Bitcoin and Tax?

[futureofeth]

Every country should pay tax in their respective country we cant escape tax why because govt are aware of bitcoin price so they can demand capital gain tax from their citizens

[Cofee.BLUE]

You know that many countries doesnt let bitcoin to have tax but now the bitcoin is getting larger, having many supporters and investors surely people are having very big femand about btc because people are looking btc in markets and they are not controled because they too many countries that planted btc, and now btc is used in crimes in cheating and in robbery thats why the governments wanted to secure it, and some countries puts tax.

[Barulock]

BitCoin is a new currency in the 4.0 era, I think it is difficult to control and collect BitCoin. This is why the governments have issued a ban on BitCoin

[squatter]

Bitcoin should not be taxed if the government will not consider bitcoin as a legal tender

Does not compute. Gold, oil, stocks -- these are not legal tender either. But capital gains taxes apply to trading them, at least in the US. In fact, legal tender tends to be stable in price, so it doesn't make sense to tax its gains. Governments want tax revenue, which is why they are going after bitcoiners now (see the IRS/Coinbase decision).

Taxing bitcoin will not be good i think.Exclude the fees in each and every bitcoin transactions you send and add the tax in each transactions that would be a hell of a cost specially for small users

It's hard to escape the tax man if you ever want to cash out to fiat. I don't think many countries (if any) tax transactions themselves, although any trade to another currency/commodity will trigger capital gains taxes.

[JacLuck]

As far as I know, Anything that is a form of investment is not taxable,
bank institutions and trading platform owners are the one who is responsible for paying of taxes, remember when you trade fiat to forex or bitcoin to an exchange a part of it goes to the trading platform owners for employees salary and yeah for tax and other dues.

[Amanda Krause]

I'm pretty convinced it depends on the country. For instance, the system of paying taxes is so strict in the USA that's why you will not avoid paying them. It's obvious.

[roshanfious]

i dont think bitcoin can be taxed, it is anonymous and untraceable to all of us, so it is not gonna easy for any one and government to tax bitcoin, if the government can file the way to tax bitcoin, i can sure our privacy will be in governments control.

[degaga15]

I think the bitcoin and tax deal is on the cut when we exchange or pull our bitcoin into genuine money, I think the piece is already private property tax.

[Rupok365]

Bitcoin and tax are two different things. Bitcoin is an online currency  coin and tax is the government's rent. Which is provided to the government.

[DoublerHunter]

The tax will come in bitcoin for sure because if the government will make the bitcoin as a legal currency then they will make additional changes for sure like they will add some orders to tax the people who are earning in bitcoin and also the other businesses that are accepting bitcoin too. So we should not be confident that things will work and the tax will not be in bitcoin because either we like it or not, bitcoin will have tax in the future.

[Ilegendph]

As far as I know, Anything that is a form of investment is not taxable,
bank institutions and trading platform owners are the one who is responsible for paying of taxes, remember when you trade fiat to forex or bitcoin to an exchange a part of it goes to the trading platform owners for employees salary and yeah for tax and other dues.

Hi there, if this is true how you gonna explain real estate taxes and income tax return. As far as I know government will tax you if what you earn and properties you have is over their set limit to be exempted.

[Trivelius]

Bitcoin should not be taxed if the government will not consider bitcoin as a legal tender

Does not compute. Gold, oil, stocks -- these are not legal tender either. But capital gains taxes apply to trading them, at least in the US. In fact, legal tender tends to be stable in price, so it doesn't make sense to tax its gains. Governments want tax revenue, which is why they are going after bitcoiners now (see the IRS/Coinbase decision).

Taxing bitcoin will not be good i think.Exclude the fees in each and every bitcoin transactions you send and add the tax in each transactions that would be a hell of a cost specially for small users

It's hard to escape the tax man if you ever want to cash out to fiat. I don't think many countries (if any) tax transactions themselves, although any trade to another currency/commodity will trigger capital gains taxes.

Bitcoin and tax I think they didn’t have a relation unless bitcoin become a legal currency, because once you earn bitcoin then you shouldn’t forces to give tax etc that’s why according to me there is no tax seems on bitcoin. Bitcoin is a digital currency and people all over the world invest still not recognize by most of the countries as legal currency, therefore we are not expecting tax on bitcoin.

