash out our bitcoin and convert to cash we already have a tax payment when we claim at any remittance center at our country. Legalization of bitcoin is upon on which country you are but why you are bothered about bitcoin legalization? Bitcoin is decentralized and as a user, we have our own network and technology that nobody other people involve on this bitcoin to manipulate us. |
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Uno17
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March 09, 2018, 03:05:49 PM |
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For now let us just enjoy the bitcoin while it is taxfree, and for me i think bitcoin should not be taxed then because the government of each country didn’t acknowledge bitcoin yet but when time comes that the government will impose tax on bitcoin of course all we have to do is obey and follow whatever implemented. So for now no yet pls😊 but in the future let’s see what’s gonna happen😊
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Edraket31
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March 09, 2018, 04:46:35 PM |
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For now let us just enjoy the bitcoin while it is taxfree, and for me i think bitcoin should not be taxed then because the government of each country didn’t acknowledge bitcoin yet but when time comes that the government will impose tax on bitcoin of course all we have to do is obey and follow whatever implemented. So for now no yet pls😊 but in the future let’s see what’s gonna happen😊
It is fine to pay tax in bitcoin when necessary because it will be an added income to our government and can reflect a good economy over the world, so it is okay for me for as long as it will not exceed to 10% and the thing that they will just tax is the income from trading. |
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tuvok007
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March 09, 2018, 09:01:46 PM |
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Different counties diferent rules,but mostly you dont have to pay taxes on bitcoin. The other thing is if you sell your bitcoin for your local currency and you transfer that money to your bank account than you most probably have to pay taxes. 12 percent on capital gains in my country,Croatia.
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btcmegastar
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Activity: 700
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March 10, 2018, 10:10:31 AM |
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For now let us just enjoy the bitcoin while it is taxfree, and for me i think bitcoin should not be taxed then because the government of each country didn’t acknowledge bitcoin yet but when time comes that the government will impose tax on bitcoin, of course, all we have to do is obey and follow whatever implemented. So for now no yet pls😊 but in the future let’s see what’s gonna happen😊
It is fine to pay tax in bitcoin when necessary because it will be an added income to our government and can reflect a good economy over the world, so it is okay for me for as long as it will not exceed to 10% and the thing that they will just tax is the income from trading. It depends on the present government whether they will use tax for economic growth, they are collecting huge taxes but when it comes growth they are mentioning they are quarreling about the previous governments. Economic growth will not depends on paying taxes, government should provide benefits to people. |
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budz0425
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March 12, 2018, 07:47:19 AM |
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For now let us just enjoy the bitcoin while it is taxfree, and for me i think bitcoin should not be taxed then because the government of each country didn’t acknowledge bitcoin yet but when time comes that the government will impose tax on bitcoin, of course, all we have to do is obey and follow whatever implemented. So for now no yet pls😊 but in the future let’s see what’s gonna happen😊
It is fine to pay tax in bitcoin when necessary because it will be an added income to our government and can reflect a good economy over the world, so it is okay for me for as long as it will not exceed to 10% and the thing that they will just tax is the income from trading. It depends on the present government whether they will use tax for economic growth, they are collecting huge taxes but when it comes growth they are mentioning they are quarreling about the previous governments. Economic growth will not depends on paying taxes, government should provide benefits to people. If it is required then you have to follow the rules, even if your country was not too strict in searching for those tax evaders it is right to initiate to pay your taxes rather than paying nothing at all and after you have been found out that you are escaping it then that is the time you'll gonna pay with damages and it will cause you much burden. |
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crisanto01
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March 12, 2018, 07:04:01 PM |
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For now let us just enjoy the bitcoin while it is taxfree, and for me i think bitcoin should not be taxed then because the government of each country didn’t acknowledge bitcoin yet but when time comes that the government will impose tax on bitcoin, of course, all we have to do is obey and follow whatever implemented. So for now no yet pls😊 but in the future let’s see what’s gonna happen😊
It is fine to pay tax in bitcoin when necessary because it will be an added income to our government and can reflect a good economy over the world, so it is okay for me for as long as it will not exceed to 10% and the thing that they will just tax is the income from trading. It depends on the present government whether they will use tax for economic growth, they are collecting huge taxes but when it comes growth they are mentioning they are quarreling about the previous governments. Economic growth will not depends on paying taxes, government should provide benefits to people. If it is required then you have to follow the rules, even if your country was not too strict in searching for those tax evaders it is right to initiate to pay your taxes rather than paying nothing at all and after you have been found out that you are escaping it then that is the time you'll gonna pay with damages and it will cause you much burden. That is right, it is our national obligation to pay tax when required and necessary and if we don't follow the rules of our country then a big risk will be awaiting to us so it is better that at the beginning you are following the rules rather than the police or the tax collector will follow you. |
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