Imposing tax on bitcoin

[mkmdoc]

Anything can possible in this cruel world because bitcoin is not governed and ruled by the government there many individuals who are mining and buying bitcoin with low transaction fees.

[1715031914]

1715031914

[nemgun]

What i noticed in the forum is that bitcoin is used from all over the world, so why you guys always panic because the US may tax or not the bitcoin, how about the rest of the world.
You can use Altcoins instead of Bitcoin as generally there is a conversion rate based on pair in exchange with RESTAPI. there are a lot of solutions to avoid taxation.
how about Europe ? will they ban or tax bitcoin ? what would happen if they decide to tax Bitcoin ? Will europe leave Bitcoin behind ? Will the governments tax the wallets ? or the transactions ?

[Gotottack]

Tax on income applies to Bitcoin. But there is yet to be a tax on the use itself. The general rule is that when you earn a profit, then you will have to pay for that transaction. For example, you bought Bitcoin at $350 and sold it at $700 then you have to pay for that income even if there is no law taxing bitcoin. Because what is taxed is the profit you incurred. Hence you will be liable for $350 x tax rate.

[deadsilent]

If they will impose tax to bitcoin. I guess they should be legalize it before implementing imposition of tax. I think this will be weaken the bitcoin because the government are going to manipulate it. Bitcoin.is tax free and should not be imposed tax by government. This is the nature of bitcoin. It should be stay that way.

[RodeoX]

If it makes you guys (in the U.S.) feel better you are paying a rich persons tax. The money you earn busting your ass at work is likely taxed at about 30%. Capitol gains only applies to your profits and is likely about 10%.

[GregH37]

Anything can possible in this cruel world because bitcoin is not governed and ruled by the government there many individuals who are mining and buying bitcoin with low transaction fees.

I guess mining or buying bitcoins will not incur taxes in my understanding. Only when we cash-out bitcoins we may need to pay tax if governments decide to do so. Still, buying bitcoins may attract sales tax rather than income tax. (These terms may vary country to country). Imposing tax on bitcoin is possible, but we will get solutions also to exempt it.

[raven7886]

Anything can possible in this cruel world because bitcoin is not governed and ruled by the government there many individuals who are mining and buying bitcoin with low transaction fees.

I guess mining or buying bitcoins will not incur taxes in my understanding. Only when we cash-out bitcoins we may need to pay tax if governments decide to do so. Still, buying bitcoins may attract sales tax rather than income tax. (These terms may vary country to country). Imposing tax on bitcoin is possible, but we will get solutions also to exempt it.

I will exempt myself just be migrating to a country where bitcoin is not taxable. This is my long-term plan. Really I am saving my bitcoins for long term usage so when I am having considerable amount of bitcoins I may move to a free land compared to my current residency.

Using bitcoin will be covered as basic human right and at least some country will value those rights always.

[X-ray]

Anything can possible in this cruel world because bitcoin is not governed and ruled by the government there many individuals who are mining and buying bitcoin with low transaction fees.

I guess mining or buying bitcoins will not incur taxes in my understanding. Only when we cash-out bitcoins we may need to pay tax if governments decide to do so. Still, buying bitcoins may attract sales tax rather than income tax. (These terms may vary country to country). Imposing tax on bitcoin is possible, but we will get solutions also to exempt it.

I will exempt myself just be migrating to a country where bitcoin is not taxable. This is my long-term plan. Really I am saving my bitcoins for long term usage so when I am having considerable amount of bitcoins I may move to a free land compared to my current residency.

Using bitcoin will be covered as basic human right and at least some country will value those rights always.

Moving to another countries is not that easy dude. there's some requirement you need to meet so you could be accepted there. such as joining military, living there for few years before get the official citizenship and etc, i think that's just too much if you're moving to another country just because bitcoin is going to be taxed

[Zadicar]

Anything can possible in this cruel world because bitcoin is not governed and ruled by the government there many individuals who are mining and buying bitcoin with low transaction fees.

I guess mining or buying bitcoins will not incur taxes in my understanding. Only when we cash-out bitcoins we may need to pay tax if governments decide to do so. Still, buying bitcoins may attract sales tax rather than income tax. (These terms may vary country to country). Imposing tax on bitcoin is possible, but we will get solutions also to exempt it.

I will exempt myself just be migrating to a country where bitcoin is not taxable. This is my long-term plan. Really I am saving my bitcoins for long term usage so when I am having considerable amount of bitcoins I may move to a free land compared to my current residency.

Using bitcoin will be covered as basic human right and at least some country will value those rights always.

Moving to another countries is not that easy dude. there's some requirement you need to meet so you could be accepted there. such as joining military, living there for few years before get the official citizenship and etc, i think that's just too much if you're moving to another country just because bitcoin is going to be taxed

Correct,its just a nonsense thing that you will migrate to another country because of bitcoin and im sure you will spend more money because of that because of the requirement needed. Bitcoin cant be possibly impose taxes since its a decentralized and no one could able to control it thats why we should not be worry regarding on this matter and tend to move to another country because of this.

[Carlsen]

Anything can possible in this cruel world because bitcoin is not governed and ruled by the government there many individuals who are mining and buying bitcoin with low transaction fees.

I guess mining or buying bitcoins will not incur taxes in my understanding. Only when we cash-out bitcoins we may need to pay tax if governments decide to do so. Still, buying bitcoins may attract sales tax rather than income tax. (These terms may vary country to country). Imposing tax on bitcoin is possible, but we will get solutions also to exempt it.

