Theb
|
|
October 24, 2017, 06:50:39 PM |
|
Here in my country which is now an upcoming tiger economy (though we are still classified as a third-world country), we are free to participate in Bitcoin both buying and selling as the government is treating Bitcoin just like any other foreiign money.
However, I am sure that only a very, very small fraction of us are declaring our Bitcoin income. It seems to me that the government is not that interested to get strict with individuals as long as they can tax the Bitcoin exchange provider for the service rendered.
I am then wondering the situation with other countries. Can your government really be able to track if you never declared gains made from Bitcoin transactions?
This is the one reason why nations should legalized bitcoin because they will gain bitcoin income tax in which a little bit frustrations to some bitcoin enthusiast because there profit will be deducted but i think this is fair because income thru fiat was tax collectable too. All tax imposed by the government are good as long as it was used for the welfare of their people that is why they should be honest in declaring bitcoin income but if it will just to be stolen thru corruption that is bad and I'm against it. As of now my country has no question about the legality of BTC transaction seems like fiat that you can cash out money in any bank, but yes legalization of BTC is somehow one of the best option for us to declare our income to the government for taxes, because what I seen if we will just keep it this way that we just keep our income incognito to the government the time may come that they will question the legality of our income. Specially that we have a law that is called anti laundering law. And as good citizen we should share our in come to the government in the form of taxes for the welfare of the people who needed it. Any law on money laundering is applicable to Fiat. Bitcoin is not recognized as a government currency and therefore can not be income. If you keep your bitcoins there are no problems with the law you will not. If you cashed them through the exchange for dollars is the income earned outside of your state and also should not be taxed. But best of all if it is possible to spend bitcoins in the online store. The legality of Bitcoin is not important in order to be deemed taxable. Heck even income earned from marijuana and cocaine is taxable even though they are illegal. Remember that we have tax in order to avoid people who are becoming unjustly enrich and even if you are only earning purely on Bitcoin currency it does not make you exempted on paying your income tax or if you earned it through trading you will have a capital gains tax.
|
|
|
|
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
aslanpi
Newbie
Offline
Activity: 3
Merit: 0
|
|
October 24, 2017, 06:51:46 PM |
|
What is going on here :
|
|
|
|
CaliforniaCrypto
Jr. Member
Offline
Activity: 52
Merit: 10
|
|
October 25, 2017, 04:51:45 AM |
|
You can always go the localbitcoin route and trade it for FIAT in person without a bank.
|
|
|
|
Nahl
Legendary
Offline
Activity: 1652
Merit: 1000
|
|
October 25, 2017, 08:44:47 AM |
|
bitcoin not fully anonymous and every address can be trackable moreover the address which come from the official exchange because in my county there are some term to get verified account to optimize the features from the particular exchange and provide personal ID is necessary so if the government asking the data members from that exchange then every person will be identified and directly government will know our earnings from bitcoin
|
|
|
|
darkangel11
Legendary
Offline
Activity: 2338
Merit: 1345
Defend Bitcoin and its PoW: bitcoincleanup.com
|
|
October 25, 2017, 05:12:39 PM |
|
You can use a bitcoinmixer service prior to exchanging them for fiat money and send the money to your bank account. In this case the government can basiscally not trace how much you have gained from bitcoin trading, except you have used a domestic exchange that has verified your identity and that has to report to the tax authorities if you reached a certain limit.
If your inland bank will report your fiat money deposits to the local authorities, then this could be another possibility for your government to check your earnings and tax them.
You are wrong. In case of an undisclosed income investigation it's not the government that is required to prove the sources of your income but you! They will ask you to disclose the origin of the money. Normally you'd say that you earned it from an employer or got it as a gift, but in such case you're still required to pay income tax. How will you explain large money coming from a bank account of an exchange? That these are your money that you sent there for trading? They will ask you to prove it and if you fail to produce evidence they'll assume it wasn't taxed and do it for you at a higher rate
|
| | . .Duelbits. | │ | ..........UNLEASH.......... THE ULTIMATE GAMING EXPERIENCE | │ | DUELBITS FANTASY SPORTS | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ████████████████▀▀▀ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | . ▬▬ VS ▬▬ | ████▄▄▄█████▄▄▄ ░▄████████████████▄ ▐██████████████████▄ ████████████████████ ████████████████████▌ █████████████████████ ███████████████████ ███████████████▌ ███████████████▌ ████████████████ ████████████████ ████████████████ ████▀▀███████▀▀ | /// PLAY FOR FREE /// WIN FOR REAL | │ | ..PLAY NOW.. | |
|
|
|
bryant.coleman
Legendary
Offline
Activity: 3654
Merit: 1217
|
|
October 26, 2017, 08:10:37 AM |
|
You can always go the localbitcoin route and trade it for FIAT in person without a bank.
