Do we need to pay income tax if we earn through Bitcoin or Altcoins??

[Omega Weapon]

Do we still need to pay income tax if we earn through trading/investing in Bitcoin or Altcoins??

You have to pay income taxes for making profit by investing in bitcoin/altcoins because that is an income.
It can also depend on your country laws because laws are different in every country. In most of the countries you have to pay a tax for that but I know for sure that in some of them you dont have to pay. It also depends on how much you earn through trading. Check closely your laws

You have a point.But in my country wherein bitcoin is not yet recognized by the government,we  are not paying taxes.And besides just like in my case,i'm already paying taxes through my salary from my regular job.So this time,no tax anymore.And i'm really glad about it because i'm free to earn bitcoins without limit.That's making me more attached to bitcoin too.

Just be careful, in many countries bitcoin is not recognized as a currency but as an asset, like a stock and any gains that you made from buying and selling are considered to be capital gains, and you need to pay a tax in the gains you got, for example if you bought at 3000 and sell at 4000 you got a profits of 1000 and you need to pay tax on that 1000, in most countries the tax is small.

[Tumanggor]

for now it looks like it's still not applicable, but we do not know how it's going forward, maybe when Bitcoin has gotten the legality, maybe at that time the tax is valid ..

[Omega Weapon]

for now it looks like it's still not applicable, but we do not know how it's going forward, maybe when Bitcoin has gotten the legality, maybe at that time the tax is valid ..

It is applicable, what happens is that if your earnings are small then no one is going to care or even bother to try to get taxes of such a low amount of money but once we are talking about a lot of money governments are going to start inquiring you where you got that money and why you have not paid tax at all, remember Al Capone the famous criminal was not arrested by murder or anything like that, he was put in prison for tax evasion.

[BITDV]

It depends on how strict of the tax laws in your country, if you must pay income tax then just obey the law, don’t play with the law but if you dare you may look for a gap.
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[Mister1k]

It depends on how strict of the tax laws in your country, if you must pay income tax then just obey the law, don’t play with the law but if you dare you may look for a gap.
https://i0.wp.com/quicklol.com/wp-content/uploads/2012/01/flower-power.jpg

I didn't see any of the bitcoin related service and business is widely spreaded all the places. We need more adoption on bitcoin to that taxation system is been involved in the bitcoin or altcoin.
However, if you get the earnings more than you are getting with the banking like IMPS or other wallet option. Automatically you have to file tax documents for your earnings. It is how it will be executed.

[CisColtz]

I think it depends on the country , in my country there no taxes for cryptocoins so yea we are free to sell it when we want.

[rumexx]

BTC is decentralized transaction and can not be taxed. Unless it becomes centralized which i do not think is possible in  for now.

[planfox]

It is necessary to pay a tax for making a profit from any crypto currency, but I am still evading the tax since my country has not accepted crypto currency and nothing is said about the need to pay taxes.

[Astrilian]

As much as the answer should be yes it seems obvious that many are dealing with cryptos to hide their transactions from authorities...

[Lieldoryn]

It depends on country. For example, in Russia nobody cares still.

That's not true. I saw a video of the detention of people who are earning on the stock exchange and withdraw the profit to Bank cards issued on different people so as not to attract the attention of the police. They were arrested and accused of illegal banking operations. I'm not from Russia so I did not follow their fate. The main thing that such a precedent was.

[Juggy777]

Do we still need to pay income tax if we earn through trading/investing in Bitcoin or Altcoins??

Why would you do that, who would do that, the whole purpose of using bitcoins is to save on taxes, earn more, if any one ever told you to use Bitcoins and pay taxes then you been badly misguided, no one can know if you have Bitcoins, then how can you be paying taxes, also there is no taxes officially, some countries do regulate it, until your countries regulates it you need to pay, if it doesn't you need not worry. 

[ashfer]

We are not taxed for earning through bitcoins or altcoins and it is also one of the attracting features which make everyone invest and earn from it.so far there is no tax involved in it but when we transfer cash to our bank account we will be taxed for crossing the limit of cash withdrawal in  a month and we are likely to get charged for the excess inflow of cash to our bank account as tax department will be monitoring our bank account.

[FasTroy]

We are not taxed for earning through bitcoins or altcoins and it is also one of the attracting features which make everyone invest and earn from it.so far there is no tax involved in it but when we transfer cash to our bank account we will be taxed for crossing the limit of cash withdrawal in  a month and we are likely to get charged for the excess inflow of cash to our bank account as tax department will be monitoring our bank account.

Yes, We didn't pay when we earn money using bitcoin, There is no taxes when we earn but when we talk about bitcoin transactions, when we send an amount of bitcoin, we should pay miner fees, which it's not too much.

[Jaya912]

Its depending on country where you stay. But i think most of them apply tax for their citizens maybe all of them. Tax maybe will be applied when you sell bitcoin and send it to bank account.

[dothebeats]

Depends on where you are. Here in the Philippines no one is batting an eye YET to crypto gains and it's still a grey area to lawmakers as of now. The only institution who recognizes bitcoin in this country is the Central Bank which made regulations on bitcoin about KYC/AML and nothing more. Everything that a person gains is subjected to tax, so it isn't far from reality that in the next few months, we'll be seeing countries pushing to tax bitcoin and crypto gains.

[magz]

Do we still need to pay income tax if we earn through trading/investing in Bitcoin or Altcoins??

This is a good question though. I do not know if we are paying taxes with our gain in trading cryptos. But I think it has. I think the transaction fees that they are charging to us, one of the content of that TX is tax. Because if these trading is not paying taxes, for sure the Government won't allow this one.

[Ucy]

Why not bro? As long as the laws allow it. Without taxes many governments will go broke and societies will literally collapse.

Just wish paying taxes are somewhat automated in Cryptocurrency World without government involvement.

By the way Bitcoin users are taxed directly or indirectly by their governments. Have never exchange my Bitcoin for Fiat without being taxed.

[fanbeila]

          Reality is that most of the countries are still confused whether to consider bitcoin as a currency,commodity or an asset.So,most of the countries have not yet taxed bitcoin earnings and so people living in such countries could enjoy a tax free bitcoin earning.Some of tax free countries are Germany,Denmark,Singapore.In singapore,only businesses related to bitcoin only come under tax radar while individuals earning in bitcoins enjoy tax free income.

          So,unless bitcoin gets legalized or regulated in your country,you too could enjoy a tax free income from bitcoins.I'm also enjoying a tax free earning from bitcoin since bitcoin has not been regulated here.

[ropyu1978]

Do we still need to pay income tax if we earn through trading/investing in Bitcoin or Altcoins??

I don't know. because in my country there is no tax that must be paid in transactions bitcoin or allcoin.
every country has rules and laws regarding other bitcoins and cryptoes. to my knowledge, depending on the location and country where you live.

[redhondaxrm125]

Do we still need to pay income tax if we earn through trading/investing in Bitcoin or Altcoins??

Well, if you are a big amount trader, then this question is just right to ask because you are dealing with big amounts of fiat or crypto. Now I don’t think you would have to pay for a tax if you do not withdraw you profits and turn them into fiat. But if you do, then of course you will. But exchanges prefer to call it service fee.