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kryptoknightk (OP)
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July 25, 2017, 06:57:11 AM |
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Do you guys pay taxes on your crypto currencies? What do you guys think of taxes when it comes to decentralized crypto?
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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InsiderOfCrypto
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July 25, 2017, 09:34:28 AM |
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I do not only pay taxes I'm also singing the National Anthem every time I'm doing so
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nappoleon
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July 25, 2017, 10:05:37 AM |
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In my case, my country has given no clarified classification on cryptocurrencies hence my cyrpto profits on trading has no tax when basing it legally. However, the liquidity is low we only have 2 companies doing services for such and it is ported out to money remittance services and the like or a bank which you will wait for it the next day to be processed. Basically there's still a cut or the spread is about 10% when I try to cash it out. I feel that kind of offsets the tax thing.
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Script
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July 25, 2017, 10:14:15 AM |
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I don't pay any taxes on cryptocurrencies I own because there are no taxes to pay, if/when the time comes that I have to pay something, I'll do it, because, you know, you don't mess with the taxman.
I don't think there will be a tax on cryptocurrency, usually taxes on property are for physical stuff, like houses and cars.
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StevenRA
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July 25, 2017, 10:27:03 AM |
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Definitely an interesting and important question. I think as of now it doesn't get taxed, but different governments can and presumably will legislate to change that, and courts may also choose to issue rulings treating cryptocurrency as an asset if the topic comes up.
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flag39
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July 25, 2017, 10:38:22 AM |
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I did not pay taxes to the government but when i made some exchanges on bittrex they charged me a fee for the exchange and a tax fee of 100 000 satoshies.
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darkangel11
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July 25, 2017, 10:44:33 AM |
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In the EU, where I live, you don't have to pay taxes on held cryptocurrencies, only on fiat that comes from selling them. That is why I don't report how much crypto I own.
One day, when I decide to cash out and buy something, like a motorcycle or a piece of land, I'll of course pay my taxes. It's very difficult to hide large purchases and not worth the risk IMO.
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Ammigo13
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July 25, 2017, 11:17:42 AM |
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I do not pay taxes for using crypto currency. In our country, until now, bitcoins have not been accepted, and nothing specific about this is a gag. I think that there is no need to pay tax for the crypto currency.
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Mometaskers
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July 25, 2017, 12:56:14 PM |
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I don't. I'm not required to. Our government already takes a lot of money from the exchange whenever we cash in or out, hence the high spread. And it's not like they are capable of tracking down every transaction.
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Lieldoryn
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July 25, 2017, 01:08:33 PM |
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I don't pay taxes and are not going to do that. To I pay taxes I have to see how we spent my money and I need to trust the government. At the moment I do not see and therefore do not feel obliged to my country. My money is only mine and I do not owe anything to the government.
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iram1011
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July 25, 2017, 01:10:43 PM |
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No, in my country government is still in a discussion mode for regulations on Bitcoin. Exchanges are subjected to taxes and they charge us in turn. Thus, we are indirectly paying the tax. But there is no such direct tax on capital gain through Bitcoin.
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Xester
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July 25, 2017, 01:18:11 PM |
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As far as I know I do not pay any taxes whenever I use bitcoins. But everytime I will withdraw some of my bitcoins through redemption center or remittances there are charges on it. So maybe there is tax. That is there way to earn from us the money that we get from them. But as to load and other services there is no charge.
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Palmerson
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July 25, 2017, 02:32:34 PM |
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As far as I know I do not pay any taxes whenever I use bitcoins. But everytime I will withdraw some of my bitcoins through redemption center or remittances there are charges on it. So maybe there is tax. That is there way to earn from us the money that we get from them. But as to load and other services there is no charge.
This is not a tax. It is the earnings of those who carries out the transaction or exchange. If the IRS verifies your Bank account and you will see that there are amounts not paid by you in the Declaration you will have problems. |
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erep
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July 25, 2017, 02:42:44 PM |
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Most of the countries havent decided their statement on cryptocurrencies yet. Many governments think they are the easiest way for money laundering and using black money. Some local exchanges put taxes on conversion of Bitcoins when you convert them to fiat. No one knows whether they pay them to the govt or not.
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Funeral Wreaths
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July 25, 2017, 03:51:24 PM |
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i am not expert in terms of cryptocurrencies but as for me, is it the fees we are paying not the taxes? Or you just misunderstood the meaning of taxes, maybe its because only the government has the right to ask taxation funds, for me i believe that taxes are the fees we are already paying, not only to ask them to send our money but a part of it is their share.
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oberotek
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July 25, 2017, 03:59:45 PM |
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I've paid once and then they've come for more with the guns  |
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NeilLostBitCoin
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July 25, 2017, 04:31:02 PM |
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I think it will never happen that crypto will be deventralized. but as for your question at this current days, I dont pay taxes on my earnings thru bitcoin. the government on our country has no idea about what is cryptocurrency and how they can charge taxes on the users.
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kokojie
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July 25, 2017, 04:55:36 PM |
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Depends on where you live. In a lot of countries, you'd be looking at jail time if you don't report and pay your taxes on the gains you made trading crypto.
Though this should only happen when you convert your crypto to fiat. If you just keep trading between Bitcoin vs Altcoins, then I don't think you have to pay taxes in any country.
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btc: 15sFnThw58hiGHYXyUAasgfauifTEB1ZF6
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zekeshawn
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July 25, 2017, 05:45:05 PM |
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In my country I don't pay any taxes with my cryptocurrency since they don't require us to pay and the exchange we use charge a lot every time we withdraw so I think that fair enough. But if in case our government will decide and implement tax for those who are holding crypto then i would gladly follow the rules to avoid trouble in the future.
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bryant.coleman
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July 25, 2017, 05:53:44 PM |
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Do you guys pay taxes on your crypto currencies? What do you guys think of taxes when it comes to decentralized crypto?
Are you nuts or what? I don't want to pay any tax on my income from crypto-currencies and till now I have never paid any such taxes in my life. I am already paying income tax on my wages from the regular job, and the tax rates are quite high here. I don't want to pay anymore taxes on top of what I am already paying to the government. |
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