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Author Topic: Bitcoin vs Taxes  (Read 6699 times)
Beerwizzard
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July 15, 2017, 07:08:15 AM
 #1

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
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July 15, 2017, 07:11:08 AM
 #2

If you sell Bitcoin for Fiat, then you have to pay taxes.
While Bitcoin is a currency, it is considered a commodity and therefore by selling it you're 'making money'.
It's illegal if you don't pay taxes.
Beerwizzard
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July 15, 2017, 07:32:44 AM
 #3

If you sell Bitcoin for Fiat, then you have to pay taxes.
While Bitcoin is a currency, it is considered a commodity and therefore by selling it you're 'making money'.
It's illegal if you don't pay taxes.
Applying the same logic: I'm expecting inflation and buying USD for my EUR. Then EUR lose 1% and at the same time USD is getting 1%.  If i exchange it back i will get 2% income (1% counting the inflation cut). So should i normaly pay tax for this income after i tried to save my money in another currency?
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July 15, 2017, 08:09:40 AM
 #4

If you sell Bitcoin for Fiat, then you have to pay taxes.
While Bitcoin is a currency, it is considered a commodity and therefore by selling it you're 'making money'.
It's illegal if you don't pay taxes.
Applying the same logic: I'm expecting inflation and buying USD for my EUR. Then EUR lose 1% and at the same time USD is getting 1%.  If i exchange it back i will get 2% income (1% counting the inflation cut). So should i normaly pay tax for this income after i tried to save my money in another currency?
As you make money, you pay more on tax. Example: if you make a sale or convert a digital currency to another, or you pay for any shopping services using your currency, you have to pay tax.
Your total paid or return reaches you including tax.

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July 15, 2017, 08:31:50 AM
 #5

If you sell Bitcoin for Fiat, then you have to pay taxes.
While Bitcoin is a currency, it is considered a commodity and therefore by selling it you're 'making money'.
It's illegal if you don't pay taxes.
Applying the same logic: I'm expecting inflation and buying USD for my EUR. Then EUR lose 1% and at the same time USD is getting 1%.  If i exchange it back i will get 2% income (1% counting the inflation cut). So should i normaly pay tax for this income after i tried to save my money in another currency?

if you don't sell you don't pay any tax, from the moment you dump for fiat you pay a% of tax, but this is true on everything, bitcoin is no different, but bitcoin allow you to avoid tax, if you use it as a currency that's is the beauty at least for now

also if you sell on exchange but leave the money there you also don't pay anything, you can always get those back into bitcoin, for trading
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July 15, 2017, 08:34:51 AM
 #6

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.

Luckily no. In Austria and Germany there's the following approach on Bitcoin's currency / commodity dichotomy: You only have to pay income taxes on Bitcoin if you get paid with it (ie. Bitcoin being used as a currency to pay for your goods and services), make profit as a day trader or sell it as a product (ie. you're a company / broker offering Bitcoins). If used as a commodity / store of value, there's a minimum holding time of one year after which you can sell Bitcoin without any taxations on the profits (akin to gold).

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July 15, 2017, 10:23:46 AM
 #7

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.

It can be considered trading income or capital gains, when you sell your bitcoins for fiat.
Most countries have some kind of tax on capital gains. The tax rate could be different depending on whether it is short term or long term capital gains (depending on how long you hold your bitcoins).

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July 15, 2017, 10:32:00 AM
 #8

I got taxed after I sell my coin, the exchanger automatically charge it, but there are still no rules yet for the tax income, in the future I think all of our activity that can be supervised like selling or buying will be taxed, the government doesnt really care about it, as long as you gained more money using bitcoin then you need to be taxed
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July 15, 2017, 11:06:00 AM
 #9

During the early days people used bitcoin to escape taxation and later on things got changed little by little. On the whole the taxation has been now regulated based on the transactions performed in several countries. Hope the same will get used around the world countries when more people start using bitcoin.
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July 15, 2017, 11:17:42 AM
 #10

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.

This is common in the States because Uncle Sam hates people missing their tax payments and they come after any form of tax evasion. Crime lord Al Capone was caught and imprisoned for tax evasion, not for murder or for other crimes related for being a mobster.

Heres the good news. If your BTC trade ended up in a laws you are eligible for a tax cut.
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July 15, 2017, 11:17:55 AM
 #11

whenever i have sold bitcoin for local currency i have always done it at much higher market prices and p2p and that means no taxes Wink

also we are moving towards a world where bitcoin taxes are only for investors in bitcoin. this means if you go on an exchange and try trading bitcoin or buy and sell it there you will have to pay taxes.

but if you are using bitcoin to buy something (aka use bitcoin as a currency) you don't have to pay ANY taxes. it is 0 tax for that.

and everyone is happy about it. the traders make a lot so they don't care and the users are happy because obviously 0 tax!

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July 15, 2017, 12:04:25 PM
 #12

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.

Buying bitcoin, selling of your bitcoin, converting bitcoin into fiats and fiats into bitcoin you are paying taxes. You might think that bitcoin is a decentralized digital currency, but you are still paying for your transactions, we know most of them as fees, especially to wallets or applications or a company.
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July 15, 2017, 01:33:15 PM
 #13

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.

Here in my country it is understood because all income is taxable. Income, in whatever form, and from where ever for as long as it is still considered income, a certain  tax is imposed. However, with regard to bitcoin income, it is hard for my government to track them as these are all online. The Internal Revenue cannot easily monitor people's income if they are through online transactions.
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July 15, 2017, 01:40:38 PM
 #14

In my country bitcoin taxed As of November 9, 2016, all fees for both transactions and withdrawals incurred in Bitcoin have included VAT (Value Added Tax) of 10%. While to send bitcoin to fellow wallet was not charged.
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July 15, 2017, 02:09:55 PM
 #15

If you sell Bitcoin for Fiat, then you have to pay taxes.
While Bitcoin is a currency, it is considered a commodity and therefore by selling it you're 'making money'.
It's illegal if you don't pay taxes.
I dont agree with you at all, with your premise, if you sell bitcoin for fiat then you should pay tax, if thats the case then if you buy bitcoins with fiat, you should then pay tax again since you consider it as a commodity.



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July 15, 2017, 02:34:02 PM
 #16

If you sell Bitcoin for Fiat, then you have to pay taxes.
While Bitcoin is a currency, it is considered a commodity and therefore by selling it you're 'making money'.
It's illegal if you don't pay taxes.
I dont agree with you at all, with your premise, if you sell bitcoin for fiat then you should pay tax, if thats the case then if you buy bitcoins with fiat, you should then pay tax again since you consider it as a commodity.

I think that this is really a dillema since some people consider bitcoin a separate resource from mo ey that is taxable but we have to agree that bitcoon functions and is used as mo ey that is taxable. Thug in some points I agree that with the taxes imposed to bitcoin makes it harder to enjoy it like it used to before but in the end I think it is a price we really have to pay
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July 15, 2017, 02:42:04 PM
 #17

Wanted to know if there is any country which has Zero tax on Btc . Well rest in the tax paying nations I think they will have to pay as per their category under which they fall in the tax bracket . Well if Btc is treated as separate entity then it's a different story .

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July 15, 2017, 03:04:58 PM
 #18

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.

In my country it has not been formalised but when its eventually done, then its going to be against profit that one will be taxed and nothing else but that will mean serious documentations and updating in other to ensure the right amount of tax to be paid in which I am sure we have the capacity yet. To other countries, bitcoin will be regarded as stock where one pay say capital gains tax in its disposal if there is a profit though.




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July 15, 2017, 03:10:10 PM
 #19

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?

You need to understand first what is Income tax, it is a tax which is paid on income. How buying bitcoins for money considered as income? You go to shop, buy grocery then do you need to pay income tax on that?
Don't confuse pro economics term with bitcoins.

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July 15, 2017, 03:28:14 PM
 #20

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.

Here in my country it is understood because all income is taxable. Income, in whatever form, and from where ever for as long as it is still considered income, a certain  tax is imposed. However, with regard to bitcoin income, it is hard for my government to track them as these are all online. The Internal Revenue cannot easily monitor people's income if they are through online transactions.

+1

Governments are still not focusing enough on Bitcoin to make it necessary to pay taxes in the sense that there is practically no way to get caught. Most people, I believe, who made a fortune with Bitcoin do not pay taxes on it... why would they? The government has no idea and even if they do they cannot prove you actually own an address without knowing your secret keys and/or password, so it would be a futile endeavor for them to even try.