But the record will exist in Localbitcoins, right? And nowadays, LBC is asking for tier 2 verification, which includes ID documents and other details. I would advice anyone who doesn't want to pay taxes on Bitcoin profits to travel to a country like Thailand or Indonesia, and then sell their coins for fiat cash.
|
|
|
|
aesma
|
|
October 26, 2017, 11:56:18 PM |
|
Well you must live there then, because you'll get local currency. Also, travelling with a suitcase full of cash is usually illegal (and risky).
My plan is to create a small company doing some legitimate crypto business, maybe a variation of LBC trading, and simply fudge the numbers a bit to convert some of my stash into declared, taxed income. The state is getting its taxes so it should be happy.
|
|
|
|
GreenBits
Legendary
Offline
Activity: 1148
Merit: 1048
|
|
October 28, 2017, 08:21:09 PM |
|
please see here: https://www.congress.gov/bill/115th-congress/senate-bill/1241/text#toc-idea0e9489fc8f46379f95bb56c8bbbda5to sum that up in real people words, Bitcoin is evil. Now they’ve gone so far to include prepaid mobile phones, retail gift vouchers, or even electronic coupons. Evil, evil, and evil.
Among the bill’s sweeping provisions, the government aims to greatly extend its authority to seize your assets through “Civil Asset Forfeiture”.
This new bill adds a laundry list of offenses for which they can legally seize your assets… all of which pertain to money laundering and other financial crimes.
Here’s the thing, though: they’ve also vastly expanded on the definition of such ‘financial crimes’, including failure to fill out a form if you happen to be transporting more than $10,000 worth of ‘monetary instruments’. so if you convert that bitcoin to any other asset class that has real world value, you will be subject to taxation. and failure to observe that tax will make you criminally liable. and with the ability to lose more than the contested funds, you are actually running a fair risk of fucking clean up. just pay the bastards the money if it is over the reporting threshold. make your life easier.
|
|
|
|
migolmigol
|
|
October 30, 2017, 03:26:35 PM |
|
Yes. Most will not declare it as it is also not being traced by the government. For now, since the government has not yet imposed specific tax on Bitcoins, the tax is paid through personal income tax. Which is filed and declared in an honest basis. Bitcoin earning is not only the one being evaded, but mostly all the business owners. There are a lot of ways to evade tax. That is why the government in the future might regulate or impose a specific tax for Bitcoins especially now that it is getting stronger in value.
|
|
|
|
BillCoin
|
|
October 30, 2017, 04:17:18 PM |
|
You can always sell the bitcoins to cash and then it would be impossible to track you up.
Also remember that as long as you don't sell back your bitcoins into fiat, you won't need to pay any tax fees or to declare anything.
In my country, it is impossible to declare about profits from bitcoin because the country simply doesn't recognize the currency, so no one actually pays any taxes.
At most of the countries, bitcoin is count as an asset and you will need to pay taxes as you were trading a house or something like that.
|
|
|
|
J. Cooper
Full Member
Offline
Activity: 294
Merit: 125
Alea iacta est
|
|
October 30, 2017, 04:37:48 PM |
|
You can always sell the bitcoins to cash and then it would be impossible to track you up.
Also remember that as long as you don't sell back your bitcoins into fiat, you won't need to pay any tax fees or to declare anything.
In my country, it is impossible to declare about profits from bitcoin because the country simply doesn't recognize the currency, so no one actually pays any taxes.
At most of the countries, bitcoin is count as an asset and you will need to pay taxes as you were trading a house or something like that.
And to whom would you be selling it to then? In a lot of cases you will have to provide some sort of identification in order to go through with a transaction. Not the mention the fact that at some pont in time your government might be able to backtrack all your previous transactions and charge you for money laundering.
|
|
|
|
Snub
|
|
October 30, 2017, 10:05:23 PM |
|
Not the mention the fact that at some pont in time your government might be able to backtrack all your previous transactions and charge you for money laundering.
