BITCOIN user Tax

[y4y4n8]

Bitcoin Users Get Dedicated Tax Reporting Software in US

Blockchain Software as a Service startup Node40 has released its cryptocurrency tax reporting product for Bitcoin users.

Having initially been available for Dash traders, the company’s Balance software is now able to to calculate Bitcoin gains for tax reporting purposes precisely.

The tool is a direct response to increased scrutiny from US authorities, not least among which the IRS’ ongoing battle with Coinbase amid surging user numbers.

“The IRS Coinbase summons motivated Dash owners to use our service and get their records in order for the 2016 tax season, and Bitcoin owners have well and truly been put on notice,” CEO Perry Woodin said in a press release about the launch.

“The voluntary compliance rate for United States citizens is over 80 percent, which makes it obvious that most people take reporting their tax liability seriously; we believe Bitcoin users haven’t had the right tools available yet.”

Users will initially have to transfer coins to an Electrum wallet to use the tax reporting service before it is made available more widely.

Coinbase debacle
It is still problematic for the majority of Bitcoin users to successfully report capital gains in jurisdictions where doing so is legally required.

Statistics which surfaced as part of the IRS-Coinbase debacle suggested only several hundred US traders report each year, while the overall numbers transacting with Bitcoin are now in the millions.

“Even as digital currency matures and more mainstream investors jump aboard, we believe that Bitcoin will permanently remain a form of property,” Woodin continued.

https://cointelegraph.com/news/bitcoin-users-get-dedicated-tax-reporting-software-in-us

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[Jafri101]

As far as for the user there is no particular taxes on bitcoins in my country atleast. We all pay mining fees in every transaction that is supposed to be enough from users i guess. I have heard the transaction fee is being reduced soon using bitcoin core network due to the segwit.

[iamTom123]

Well, the government needs help and their citizens must be paying correct taxes in return the government will not be banning exchanges and the whole of cryptocurrency. And with this latest software, taxpayers would not have a hard time computing what they should be declaring and remitting to the IRS. As they say, if there is a will there is always a way...that can be the motto of IRS these days as it wants to have a pie in the burgeoning cryptocurrency market.

Again, paying taxes can be much better than being banned. And I know that most US citizens are good in paying their taxes otherwise they might be experiencing signal no.6 (much more destructive than Irma and Harvey combined) if they ignored and failed to pay what can be due to Big Sam.

I am glad that am living in a country which is not yet strictly implementing to individuals the tax laws on online transactions and income though am sure we are paying it as embedded in the exchange transactions. This might be changing though in the coming years.

[Marry Finch]

The tax on the profit from the crypto currency we, vozzo, will have to pay. However, the proposed scheme is rather cumbersome. On another stream there was information that the US Senate introduced a bill on tax collection only taking into account those transactions that exceed 600 US dollars. This, in my opinion, is more real.

[Falgorn]

As far as I understand, in the US there are no laws yet, which would oblige citizens to pay taxes on profits in the crypto currency. Translate the Crypto currency into one coin, and not bitcoin, so that the tax could determine the tax object is cumbersome and impractical. It is unlikely that this will be in practice.

[Emmami@758]

Bitcoin Users Get Dedicated Tax Reporting Software in US

Blockchain Software as a Service startup Node40 has released its cryptocurrency tax reporting product for Bitcoin users.

Having initially been available for Dash traders, the company’s Balance software is now able to to calculate Bitcoin gains for tax reporting purposes precisely.

The tool is a direct response to increased scrutiny from US authorities, not least among which the IRS’ ongoing battle with Coinbase amid surging user numbers.

“The IRS Coinbase summons motivated Dash owners to use our service and get their records in order for the 2016 tax season, and Bitcoin owners have well and truly been put on notice,” CEO Perry Woodin said in a press release about the launch.

“The voluntary compliance rate for United States citizens is over 80 percent, which makes it obvious that most people take reporting their tax liability seriously; we believe Bitcoin users haven’t had the right tools available yet.”

Users will initially have to transfer coins to an Electrum wallet to use the tax reporting service before it is made available more widely.

Coinbase debacle
It is still problematic for the majority of Bitcoin users to successfully report capital gains in jurisdictions where doing so is legally required.

Statistics which surfaced as part of the IRS-Coinbase debacle suggested only several hundred US traders report each year, while the overall numbers transacting with Bitcoin are now in the millions.

“Even as digital currency matures and more mainstream investors jump aboard, we believe that Bitcoin will permanently remain a form of property,” Woodin continued.

https://cointelegraph.com/news/bitcoin-users-get-dedicated-tax-reporting-software-in-us

I  think on bit coin has no tax.maximum no tax on bit coin in my country. if we have any other property like land, house, business and others on that we have to pay tax. but on bit coins has no tax. for that reason most of the people changing their money in to bit coins form.

[Palmerson]

I understand that you encourage people to voluntarily pay taxes? Lol. In order to collect taxes the state should create conditions for people which will not only earn more but also comfortable to exist. What makes a state? Ljudi risk your money, do not sleep at night to ensure a decent life. This in order to earn the salary of officials-idlers? Let they themselves earn.

[Opquar]

That's a ridiculously high voluntary rate compliance. I was under the impression that most Bitcoin users use it to avoid regulations like taxes. This is good, though, because it means they're not planning on banning it anymore. I'm fairly sure they're going to be pushing for a higher compliance rate in the future though, since they're missing out on roughly 20% revenue in taxes as is.

[Irvinn]

As far as for the user there is no particular taxes on bitcoins in my country atleast. We all pay mining fees in every transaction that is supposed to be enough from users i guess. I have heard the transaction fee is being reduced soon using bitcoin core network due to the segwit.

The commission for the transaction goes to the miners servicing the transaction and has nothing to do with paying the tax to the state. Therefore, the state, as a rule, establishes a tax on profits from operations with crypto currency. It is collected when such an operation is carried out, and if such rules are not established, then by filing a national tax return, where citizens voluntarily indicate the object of taxation and the amount payable as a tax. However, this is associated with greater typos with tokens, since they are not amenable to calculating the tax.

[Granxis]

As far as for the user there is no particular taxes on bitcoins in my country atleast. We all pay mining fees in every transaction that is supposed to be enough from users i guess. I have heard the transaction fee is being reduced soon using bitcoin core network due to the segwit.

If segwit was real, we would have paid less transfer fee, but unfortunately Segwit was canceled, it was bad for users, but it was good for miners.

[Lieldoryn]

As far as for the user there is no particular taxes on bitcoins in my country atleast. We all pay mining fees in every transaction that is supposed to be enough from users i guess. I have heard the transaction fee is being reduced soon using bitcoin core network due to the segwit.

The commission for the transaction goes to the miners servicing the transaction and has nothing to do with paying the tax to the state. Therefore, the state, as a rule, establishes a tax on profits from operations with crypto currency. It is collected when such an operation is carried out, and if such rules are not established, then by filing a national tax return, where citizens voluntarily indicate the object of taxation and the amount payable as a tax. However, this is associated with greater typos with tokens, since they are not amenable to calculating the tax.

Tell me how you are going to consider the amount you spent on the purchase of bitcoins? In the purse receives bitcoins and 20% of this amount goes to the tax. No it seems to me that the founders of this purse do not understand how to calculate the tax. They just offer us to pay off the government. Lol. Tax is not reparation. Tax is our contribution to the development of the state. Where is the development?

[Belkaa]

In any country of the world you have to report your income. In some countries you may not pay income tax on bitcoin appreciation, but you may still have to report it.