tax

[hpmp]

guys. bitcoin is not in the tax, but when you sell your bitcoins and if the price is higher than it was when you bought it - you have income. Like it or not - you have to pay taxes if you are lawful. =)

but

if you buy something and pay with bitcoins - hmmm... that when it become interesting. Do we need to pay taxes in that case?

[1715564148]

1715564148

[stomachgrowls]

in your country income from bitcoin taxed? state the country

In my country Bitcoin is barely known by people. Also in governments laws Bitcoin does not exist, so how can I pay tax for something that they never heard about?
Even if I would want to pay taxes from my profit made with bitcoin how am I going to proof where I sold my bitcoins and how much is the profit? I need a receipe for that but maybe I am doing exchange with a person, not a company.
Bitcoin is not yet know by governments, so paying taxes now for bitcoin is a donation from my opinion

You are responsible to keep track records about your activity with bitcoin. What and Where you buy/sell etc. And don't say to your Taxes offices you didn't know because you are supposed to know and it's not an excuse. Also, any income if supposed to reported into your taxes report, so no matter if it is with bitcoin or not, you are supposed to report any income.

This, even if bitcoin is still not on the tax code, we are responsible to keep track of our transactions and earnings, now if a person earned 100 dollars in a year then no one is going to go to jail for not reporting that but when we are talking about a  lot of money then you could be risking jail if you do not do it.

This thing would really depend on peoples preference or minding on its responsibility or obligation for his country.If bitcoin isnt still consider on your county then i would say those tax that you would intentionally to give would really be served as donation since you wont get any preference on where those money came from.It dont think that this would be legal or they would consider to put it on your source of income.

[nizamcc]

I live in India where the government is currently not in a mood of accepting bitcoins completely and here, a tax called gst (goods and services tax) of nearly 1% is already being levied by exchanges at the time of trading bitcoins there. They are currently under the preparation of a framework to legalize and regulate bitcoins and stop its misuse as well as also coming up with their own coin called Lakshmi coin which will represent India in the cryptoworld.

[JL421]

What you telling me that some countries already charge tax from people for getting their income from bitcoin that's really bad for me till now my government hasn't shown much interest in bitcoin so no tax but i feel sorry for people who pay it currently

[novhitadaloma]

in your country income from bitcoin taxed? state the country

In my country indonesia has not apply bitcoin tax.

[X7]

Nice try IRS - do your own research lol

[naidray]

we who are citizen on my country who earn thru bitcoin are not directly subject to pay tax..tax free as of now..our goverment knows about bitcoin but they still dont give any massive attention regarding this..maybe because only few people on my country are actively involved on bitcoin and not yet fully recognized on mainstream.
However if our goverment step in and decided to put some tax on bitcoin.we have no choice but to follow.

Same here in my country too, bitcoin is not that popular and known to many and that maybe the reason also why its not taxed yet although our government do know about it. But if they do put tax on it then we really can't do much about it either.

I have same condition in my country. Bitcoins are illegal in our country and thus we are free form paying tax over it.

On the same side we are unable to do transactions in bitcoins. These bitcoin campaigning are not considered as illegal so we can do this only. No trading or investing is acceptable here. Hope for the better future here.

This is so sad if bitcoin is banned in your country and you are unable to use bitcoin for international transactions. I never understand the reasons behind declaring bitcoin illegal by the state because they are just currency, nothing dangerous. Bitcoin at present is the best investment for earning profits without too much effort, even those countries where bitcoins are legal still not paying taxes for using bitcoin. 

[hpmp]

Nice try IRS - do your own research lol

IRS is too tired after creating Bitcoin =)

I never understand the reasons behind declaring bitcoin illegal by the state because they are just currency, nothing dangerous.

it is dangerous. for them. It's like whole world want to use "foreign" currency and nobody can control its use. It's quite dangerous for government.

[South Park]

Nice try IRS - do your own research lol

IRS is too tired after creating Bitcoin =)

I never understand the reasons behind declaring bitcoin illegal by the state because they are just currency, nothing dangerous.

it is dangerous. for them. It's like whole world want to use "foreign" currency and nobody can control its use. It's quite dangerous for government.

The IRS or any other government agency would never create something like bitcoin, do you think they like one bit the fact that they could know where your money is but that they cannot steal away from you, you only need to commit your seed to memory and your coins are never going to be appropriated by any tax agency.

