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Author Topic: Bitcoin vs Taxes  (Read 6651 times)
RasicaOla12
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August 14, 2018, 02:10:45 AM
 #261

Bitcoin exchanged with others is considered as your income, meaning you have to pay income tax. Bitcoin earned through trade or bitcoin exchange is also considered a taxable benefit in personal income.
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patarfweefwee
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August 14, 2018, 08:05:46 AM
 #262

Actually in our case, you don't get taxed as long as you don't cash out your investments. You can buy as much as you want but by the time you cash out then that is the time the government will tax you. So my strategy? I convert my crypto currency portfolio and place it fiat stock market of my country's fiat.

Shadon24
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August 14, 2018, 08:11:09 AM
 #263

Taxes have always been a subject that people have commented a lot lately. I think bitcoin is our property if our wealth is so much that we should be obliged to submit to the state.
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August 16, 2018, 08:29:18 AM
 #264

Bitcoin exchanged with others is considered as your income, meaning you have to pay income tax. Bitcoin earned through trade or bitcoin exchange is also considered a taxable benefit in personal income.
Yes that is but we know that most of the countries in this world are tax free for cryptocurrencies while few are taxed countries for crypto. People living in tax free countries are enjoying their profits and wealth because their governments do not want to give them more pressure to pay tax here as well. In countries where it is taxable by government made it difficult for people to pay tax on everything.
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September 17, 2018, 04:38:53 PM
 #265

It depends on country and your exchange, in my when I send fiat due to change into BTC i must write that it is investment. So after "successful" investment I will must pay some taxes. So for example the first part of paying is when u exchange FIAT into BTC, and then propably if you get an income from your investment.
Silberman
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September 17, 2018, 05:41:10 PM
 #266

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.
You need to understand this, as soon as you enter the fiat market the governments make the rules, that is the main reason why governments are going to try to stop the adoption of bitcoin so people cannot exchange their bitcoin directly that easily, if we get to the point in which you can exchange your bitcoin for almost any product and service that you can imagine then it's game over for the governments.
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September 17, 2018, 05:49:29 PM
 #267

Ane rasa Pajak itu memang wajib berkembang nya sebuah negara apabila rakyatnya taat pajak

Stupid noob,this is english section and theres no place for local speakers here better go back to mountains in which where you belong

Taxes have always been a subject that people have commented a lot lately. I think bitcoin is our property if our wealth is so much that we should be obliged to submit to the state.
right dude,taxes is every peoples obligations when we made profit so theres nothing to be debatable because we must pay taxes

Edraket31
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September 17, 2018, 09:11:43 PM
 #268

It depends on country and your exchange, in my when I send fiat due to change into BTC i must write that it is investment. So after "successful" investment I will must pay some taxes. So for example the first part of paying is when u exchange FIAT into BTC, and then propably if you get an income from your investment.
We do have different county and different perception about cryptocurrency in our own government and if the law requires us to pay for taxes then there is no way for us not to follow our own government and it would be better if we will just follow them rather than having a crime which is tax evasion, at least on the other way around we are helping our country.
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September 18, 2018, 12:25:06 AM
 #269

It depends on country and your exchange, in my when I send fiat due to change into BTC i must write that it is investment. So after "successful" investment I will must pay some taxes. So for example the first part of paying is when u exchange FIAT into BTC, and then propably if you get an income from your investment.
We do have different county and different perception about cryptocurrency in our own government and if the law requires us to pay for taxes then there is no way for us not to follow our own government and it would be better if we will just follow them rather than having a crime which is tax evasion, at least on the other way around we are helping our country.
for some countries, I don't think bitcoin belongs to property, and it's not stable, so it's very difficult to determine the tax. besides, we do not know with whom this tax must be collected, because taxes are used for joint development.