With that said, it is still advisable to pay them so as to avoid any potential legal or repayment issues down the road.
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July 15, 2017, 03:42:32 PM
 #21

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.

As a citizan you must do your obligation on your taxes although it is on the internet they know what you are doing. The government know about everything. And if you don't want to pay a tax don't sell or buy bitcoin.

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July 15, 2017, 04:20:26 PM
 #22

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.

As a citizan you must do your obligation on your taxes although it is on the internet they know what you are doing. The government know about everything. And if you don't want to pay a tax don't sell or buy bitcoin.

Yes, the government knows everything; however, sometimes they ignore some things, bitcoin is an example in my country, i can use it freely, i do not need to lose any numbers money to pay taxes.
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July 15, 2017, 05:48:06 PM
 #23

How about if you mine coins yourself? Mine 1 BTC and sell it for $2000, is that a $2000 capital gain (in the US)?

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July 15, 2017, 05:50:28 PM
 #24

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?

You need to understand first what is Income tax, it is a tax which is paid on income. How buying bitcoins for money considered as income? You go to shop, buy grocery then do you need to pay income tax on that?
Don't confuse pro economics term with bitcoins.

Cause buying fiat means selling coins not buying bitcoins.
So it is considered taking profit unless you will be able to prove that you spent more on those cons that you sold them for.

Rather than giving advice about "pro" economics learn how to read.

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July 15, 2017, 06:03:09 PM
 #25

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.

Yes, that is a fact that is taking place in countries that accept bitcoin, where bitcoin is like a business vehicle, it is a real currency, and its users pay a tax for items they use.
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July 15, 2017, 08:08:03 PM
 #26

As every income tax on financial speculation gain, "bitcoin tax" can be prolonged by making investments with the gained income.

That does not save you from paying tax but it just prolongs the payment. And maybe it is not so unfair, because you might as well lose that income in the future.

I am not advising anything. Its not that I am doing that, thats all I have heard how rich people avoid paying the income tax.

They either present transfers as loses, or they invest the gains. For the not so rich like ourselfs, buying things with bitcoins is a great way of spending the gained bitcoins over the internet without the worry of taxing errors.
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July 15, 2017, 09:09:13 PM
 #27

As every income tax on financial speculation gain, "bitcoin tax" can be prolonged by making investments with the gained income.

That does not save you from paying tax but it just prolongs the payment. And maybe it is not so unfair, because you might as well lose that income in the future.

I am not advising anything. Its not that I am doing that, thats all I have heard how rich people avoid paying the income tax.

They either present transfers as loses, or they invest the gains. For the not so rich like ourselfs, buying things with bitcoins is a great way of spending the gained bitcoins over the internet without the worry of taxing errors.

For some transactions with reasonable nominal taxes may not be very influential, the whales avoids taxes because he doesn't want to destroy them all by giving a quarter or even half of their income for taxes. I understand that, but it's good to be a statesman, taxes needed for development, we should not think too much about corruption.

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July 16, 2017, 10:22:21 AM
 #28

So far my country has not yet made any clear regulations about taxing bitcoins despite recognizing it as legal and I hope it stays that way. I  mean, how would they consider bitcoins? Would they tax it like it was money in a bank account and then tax it again when you sell it for fiat?

For now the only thing I'm not satisfied with is the large spread between the exchange's buy and sell price. I suppose they also have to pay the government certain fees.

<|°_°|>
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July 16, 2017, 11:02:41 AM
 #29

In my country Bitcoin still havent been taxed as of now Its not still accepted and regulated but there is already a local wallet service provider do offer on buy and selling bitcoin which im little bit in doubt on buying since spread of buy and sell is too high which i do save up money for having a bulk transaction on buying bitcoin without being affected too much on the spread. Tax isnt still imposed but those high spreads i consider it as tax. lol

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July 16, 2017, 02:00:25 PM
 #30

I think as long as you can still do bitcoin transactions and there is never a problem in the transaction, legality is certainly not very necessary. And probably still have a good chance because it is not obliged to pay income tax from bitcoin.
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July 16, 2017, 06:46:18 PM
 #31

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
In most countries if you buy something and then you sell it for an higher price then you need to pay taxes on it, if for example if you buy a house for 100000 dollars and then you sell it for 120000 then you need to pay tax on the 20000 gain that you got.
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July 16, 2017, 07:49:35 PM
 #32

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
In most countries if you buy something and then you sell it for an higher price then you need to pay taxes on it, if for example if you buy a house for 100000 dollars and then you sell it for 120000 then you need to pay tax on the 20000 gain that you got.
The fact is that every state exists at the expense of taxpayers. I think every citizen wants to have a strong army in his country and even some social guarantees. That all the institutions of the state work at 100%. This all requires money and we must understand that the state treasury is filled from taxes. But only one question is of interest to all, the rich should pay more than a simple worker.

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July 16, 2017, 08:39:28 PM
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It is appropriate that people with abundant wealth pay taxes and in accordance with income they earn from business they run, but of course the government already has a regulation that regulates income tax between the rich and poor certainly have differences regarding taxes paid .

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July 16, 2017, 10:18:38 PM
 #34

So far my country has not yet made any clear regulations about taxing bitcoins despite recognizing it as legal and I hope it stays that way. I  mean, how would they consider bitcoins? Would they tax it like it was money in a bank account and then tax it again when you sell it for fiat?

For now the only thing I'm not satisfied with is the large spread between the exchange's buy and sell price. I suppose they also have to pay the government certain fees.
As you mentioned that it government will charge a tax on bitcoin or not. As you withdraw that money into fiat money there are a lot fees which is placed by government. So therefore we can say that it will be same as we are doing right now and pay the prices of every, and each bitcoin.
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July 16, 2017, 11:23:51 PM
 #35

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.

Not in my country, even in Japan has abolished the rule of 8% consumption tax on bitcoin transactions. But, buy bitcoin require fee for miners and most people convert bitcoin through echanges which you have to pay fee in order to withdraw fiat currency, it's a common rule. I won't say it stupid, as the rule exist to make each other could get benefits, we should pay pennies to $1-$2 for their services.
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July 16, 2017, 11:54:27 PM
 #36

I think as long as you can still do bitcoin transactions and there is never a problem in the transaction, legality is certainly not very necessary. And probably still have a good chance because it is not obliged to pay income tax from bitcoin.
I think legalization is not so important if at this time you can still make transactions easily and without any hindrance, Besides with legalization of course the government will give some conditions such as paying tax for bitcoin users for their earnings in bitcoin
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July 17, 2017, 07:05:43 PM
 #37

So far my country has not yet made any clear regulations about taxing bitcoins despite recognizing it as legal and I hope it stays that way. I  mean, how would they consider bitcoins? Would they tax it like it was money in a bank account and then tax it again when you sell it for fiat?

For now the only thing I'm not satisfied with is the large spread between the exchange's buy and sell price. I suppose they also have to pay the government certain fees.
As you mentioned that it government will charge a tax on bitcoin or not. As you withdraw that money into fiat money there are a lot fees which is placed by government. So therefore we can say that it will be same as we are doing right now and pay the prices of every, and each bitcoin.

What fees? Can you give an example?

Not in my country, even in Japan has abolished the rule of 8% consumption tax on bitcoin transactions. But, buy bitcoin require fee for miners and most people convert bitcoin through echanges which you have to pay fee in order to withdraw fiat currency, it's a common rule. I won't say it stupid, as the rule exist to make each other could get benefits, we should pay pennies to $1-$2 for their services.

You don't have a clue what tax that was and what he is talking about.
Japan has abolished a consumption tax on buying bitcoins , treating it like euros for example.
You don;t pay consumption taxes when you buy euros for yen , do you?

But you will still pay taxes if you made profits by selling and buying bitcoins in Japan, in Us , EU and anywhere in the civilized world.




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July 17, 2017, 08:49:35 PM
 #38

I don't mind paying taxes. I wish I had the influence to encourage governments to spend tax revenues more efficiently and wisely.

Too many state based policies and programs revolve around blindly throwing money at problems without real analysis or facts being given.

The US healthcare issue is a prime example of this, where the majority of americans don't have full facts or details on anything.

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July 17, 2017, 09:02:39 PM
 #39

I don't mind paying taxes. I wish I had the influence to encourage governments to spend tax revenues more efficiently and wisely.

Too many state based policies and programs revolve around blindly throwing money at problems without real analysis or facts being given.

