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Author Topic: Bitcoin vs Taxes  (Read 6699 times)
Suffoc8
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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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foxbat
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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.
bohr
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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
 #33

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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Vikingr
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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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