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pandanaran
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September 18, 2018, 12:40:14 AM
 #270

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'm not having problems like that, it's kind of weird if we have to pay taxes on bitcoin or other cryptocurrency purchases, I think there must be a reason for this, while the government doesn't accept bitcoin but why is there a tax? and there is no official regulation regarding that in my country.

deppil
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September 18, 2018, 01:49:46 AM
 #271

It depends on country and your exchange, in my when I send fiat due to change into BTC i must write that it is investment. So after "successful" investment I will must pay some taxes. So for example the first part of paying is when u exchange FIAT into BTC, and then propably if you get an income from your investment.
We do have different county and different perception about cryptocurrency in our own government and if the law requires us to pay for taxes then there is no way for us not to follow our own government and it would be better if we will just follow them rather than having a crime which is tax evasion, at least on the other way around we are helping our country.
is the obligation must also be followed by anonymous bitcoin users? even without us paying taxes though they won't know that?
then what is our advantage if tax is applied? the government only uses their power to extort and gain profit from all parties arbitrarily

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gambitcoin53
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September 18, 2018, 02:03:57 AM
 #272

It depends on country and your exchange, in my when I send fiat due to change into BTC i must write that it is investment. So after "successful" investment I will must pay some taxes. So for example the first part of paying is when u exchange FIAT into BTC, and then propably if you get an income from your investment.
We do have different county and different perception about cryptocurrency in our own government and if the law requires us to pay for taxes then there is no way for us not to follow our own government and it would be better if we will just follow them rather than having a crime which is tax evasion, at least on the other way around we are helping our country.
is the obligation must also be followed by anonymous bitcoin users? even without us paying taxes though they won't know that?
then what is our advantage if tax is applied? the government only uses their power to extort and gain profit from all parties arbitrarily

agree, it is not a choice but a law rather, third parties are being taxed, it may be hidden as huge fees, most of the time, the one being taxed are the third parties, but those amount was being shouldered by their clients disguise as fees, we cannot see the itemized amount of fees being imposed by exchanges, but bitcoin being taxed are dependent on which country does the exchanges belong to.

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DavidNiva
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September 18, 2018, 02:17:16 AM
 #273

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 is true that the state takes taxes from exchanges, bitcoin deposits and the state still regards bitcoin as a tradable commodity so things like this are very natural because in countries that do not support bitcoin, bitcoin cannot be used to pay for goods, so the owners only can have it just to save.
spongegar
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September 18, 2018, 04:00:39 AM
 #274

I don't think that paying for taxes is stupid. For one thing, paying taxes means that crypto currency will be under the protection of the government and anyone who tries to commit fraud or theft on its citizens will be persecuted by the full extent of the law. Besides, there are ways to minimize your tax if you just read up on your country's taxation laws.

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September 18, 2018, 04:52:49 AM
 #275

I think that will only happen if you buy and sell bitcoin at the exchange place. I am sure there will be tax from the maker and taker, and the tax is not too much, just as a transaction fee, because you have to know every place of exchange has a fee when make a transaction.
kenlyresuello08
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September 20, 2018, 04:50:59 AM
 #276

It's the government protocol so we have follow their orders if we don't want to ban the bitcoin currency in our own country
Silberman
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September 21, 2018, 04:15:06 PM
 #277

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'm not having problems like that, it's kind of weird if we have to pay taxes on bitcoin or other cryptocurrency purchases, I think there must be a reason for this, while the government doesn't accept bitcoin but why is there a tax? and there is no official regulation regarding that in my country.
You need to understand their position, they are seeing that a new industry is being born and like always governments want a piece of all the money that is being generated by people in those different businesses, but they are realizing that if they accept this new form of money in the long run they are going to be affected, so they want the benefits of taxation but they do not want to make it legal.
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October 15, 2018, 12:03:34 PM
 #278

It depends on country and your exchange, in my when I send fiat due to change into BTC i must write that it is investment. So after "successful" investment I will must pay some taxes. So for example the first part of paying is when u exchange FIAT into BTC, and then propably if you get an income from your investment.
Taxes are state revenues that are used for government development and funding, therefore there is no reason whatsoever that everything related to business must be taxed, including bitcoin. Because bitcoin is on the internet wallet it is certainly not tracked, but when exchanging bitcoin into fiat money, it can be taxed.
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October 15, 2018, 12:39:26 PM
 #279

In my country, it is officialy not a currency, and yes, people should pay taxes after the profit, made by the value growth of the cryptocurrency. But the regulation is quite unclear, and I don't know, if there is anyone, who actually paid any tax after crypto investments. Smiley

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October 15, 2018, 02:48:25 PM
 #280

For me it is okay to put taxes on bitcoin as long as its on a right price. We all know how taxes help our country thats why i never doubt to pay my taxes. Because in the end all you given will be back to you and your family
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