The US healthcare issue is a prime example of this, where the majority of americans don't have full facts or details on anything.

I think it's not that mandatory and with bitcoin with taxes is a kind of crap for me, because it's an independent type of income online which people can benefit of those advantages. So if I were to think of digital currency to spike of it's price online; it should be fair enough to people to generate higher income rare which is separated form the government's control.
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July 17, 2017, 10:04:40 PM
 #40

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
What tax do you mean? If the tax paid to the government of course it does not exist until now. Maybe you mean the cost of making a deposit, withdraw and exchange bitcoin. It is very different from the tax, because it is the cost of using a service on an exchange. Tax reporting to the government has never been found.
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July 17, 2017, 10:32:47 PM
 #41

That is odd and I think it is wrong. First we must know the origin of that Bitcoin in which it came from does it come from a payment from your business? or does it come from a remittance of a friend or family member? Converting your Bitcoin to Fiat currency is not taxable by means of income tax not unless your are and exchange earning money of conversion. Other than that I think you have mistaken a different kind of tax for Bitcoin. Any tax like income tax will be voidable and reimbursable from the government.

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July 17, 2017, 10:45:16 PM
 #42

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.

I believe bitcoin's legal status is not clear in majority of the countries and that creates a lot of confusion on taxing part. People are unsure about how to pay tax on bitcoin. My country is having the same status So I am disclosing my bitcoin incomes in my tax filing every year since last two years.

having said that, I only disclose what I have cashed out in fiat. So my actual bitcoin holding I am not disclosing as I am not getting any income from it. I am disclosing only the amount I have converted in to fiat. I hope I am doing the right thing.

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July 18, 2017, 01:15:17 AM
 #43

Most of countries consider Bitcoin as an asset or intangible property ( as by IRS ). Bitcoin's treatment as an asset makes the tax implication clear. However, taxation on bitcoins and its reporting is not as simple as it seems. For starters, it is difficult to determine the fair value of the bitcoin on purchase and sale transactions. Frequent traders and investors could use "first in, first out" (FIFO) or "last in, first out" (LIFO) accounting techniques to reduce tax obligations.



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July 18, 2017, 01:41:22 AM
 #44

Most of countries consider Bitcoin as an asset or intangible property ( as by IRS ). Bitcoin's treatment as an asset makes the tax implication clear. However, taxation on bitcoins and its reporting is not as simple as it seems. For starters, it is difficult to determine the fair value of the bitcoin on purchase and sale transactions. Frequent traders and investors could use "first in, first out" (FIFO) or "last in, first out" (LIFO) accounting techniques to reduce tax obligations.





Well it's complicated but I think the best way to include taxes on Bitcoin transactions would be to add them up to the miner fees and charge them per each transaction that moves over the blockchain but I don't know how practical this could be since we are all not living in the same country and our laws regarding taxes might vary.
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July 18, 2017, 01:53:54 AM
 #45

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
This is a bitter truth in the current time , earlier there was no tax needed to pay to make buy and sell of the Bitcoin but currently many countries government are making Thier eyes attention at the Bitcoin and Bitcoin users in the countries .
Here I myself facing the big problems regarding this , because due to high taxation system , the trader always sell Thier btc at very high price in comparison of current price .
And also many types of the exchange which are making buy sell Bitcoin directly are making the charge of tax fee 18% ( in my country) .
So I think this is all over the force at the life of the buyers and sellers only because traders can manage by making more charge at the customers but problems are falling at our head where at the edge we will have net no profit and no loss , I means to say that we can't make profit in small deals , we only needed in this case of bulk deals to make profit .
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July 18, 2017, 02:25:37 AM
 #46

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.

Whenever you sell bitcoin for fiat currencies, like on websites like localbitcoins.com, you will have to pay a tax that the website will take away from you. Before, when buying or selling Bitcoin there wasn't a tax that was taken away from you, but now since Bitcoin has caught the eyes of some governments, they have implemented a tax on them. This makes it hard to make profit off Bitcoin, especially by doing buy low, sell high. Try sell in large quantities to avoid being taxes a lot.

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deisik
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July 18, 2017, 05:58:37 PM
 #47

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.

I believe bitcoin's legal status is not clear in majority of the countries and that creates a lot of confusion on taxing part. People are unsure about how to pay tax on bitcoin. My country is having the same status So I am disclosing my bitcoin incomes in my tax filing every year since last two years.

having said that, I only disclose what I have cashed out in fiat. So my actual bitcoin holding I am not disclosing as I am not getting any income from it. I am disclosing only the amount I have converted in to fiat. I hope I am doing the right thing

There is an old adage or wisdom

Which says that you shouldn't trouble trouble until trouble troubles you. It is your choice after all but as you say yourself you can only hope that you are doing the right thing. With Bitcoin taxes, the issue is twofold. First, it may seem to be "ideologically" or morally right (and feel good at that) to pay taxes on your income and in some countries it may well be so (though in the majority of others it is certainly not). And, second, you may in fact be making yourself more bad than good since the authorities would know that you have bitcoins, and if there is some commotion about Bitcoin usage in your country, you will be among the first to reap the fruits of it, so to speak

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RodeoX
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July 18, 2017, 06:07:22 PM
 #48

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
What tax do you mean? If the tax paid to the government of course it does not exist until now. Maybe you mean the cost of making a deposit, withdraw and exchange bitcoin. It is very different from the tax, because it is the cost of using a service on an exchange. Tax reporting to the government has never been found.
It depends on where you live. In the U.S. there has always been a capitol gains tax on bitcoin. Whatever profit you see from selling your coins is taxable. If you lose money you may also be able to claim a loss, but your profits are certainly taxable.

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July 18, 2017, 07:02:02 PM
 #49

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.

I don't get why people always think that bitcoins are not taxable! Just to clarify what the governments are taxing. It is not taxing the use of bitcoins or owning it. What the governments are taxing is the income your derive from the use of bitcoins. If you buy bitcoins at $1,000 and sold it for $2,300 then that would mean that you are liable for income tax for the $1,300 profit!
deisik
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July 18, 2017, 07:34:03 PM
 #50

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.

I don't get why people always think that bitcoins are not taxable! Just to clarify what the governments are taxing. It is not taxing the use of bitcoins or owning it. What the governments are taxing is the income your derive from the use of bitcoins. If you buy bitcoins at $1,000 and sold it for $2,300 then that would mean that you are liable for income tax for the $1,300 profit!

That all depends on specific jurisdiction

In some countries currency exchange operations (and thus income earned through them) are not taxable. So if you bought, for example, 1,000 dollars with some local currency and in a year sold the same 1,000 dollars at a premium, you may not have to pay the income tax. In this way, if Bitcoin is legalized as a currency, the income earned with it won't be taxable in that country. Apart from that, if Bitcoin is considered as property, you may not have to pay taxes either provided you kept your Bitcoin stash for a certain period of time (say, over a year)

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jpoker272727
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July 19, 2017, 02:23:56 PM
 #51

Most of countries consider Bitcoin as an asset or intangible property ( as by IRS ). Bitcoin's treatment as an asset makes the tax implication clear. However, taxation on bitcoins and its reporting is not as simple as it seems. For starters, it is difficult to determine the fair value of the bitcoin on purchase and sale transactions. Frequent traders and investors could use "first in, first out" (FIFO) or "last in, first out" (LIFO) accounting techniques to reduce tax obligations.





Well it's complicated but I think the best way to include taxes on Bitcoin transactions would be to add them up to the miner fees and charge them per each transaction that moves over the blockchain but I don't know how practical this could be since we are all not living in the same country and our laws regarding taxes might vary.
Miner fees are much better than taxes. As you know government taxes are more than miner fees. So it is better that bitcoin is taking fees on transactions etc by miners. I would prefer that miner’s fees are much better than taxes. Taxes would decrease the demand of bitcoin in a market. If there is no demand how bitcoin will run?
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July 19, 2017, 02:32:08 PM
 #52

Most of countries consider Bitcoin as an asset or intangible property ( as by IRS ). Bitcoin's treatment as an asset makes the tax implication clear. However, taxation on bitcoins and its reporting is not as simple as it seems. For starters, it is difficult to determine the fair value of the bitcoin on purchase and sale transactions. Frequent traders and investors could use "first in, first out" (FIFO) or "last in, first out" (LIFO) accounting techniques to reduce tax obligations.