I will exempt myself just be migrating to a country where bitcoin is not taxable. This is my long-term plan. Really I am saving my bitcoins for long term usage so when I am having considerable amount of bitcoins I may move to a free land compared to my current residency.

Using bitcoin will be covered as basic human right and at least some country will value those rights always.

Moving to another countries is not that easy dude. there's some requirement you need to meet so you could be accepted there. such as joining military, living there for few years before get the official citizenship and etc, i think that's just too much if you're moving to another country just because bitcoin is going to be taxed

Correct,its just a nonsense thing that you will migrate to another country because of bitcoin and im sure you will spend more money because of that because of the requirement needed. Bitcoin cant be possibly impose taxes since its a decentralized and no one could able to control it thats why we should not be worry regarding on this matter and tend to move to another country because of this.

I really do not think privat people will have to pay taxes on the bitcoins they own. At least not in my country.
How would they know how many I own? I sure as hell would never tell them.
And I think the effort it would take for a government to find that out would be way beyond what they could earn with taxes. Hopefully they know that...

[jaysabi]

What if the Internal Revenue service of the US decided to tax bitcoin transactions, what would be the possible effects on its price and the bitcoin community. Will the other governments follow?

Are you unaware that the IRS already is already taxing Bitcoin as property? It hasn't had much effect on the price at all.

[Ayers]

Anything can possible in this cruel world because bitcoin is not governed and ruled by the government there many individuals who are mining and buying bitcoin with low transaction fees.

hopefully we are not under one government so if IRS decide to tax every transaction, people outside of the usa will live in peace, also it would be very difficult for them to keep track on every transaction for those poeple that didn't decide to give their personal id and exchange their bitcoin in  more unconventional way

[Sithara007]

Imposing tax on Bitcoin transactions is a bad idea (banking transactions are not taxed, then why those involving BTC should come under the tax regimen?). I am OK with the idea of imposing a small tax on the conversion of Bitcoin to fiat, but that also must be avoided if possible.

[ubitcoin]

Imposing tax on Bitcoin transactions is a bad idea (banking transactions are not taxed, then why those involving BTC should come under the tax regimen?).

Your bank transactions are eligible for taxes when you are exceeding some limit with your income. When you are spending if some limits again exceed then you need to pay taxes based on where you are spending. Similarly bitcoin is also taxable if government decides there are significant usage of it among its citizens.

I am OK with the idea of imposing a small tax on the conversion of Bitcoin to fiat, but that also must be avoided if possible.

You mean small percentage ? Taxes are usually based on volume, but small percentage also will sum up big when you are frequently using many small amount of bitcoins.

[Shenzou]

It is a sure thing if bitcoin becomes more popular in the next few months or years and its price goes higher than it is no surprise that governments will stat imposing taxes on bitcoin transaction , i mean you would not think they let you get away with 1000 $ that easily, since they can't control the flow of bitcoin they will start taking some serious actions.

[dothebeats]

If it's every transaction, then I think it wouldn't be that nice since no one should be controlling bitcoin in the first place and it should remain as is, However, for capital gains taxes, and value added taxes for every purchases then I think it would be possible because, well, America. As bitcoins have some significant value, America would try their best to tax it out and to regulate it.

[erikalui]

Coinbase was asked by US Government to submit their account details of US residents but they appealed against this petition. The US is taking bitcoins too seriously and since there are many bitcoiners from USA, it's possible that they introduce laws against the currency and it would definitely affect the price of bitcoins as it's dependent on USD.

[antonioa]

Coinbase was asked by US Government to submit their account details of US residents but they appealed against this petition. The US is taking bitcoins too seriously and since there are many bitcoiners from USA, it's possible that they introduce laws against the currency and it would definitely affect the price of bitcoins as it's dependent on USD.

Why do you think that Bitcoin depends on the dollar? I think that its value does not depend on one valyutf world.
It is logical that the government wants to impose taxes on Bitcoin, because it will bring them a large income. They compensate for bank losses from uncollected transactions

[Barbut]

Coinbase was asked by US Government to submit their account details of US residents but they appealed against this petition. The US is taking bitcoins too seriously and since there are many bitcoiners from USA, it's possible that they introduce laws against the currency and it would definitely affect the price of bitcoins as it's dependent on USD.

Why do you think that Bitcoin depends on the dollar? I think that its value does not depend on one valyutf world.
It is logical that the government wants to impose taxes on Bitcoin, because it will bring them a large income. They compensate for bank losses from uncollected transactions

In the end every country will try to impose taxes on bitcoin, its how they do things, they tax everything they can. And US government taking everything too seriously, probably they are on top on world cause of that, and steps of US can make a lot of effects on both sides, good or bad.
I support Coinbase decision to not give account details, we will see what will US government do next, this things happen first time, this is totally new environment for governments and people, bitcoin is already making some changes.

[South Park]

What i noticed in the forum is that bitcoin is used from all over the world, so why you guys always panic because the US may tax or not the bitcoin, how about the rest of the world.
You can use Altcoins instead of Bitcoin as generally there is a conversion rate based on pair in exchange with RESTAPI. there are a lot of solutions to avoid taxation.
how about Europe ? will they ban or tax bitcoin ? what would happen if they decide to tax Bitcoin ? Will europe leave Bitcoin behind ? Will the governments tax the wallets ? or the transactions ?

I think they worry more about the U.S. because it is a very influential country, so if the U.S. does something maybe other countries may follow and create a cascade of regulations around the world.