You can't avoid taxes by investing in bitcoin

[Yakamoto]

If you think investing in bitcoin or a similar “crypto-currency” may be a good method for hiding income from the tax man, you’d better think again.
http://nypost.com/2017/04/08/no-you-cant-avoid-taxes-by-investing-in-bitcoin/

I am smelling something good here with the news. If the government declared about how peoples can't avoid the taxes by investing in bitcoin, it means directly or indirectly government said that they recognize the existence of bitcoin and how it can be profitable to invest.

I doubt that there has been anyone who, at some part in their consciousness, believes that they will be able to avoid all the taxes that they would otherwise experience if they were using conventional methods. I know I sure as hell expect taxes when I change my Bitcoin into fiat.

The government doesn't have to think something is necessarily profitable for them to want to tax it, they just have to be able to levy some kind of tax on it if there is some potential to make some kind of money.

[BitcoinPanther]

It seems the government wants their share of the pie in Bitcoin, targeting exchanges to spy on their clients Bitcoin transaction and earnings with it.  But I guess this is only limited to the exchanges but not on peer to peer transaction where people are able to transact with Bitcoin and goods directly.  So I guess there is still way to avoid taxes from the government.

[magneto]

If you think investing in bitcoin or a similar “crypto-currency” may be a good method for hiding income from the tax man, you’d better think again.
http://nypost.com/2017/04/08/no-you-cant-avoid-taxes-by-investing-in-bitcoin/

I am smelling something good here with the news. If the government declared about how peoples can't avoid the taxes by investing in bitcoin, it means directly or indirectly government said that they recognize the existence of bitcoin and how it can be profitable to invest.

Definitely interesting.

The government is basiclaly saying that bitcoin is a good currency to make profits out of, and this is why you need to pay taxes on it just like any other legitimate asset you may be holding.

They're basically saying that bitcoin is legit, it's not a scam.

More great news for BTC

[socks435]

If you think investing in bitcoin or a similar “crypto-currency” may be a good method for hiding income from the tax man, you’d better think again.
http://nypost.com/2017/04/08/no-you-cant-avoid-taxes-by-investing-in-bitcoin/

I am smelling something good here with the news. If the government declared about how peoples can't avoid the taxes by investing in bitcoin, it means directly or indirectly government said that they recognize the existence of bitcoin and how it can be profitable to invest.

Definitely interesting.

The government is basiclaly saying that bitcoin is a good currency to make profits out of, and this is why you need to pay taxes on it just like any other legitimate asset you may be holding.

They're basically saying that bitcoin is legit, it's not a scam.

More great news for BTC

Honestly there is no scam attempt in bitcoin if you are just scam by using bitcoin it is your mistake you are not using trust ways to not scam by someone..
And i think like other said it is a good news but just lets hope that they are not added a taxes also in bitcoin that is why we are using bitcoin because of anonymity and freedom.

[naville]

Well in my country Im not worried about taxes for bitcoin seems my goverment still didnt recognize bitcoin for this purpose

[Rahar02]

If you think investing in bitcoin or a similar “crypto-currency” may be a good method for hiding income from the tax man, you’d better think again.
http://nypost.com/2017/04/08/no-you-cant-avoid-taxes-by-investing-in-bitcoin/

I am smelling something good here with the news. If the government declared about how peoples can't avoid the taxes by investing in bitcoin, it means directly or indirectly government said that they recognize the existence of bitcoin and how it can be profitable to invest.

I believe that applies only when you buy and sell bitcoin at an exchange, where the exchange has all your personal details and accounts.

If you just hold your bitcoin outside the exchanges, no government will be able to tax you because they won't know how much you have.

The regulations only apply in usa or other countries which already issued regulations about exchanges and bitcoin such as China or Japan. If you buy-sell bitcoin through exchanges, gov may sniff large amount transactions and exchanges should provide information about their customer in case something happens but luckily there's no such regulations about bitcoin taxes in my place and we may consider transaction fees as the way for exchanges paying their taxes, so we pay it indirectly. However, I agree if no one knows you hold big amount of bitcoin outside the exchanges, gov cannot tax it.