Well it's complicated but I think the best way to include taxes on Bitcoin transactions would be to add them up to the miner fees and charge them per each transaction that moves over the blockchain but I don't know how practical this could be since we are all not living in the same country and our laws regarding taxes might vary.
Miner fees are much better than taxes. As you know government taxes are more than miner fees. So it is better that bitcoin is taking fees on transactions etc by miners. I would prefer that miner’s fees are much better than taxes. Taxes would decrease the demand of bitcoin in a market. If there is no demand how bitcoin will run?

Well bitcoin kinda is already taxed, but only for US citizens, and only after you convert it to a Fiat currency. So we kinda have to deal with the high fee situation and the capital gains tax situation, but I will concede that most likely, virtually no one is paying proper bitcoin tax. I  use the Shift card that Coinbase offers; I'm subject to sales tax on my bitcoin purchases, which is interesting.
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July 19, 2017, 02:41:27 PM
Last edit: July 20, 2017, 03:44:48 PM by LeGaulois
 #53

If you sell Bitcoin for Fiat, then you have to pay taxes.

If you didn't buy some bitcoins then nope. You pay taxes on the profits made from buying and selling only

However, taxation on bitcoins and its reporting is not as simple as it seems. For starters, it is difficult to determine the fair value of the bitcoin on purchase and sale transactions. Frequent traders and investors could use "first in, first out" (FIFO) or "last in, first out" (LIFO) accounting techniques to reduce tax obligations.

Not difficult, you know how much dollars you injected and how much dollars you receive from sales. It's up to people to keep track records of the money spent to buy

Well bitcoin kinda is already taxed, but only for US citizens, and only after you convert it to a Fiat currency. So we kinda have to deal with the high fee situation and the capital gains tax situation, but I will concede that most likely, virtually no one is paying proper bitcoin tax. I  use the Shift card that Coinbase offers; I'm subject to sales tax on my bitcoin purchases, which is interesting.

Bitcoin is taxed not only in the US, there are several countries as well. Is no one paying taxs on Bitcoin? There are a loooot of people and companies paying those taxs. And trying to avoid to pay those is the same as looking to cheat the country, the population, own friend, family, etc. If people cheat the taxs then they shouldn't be eligible for a lot of things in their own country


Miner fees are much better than taxes. As you know government taxes are more than miner fees. So it is better that bitcoin is taking fees on transactions etc by miners. I would prefer that miner’s fees are much better than taxes. Taxes would decrease the demand of bitcoin in a market. If there is no demand how bitcoin will run?

You have to pay taxs on food, do you see a decrease of food market/demand?

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July 19, 2017, 02:43:05 PM
 #54

Most of countries consider Bitcoin as an asset or intangible property ( as by IRS ). Bitcoin's treatment as an asset makes the tax implication clear. However, taxation on bitcoins and its reporting is not as simple as it seems. For starters, it is difficult to determine the fair value of the bitcoin on purchase and sale transactions. Frequent traders and investors could use "first in, first out" (FIFO) or "last in, first out" (LIFO) accounting techniques to reduce tax obligations.

Well it's complicated but I think the best way to include taxes on Bitcoin transactions would be to add them up to the miner fees and charge them per each transaction that moves over the blockchain but I don't know how practical this could be since we are all not living in the same country and our laws regarding taxes might vary.
Miner fees are much better than taxes. As you know government taxes are more than miner fees. So it is better that bitcoin is taking fees on transactions etc by miners. I would prefer that miner’s fees are much better than taxes. Taxes would decrease the demand of bitcoin in a market. If there is no demand how bitcoin will run?

You should not be comparing miner fees and taxes. Both could exist and hit your wallet. Transaction fees will go down when scaling solutions are implemented. You cannot say the same thing about taxes.  Smiley
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July 19, 2017, 02:58:50 PM
 #55

Most of countries consider Bitcoin as an asset or intangible property ( as by IRS ). Bitcoin's treatment as an asset makes the tax implication clear. However, taxation on bitcoins and its reporting is not as simple as it seems. For starters, it is difficult to determine the fair value of the bitcoin on purchase and sale transactions. Frequent traders and investors could use "first in, first out" (FIFO) or "last in, first out" (LIFO) accounting techniques to reduce tax obligations.





Well it's complicated but I think the best way to include taxes on Bitcoin transactions would be to add them up to the miner fees and charge them per each transaction that moves over the blockchain but I don't know how practical this could be since we are all not living in the same country and our laws regarding taxes might vary.
Miner fees are much better than taxes. As you know government taxes are more than miner fees. So it is better that bitcoin is taking fees on transactions etc by miners. I would prefer that miner’s fees are much better than taxes. Taxes would decrease the demand of bitcoin in a market. If there is no demand how bitcoin will run?

Taxes would in no way affects miner fees as they are both independent while an indivudal is earning bitcoin for his job or activities or even sale, the miner is collecting his own fees for making the transaction possible so in the case of tax, both of them will be taxed because they are both generating income. For those whose countries have taken a position, there is really no way out of it but for countries like mine, we just need to keep hoping the decision is not taken any time soon in to keep enjoying our interest free investment.
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July 19, 2017, 10:03:20 PM
 #56

It is true that there tax is applicable on bitcoin trading. You have to pay the tax if you are selling your bitcoins in your local bitcoin exchange for fiat.
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July 20, 2017, 08:10:05 AM
 #57

Here in my country, there is no tax when you buy bitcoin but there is a fees when you buy in bitcoin company like coins.ph, buybitcoin.ph. Thats why they earn a lot of profit / money because of they make a business that trade real money into bitcoin.
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July 20, 2017, 08:52:51 AM
 #58

At us while bitcoin it is not assessed tax, but I think in a short time in all countries will begin bitcoin to tax. The state wants to profit from any valuable things and it will find a way to do it.

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July 20, 2017, 09:53:03 AM
 #59

In my country there is no such problem. I deduce on the Bank account only in small amounts and therefore they are not monitored by tax authorities. When making major purchases there are many other ways how not to pay taxes.
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July 20, 2017, 10:04:18 AM
 #60

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.

If you make a lot of money, like dozens of thousands USD per year, trading cryptos, Bitcoin included, I think taxes should be paid from that. But taxing every $20 worth of Bitcoin selling is ridiculous imo. Amount should matter, rich people have to pay more taxes, poor people shouldn't pay any. But that's just my opinion.

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July 20, 2017, 10:05:28 AM
 #61

If bitcoin has been inaugurated in my country then the government will issue tax on each user, As we know that bitcoin does have properties that do not materialize so bitcoin only serves as property only but its value is so valuable that bitcoin users of course burdened with the existence of separate taxes not from Government because its existence can not be inaugurated.

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BitHodler
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July 20, 2017, 10:59:59 AM
 #62

Here in my country, there is no tax when you buy bitcoin but there is a fees when you buy in bitcoin company like coins.ph, buybitcoin.ph. Thats why they earn a lot of profit / money because of they make a business that trade real money into bitcoin.
For you personally, the fees that you end up paying for using whatever service have nothing to do with tax at all.

In this case it's the service in question that is responsible for paying tax over their operational income (which obviously fee income is also part of).

But as always, they will have no problems with legally finding a way to avoid paying the full percentage of tax, which at the same time can't be said about regular users.

At most they can choose to hide a large portion of their holdings and profits, but that obviously isn't a legal way of avoiding having to pay the full tax percentage. Roll Eyes
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July 20, 2017, 02:34:05 PM
 #63

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.

