Taxes and Bitcoin

[n0ne]

When a new law is made and given official authorization, in a short people tries to find the holes in it and tries to make them an active way to tax evasion. Such issues have been found around and now taxes have been regulated by most of the authorities.

[1715142085]

1715142085

[1715142085]

1715142085

[player514]

Bitcoin is slowly gaining momentum - going mainstream and become the most intriguing investment method of our generation so I wouldn't be surprised that governments, not only US want to 'legalize' and tax it.
From what I know IRS classified bitcoin as intangible property so if you have traded Bitcoin you should report capital gain to the IRS. Note: intangible property is not a security.

If you want to know some more please read this article: https://www.forbes.com/sites/greatspeculations/2017/02/21/if-you-traded-bitcoin-you-should-report-capital-gains-to-the-irs/#5dc72b07e3d8

Obviously, as bitcoin gains a lot more traction it makes sense that the US wants to tax it. The more people that start using it over fiat currency means the fewer people paying taxes. So, since the debt is so high, the US would try to put into place anything that allows them to tax this new currency. Not sure what this means in terms of bitcoin price -- I don't know if it'll drop when this news comes out or not, but there's a strong chance that it will (however, probably nowhere near as much as the drop after the China news).

[Altero]

All countries have get closed monitoring on financial status, how much they earned in a month from different establishments for them to survive. Since lot of people are using bitcoin now, probably it could affect the financial status because there is no tax collected from bitcoin holders. And it makes the government worried about in the future, that's why the authorities makes an action with that before it getting more complicated.

[Afnan_faizah]

I am not really sure where to post this.  I have heard rumors and even read certain things about taxes on Bitcoin in the US.  If you try to withdraw coins into US currency that you will get taxed on the money you get.  In other words you are essentially trading coins for currency.  Is this true?  Any thoughts on where I can read more about this. 

Thanks

Yes that is right, some countries are regulate the taxation of bitcoin. Even in the past austraia was make regulation to take double taxation in bitcoin but now it is no longger aplied.

[Indrawan77]

Yes I am not sure in other country, but in my country yes, the exchanger will taxed  us directly when you convert it fiat, so whenever I convert to fiat there will be deduction and it is the aim of the government to make exchanger taxed us, because it is consider as income according to the government 

[TonixGaming_14]

Taxes or  Bitcoin?

If taxes you will deducted by 10% of your salary or any kind of purchase product and it is centralized.If bitcoin it free in taxes and it is decentralized money.
I will choose bitcoin because it is decentralized and it's encrypted and it secure and no way can hack or stole.

[Uberzugzug]

Taxe in Bitcoin is normal because it is a source of income. What is scary is that the government might abuse Bitcoin and impose unreasonable high tax.