Ayers
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July 27, 2017, 02:36:38 PM |
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Hello Is there a tax on the bitcoin or any new law that entered regarding tax on selling and buying bitcoin? ( if i have profit ) Or as a Miner is there a tax?
thank you for your help!
it depends on your country mate, some have tax other not, but if you sell and have a capital gain you must pay in any country afaik, for mining if you don't sell your bitcoin or altcoin, you don't pay anything but otherwise you pay tax on your income
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nakata90
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July 27, 2017, 03:05:59 PM |
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Hello Is there a tax on the bitcoin or any new law that entered regarding tax on selling and buying bitcoin? ( if i have profit ) Or as a Miner is there a tax?
thank you for your help!
I know in current Miner not considered a job in most country, just need pay fee electric bill with huge money every month. But, I don't know in next time if Bitcoin and cryptocurrency accept as digital cash internet, the government will tax fees or not?
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lance04
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July 27, 2017, 03:21:25 PM |
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Hello Is there a tax on the bitcoin or any new law that entered regarding tax on selling and buying bitcoin? ( if i have profit ) Or as a Miner is there a tax?
thank you for your help!
for now i think there's no tax if you use bitcoin for transactions but there's a ALOT of FEE on your app devs if you do transactions even on mining there's a dev fee
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Kprawn
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July 27, 2017, 03:47:17 PM |
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Capital gains tax is applicable on the profit that you made. I am not clear on the tax implications if you were gifted with bitcoins. Let's say your relatives gifted you 5 bitcoins. Will you have to declare the gift and pay tax on the whole amount? I gave one relative some coins to pay some debt and to get started with Bitcoin trading. Can I declare the gift that I gave him? Yes, I know it differs from country to country. ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif)
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vasrasus
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July 27, 2017, 04:02:41 PM |
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Capital gains tax is applicable on the profit that you made. I am not clear on the tax implications if you were gifted with bitcoins. Let's say your relatives gifted you 5 bitcoins. Will you have to declare the gift and pay tax on the whole amount? I gave one relative some coins to pay some debt and to get started with Bitcoin trading. Can I declare the gift that I gave him? Yes, I know it differs from country to country. ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) If you already paid the tax for the 5BTC before you gift it then the receiver has no obligation to declare a tax for it since the transaction happened is just an internal. Transaction fee will serve as the tax for that gift.
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Lubang Bawah
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July 27, 2017, 04:41:33 PM |
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I think these are the sides and weaknesses of bitcoin, many argue that bitcoin is very prone to money laundering and tax evasion.
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senin
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July 27, 2017, 04:54:56 PM |
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I'm just wondering how the country's tax authorities will be able to control the increase in capital in bitcoins in order to tax such an increase in tax? After all, such activities are completely anonymous. Even if the relevant laws on the taxation of income from the crypto currency are introduced in a particular country, how can such a law be executed and the profits received controlled? It turns out that if the citizen does not show such a profit on a voluntary basis, then it will not be able not only to control, but also to fix that such a profit really was.
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TheGodson
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July 27, 2017, 06:12:09 PM |
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The whole amount counting on the actual rate.
If I traded 31,500 Little Caesar's pizzas for a house of $200,000 and sold it many years later at $400,000? I would have to pay taxes on the house for the $400,000. - snip -
That is not true with United States federal income tax. You would calculate the fair market value of 31,500 Little Caesar's pizza's and use that as a cost basis. You would subtract that value from the $400,000 and pay the capital gains income tax on the difference. Depending on how you acquired the 31,500 Little Caesar's pizza's you may or may not have to pay an income tax on the fair market value of 31,500 Little Caesar's pizza's in the year that you acquire the house. Oh yeah you're right. I forgot that very important part. You only pay taxes on the gains. Little Caesar's pizzas are worth $6.35 per pizza. 31,500 of them is roughly about $200,000. So you are selling your house for a 400,000 - 200,000 = $200,000 profit and therefore need to pay the capital gains tax on only that $200,000. I'm thinking that at this time we should enjoy bitcoin as an asset. If it becomes very popular it will probably be recognized as a currency, making income tax come into play instead of the lovely capital gains tax. Enjoy it while you can. ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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ThunderCatSteve
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July 30, 2017, 11:01:21 AM |
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All countries have different policies depending on the country where you live? I think even if profitable you can also give advantage to your country by paying tax fee it's not big deal ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) Agreed! It is not bad to pay off tax if you are earning while staying in the state. State has a great right on our possessions. But the tax should be less. Too much tax is not good for bitcoins. Originally it was made to be a currency that is tax free and provided complete freedom to its users. Personally I feel sad for those who are paying tax on bitcoins.
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senin
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July 31, 2017, 04:58:28 PM |
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Each country has the right to impose any taxes on it. Since the Crypto-currency can make a profit, such activity can also be taxed. For example, Japan recently introduced a tax on profits from the digital currency, which is eight percent of the amount of profits.
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BartS
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July 31, 2017, 05:03:16 PM |
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Hello Is there a tax on the bitcoin or any new law that entered regarding tax on selling and buying bitcoin? ( if i have profit ) Or as a Miner is there a tax?
thank you for your help!