If you make a lot of money, like dozens of thousands USD per year, trading cryptos, Bitcoin included, I think taxes should be paid from that. But taxing every $20 worth of Bitcoin selling is ridiculous imo. Amount should matter, rich people have to pay more taxes, poor people shouldn't pay any. But that's just my opinion

There are different opinions

For example, I agree that poor people should not pay any income tax at all. In this way they will be prompted to earn more (well, at least, I think so). But I disagree that rich or wealthier people should pay more overall. There should be a flat tax for any level of income. Otherwise, rich people will be looking for "optimizing" their taxes (well, they will be looking for that anyway, but in the latter case there will just be more incentive). But since their wealth allows them to hire more experienced and skilled financial and tax advisors, they will do a lot better at this tax burden optimization than ordinary people. And the progressive income tax may in fact work in reverse in real life, and less rich people may end up paying more than wealthier tax payers

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hurain
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July 20, 2017, 02:38:46 PM
 #64

Here in my country, there is no tax when you buy bitcoin but there is a fees when you buy in bitcoin company like coins.ph, buybitcoin.ph. Thats why they earn a lot of profit / money because of they make a business that trade real money into bitcoin.
yes no tax even in my country on bitcoin. i think my country the government even do not know about bitcoin but still there are a lot of people who are using bitcoin, in future when bitcoin will become so much popular and become legal currency then may be government put tax on bitcoin.
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July 20, 2017, 06:17:28 PM
 #65

Here in my country, there is no tax when you buy bitcoin but there is a fees when you buy in bitcoin company like coins.ph, buybitcoin.ph. Thats why they earn a lot of profit / money because of they make a business that trade real money into bitcoin.
yes no tax even in my country on bitcoin. i think my country the government even do not know about bitcoin but still there are a lot of people who are using bitcoin, in future when bitcoin will become so much popular and become legal currency then may be government put tax on bitcoin.
OP is asking will you pay tax for your Bitcoin money. You people are miss understanding this without knowing you are paying tax to your governament. Yes, we all are paying tax to the government. How you know you will sell your bitcoins and that money will come to your bank account right. So this transaction will be noted in the bank statement. The government will check your yearly transaction if it crosses the limit you should pay income tax to your government this is the standard rule in all countries. So we all pay tax to governament.
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July 20, 2017, 11:20:27 PM
 #66

Maybe the fee's are included when you guys buy bitcoin but if government included taxes those who gonna buy bitcoin then this is different questions people are using bitcoin because they don't want to pay high taxes in work eople don't want to pay taxes because its need they using bitcoin because they want it low fees whether they sending money or using it as their personal purposes .
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July 21, 2017, 07:28:58 AM
 #67

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.

If you make a lot of money, like dozens of thousands USD per year, trading cryptos, Bitcoin included, I think taxes should be paid from that. But taxing every $20 worth of Bitcoin selling is ridiculous imo. Amount should matter, rich people have to pay more taxes, poor people shouldn't pay any. But that's just my opinion

There are different opinions

For example, I agree that poor people should not pay any income tax at all. In this way they will be prompted to earn more (well, at least, I think so). But I disagree that rich or wealthier people should pay more overall. There should be a flat tax for any level of income. Otherwise, rich people will be looking for "optimizing" their taxes (well, they will be looking for that anyway, but in the latter case there will just be more incentive). But since their wealth allows them to hire more experienced and skilled financial and tax advisors, they will do a lot better at this tax burden optimization than ordinary people. And the progressive income tax may in fact work in reverse in real life, and less rich people may end up paying more than wealthier tax payers

I agree and that's why I am averse to the progressive income tax. Taxes should be high for rich people, but they shouldn't be progressive because, apart from what you've said, progressive income taxes suppress initiative and thus we can get stagnation we all don't want.

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July 21, 2017, 07:49:40 AM
 #68

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.

If you make a lot of money, like dozens of thousands USD per year, trading cryptos, Bitcoin included, I think taxes should be paid from that. But taxing every $20 worth of Bitcoin selling is ridiculous imo. Amount should matter, rich people have to pay more taxes, poor people shouldn't pay any. But that's just my opinion

There are different opinions

For example, I agree that poor people should not pay any income tax at all. In this way they will be prompted to earn more (well, at least, I think so). But I disagree that rich or wealthier people should pay more overall. There should be a flat tax for any level of income. Otherwise, rich people will be looking for "optimizing" their taxes (well, they will be looking for that anyway, but in the latter case there will just be more incentive). But since their wealth allows them to hire more experienced and skilled financial and tax advisors, they will do a lot better at this tax burden optimization than ordinary people. And the progressive income tax may in fact work in reverse in real life, and less rich people may end up paying more than wealthier tax payers

I agree and that's why I am averse to the progressive income tax. Taxes should be high for rich people, but they shouldn't be progressive because, apart from what you've said, progressive income taxes suppress initiative and thus we can get stagnation we all don't want.

But there are still a few caveats

More specifically, you can't make taxes high only for the rich, and set no taxes for the rest of the population. That wouldn't be much different from a progressive income tax in its effect. Basically, it would still amount to setting up a tax ladder as is the case with an outright progressive tax. No progressive tax policy should limit itself only to really poor people who actually need it, and which doesn't raise any questions in respect to its fairness. Everyone else should pay the same tax burden (in percentage terms, obviously) or doesn't pay any income tax at all

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Betwrong
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July 22, 2017, 02:44:35 PM
 #69

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.

If you make a lot of money, like dozens of thousands USD per year, trading cryptos, Bitcoin included, I think taxes should be paid from that. But taxing every $20 worth of Bitcoin selling is ridiculous imo. Amount should matter, rich people have to pay more taxes, poor people shouldn't pay any. But that's just my opinion

There are different opinions

For example, I agree that poor people should not pay any income tax at all. In this way they will be prompted to earn more (well, at least, I think so). But I disagree that rich or wealthier people should pay more overall. There should be a flat tax for any level of income. Otherwise, rich people will be looking for "optimizing" their taxes (well, they will be looking for that anyway, but in the latter case there will just be more incentive). But since their wealth allows them to hire more experienced and skilled financial and tax advisors, they will do a lot better at this tax burden optimization than ordinary people. And the progressive income tax may in fact work in reverse in real life, and less rich people may end up paying more than wealthier tax payers

I agree and that's why I am averse to the progressive income tax. Taxes should be high for rich people, but they shouldn't be progressive because, apart from what you've said, progressive income taxes suppress initiative and thus we can get stagnation we all don't want.

But there are still a few caveats

More specifically, you can't make taxes high only for the rich, and set no taxes for the rest of the population. That wouldn't be much different from a progressive income tax in its effect. Basically, it would still amount to setting up a tax ladder as is the case with an outright progressive tax. No progressive tax policy should limit itself only to really poor people who actually need it, and which doesn't raise any questions in respect to its fairness. Everyone else should pay the same tax burden (in percentage terms, obviously) or doesn't pay any income tax at all

I agree with you in general and I wasn't saying no taxes for the rest of the population, I was saying no taxes for the poor. I know that in some cases progressive taxes eat almost all the profit and I think that is ridiculous.

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July 23, 2017, 08:15:21 PM
 #70

Here in my country, there is no tax when you buy bitcoin but there is a fees when you buy in bitcoin company like coins.ph, buybitcoin.ph. Thats why they earn a lot of profit / money because of they make a business that trade real money into bitcoin.
yes no tax even in my country on bitcoin. i think my country the government even do not know about bitcoin but still there are a lot of people who are using bitcoin, in future when bitcoin will become so much popular and become legal currency then may be government put tax on bitcoin.
Yup exactly there is no taxes on bitcoin. There is no need taxes on bitcoin in our country. If there are taxes allowed on bitcoin then the demand of bitcoin will decrease so there for taxes are not better. I would like that say that no just in your country there is no taxes in our country also there is no taxes so yes bitcoin is decentralized and we are happy with that.
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July 23, 2017, 08:33:53 PM
 #71

Here in my country, there is no tax when you buy bitcoin but there is a fees when you buy in bitcoin company like coins.ph, buybitcoin.ph. Thats why they earn a lot of profit / money because of they make a business that trade real money into bitcoin.
yes no tax even in my country on bitcoin. i think my country the government even do not know about bitcoin but still there are a lot of people who are using bitcoin, in future when bitcoin will become so much popular and become legal currency then may be government put tax on bitcoin.
Yup exactly there is no taxes on bitcoin. There is no need taxes on bitcoin in our country. If there are taxes allowed on bitcoin then the demand of bitcoin will decrease so there for taxes are not better. I would like that say that no just in your country there is no taxes in our country also there is no taxes so yes bitcoin is decentralized and we are happy with that.
As far as I understand, Bitcoin users will still suffer from what they want to legalize Bitcoin. The point is that the entire government as soon as the process of implementation begins, will be in other ways to control financial matters. Therefore, there is no question of anonymous crypto currency world. And you will have to pay taxes like that already by itself.

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July 23, 2017, 09:57:51 PM
 #72

If bitcoin has been inaugurated in my country then the government will issue tax on each user, As we know that bitcoin does have properties that do not materialize so bitcoin only serves as property only but its value is so valuable that bitcoin users of course burdened with the existence of separate taxes not from Government because its existence can not be inaugurated.

Honestly I have no clue what you just said here.
Can you enlighten us in a proper earthling  language?