The most important point here is how you transfer your bitcoins in cash, or in some product. Tere are so many ways to sell bitcoins without leaving a physical trail... You just have to remember that if you want to hide your bitcoins - never buy thomething that will have your name on the check
|
|
|
|
crzy
|
|
October 30, 2017, 11:29:09 PM |
|
I will surely not declare all my earning here because this is how supposed to be, bitcoin is decentralized and Government will surely not know how much your profit is. Well i can easily convert my btc into fiat.
|
|
|
|
ismart1
Full Member
Offline
Activity: 1008
Merit: 127
Make a difference, make it better.
|
|
November 01, 2017, 01:30:00 AM |
|
Can your government really be able to track if you never declared gains made from Bitcoin transactions?
Your government, like every government in the world is monitoring all bank transactions, that's enough for now. With time and effort, I'm sure a government could also monitor the blockchain, but I guess this isn't a priority as of today. The European Union is already talking about it, though. New technologies will always hard on regulation, this happened to Uber in several countries, in Brazil, they even prohibited for hours a couple of time the app Whatsapp when they implanted cryptography in the conversations. The blockchain is public all right, but new developments are making more and more difficult this traceability, for example, new apps wallets are creating a different address automatically for every new deposit and implementing Lightning Network, obscuration and other technologies that will make transaction completely anonymous. So, probably they will keep track on the very end when it comes to the fiat side or similar.
|
|
|
|
planewhat
Newbie
Offline
Activity: 11
Merit: 0
|
|
November 01, 2017, 01:31:21 AM |
|
Here in my country which is now an upcoming tiger economy (though we are still classified as a third-world country), we are free to participate in Bitcoin both buying and selling as the government is treating Bitcoin just like any other foreiign money.
However, I am sure that only a very, very small fraction of us are declaring our Bitcoin income. It seems to me that the government is not that interested to get strict with individuals as long as they can tax the Bitcoin exchange provider for the service rendered.
I am then wondering the situation with other countries. Can your government really be able to track if you never declared gains made from Bitcoin transactions?
While bitcoin is not completely anonymous, it's still less trackable than bank transactions. If you choose not to pay taxes, good luck op.
|
|
|
|
virtfund
|
|
November 01, 2017, 03:49:21 AM |
|
The government can track the gain you get from Bitcoin . When you convert Bitcoin to the currency in a local stock exchange, when you transfer money to your bank account, it is clear that your bank account has earned the money from digital money. If you did not file a tax declaration for this money, you may have to pay taxes retroactively if this is later detected by the finance.
|
|
|
|
coin_1122
|
|
November 01, 2017, 06:36:40 AM |
|
You can always go the localbitcoin route and trade it for FIAT in person without a bank.
But the record will exist in Localbitcoins, right? And nowadays, LBC is asking for tier 2 verification, which includes ID documents and other details. I would advice anyone who doesn't want to pay taxes on Bitcoin profits to travel to a country like Thailand or Indonesia, and then sell their coins for fiat cash. It is not possible without paying taxes, the government will scan everyone banks for transacting the bulk amounts. So it is always good to pay taxes on Bitcoin transaction so that government will understand to legalize the Bitcoin.
|
|
|
|
Snub
|
|
November 01, 2017, 08:50:05 PM |
|
If you did not file a tax declaration for this money, you may have to pay taxes retroactively if this is later detected by the finance.
No one can say now much did you spend on coffee or donuts last week, if you pay cash for it, right?) The same way no one can calculate how much did you spend during your trip around the world, where you can always sell bitcoins for some local currency, so if I would like to buy something that has my name on a check for bitcoins - I will probably have one more account for this, were will be only named transactions
|
|
|
|
GarryLouie
Newbie
Offline
Activity: 9
Merit: 0
|
|
November 20, 2017, 11:42:44 AM |
|
Here in my country which is now an upcoming tiger economy (though we are still classified as a third-world country), we are free to participate in Bitcoin both buying and selling as the government is treating Bitcoin just like any other foreiign money.
However, I am sure that only a very, very small fraction of us are declaring our Bitcoin income. It seems to me that the government is not that interested to get strict with individuals as long as they can tax the Bitcoin exchange provider for the service rendered.
I am then wondering the situation with other countries. Can your government really be able to track if you never declared gains made from Bitcoin transactions?
Well it may be hard for a government to track your bitcoin earning but it is also hard to explain to them once your lifestyle changed and your asset increased in an instant.
|
|
|
|
tientien333
Member
Offline
Activity: 280
Merit: 10
|
|
November 20, 2017, 02:49:16 PM |
|
Not declaring bitcoin income It is a virtual currency created by a person and put on the floor It helps us earn money but does not mean to be declared
|
|
|
|
|