Bitcoin and Tax?

[User365]

It totally depends on the law in your country.

In my country, it is very simple if you keep your coins for more than a year, it is considered speculation and therefore tax-free. If you sell your coins before you had them for one year, you will have to pay taxes on the profit you made.

[yrtrnc]

This is likely to be one of the most important topics when dealing (successfully) with crypto in the next years in my opion. At thee moment, it seems that there are in general several unsolved questions in connection with it

[Gaaara]

On our country we don't have to tax bitcoin and we don't have an tax sheet to fill up so basically it depends on our governments whether they will tax bitcoin or not,
and how will they keep bitcoin users in track since our country is way too late regarding of information about technology.
I don't know how other country taxes bitcoin but in our country taxing bitcoin are unlikely to happen.

[johanesrobin]

Tax is the source of State income, as a good nergara citizen we are obliged to obey the government.
so far it is not a rule for bitcoin holders to pay taxes. Whatever happens I will stick with it.

[Reid]

I really have that question in my mind also.
If they will implement tax in it then how are they suppose to that?
For just transactions when you buy things thru bitcoin? How will they know it was done like that? Is the government connected with the merchant or they will be the merchant? 
How about the bitcoin in wallets? How are they going to trace it? Kind of having problems with how they will monitor it.

[MIT2K]

Bitcoin is not governed or controlled by governments or banks. Hence they don’t have any control over cryptocurrencies.

That said,when you sell your Bitcoin and get fiat currency like US dollar, then you’re liable for taxes as per your country on capital gain.

Considering the growth of Bitcoin, you should only Buy and Hold. Take out in small amounts to avoid taxes.

Does this not make it dangerous for us though that if things crash we all crash with it? What about converting Bitcoin to gold? does tax come in then?

[MIT2K]

Bitcoin is not governed or controlled by governments or banks. Hence they don’t have any control over cryptocurrencies.

That said,when you sell your Bitcoin and get fiat currency like US dollar, then you’re liable for taxes as per your country on capital gain.

Considering the growth of Bitcoin, you should only Buy and Hold. Take out in small amounts to avoid taxes.

Does this not make it dangerous for us though that if things crash we all crash with it? What about converting Bitcoin to gold? does tax come in then?

Please when talking about your country and the tax laws mention where your from, it will help anyone answer questions for anyone who is also from the same place

[Janation]

Whats the deal with Bitcoin and paying tax? How does it work?

In my place you can't tax bitcoin. The government know of it but they are not having an idea of taxing it all. And I think if my country wants to tax bitcoin, I guess I will not know how because I will be starting to use another crypto currency, I mean that is the best way to avoid paying taxes the reason I like to use it and I don't like it to be taken.

[MIT2K]

You would think it would be really difficult to tax but i suppose the risk comes in when you convert money back to fiat and it goes into your traceable account?

[caloy06]

BITCOIN is a type of cryptocurrency. It uses blockchain ​​or the so-called word wide ledger.The world wide ledger is the general list of BITCOIN transactions. It is as if I said earlier that money is only a treaty. The world wide ledger can be compared to a general agreement.
It is an inherent power or power of a state, through a constitution, to raise revenue for government needs and expenses.
Taxation is when governments require citizens to pay a certain amount of money to help fund public institutions. Taxes are used to pay for things like public education, welfare programs, transportation infrastructure, defense funds and libraries.

[A.nayem]

#I think most countries just didn't​ decided yet how to tax Bitcoin holders properly and how actually identify them. But taxes will be in every country in a few years.So  the government can provide and assess taxes to be paid and the tax income arrangement on bitcoin lies with the government tax of each country.

[no0dlepunk]

Whats the deal with Bitcoin and paying tax? How does it work?

I live in the Philippines, and here we can cashout bitcoins using the local counterpart of western union. By that method, the government would not know how much money had came in to my pocket unless I cash out such huge amount and it caught the Fedies attention. Other countries are strict, and i assume you need to wire your bitcoins to your bank account. That method couldn't escape from the law.

[Ru chin Salcedo]

The government has no control over the value of bitcoins. It instantly gains ang loose thats why they cannot put a fixed tax for it

[Legend1123]

If rock taxation is a good way to control it, how do you know who owns it and tax it?

[Opquar]

#I think most countries just didn't​ decided yet how to tax Bitcoin holders properly and how actually identify them. But taxes will be in every country in a few years.So  the government can provide and assess taxes to be paid and the tax income arrangement on bitcoin lies with the government tax of each country.

Most actually simply impose taxes on businesses. They all end up there one way or another, so it is an efficient way to tax. Businesses themselves impose the taxes on their customers so there is no need for governments to track and trace.

[imoet]

I think...it is hard to give tax on btc...the government should think so many regulations about it....whether in present there are no laws about tax on btc...maybe it will be bitcoin tax in the future...

[Koadharber]

Whats the deal with Bitcoin and paying tax? How does it work?

You can actually pay up tax even you are engage into bitcoin but this would turns out to be voluntarily since government cant really mandate or impose such laws that you would really be obliged to pay up tax since we do know bitcoin cant really be tax which means we can really possible evade tax if we want to but as a responsible citizen it would depend if you would still decide to pay up tax inspite you are engaging into crypto.
This is what im doing now and i dont really like to escape on taxation.

[traderethereum]

Whats the deal with Bitcoin and paying tax? How does it work?

I think if we use bitcoin then we don't have to pay the tax except we need to pay the transaction fee. but if we are going to exchange our bitcoin into fiat, then I think there will be a fee that we should pay. and after the money is arriving into our account, then we should pay the tax for monthly. but I don't think that tax on bitcoin is applied right now because in the country which accepting bitcoin, the people do not pay the tax at all.

[rajuahmed330]

Whats the deal with Bitcoin and paying tax? How does it work?

First of all, I want to say it depends first on that website, later in the tax law of that country, after that, the government rules policies are all about these.

[fipper]

in some bitcoin countries it's already applying taxes and that's great because bitcoin belongs to income. but there are still many countries that have not applied taxes because the country has not officially acknowledged bitcoin in the country.