Bitcoin Forum
March 29, 2024, 12:15:49 AM *
News: Latest Bitcoin Core release: 26.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: « 1 [2]  All
  Print  
Author Topic: Tax v Bitcoins  (Read 2360 times)
Snaic
Full Member
***
Offline Offline

Activity: 658
Merit: 102



View Profile
October 22, 2017, 07:23:29 AM
 #21

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.

Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
1711671349
Hero Member
*
Offline Offline

Posts: 1711671349

View Profile Personal Message (Offline)

Ignore
1711671349
Reply with quote  #2

1711671349
Report to moderator
1711671349
Hero Member
*
Offline Offline

Posts: 1711671349

View Profile Personal Message (Offline)

Ignore
1711671349
Reply with quote  #2

1711671349
Report to moderator
1711671349
Hero Member
*
Offline Offline

Posts: 1711671349

View Profile Personal Message (Offline)

Ignore
1711671349
Reply with quote  #2

1711671349
Report to moderator
ember.suc
Newbie
*
Offline Offline

Activity: 55
Merit: 0


View Profile
December 05, 2017, 11:18:15 AM
 #22

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
Sr. Member
****
Offline Offline

Activity: 420
Merit: 282


View Profile
December 05, 2017, 01:20:34 PM
 #23

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
Full Member
***
Offline Offline

Activity: 168
Merit: 100



View Profile
December 05, 2017, 04:57:52 PM
 #24

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
Newbie
*
Offline Offline

Activity: 48
Merit: 0


View Profile
December 05, 2017, 07:25:53 PM
 #25

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
Hero Member
*****
Offline Offline

Activity: 1036
Merit: 514


View Profile
December 05, 2017, 11:59:10 PM
 #26

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
Hero Member
*****
Offline Offline

Activity: 630
Merit: 500


View Profile
December 06, 2017, 11:35:45 AM
 #27

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
Sr. Member
****
Offline Offline

Activity: 524
Merit: 258



View Profile
December 07, 2017, 01:37:07 PM
 #28

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.
Pages: « 1 [2]  All
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!