When it comes to taxes laws vary wildly not only between countries but even between different states so it is better to consult a tax attorney about the taxes you are due than to try to make sense of it in a forum like this, this forum is great for a lot of things but it is not for legal advice.
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Gintama214
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July 31, 2017, 06:07:55 PM |
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I think some countries have taxes in bitcoin but not all countries. Some countries do not see bitcoin as a source of income yet that's why they don't have taxes and the government doesn't care about it but some of the countries see bitcoin as income that's why they do have taxes. Each countries have different rules and you should do your research in your country if there is a tax in your country, even though sooner or later bitcoin will be known all around the world and most countries will recognize bitcoin as a source of income and if that time will happen I'm sure the government will issue a tax in bitcoins, so for now enjoy your tax free money if you don't have tax in your place. ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
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ascopel
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August 01, 2017, 01:18:04 AM |
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I am not completely sure about the US but I will take a stab at it anyway. If you sell your Bitcoin back into fiat, spend it on altcoin, or spend it on anything then you would pay a capital gains tax on it or take a loss depending on if you purchase something with Bitcoin at a lower Bitcoin value than when you bought it. My suggestion would be that if you are a long term holder but want to spend bitcoin to buy Alts is that you stash your long term bitcoin holding away in a wallet to grow and just buy bitcoin on the exchange and immediately turn around and buy the alt with it not mixing it with your long term stash or you will have to pay tax on it by way of FIFO. Sure, with the volatility of bitcoin you may have a small loss or gain by the time you buy the alt but you'll just have to try to keep track of it. I am by no means a tax expert but I plan to consult one down the road when I want to start spending my accumulated bitcoin. My advice is to be honest and not cheat the tax man in the US even though I don't know anyone who likes to pay taxes.
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BartS
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August 03, 2017, 05:18:23 PM |
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Capital gains tax is applicable on the profit that you made. I am not clear on the tax implications if you were gifted with bitcoins. Let's say your relatives gifted you 5 bitcoins. Will you have to declare the gift and pay tax on the whole amount? I gave one relative some coins to pay some debt and to get started with Bitcoin trading. Can I declare the gift that I gave him? Yes, I know it differs from country to country. ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) It depends from country to country, in my country you as the giver of the gift do not have to do a thing, but the receiver of the gift has to declare it if the value of the gift is bigger than 200 dollars, so you are in the clear I guess under most jurisdictions, and your relative is the one that should research how to declare that income.
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senin
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August 04, 2017, 03:43:35 AM |
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I believe that the state can not establish a tax on the sale or purchase of a bitpoin on the exchange or between individuals within the digital space, except for commissions for a transaction. When buying and selling crypto currency through a bank, the bank sets the amount of commission taking into account the possible taxes of the state, that is, the amount of tax should be included in the amount of commission. Each state can only establish a profit tax on activities with a crypto currency. In Japan, for example, this tax was recently set at 8 percent of the profit that brought the crypto currency. Other taxes, in my opinion, the state can not establish. However, for full confidence in this, it is necessary to consult a lawyer of your country.
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BartS
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August 08, 2017, 05:42:27 PM |
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I believe that the state can not establish a tax on the sale or purchase of a bitpoin on the exchange or between individuals within the digital space, except for commissions for a transaction. When buying and selling crypto currency through a bank, the bank sets the amount of commission taking into account the possible taxes of the state, that is, the amount of tax should be included in the amount of commission. Each state can only establish a profit tax on activities with a crypto currency. In Japan, for example, this tax was recently set at 8 percent of the profit that brought the crypto currency. Other taxes, in my opinion, the state can not establish. However, for full confidence in this, it is necessary to consult a lawyer of your country.
Yes it can, bitcoin is considered in some jurisdictions as an asset, like a stock, if you buy a stock for 5 dollars and then you sell it for 10 then you are subject to taxes for capital gains, basically you need to pay taxes on the profits you got from selling the stock, to me it does not make sense but that is the way it works.
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bitbunnny
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August 08, 2017, 06:18:55 PM |
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Not many countries have tax on Bitcoin. In fact if they do then it's connected with trading od other business not just holding coins ih your possesion. You can make inquires at your local tax authorities and search for some laws on that subject.
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bitcoinmaniac52
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August 16, 2017, 12:10:27 AM |
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Not many countries have tax on Bitcoin. In fact if they do then it's connected with trading od other business not just holding coins ih your possesion. You can make inquires at your local tax authorities and search for some laws on that subject.
That is not true. If you own Bitcoin it is considered an asset and if your asset increases in value then you must pay income tax on that.
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karisiak123
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August 26, 2017, 10:45:53 AM |
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I do not know the taxes that there must be bitcoin taxes in USD, whether many or a little I do not know for sure, but I thank the bitcoin for having a lot of my life changed.
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pokeronlinestatus
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September 14, 2017, 10:41:27 AM |
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Hello Is there a tax on the bitcoin or any new law that entered regarding tax on selling and buying bitcoin? ( if i have profit ) Or as a Miner is there a tax?
thank you for your help!
There is no tax on bitcoin because they do not even know you are making transactions on the network so why or how would they then come and tax you, all they can do is just see your transactions logged on the blockchain and nothing more.
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