[Flodemaga]

Well there are tax at any country, but for you to pay them you must declare your bitcoins, some countries does allow you to make those, the thing is the taxes are present once you get profit you will have to pay based on those, something that is weird because we take the risks, we do expose our money at risk and when he sucess they wanna a share and when we do loose will they pay us a share, insane how tax works.

[error08]

Only few countries wants a piece of cake from what you've earned through cryptocurrency, and the most famous is USA as everyone have to report their profits from buy and sell to IRS. The IRS issued guidance on the treatment of Bitcoin and other digital currencies in their March 2014-21 Notice. The notice clarified the position that the IRS treats digital currencies as capital assets and are therefore subject to capital gains taxes. https://en.bitcoin.it/wiki/Tax_compliance. Fortunately, not in my county. People are free to trade bitcoin or altcoins as long as your transactions still not big enough to get attention from financial department due to there is a regulation about money transactions, to be transferred or received in a day. Keep on low profile, and all of your funds will be safe.

[Gaaara]

in your country income from bitcoin taxed? state the country

Mine is Philippines and we don't do taxes with bitcoin, our governments don't care about things like this that much, I doubt they even know about this, our governments don't care about things not unless it will affect their priorities, they only care about themselves being reelected and other stuffs only follows.

[South Park]

Well there are tax at any country, but for you to pay them you must declare your bitcoins, some countries does allow you to make those, the thing is the taxes are present once you get profit you will have to pay based on those, something that is weird because we take the risks, we do expose our money at risk and when he sucess they wanna a share and when we do loose will they pay us a share, insane how tax works.

That is why taxes are such a burden in the economy, it is the same with a business, the businessman  takes all the risks, he puts money in the business, he hires people creates a marketing campaign and in the case he is successful he needs to pay taxes to the state even if they didn’t do a thing to make that business a success.

[Warl0ck]

Yes I live in California and we have 15% capital gains tax.
Its a rather difficult process since I trade so often, in order to calculate taxes you would probably need to find an CPA accountant in that particular field.
Some countries that dont have capital gains tax in include singapore and puerto rico, which makes me really want to move there!

[farhaan]

No,not yet.In india,we bitcoin users still enjoy tax free income from bitcoins.But this situation may soon change as indian government has decided to legalize virtual currencies and has formed a committee to give recommendations to legalize bitcoin.So,after that,we may not be able to enjoy such privilege.But i don't worry about paying tax for bitcoin earnings as it would be much better than banning bitcoins totally.

[speedy963]

In my country they doesn't ask any taxes from bitcoin income, but i guess maybe someday the government will take an action for that matter, but as of now there is no signs that they will implement it, and i think it would also be hassle for everyone else having bitcoin, to think that they  have to state how much was their total income and if they wont abide the law they will be penalized, its sad though.

[South Park]

in your country income from bitcoin taxed? state the country

Mine is Philippines and we don't do taxes with bitcoin, our governments don't care about things like this that much, I doubt they even know about this, our governments don't care about things not unless it will affect their priorities, they only care about themselves being reelected and other stuffs only follows.

You can be sure they know, they just do not see a point of trying to get any money of it because the market is very small, once that gets any bigger they are going to charge you tax like in anything else, so take advantage of the fact that you do not have to pay taxes for now because that is not going to last.

[Kidmat]

In my country there is no tax been collected for bitcoin users. This means bitcoin has already well known and we have freedom to use.  But I have heared there will be an adoption in the banks soon. Thus, there is no tax for bitcoin users here in my country.

[BenjaminFranklingwould]

in your country income from bitcoin taxed? state the country

There are no legislation or taxes on bitcoin in my country because it's out of the law. It's not totally illegal but I'd talk with my tax accountant about it. But there is my point. If I cashout and spend bitcoins in the other country where is no taxes on it then it is not a problem, imho. NOT an advice, just opinion.

[JoMarrah Iarim Dan]

in your country income from bitcoin taxed? state the country

In my country, if your income comes from bitcoin or in any kind of online business, the government does not get tax in you. In case of bitcoin I am not really sure if our government knows about bitcoin since they are busy in resolving the “traffic and drug problems” here.
Additionally, I know a friend who works online. Selling cosmetics, clothes, shoes, anything and they have no tax. I also try selling load online and I have no tax. Maybe in the near future it will exist.
Bitcoin is not taxed but in converting bitcoin to fiat, we pay fees like in any other countries.