As far as I understand, Bitcoin users will still suffer from what they want to legalize Bitcoin. The point is that the entire government as soon as the process of implementation begins, will be in other ways to control financial matters. Therefore, there is no question of anonymous crypto currency world. And you will have to pay taxes like that already by itself.

You understand wrong:)
There will be no taxes on bitcoin.The taxes are on earnings made from bitcoins.
Just like stocks and forex.

Nobody will tax you if you buy bitcoins and spend them with no earnings in between.

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July 24, 2017, 07:17:08 PM
 #73

I think as long as you can still do bitcoin transactions and there is never a problem in the transaction, legality is certainly not very necessary. And probably still have a good chance because it is not obliged to pay income tax from bitcoin.
I think legalization is not so important if at this time you can still make transactions easily and without any hindrance, Besides with legalization of course the government will give some conditions such as paying tax for bitcoin users for their earnings in bitcoin
Why would tax from government I mean why would government take taxes now a days on bitcoin.
As we pay high fees through internet is not enough that government is also taking taxes from us. I would recommend to government stop taking taxes when we transfer our bitcoin to banks then yes we will ready to pay taxes after that.
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July 24, 2017, 07:39:26 PM
 #74

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
I think this is really absurd, I believe there shouldn't be any taxes when one currency is exchanged for another, If on the other hand bitcoins is used to buy products and services then and only then should they become taxable. In my country i dont face that kind of situation.



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July 24, 2017, 08:45:01 PM
 #75

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
I think this is really absurd, I believe there shouldn't be any taxes when one currency is exchanged for another, If on the other hand bitcoins is used to buy products and services then and only then should they become taxable. In my country i dont face that kind of situation.

In my country, I also did not encounter the fact that taxes were taken from transactions with bitcoins. But this is due only to the fact that the government has not adopted such a law. As soon as the government turns attention to bitcoin, operations with it will be taxed.
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July 24, 2017, 10:20:45 PM
 #76

Tax on bitcoin is not a problem for now as countries still plan to legalize bitcoin and until they don't legalize it in front of the tax department bitcoin is nothing for them so how can charge tax on something which isn't legal yet. And even if they try to charge taxes there are many ways to escape

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July 25, 2017, 09:36:14 AM
 #77

The good thing is that there is no taxes with bitcoin, no matter how much you earn. But the point to be noted is that in case if you convert your coins to Fiat through legal means, then govt can charge you taxes on the Fiat.  Wink


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July 25, 2017, 10:52:53 AM
 #78

In the beginning when bitcoin was gaining popularity little by little most of the bitcoin users were high volume fiat holders who use bitcoin to escape tax and for high volume transactions. Now this has decreased a lot, as people has started to give importance as a investment which too is taxable.
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July 25, 2017, 04:57:24 PM
 #79

The good thing is that there is no taxes with bitcoin, no matter how much you earn. But the point to be noted is that in case if you convert your coins to Fiat through legal means, then govt can charge you taxes on the Fiat.  Wink
While converting our bitcoins to fiat currency, we have to pay 2 tax amount. One for exchange site they will charge some amount to exchange our bitcoins to fiat. And next to that amount will deposit in our bank account. Here we have to pay income tax to our governament.
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July 25, 2017, 05:09:57 PM
 #80

The good thing is that there is no taxes with bitcoin, no matter how much you earn. But the point to be noted is that in case if you convert your coins to Fiat through legal means, then govt can charge you taxes on the Fiat.  Wink
While converting our bitcoins to fiat currency, we have to pay 2 tax amount. One for exchange site they will charge some amount to exchange our bitcoins to fiat. And next to that amount will deposit in our bank account. Here we have to pay income tax to our governament.

I pay my income tax after bitcoin withdraws. This is forced with law and not paying this tax in unlawful. It would be great if there is zero tax, but we pay tax everywhere on the world.
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July 25, 2017, 05:18:50 PM
 #81

The good thing is that there is no taxes with bitcoin, no matter how much you earn. But the point to be noted is that in case if you convert your coins to Fiat through legal means, then govt can charge you taxes on the Fiat.  Wink
While converting our bitcoins to fiat currency, we have to pay 2 tax amount. One for exchange site they will charge some amount to exchange our bitcoins to fiat. And next to that amount will deposit in our bank account. Here we have to pay income tax to our governament.

Those are not taxes.
Those are the fees of the service you're asking for.

The fee of the exchange and the fee of the bank.
You're going to pay income tax to your government only after you file for income tax from your trading.

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July 25, 2017, 05:27:03 PM
 #82

bitcoin is not currency and it should not be taxed.

Blah blah
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July 25, 2017, 05:35:34 PM
 #83

I think when it will be legal then it taxes will be included here, I want to say about the benefit of the economy every government should impose the tax on every economic activity so Bitcoin is not out of these. so it doesn't matter if the tax is included in here. so it should take it easy...
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July 25, 2017, 05:40:05 PM
 #84

I think when it will be legal then it taxes will be included here, I want to say about the benefit of the economy every government should impose the tax on every economic activity so Bitcoin is not out of these. so it doesn't matter if the tax is included in here. so it should take it easy...
Yes, we need to be get ready to pay taxes for bitcoins as approving bitcoin as a legal currency/asset will be opening enormous opportunities to us hence to enjoy those things, we must be prepared to pay taxes also. But saving/holding bitcoins will not attract taxes for ever, hopefully.
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July 25, 2017, 05:49:39 PM
 #85

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.

Of course, if your government accepts bitcoin, it means bitcoin becomes a legitimate currency, and the user has to pay taxes when using it. I do not like that, I like freedom when I use bitcoin.

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July 25, 2017, 06:14:02 PM
 #86

Yes, we need to be get ready to pay taxes for bitcoins as approving bitcoin as a legal currency/asset will be opening enormous opportunities to us hence to enjoy those things, we must be prepared to pay taxes also. But saving/holding bitcoins will not attract taxes for ever, hopefully.


Of course, if your government accepts bitcoin, it means bitcoin becomes a legitimate currency, and the user has to pay taxes when using it. I do not like that, I like freedom when I use bitcoin.

Just to be clear, in the U.S. you absolutely owe tax on bitcoin gains. It has nothing at all to do with being a currency. You owe on ALL gains. If you find a diamond in your back yard you owe on that also. There is no free profit.

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July 28, 2017, 06:13:32 PM
 #87

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
I think this is really absurd, I believe there shouldn't be any taxes when one currency is exchanged for another, If on the other hand bitcoins is used to buy products and services then and only then should they become taxable. In my country i dont face that kind of situation.
Why should we mention taxes with bitcoin? There is no taxes on bitcoin because we know that bitcoin is decentralized which is helping people there is no authority on bitcoin. So how should we say that taxes with bitcoin ?

Government doesn't charge you but the banks do because they are kind of cheap people on the earth like we can say that cheap system toward bitcoin.
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July 28, 2017, 06:28:51 PM
 #88

Bitcoin transactions can provide benefits like investments, but in my country the government or authorities have not been able to clarify Bitcoin's status. If the central bank clarifies the existence status of Bitcoin then the government can already apply the tax on the Bitcoin.
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July 28, 2017, 06:53:41 PM
Last edit: July 28, 2017, 07:21:10 PM by deisik
 #89

Yes, we need to be get ready to pay taxes for bitcoins as approving bitcoin as a legal currency/asset will be opening enormous opportunities to us hence to enjoy those things, we must be prepared to pay taxes also. But saving/holding bitcoins will not attract taxes for ever, hopefully.

Of course, if your government accepts bitcoin, it means bitcoin becomes a legitimate currency, and the user has to pay taxes when using it. I do not like that, I like freedom when I use bitcoin.

Just to be clear, in the U.S. you absolutely owe tax on bitcoin gains. It has nothing at all to do with being a currency. You owe on ALL gains. If you find a diamond in your back yard you owe on that also. There is no free profit.