[aTriz]

If you think investing in bitcoin or a similar “crypto-currency” may be a good method for hiding income from the tax man, you’d better think again.
http://nypost.com/2017/04/08/no-you-cant-avoid-taxes-by-investing-in-bitcoin/

I am smelling something good here with the news. If the government declared about how peoples can't avoid the taxes by investing in bitcoin, it means directly or indirectly government said that they recognize the existence of bitcoin and how it can be profitable to invest.

Yeah, this is great news for bitcoin.

Government is finally trying to implement their taxation on bitcoin because they see that bitcoin is now so big of a market that it cannot be ignored anymore. People are conducting bitcoin transactions all over the world on a daily basis, and the government is finally seeing that there is something to exploit here.

It also means that the govt of the US is realising that bitcoin is actually functional, not just something that you buy to buy drugs with.

It is a great investment vehicle, which is why they are now enforcing already existing laws on bitcoin.

[batang_bitcoin]

If you think investing in bitcoin or a similar “crypto-currency” may be a good method for hiding income from the tax man, you’d better think again.
http://nypost.com/2017/04/08/no-you-cant-avoid-taxes-by-investing-in-bitcoin/

I am smelling something good here with the news. If the government declared about how peoples can't avoid the taxes by investing in bitcoin, it means directly or indirectly government said that they recognize the existence of bitcoin and how it can be profitable to invest.

Very good news! It only signifies that government is now starting to recognize bitcoin. And here in my country, I can say that I'm a contributor for the tax of the local exchange that I've been using, why? Because they are registered and they pay tax and with the service that I've been using, there is a hidden taxation that isn't heavy to be considered as burden. The same thing as what that article is saying.

[LuanX3]

If you think investing in bitcoin or a similar “crypto-currency” may be a good method for hiding income from the tax man, you’d better think again.
http://nypost.com/2017/04/08/no-you-cant-avoid-taxes-by-investing-in-bitcoin/

I am smelling something good here with the news. If the government declared about how peoples can't avoid the taxes by investing in bitcoin, it means directly or indirectly government said that they recognize the existence of bitcoin and how it can be profitable to invest.

Very good news! It only signifies that government is now starting to recognize bitcoin. And here in my country, I can say that I'm a contributor for the tax of the local exchange that I've been using, why? Because they are registered and they pay tax and with the service that I've been using, there is a hidden taxation that isn't heavy to be considered as burden. The same thing as what that article is saying.

Bitcoin will be regulated in the near future that is for sure as this is the future of currency. The governments cannot deny this, this is why they are really pushing for its regulation nowadays. It might not be as good if it would be really restrictive and it could possibly hinder the benefits of bitcoins and other crypto.

[LeGaulois]

Avoiding to pay the taxs is no different than cheating your country. And it's a bad behavior. Taxs are what help to make your own country better, remember that. I am happy to pay taxs and i could be more happy if i have more taxs to pay because it's mean i am making more income. Big firms are the champion when it's about taxs evasion, you ca not imagine the millions they are cheating from your gov. and so cheating you. And because it's about bitcoin is not an excuse as well.

[krisnt80]

If the taxes were used only to provide the countries and their citizens a better life pretty sure no one would be bored and pissed to contribute, politicians does steal those tax for their own purposes, soo if they have an eye over crytpo world already is because they wanna more money. Im pretty sure the countries cant check all finances neither know total bitcoins each person has, if someone invest 100k dollars and then some months later withdraw just 100k dollars, even having 200k dollars in crypto value, how the countrie will know those, and there are several ways to get those funds out without expose to banks.

[gufpmvgw3334]

I think as long as you don't exchange them into fiat ,you can't to pay taxes,but if you have to exchange them into fiat,then you have to pay taxes because the gov know your money!

[GreenBits]

If you think investing in bitcoin or a similar “crypto-currency” may be a good method for hiding income from the tax man, you’d better think again.
http://nypost.com/2017/04/08/no-you-cant-avoid-taxes-by-investing-in-bitcoin/

I am smelling something good here with the news. If the government declared about how peoples can't avoid the taxes by investing in bitcoin, it means directly or indirectly government said that they recognize the existence of bitcoin and how it can be profitable to invest.

