tax

[South Park]

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.

This information cannot be correct unless you live in one of those countries where there is no income tax, but for the rest of the persons you need to pay your taxes, at some point the government is going to realize you are getting money and they are going to come knocking on your door for their share.

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[Monnt]

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?

In that case, I guess we don’t. After all, what is the profit in conversion to fiat we are making on that one. If you buy something though, whoever is going to end up converting to fiat at a point will be the one responsible for paying the tax as it is. A time will come however, that government will find a way to regulate all the exchanges available in the country and probably impose tax on every P2P transactions.

[zeaderza]

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.

This is exactly what will start happening in most countries. No country will really accept bitcoin completely, that is for sure, however, they won't stop anyone from making use of it and they will try every means possible to gain from it. If we can't stop you, we will join you in a way and get our own little share of it will be the next motto of each government worldwide.

[andrew24p]

Capital gains in the United States. It is terrible, you are probably looking at 40% tax if you try to cash out a large amount over 100k. You pay state and federal which adds up to about 35% where I live and another 5% about if it is over a certain amount. Craziness.

[marjoree]

We pay taxes with our own currency because only few here knows about bitcoin so the majority does not need to pay with bitcoins without them knowing anything about it. But soon i guess

[E-shipper]

In our country, do not yet charge the bitcoin with a tax because they do not want to recognize it as a real currency. On the one hand it's good, but they can ban it.

[Yadstiker]

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?

In that case, I guess we don’t. After all, what is the profit in conversion to fiat we are making on that one. If you buy something though, whoever is going to end up converting to fiat at a point will be the one responsible for paying the tax as it is. A time will come however, that government will find a way to regulate all the exchanges available in the country and probably impose tax on every P2P transactions.

it would be hard i guess not only for the miners, but most affected are us the users. Imagine that we are already paying fees when dking transaction, how much more if the government will imposed that law, and then we are required to pay minimum tax depending on how much bitcoin we are transferring, so sad but maybe that will be happening someday, hopefully not.

[dExplorer]

Bitcoin  is not yet implemented as an alternative for paying taxes here since it is one of the third world country and not all people here knows about bitcoin yet

[ModGirl]

In our country, do not yet charge the bitcoin with a tax because they do not want to recognize it as a real currency. On the one hand it's good, but they can ban it.

Bitcoin is the best thing as you need not to pay even a single penny in the form of tax to the government. This is why most of the investors are happily investing in bitcoin with each passing day. Like you said, till the time bitcoin the government will not declare bitcoin as legal there will be no question of paying any tax to anyone.

[futuret]

Bitcoin  is not yet implemented as an alternative for paying taxes here since it is one of the third world country and not all people here knows about bitcoin yet

Yes for sure the bitcoin is not yet implemented for this and the bitcoin is getting more and more space of the sake of the money, the worth of the bitcoin is increasing and the tax will be announced by the government as soon as the bitcoin will be the legal currency so it’s very important to have the bitcoin and wait for the price of the bitcoin to increase more through being the legal currency.

[bitgov]

in your country income from bitcoin taxed? state the country

In many countries it is taxed as an increase, income to a private portfolio but the bitcoin itself may not be taxable but we as people should pay such a fee, thats what i heard about some countries.

[sunsilk]

in your country income from bitcoin taxed?

I'm not directly tax with the bitcoin that I'm earning and I don't know if the services I'm availing with the local exchange I'm using does have any tax.

But I'm thinking this way, since the local exchange I use is legit registered to the central bank. They are the ones that are paying tax and I guess they are adjusting the fees of their services and in that way I'm taxed and as well as other bitcoin users.

[sindikat]

in your country income from bitcoin taxed? state the country

In many countries it is taxed as an increase, income to a private portfolio but the bitcoin itself may not be taxable but we as people should pay such a fee, thats what i heard about some countries.

How can I determine what amount to pay the tax? I do not understand. You provide the tax office access to your wallet? And what will happen if the next day the price of bitcoin will drop 20-30%? Such cases often. I understand if taxed the amount that is credited to the Bank account in exchange for Fiat money, but how to determine what amount and when you are invested in buying coins?

[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.

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.

I want to pay taxes. Just want. I'm not the only person who want to pay taxes. Of course I want to control how my taxes are used. And of course I want to control tax amount through voting and political process.

I see cryptocurrencies are like emails vs mail. It's more convenient, it goes through any boundaries, it's a future. Remember Cold War? That was a time when govs could control any public information. And when Internet came into play - all that GovSec guys was like crazy about it: everyone could write anything about everything

Bitcoin is in the same situation now.

I'm paying taxes because I want my children go to better school. My children will grow with bitcoin and with knowledge of how to use it. But they will pay taxes just like I do.

That's what I'm talking about.

[frowsiter]

Capital gains in the United States. It is terrible, you are probably looking at 40% tax if you try to cash out a large amount over 100k. You pay state and federal which adds up to about 35% where I live and another 5% about if it is over a certain amount. Craziness.

Earning the dam thing is also easy so I guess it's worth paying those taxes and live happy life. No craziness in that as long as government is not getting you into trouble and they are letting you use the whole bitcoin money in first place. I mean why wouldn't I lay the tax if it's going to add up into my financial credit score leaving behind my good status in finance. Banks will recognise me and I can be a person to whom banks will help if I'm asked for. That's another feeling if you are broad thinker.

[asha18]

Tax is the main source of government income. Any government has to pay taxes for the development of its government and country's development. Because the Bitcoin is not approved by the government, tax is not set on it. If you ever declare Bitcoin to be valid, then it will definitely charge tax on it.

[alfs75]

in your country income from bitcoin taxed? state the country

Tax,is so rampant in our country,because it is the main source of government income,without tax no infrastracture project in all over areas ,but many politcian they abuse our tax they use it for there personal interest that why they make a law in taxes called EVAT(expanded value added tax)if things happen that government will regulate the bitcoin,my perception maybe they abuse the digital currency business and they implement  evat and one who suffered all of us bitcoiner, that the things that we dont allowed happen to us.

[trecore4]

In my country the financial system is not well developed due to corrupted political systems. The finance department won't even care if I put 100k in my bank account and justify them if I got it from the trades and investment. They will be interested to know how I did rather than asking any more questions regarding severity of matter. This is how it works here and if you have lot of money then I would suggest you to reside in my country that's mannipuram. Lols. Everything is so cheap and developing here.

[ToyotaFortuner]

in your country income from bitcoin taxed? state the country

in my country the tax from bitcoin still has not been done, because my state government does not take action to have bitcoin or use it in state finance.

[hpmp]

in your country income from bitcoin taxed? state the country

in my country the tax from bitcoin still has not been done, because my state government does not take action to have bitcoin or use it in state finance.

if you have to pay taxes in your country you have to pay taxes based on your income or profit. It usually works that way.
So, if you have profit from the operations with Bitcoin - your have to pay some taxes when you convert BTC to fiat and have profit.