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Author Topic: Have people been forced to pay tax over Bitcoin yet?  (Read 4185 times)
Ayston
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September 12, 2018, 07:22:46 AM
 #221

So far there is no publication concerning to it, only they put tax on the item you buy with Bitcoin in some country but I never heard a country forcing its citizen to pay tax for their earning in Bitcoin or crypto.
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KonstantinosM
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September 12, 2018, 07:37:17 AM
 #222

Well, Before 2017, bitcoin only had taxes on the exchange but there was no additional tax to hold bitcoin because it was not considered a property.

But after the success of bitcoin in 2017, the IRS has declared it as property. So now, because bitcoin is calculated as property, then, for all exchanges, mining, spending, trading or other activities will be taxed.

Where is your source on that?

I'd really like to know.

I think the IRS and the US government is general has been treating bitcoin as what is most convenient for their case at the time. We can really nail them on that on the future.

And along the lines of, you, the government has messed up, we can use the leverage to get more reasonable regulations. It really won't do any good to strangle bitcoin in a country anyway, because that country may be left behind.


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cityboy6836
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September 12, 2018, 05:13:23 PM
 #223

Not really...If you make BTC transaction from one wallet to another, no tax would be levied because of a decentralized anonymous transaction on the blockchain .I think that tax is not a compulsion because the tax is the duty of all of us as citizens, something we have to do and we have to pay, wherever you live, the tax will still apply, if yes bitcoin has already been taxed it means there has been a response from the government about bitcoin.
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September 12, 2018, 11:47:03 PM
 #224

I think the only thing the criminal mob who calls themselves "government" (much like that mafia, yakuza, triad etc...) can do is make a few examples of people and hope that the threat of force and fear of being kidnapped and locked up in a rape camp is enough to force the majority into compliance.
This will not work of course, as long as their is a decentralized ecosystem, there will be people smarter than those who rely on the threat of force to extort you.
New methods to avoid criminal governments attempts to rob us will become mainstream and the oligarchs will fade into oblivion along with their counterfeit fiat fractional reserve monetary system.
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September 15, 2018, 09:03:48 AM
 #225

Not all countries apply regulations and taxes on cryptocurrency, in my country, it is still quite open to trade and transact bitcoin, but the government remains supervised although it has not been regulated for taxes and other regulations. maybe in your country, regulations have been made, and taxes have been set, I am curious about that. as I know, many have banned and made bitcoin illegal.

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September 15, 2018, 09:23:20 AM
 #226

Well, depending on where you live, you may have to pay taxes on currencies, including Bitcoin.

In the United States, the IRS treats Bitcoin and other "virtual currencies" as property, for tax purposes. If you buy cryptocurrency, it is now considered a property, and you must pay taxes based on profit or loss when sold.

If you mine cryptocurrency, there are a series of separate laws. Every time something is mined, you must record the current market value of the asset, and the amount is considered as taxable income. Then you also have to pay taxes based on the profit or loss of the asset after it is sold.
Tapyaks72
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September 19, 2018, 12:16:14 PM
 #227

Not really...If you make BTC transaction from one wallet to another, no tax would be levied because of a decentralized anonymous transaction on the blockchain . But soon you want to bring profits of your investment in your bank account through an exchange, it will ask for KYC which include all your necessary documents which will help to evaluate the tax on you.
The taxation usually in terms of what the law provide, since  crypto currency has no concrete policy that  will  guide on cryptocurrency taxation because it is a P2P transaction in the  transaction will hide the identity of individuals who did  the transaction. The only taxable means is the transaction to some legit exchanges establishment that is permitted by the government to operate.

boris singer
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September 21, 2018, 08:08:36 PM
 #228

no coercion means, the tax has not arrived at the calculation of income tax, and is still limited to VAT on the foreign exchange market in their country. it is not a big problem, but if applied widely, they must regulate bitcoin at this time and support its development legally. this is not speculation from real news because it is still a rumor.
Vishnu.Reang
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Today at 06:47:12 AM
 #229

Here in India, last year the income tax authorities sent notices to more than 100,000 Bitcoin users asking them to pay income tax on their profits from Bitcoin. I don't know how many of them actually ended up paying taxes.


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project_delta
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Today at 07:23:15 AM
 #230

Quite curious if this has been the case. Obviously I'm hoping it haven't been the case.
Then what would be the benefit of crypto over fiats then?
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