I think its pretty easy to circumvent tax with bitcoin. Any bitcoin earnings you make you can trade on a peer to peer market  without making a blip, you can use that cash to purchase household items and consumables, and save your taxed earnings. Inversely, if you can spend the Bitcoin directly on household goods, you can do the same without having to involve anyone else in the transaction. But it's a gamble, they will bury you if they catch you.

[olushakes]

If you think investing in bitcoin or a similar “crypto-currency” may be a good method for hiding income from the tax man, you’d better think again.
http://nypost.com/2017/04/08/no-you-cant-avoid-taxes-by-investing-in-bitcoin/

I am smelling something good here with the news. If the government declared about how peoples can't avoid the taxes by investing in bitcoin, it means directly or indirectly government said that they recognize the existence of bitcoin and how it can be profitable to invest.

I am happy that the news is from New-York and not the entire world because if that policy or model whatsoever, is going to work there, I am sure its far from working in most other countries. Over here, its definitely possible to avoid taxes if one is exchanging to Fiat on a bit by bit basis rather than once which might attract unnecessary attention by banks and regulatory authorities. Aside that, I am sure I can pull it off without any detection.

[Fredomago]

I think as long as you don't exchange them into fiat ,you can't to pay taxes,but if you have to exchange them into fiat,then you have to pay taxes because the gov know your money!

that's right if you will hold btc without exchanging it into your local fiat it wont be taxable but after you exchange it for sure taxes will be implemented maybe not directly to you but to the service that you will going to use and how you will withdraw it and send it your account.

[U2]

Counterpoint: Yes you can  just don't be stupid about it and make sure you're anonymous. It also depends on what country you're in and how badly they're cracking down on this.

[batang_bitcoin]

If you think investing in bitcoin or a similar “crypto-currency” may be a good method for hiding income from the tax man, you’d better think again.
http://nypost.com/2017/04/08/no-you-cant-avoid-taxes-by-investing-in-bitcoin/

I am smelling something good here with the news. If the government declared about how peoples can't avoid the taxes by investing in bitcoin, it means directly or indirectly government said that they recognize the existence of bitcoin and how it can be profitable to invest.

Very good news! It only signifies that government is now starting to recognize bitcoin. And here in my country, I can say that I'm a contributor for the tax of the local exchange that I've been using, why? Because they are registered and they pay tax and with the service that I've been using, there is a hidden taxation that isn't heavy to be considered as burden. The same thing as what that article is saying.

Bitcoin will be regulated in the near future that is for sure as this is the future of currency. The governments cannot deny this, this is why they are really pushing for its regulation nowadays. It might not be as good if it would be really restrictive and it could possibly hinder the benefits of bitcoins and other crypto.

Unless they don't want to recognize bitcoin that it can generate good amount for the taxation of a country. But I know it that one day they are going to enter also the scene of bitcoin, they will have to take over and monitor the local exchanges that will be used for cashing out bitcoin and each cash out should be taxable. I hate that day if it happens.

[emezh10]

If you want to exchange your bitcoin into fiat you can't avoid the taxes, Unless it was peer to peer transaction by that you can avoid taxes because you are only trading with a human but in terms of using web wallet to exchange it into fiat the government is there and you can't avoid the taxes by exchanging it there's fee that is waiting for you.

[BingoDog]

If you want to exchange your bitcoin into fiat you can't avoid the taxes, Unless it was peer to peer transaction by that you can avoid taxes because you are only trading with a human but in terms of using web wallet to exchange it into fiat the government is there and you can't avoid the taxes by exchanging it there's fee that is waiting for you.

That is how the rules are in my country too. For exchanging bitcoins into fiat you have to pay the taxes. You only don't have to pay for just holding the coins. But since bitcoin still isn't fully regulated there might be a chance that tax authorities just skip some of transactions.

[HabBear]

Sure you can!

You only pay taxes when you sell your bitcoin...don't sell and don't pay taxes. Of course, you must also make deposits with after tax dollars, but we're only talking about investing here.