Tax v Bitcoins

[Snaic]

If the government directly established a profit tax on operations with bitcoin, then the tax would have to be paid. Now such taxes are introduced by states that recognize crypto currency as a means of payment. Otherwise, you can be criminally liable.

[ember.suc]

Of ourse, you must pay taxes on any capital gain you realize on Bitcoin or any other currency. If you buy and hold, you do not have to report anything until you sell. Keep in mind, the IRS treats digital currencies as property for the sake of taxes, so all of the same rules apply.

[rhamzter]

Taxes is an obligation for every citizen of a country which obligating their citizen to pay taxes. However, if you avoid paying taxes then you might be punished so it's always better to be a good man and always pay those taxes. If you are still having intention on avoiding taxes then it's you the one who will be responsible for everything you have done
But so far I haven't seen country which taxing directly onto bitcoin but only taxing you when exchanging your bitcoin to your local currency so, lucky you.

To pay taxes is really a duty of every citizen, but you forget that this is a road with two directions. There is still a duty of the state to fairly distribute the taxes and to deal with the embezzlement. People see that the state does not fulfill its obligations and therefore do not want to pay taxes. What's wrong with that? I did not pay them. I take nothing from the state and do not feel obliged to him.

Since earning bitcoin is not included as regular income of one citizen, I guess it's great because it was not included as taxable income of each person. Otherwise bitcoin is not regulates by the government of some country that's why they cannot obligated to pay taxes.

However if the bitcoin started to adopt by the government of each nation I think crypto currency are need to follow the rules and regulations of respective country.

Moreover earning income of people from digital world will be lessen due to tax deduction from their income.

[migolmigol]

When I was studying tax, any form of income is taxable. Even the second market or just like simple selling your pen to another person for small amount of gain. So basically yes, you have to pay tax. Income tax to be specific. Which you can file yearly.

However, given that Bitcoin transactions is hard to track and transactions and earnings can be in anonymous form, many do not file and pay earnings from bitcoin.

[Psyloc9302003]

btc cannot have tax because of its volatility..not like paper money where it has its own fix value..not unless you convert it to taxable goods or convert it to local currency..as long as it is no stable value I don't think that there are no government that can implement a tax on it..

[error08]

If you live in US, yes you have to pay tax for capital gains. But in most countries, there is no tax for capital gains and the only thing you have to pay is withdrawal fees through an exchange.

[chineseprancing]

When I was studying tax, any form of income is taxable. Even the second market or just like simple selling your pen to another person for small amount of gain. So basically yes, you have to pay tax. Income tax to be specific. Which you can file yearly.

However, given that Bitcoin transactions is hard to track and transactions and earnings can be in anonymous form, many do not file and pay earnings from bitcoin.

I was not agreed if bitcoin will become taxable, because if it is happen our small amount income from digital world will decrease due to taxes from the government. However, since bitcoin are not covered by the leader or law of each country, I guess giving taxes to the income of users will possible to happen for now.

[loof99]

Do I have to pay Tax on Bitcoins?

In relationship of Taxation and Bitcoin there is a good benefit between to each other.
The tax will recommend the bitcoin for well systematic and monitored system in commercial transaction; while the bitcoin will accumulate lots of final tax which will remit to the government.