[MIT2K]

Bitcoin should not be taxed if the government will not consider bitcoin as a legal tender

Does not compute. Gold, oil, stocks -- these are not legal tender either. But capital gains taxes apply to trading them, at least in the US. In fact, legal tender tends to be stable in price, so it doesn't make sense to tax its gains. Governments want tax revenue, which is why they are going after bitcoiners now (see the IRS/Coinbase decision).

Taxing bitcoin will not be good i think.Exclude the fees in each and every bitcoin transactions you send and add the tax in each transactions that would be a hell of a cost specially for small users

It's hard to escape the tax man if you ever want to cash out to fiat. I don't think many countries (if any) tax transactions themselves, although any trade to another currency/commodity will trigger capital gains taxes.

Bitcoin and tax I think they didn’t have a relation unless bitcoin become a legal currency, because once you earn bitcoin then you shouldn’t forces to give tax etc that’s why according to me there is no tax seems on bitcoin. Bitcoin is a digital currency and people all over the world invest still not recognize by most of the countries as legal currency, therefore we are not expecting tax on bitcoin.

very interesting! Thanks for your opinion - it seems governments are being forced to address with each day bitcoins price is rising. I do believe that the second you cash out and it no longer becomes anonymous money you are eligible to being fined if you dont declare.

[Siopao]

As like many from this forum says, it really depends on your country. In my country, bitcoin is not yet tax imposed but I think they are looking on the possibility of doing so. As first step undertaken, they already regulated the businesses that is engaged in bitcoin. But as per regulating and taxing the bitcoin itself, there's not yet clear guidelines with that. And of course if our local government impose tax we have to follow or else we will be jailed.

[ModaFuka1994]

As I know for now nobody has to pay taxes for Bitcoin income cause Bitcoin is not legalized in any country yet so it's still not goods or currency so the government can't get any taxes from Bitcoin income from people living in there country. Beside Bitcoin is very secure so it's very difficult to find out anyone using Bitcoin to earn money so there are a lot of people trying to take advantage of Bitcoin to evade taxes. But I think in the future Bitcoin will be legalized soon and everyone will have to pay taxes for Bitcoin income. Although we have to pay more for taxes and transaction fee but it'll be great when Bitcoin legalized cause we can use Bitcoin directly for everything we want.

[tonysitaly]

It is because trading bitcoin does not need to pay taxes, at least in my country, so that government departments are more opposed to bitcoin. Because bitcoins do not bring them any good. I think this will change in the next few years, and there should be a number of management departments, first of all to start paying taxes from the exchange.

[AlienSeeker]

Bitcoin transactions happens in the internet, so the government couldn't get any tax, they even don't know yet how it works to start applying taxes on bitcoin. They should know what bitcoin is all about first before starting to think of applying some shtty taxes on it. In my country, they are starting to acknowledge what bitcoin is BUT they are saying that it is a fraud, a scam.

[Sasuke102001]

Bitcoin being decentralized, the government has no control over it but some countries people are paying taxes over all the money they earned in cryptocurrency to the government. In the US people are paying taxes on crypto's from what I have heard and in the UK the people have to pay somewhat 20% they earn from crypto I guess. At least in my country crypto's aren't taxed yet maybe because my country doesn't think of crypto's being a legal tender. But the government can only tax something over which they have control right? So how can some governments tax on cryptocurrency? Would like to know the process.

[ipanks]

I think the governments want to take a tax for bitcoin but until now, they cannot do anything with bitcoin. I don't think that bitcoin can be applied for the tax because bitcoin doesn't have a physical form and besides that, bitcoin is only for use on the internet so the government still not yet find a gap to apply the tax. many of us don't want that tax to be applied with bitcoin because bitcoin is not like a currency and until now, there is a debate about this.

[Dudeperfect]

It is the matter of jurisdiction of the country in which you live or cash out your Bitcoins. Since Bitcoin is not legal yet and hence not classified under forex or commodity trading, the tax rate for those activities won't apply for Bitcoin.

However, in my country, I pay tax for converting Bitcoins into the fiat currency but that applies to the transaction fee and not the transaction amount.

Unocoin | Fee Structure.

As per the current tax rate, it is 18% of the transaction fees in my case. However, when it comes to the income tax, I do have my investments in Tax savings schemes so I never cross the minimum taxable slab when it comes to the final income.