You say it as if it were the right thing

Or as though you were proud of it. Are you really? If I'm not mistaken capital gains tax means that you have to pay the tax only if you sell something and only if you book profits at that (profits being defined as income earned minus expenses incurred). In this way, if you were lucky to find a diamond about the size of a horse head in your backyard or elsewhere, you don't owe any taxes on it. At least, not until you decide to sell it, right? Further, if you keep this diamond long enough (say, for a few years), you may also not have to pay this tax at all

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July 28, 2017, 07:19:01 PM
 #90

Bitcoin transactions can provide benefits like investments, but in my country the government or authorities have not been able to clarify Bitcoin's status. If the central bank clarifies the existence status of Bitcoin then the government can already apply the tax on the Bitcoin.
Generally speaking, I would not like to work legally, but people are always strangled with taxes. I actually agree to pay taxes, because thanks to them, the state lives. But I do not agree when taxes turn into state robbery. That's why I would not want Bitcoin to be legalized, because the state will be able to control my income.
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July 28, 2017, 07:25:18 PM
 #91

I like bitcon because it gives people in the hands of the mechanism of influence on politicians and government. Now we have the opportunity to vote taxes. If I don't trust the government I earn on the Internet and do not give any penalties. Let them come up with conditions under which it will be profitable to work officially.
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July 28, 2017, 08:25:27 PM
 #92

Bitcoin transactions can provide benefits like investments, but in my country the government or authorities have not been able to clarify Bitcoin's status. If the central bank clarifies the existence status of Bitcoin then the government can already apply the tax on the Bitcoin.
Generally speaking, I would not like to work legally, but people are always strangled with taxes. I actually agree to pay taxes, because thanks to them, the state lives. But I do not agree when taxes turn into state robbery. That's why I would not want Bitcoin to be legalized, because the state will be able to control my income.

so you want to work illegally? lol. i think its better to stay away from illegal things, yes you are gaining something but if you got busted the loss will probably be greater than your

gains. as for taxing bitcoin don't worry they can't do that much as no one is controlling bitcoin, they can't access it. if they wan't to tax it that bad, they will probably target the

exchanges in other words, wallets with private keys you don't have any control. bottomline you get charge if you signed up on them.

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July 28, 2017, 08:56:48 PM
 #93

Bitcoin transactions can provide benefits like investments, but in my country the government or authorities have not been able to clarify Bitcoin's status. If the central bank clarifies the existence status of Bitcoin then the government can already apply the tax on the Bitcoin.
Generally speaking, I would not like to work legally, but people are always strangled with taxes. I actually agree to pay taxes, because thanks to them, the state lives. But I do not agree when taxes turn into state robbery. That's why I would not want Bitcoin to be legalized, because the state will be able to control my income.

so you want to work illegally? lol. i think its better to stay away from illegal things, yes you are gaining something but if you got busted the loss will probably be greater than your

gains. as for taxing bitcoin don't worry they can't do that much as no one is controlling bitcoin, they can't access it. if they wan't to tax it that bad, they will probably target the

exchanges in other words, wallets with private keys you don't have any control. bottomline you get charge if you signed up on them.
How then to feel secure in their coins.
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July 28, 2017, 09:23:57 PM
 #94

The best way to see bitcoin acceptable to the world is regulation, government regulations will have an impact on the tax sector, I think there is no problem with this because it is the best condition to be accepted in world economy. I do not think how much income they will cut but the most important is how many bitcoins are capable of generating change in modern world.

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July 28, 2017, 11:57:06 PM
 #95

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.

Yes, most people invest on bitcoin in order to get profits but there are some things that you have to pay as well such as bitcoin transaction fees and exchanges fees to withdraw. If an exchange has deposit fees, then it doesn't make sense, do not deposit at there.
If a country stated you have to pay tax if you buy bitcoin, what can you do to avoid that? Just pay it. Or looking for someone who wants to sell bitcoin, so you don't have to pay exchanges fees or tax.
Fortunately, in my country there is no such regulations, and all we have to pay is withdraw fiat currency on exchanges.
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July 29, 2017, 01:10:26 AM
 #96

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.

Yes, most people invest on bitcoin in order to get profits but there are some things that you have to pay as well such as bitcoin transaction fees and exchanges fees to withdraw. If an exchange has deposit fees, then it doesn't make sense, do not deposit at there.
If a country stated you have to pay tax if you buy bitcoin, what can you do to avoid that? Just pay it. Or looking for someone who wants to sell bitcoin, so you don't have to pay exchanges fees or tax.
Fortunately, in my country there is no such regulations, and all we have to pay is withdraw fiat currency on exchanges.

Very interesting situation I would've never imagined that could be possible but since it is, I would suggest that people go to alternate cryptocurrencies such as Monero which is the XMR. The question is how are can you going to pay taxes when the government cannot find out who you are Huh there are over 1000 versions of alternate cryptocurrencies search for the right one that works for your own purposes.
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August 23, 2017, 08:46:08 AM
 #97

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
Sometimes I've been thinking about if bitcoin become legalize in other country is it good? because, if the government declare bitcoin as their legal currency, does this means it has tax? something like that,..but as long as bitcoin decentralized bitcoin can't have taxes in every transaction.

           
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August 23, 2017, 09:08:30 AM
 #98

bitcoin is not currency and it should not be taxed.

That would be your opinion but not from the point of view of government and moreso, its not only a currency that is being taxed other items includes property, services, documents among other variances. It now depends on the category each country wants to put earnings from bitcoin into and they will then tax accordingly and there is nothing anybody can do about it so far its within the purview of the law,
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August 23, 2017, 09:29:08 AM
 #99

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
Sometimes I've been thinking about if bitcoin become legalize in other country is it good? because, if the government declare bitcoin as their legal currency, does this means it has tax? something like that,..but as long as bitcoin decentralized bitcoin can't have taxes in every transaction.

It is not clear what you mean by "legal currency"

If you mean making Bitcoin into legal tender (with which you can pay local taxes), that would make Bitcoin an official currency of that country. Obviously, it is rather strange to tax something with which you can pay taxes (I don't mean capital gains, of course). On the other hand, if you mean accepting Bitcoin as a foreign currency (sort of), then taxing it would obviously depend on specific jurisdiction since many governments follow different approaches in respect to taxing gains obtained via currency exchange operations

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August 23, 2017, 10:01:36 AM
 #100

If one could declare it as normal income that would be great, tax rate is low, but bitcoin gains most likely qualify as capital gains, same as forex trading or stocks trading and tax rate is much higher.

Don't really know how someone would declare Bitcoin Cash, it can be qualified as dividends from bitcoin or even as a donation or gift.

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August 23, 2017, 10:51:31 AM
 #101

My country to buy bitcoin is not taxable. But if you want to sell bitcoin .. I will be taxed. Maybe if you save your money in fiat form .. you will pay taxes on the bank or government. But if you keep bitcoin for a long time. You will avoid taxes .. and you will benefit from storing bitcoin. Your money will not be lost .. while the tax will spend your money in the future.

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August 23, 2017, 10:54:33 AM
 #102

If one could declare it as normal income that would be great, tax rate is low, but bitcoin gains most likely qualify as capital gains, same as forex trading or stocks trading and tax rate is much higher.

Don't really know how someone would declare Bitcoin Cash, it can be qualified as dividends from bitcoin or even as a donation or gift.

Luckily my goverment still forbid bitcoin usage so I can use bitcoin without pay any tax
IMO, even if my goverment one day legalize bitcoin usage, they must not applied tax on bitcoin since bitcoin basically is not a currency but it's a virtual currency


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August 23, 2017, 10:58:39 AM
 #103

Yes, for profit from the sale of crypto currency, you need to pay tax, but in our country so far it has not been accepted and I manage to evade taxes. To avoid taxes it is also not good to sell coins, but to make purchases for them.

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August 23, 2017, 01:00:45 PM
 #104

Yes, for profit from the sale of crypto currency, you need to pay tax, but in our country so far it has not been accepted and I manage to evade taxes. To avoid taxes it is also not good to sell coins, but to make purchases for them.
We can consider the taxes from the transaction fees if there is a company involved like in deposits and cashing out of our btc. I think it will be hard to put taxes in online transactions when there is no in built companies related.
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August 23, 2017, 01:12:32 PM
 #105

If one could declare it as normal income that would be great, tax rate is low, but bitcoin gains most likely qualify as capital gains, same as forex trading or stocks trading and tax rate is much higher.

Don't really know how someone would declare Bitcoin Cash, it can be qualified as dividends from bitcoin or even as a donation or gift.

Luckily my goverment still forbid bitcoin usage so I can use bitcoin without pay any tax
IMO, even if my goverment one day legalize bitcoin usage, they must not applied tax on bitcoin since bitcoin basically is not a currency but it's a virtual currency
Government cant tax bitcoin directly but they can able to impose taxes on the service which do accepts bitcoin in short even if they would accept or adopt bitcoin they cant directly impose taxes to its users thats why other government do really have this kind of restriction when it comes on bitcoins adoption to their place. Its a decentralized thing and no one can able to control it.

