Taxes

[QlooQl]

I know, you're bored already. However, taxes are becoming extremely important in the crypto world. If you don't want to have a China regulation issue throughout the world, taxes need to be discussed now. As a business owner I know you need to get out ahead of the politicians or your entire enterprise can get shut down.

So my question is... What do we want, in the US and everywhere, as a proper tax scheme for crypto?

[pginvest]

I know, you're bored already. However, taxes are becoming extremely important in the crypto world. If you don't want to have a China regulation issue throughout the world, taxes need to be discussed now. As a business owner I know you need to get out ahead of the politicians or your entire enterprise can get shut down.

So my question is... What do we want, in the US and everywhere, as a proper tax scheme for crypto?

I  think that crypto should be fair game for taxes the same as any other currency or asset. It should be up to the individual or corporation to pay their fair share. Just because you can potentially hide money doesn't mean you should. This was the same back i n the day when "Cash was King".

I am not advocating for taxing crypto, or I am not saying that all tax systems are fair - I am just saying that it should be fair game.

[nightmanisrightman]

So my question is... What do we want, in the US and everywhere, as a proper tax scheme for crypto?

That is an easy one. We want there to be 0% tax but what we want and what should happen are two different things. What should happen is that you should pay whatever normal tax is applicable, but this is vastly different

from what we as traders would want.

[Sithara007]

So my question is... What do we want, in the US and everywhere, as a proper tax scheme for crypto?

Nowadays, everyone will agree that Bitcoin is behaving more like an investment asset rather than as a currency. So my opinion is that any profits from crypto-to-fiat trade must be treated as capital gains. Depending on the duration of the investment, we can classify the gains as short term capital gains or long term capital gains and tax them accordingly.

[QlooQl]

So my question is... What do we want, in the US and everywhere, as a proper tax scheme for crypto?

Nowadays, everyone will agree that Bitcoin is behaving more like an investment asset rather than as a currency. So my opinion is that any profits from crypto-to-fiat trade must be treated as capital gains. Depending on the duration of the investment, we can classify the gains as short term capital gains or long term capital gains and tax them accordingly.

I think this is what will end up happening no matter what. It would be awful if crypto was taxes as income and not capital gains. It would be even worse if countries just decide to ban crypto altogether because they don't want to understand it. The US IRS already has some rules regarding crypto, but if I remember correctly only 200 or so people actually claimed crypto capital gains on their taxes last year. I wouldn't be surprised if this year there is a big crackdown.

[DannaWonder]

Once government apply taxes on crypto-currencies that means that they are accepting the system right? and by that time it will be regulated. Can we still consider it as "decentralize" by that time?

[rse71269]

In Japan, currently tax is applied when some cryptocoin is changed to another, not only to fiat. Moreover, the highest tax rate is 50%! The tax regulation of cryptocurrency is not built yet and it is considered to be 'other income'. This high tax is an obstruction against cryptocurrency world. But Japanese government's position is quite friendly toward cryptocurrency for now. I expect that the same tax regulation as stocks and FX will be applied in near futere, and I think this is the most fair and positive way.

[baradfo]

declare the profit as capital gains when you cash out you as would with gold or anything else

In the US that is what people are taxed as. The US has deemed crypto to be an asset and not cash or currency in any form, like gold or other precious metals. The only thing is what capital gains you would have to be taxed at, short or long term capital gains. If you've held on to the crypto for over a year it's significantly less on the capital gains than if you tried to make a quick buck.

[Almat]

Tax it as you would tax fiat. Tax purchases through vendors, and tax exchanges. Let people declare their profit.

[Babebottle]

in China, the taxes are really high

[emiedj01]

high tax is an obstruction against cryptocurrency in the  world . Prohibition against taxation of non-stock , non-profit educational institutions and proprietary educational institutions .

[Kotone]

I know, you're bored already. However, taxes are becoming extremely important in the crypto world. If you don't want to have a China regulation issue throughout the world, taxes need to be discussed now. As a business owner I know you need to get out ahead of the politicians or your entire enterprise can get shut down.