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August 23, 2017, 02:01:12 PM
 #106

If one could declare it as normal income that would be great, tax rate is low, but bitcoin gains most likely qualify as capital gains, same as forex trading or stocks trading and tax rate is much higher.
...
In the U.S. that would be devastating. Capitol gains tax is generally 0-15% whereas income tax is likely about 30%. You would more than double your tax burden if you had to pay income tax on your coins. 

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August 23, 2017, 02:23:01 PM
 #107

The Bible says that people must give 10% to God. I'm not a believer, but I think that this amount is time-tested. All that the government extorts taxes more than 10% of people will hide. And bitcoin is no exception. Tax evasion is a kind of protest of the people against robbery.
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August 23, 2017, 02:26:07 PM
 #108

Some countries have some still don't, that depends from country to country. I know about Australia they paid double taxes on bitcoin, now they don't cause the government nre measures. They wish to push that technology sector and to give it more space for developing. Sooner or later other countries will follow that, some counties will have strict laws about bitcoin, others will be more opened to bitcoin. There is no way to predict what will happen, we need to wait and see. Every country will be specific, and I think we will see many different decisions and laws in the future.

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August 25, 2017, 11:38:36 AM
 #109

yeah, varies from country to country. Likely counts as capital gains (tax) when converting the amount from crypto to fiat currency, but the question is then, how does the IRS ascertain the purchase price (likely self-reported  Wink) and what kind of proof is required, as this will determine the amount of tax. It gets even murkier on donations and pure crypto transactions (with no fiat conversion involved) - asset ownership transfer or donation tax? Even more complicated is what entity/entities gets to receive those taxes (country of citizenship, country of residence, node-based distribution). Personally I don't see it resolved unless an international regulatory framework is agreed on by most countries.
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August 25, 2017, 11:45:43 AM
 #110

If you sell Bitcoin for Fiat, then you have to pay taxes.
While Bitcoin is a currency, it is considered a commodity and therefore by selling it you're 'making money'.
It's illegal if you don't pay taxes.
Taxes need to be paid in any case. You in everything are right. It would be desirable to add that it is better to pay, than to hide.
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August 25, 2017, 04:10:45 PM
 #111

yeah, varies from country to country. Likely counts as capital gains (tax) when converting the amount from crypto to fiat currency, but the question is then, how does the IRS ascertain the purchase price (likely self-reported  Wink) and what kind of proof is required, as this will determine the amount of tax. It gets even murkier on donations and pure crypto transactions (with no fiat conversion involved) - asset ownership transfer or donation tax? Even more complicated is what entity/entities gets to receive those taxes (country of citizenship, country of residence, node-based distribution). Personally I don't see it resolved unless an international regulatory framework is agreed on by most countries

But that's even less likely

To be resolved in any definitive manner since every country seems to have their own, particular view on Bitcoin. In some countries (say, Japan) it is fully allowed just like any other currency (read Bitcoin is considered as just a foreign currency). In other countries (for example, Russia), there is no official regulation of Bitcoin whatsoever, and it continues to dwell in the so-called "twilight zone". I don't even mention countries where it is not just explicitly banned but people are actually thrown into jail for simply mining a cryptocurrency. Okay, let's call one such country, Venezuela seems to be the most glaring example of this kind

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August 25, 2017, 04:11:59 PM
 #112

I do not pay taxes for Bitcoin yet, but I think when it will be accepted in our country, the taxation will become mandatory. I hope they can not check how long I have not paid taxes.

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August 25, 2017, 07:12:08 PM
 #113

I do not pay taxes for Bitcoin yet, but I think when it will be accepted in our country, the taxation will become mandatory. I hope they can not check how long I have not paid taxes.

The blockchain is a permanent record. And as far as the government is concerned, they can go back as long as they want, if they would like to collect taxes from you. On top of that, they will impose penalties and interest.
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August 25, 2017, 07:41:33 PM
 #114

I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view  bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.

Actually it isn't since bitcoin can somehow considered as an asset income tax is necessary, but it was only for income tax if you're about to save it then there will be no tax for that since you didn't gain any actual profit from doing that, the tax is only applicable with trading and other things that can gain actual profit from so tax is not as bad as you though.





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August 25, 2017, 07:59:35 PM
 #115

I do not pay taxes for Bitcoin yet, but I think when it will be accepted in our country, the taxation will become mandatory. I hope they can not check how long I have not paid taxes

I don't know where you live

Since things may differ between jurisdictions significantly, but typically most laws don't have retroactive force or retrospective action. That basically means if Bitcoin is accepted or legalized in some shape or form (say, Bitcoin taxes are introduced), you won't have to pay taxes on income earned before the day when such a law would be enacted. The particular details may be different in various jurisdictions but the so-called ex post facto laws are not generally very common. In fact, in many jurisdictions and constitutions they are expressly prohibited. For example, such laws are explicitly forbidden by the US Constitution on both federal and state levels

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August 25, 2017, 09:08:37 PM
 #116

The Bible says that people must give 10% to God. I'm not a believer, but I think that this amount is time-tested. All that the government extorts taxes more than 10% of people will hide. And bitcoin is no exception. Tax evasion is a kind of protest of the people against robbery.

It's impossible to avoid from taxes, there are middleman services that make the fees necessary to pay these people. When you transact Bitcoins the fees income go to miners, when you use exchanges the fees are used to pay the exchange service and when you turn Crypto-Currency into fiat the same...

I just think the fees should be lower than they are now, especially when we talk about governments. They are smart and use the fees income not only to pay the middleman who assist this kind of deal, but to steal also or to use on another areas where this money shouldn't be used.

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August 28, 2017, 06:15:13 AM
 #117

If you sell Bitcoin for Fiat, then you have to pay taxes.
While Bitcoin is a currency, it is considered a commodity and therefore by selling it you're 'making money'.
It's illegal if you don't pay taxes.
Taxes need to be paid in any case. You in everything are right. It would be desirable to add that it is better to pay, than to hide.
Those taxes that government can justify are bound to be paid but those which are absurd and also not used for the welfare of public, why to pay those taxes. Just because of these taxes, people are highly attracted towards crypto currencies. No one is there to charge them any shitty tax in the crypto kingdom.

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August 28, 2017, 07:25:53 AM
 #118

In countries where bitcoin has not been legalized or regulated yet,there is no need to pay taxes when we convert bitcoins in to fiat.Even in our india,bitcoin has not been yet legalized or regulated and so i'm enjoying a tax free income from bitcoins.But,for countries which has legalized or regulated and which has created laws for taxing bitcoin earnings,there is no other option other than paying taxes.But i think if we sell our bitcoins for cash to a person directly,then we need not have to pay taxes for our bitcoins.
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August 29, 2017, 10:37:31 AM
 #119

In countries where bitcoin has not been legalized or regulated yet,there is no need to pay taxes when we convert bitcoins in to fiat.Even in our india,bitcoin has not been yet legalized or regulated and so i'm enjoying a tax free income from bitcoins.But,for countries which has legalized or regulated and which has created laws for taxing bitcoin earnings,there is no other option other than paying taxes.But i think if we sell our bitcoins for cash to a person directly,then we need not have to pay taxes for our bitcoins.
Ahan! Few weeks back I heard news that India has legalized bitcoins but here you saying that you are not paying any taxes for your bitcoins income. I guess no one wants to pay taxes for their bitcoin earnings. People switched to bitcoins just to avoid bloody taxes. I am myself not interested in paying for wars.

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August 30, 2017, 01:33:17 AM
 #120

In countries where bitcoin has not been legalized or regulated yet,there is no need to pay taxes when we convert bitcoins in to fiat.Even in our india,bitcoin has not been yet legalized or regulated and so i'm enjoying a tax free income from bitcoins.But,for countries which has legalized or regulated and which has created laws for taxing bitcoin earnings,there is no other option other than paying taxes.But i think if we sell our bitcoins for cash to a person directly,then we need not have to pay taxes for our bitcoins.
Ahan! Few weeks back I heard news that India has legalized bitcoins but here you saying that you are not paying any taxes for your bitcoins income. I guess no one wants to pay taxes for their bitcoin earnings. People switched to bitcoins just to avoid bloody taxes. I am myself not interested in paying for wars.
Ofcourse as much as possible if we can not pay on it then  we will not pay on it. It is quite hard for the government to detect bitcoin users for them to tax it. The only possible way to tax btc is through the applications or services of companies through transaction fees.