So my question is... What do we want, in the US and everywhere, as a proper tax scheme for crypto?

I think that one of the most pressing concerns for cryptocurrency. THe tax question whrrein a lot of people are using this as t is free from tax however it is being banned from other cou tries also as a part that it has no tax laws and very easily works under the government system.

[planfox]

Once government apply taxes on crypto-currencies that means that they are accepting the system right? and by that time it will be regulated. Can we still consider it as "decentralize" by that time?

Paying taxes for profits from crypto currency will deprive them of their anonymity, but without paying taxes, chaos in the world will simply come and the authorities will have to prohibit crypto currency.

[astrid.uchiha24]

Here in the philippines gains from trading cryptos are not taxable yet but can be declared as income from other sources in annual income tax. I dont know but let's just hope if trading cryptos become taxable, the best thing we could hope for is they impose a tax on it as a final tax where the tax is paid at source, in that way there will be less tax than individual income tax since it will not be accumulated with other income.

[MostHigh]

I know, you're bored already. However, taxes are becoming extremely important in the crypto world. If you don't want to have a China regulation issue throughout the world, taxes need to be discussed now. As a business owner I know you need to get out ahead of the politicians or your entire enterprise can get shut down.

So my question is... What do we want, in the US and everywhere, as a proper tax scheme for crypto?

I  think that crypto should be fair game for taxes the same as any other currency or asset. It should be up to the individual or corporation to pay their fair share. Just because you can potentially hide money doesn't mean you should. This was the same back i n the day when "Cash was King".

I am not advocating for taxing crypto, or I am not saying that all tax systems are fair - I am just saying that it should be fair game.

As much as i will love to see a tax free crypto market if the taxes when generated will be used to develop the world then it is not a bad idea for bitcoin profits to be taxed but the worry is all politicians always go ahead of the system and dip their hands into tax coffers and do away with a lot before their corrupt ways are altered.

[gabmen]

I know, you're bored already. However, taxes are becoming extremely important in the crypto world. If you don't want to have a China regulation issue throughout the world, taxes need to be discussed now. As a business owner I know you need to get out ahead of the politicians or your entire enterprise can get shut down.

So my question is... What do we want, in the US and everywhere, as a proper tax scheme for crypto?

That's hard to answer since crypro in itself is made to counter that. Being anonymous, i don't think there would be an efficient way to tax crypto and much like china, a government would likely resolve to ban exchanges

[InvestICO2L]

i think all goverment will soon collect taxes all ICO. Beside they also research sulutions that collect taxes with person who is holding bitcoin. So you should not worry. In the future you will have to pay taxes

[QlooQl]

So we see today exactly what I was warning about. The Russian government will block all crypto exchange sites, with in my opinion, the excuse of crypto being used for money laundering. Again, the probable real reason is control. However, the mere fact that they could use money laundering as an excuse is the problem.

Banning crypto is like banning the internet. It is so important for the future freedom of countries across the world. We need to get out ahead of all this and start fighting for crypto and solidifying its place forever.

[baradfo]

So we see today exactly what I was warning about. The Russian government will block all crypto exchange sites, with in my opinion, the excuse of crypto being used for money laundering. Again, the probable real reason is control. However, the mere fact that they could use money laundering as an excuse is the problem.

Banning crypto is like banning the internet. It is so important for the future freedom of countries across the world. We need to get out ahead of all this and start fighting for crypto and solidifying its place forever.

What news do you have on this? Apologies for not being up to date on the Russian news. Are you saying that the Russian government is shutting down access to all exchange sites? Could you please provide the source? TY for the PSA

[joebrook]

I know, you're bored already. However, taxes are becoming extremely important in the crypto world. If you don't want to have a China regulation issue throughout the world, taxes need to be discussed now. As a business owner I know you need to get out ahead of the politicians or your entire enterprise can get shut down.

So my question is... What do we want, in the US and everywhere, as a proper tax scheme for crypto?

I really don't have a problem with the governments regulating the sale of cryptos and taxing it, its a small amount to be paid rather than them banning bitcoins and making the value go so down to the extent that we will not able to see its end.