Does Bitcoin need to be taxed?

[Rosilito]

Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job? 

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[Westingcote]

Depends on the policy of your country sometimes the country requires you to report it as capital gains or when you convert it to traditional currencies is when you need to pay tax and not by simply holding Bitcoin.

[drzed]

If your country does not tax it (or tax the profits) then they soon will be doing.

[HeRetiK]

Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job? 

Depends on (a) your local government and (b) the amount and type of income.

In some countries, under certain circumstances, there's no tax on capital gains on Bitcoin. However if you accept bitcoins as a form of payment, depending on the amount, you very likely will have to file it as part of your tax report.

[Julia_KA]

Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job? 

Depends on (a) your local government and (b) the amount and type of income.

In some countries, under certain circumstances, there's no tax on capital gains on Bitcoin. However if you accept bitcoins as a form of payment, depending on the amount, you very likely will have to file it as part of your tax report.

I guess if there is a capital gain tax in the country, gains from bitcoin fall under tax. When we talk about capital gain, taxation happens when the gain is realized - that is when the capital asset is sold. When you sell bitcoins for USD that you receive on your banking account, you can be asked about the origin of the money.  The question is, how can the government estimate your real gains from bitcoin: what was your cost of mining that can be deducted from the revenue received from selling it for USD. I'm sure very soon they will try to come up with a methodology of some sort.

[julius caesar]

Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job? 

Well if you are aiming to see a better community, I think this must be happened ,but unlike the other government should apply small taxes for this . We can that this can help our community to offer a local services with an improve type of system.

[badungs]

yes, bitcoin is like a job. we like freelancer here. promoting, translating, and other.
they can take little money from bitcoin, and i think bitcoin is buy and sold something (trade). and every trading in real or in cyber will be charged. bitcoin include that activity, so bitcoin need to be taxed.
and the problem in the government

[BillyBobZorton]

Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job? 

Depends on (a) your local government and (b) the amount and type of income.

In some countries, under certain circumstances, there's no tax on capital gains on Bitcoin. However if you accept bitcoins as a form of payment, depending on the amount, you very likely will have to file it as part of your tax report.

I guess if there is a capital gain tax in the country, gains from bitcoin fall under tax. When we talk about capital gain, taxation happens when the gain is realized - that is when the capital asset is sold. When you sell bitcoins for USD that you receive on your banking account, you can be asked about the origin of the money.  The question is, how can the government estimate your real gains from bitcoin: what was your cost of mining that can be deducted from the revenue received from selling it for USD. I'm sure very soon they will try to come up with a methodology of some sort.

It depends on the country. Some countries will need that you report every single trade, including trades between altcoins which is insane I know, but I don't make these stupid laws.

Also in some countries you have to pay every month if you are making money every month. I had no idea about any of this when I got into bitcoin so I just focused in making BTC, then I found out about the taxing thing. I still have no idea how it works because this is so new that there are too many grey areas. Im scared to cash out some and get my account frozen by the bank, so I will wait until it's more clear.

Oh and in a lot of countries you must prove the origin of the funds. You can't simply cash out but demonstrate that you made the money legally.

[KathPine]

If your country does not tax it (or tax the profits) then they soon will be doing.

why are you so sure in this?

[European Central Bank]

why are you so sure in this?

why would any country turn down tax?

bitcoin might have a free pass in certain countries because they haven't bothered to devote any real effort to it. once they do they're likely to categorise it so it can be taxed. that's what governments do.

if they don't then you live in a great country.

[KathPine]

Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job? 

Depends on (a) your local government and (b) the amount and type of income.

In some countries, under certain circumstances, there's no tax on capital gains on Bitcoin. However if you accept bitcoins as a form of payment, depending on the amount, you very likely will have to file it as part of your tax report.

why it should be taxed depending on the amount and type of income?

[Edrian]

Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job?  

Some countries already enforcing the law of taxing bitcoin, and I think it's unfair, they should only tax all merchants and other big companies. If they impose this regulation on the people who signature campaign dependent it is unfair. I think the regular job is enough for tax contribution, also government doesn't own bitcoin so why putting tax?

I don't like the idea of bitcoin is going to have a tax it is painful to give a part of your earnings to the government, especially if you have already a regular job and you only use bitcoin as a sideline.

[burnedbyfees]

They can only tax if we pay and keep using KYC exchanges rather than decentralised ones.

Also most people won't meet the tax thresholds anyway.

And...

It's not money until it's cashed out, go to Monaco for a year if you're making millions.

[Gotham14]

I always wondered why people are so interested in such questions, how quickly would the government have imposed taxes on bitcoin. Can you give even 5 years to trade safely

[gentlemand]

It's not money until it's cashed out,

Again it depends on where you're at. If you're alt trading then you might well be liable for CGT even if it's never turned to fiat in certain countries. They can regard each trade for something else as a disposal. They may also decide you're that active that it's your income and hence taxable.

It's a right old mess.

[Svelto]

Whether to pay taxes or not depends on the regulation of the country you are living in. Hence it is better for you to check your country tax law to avoid getting into trouble.

I understand some countries have capital gain tax and some countries tax when you earn profit from your investments.

[stomachgrowls]

Base from my recent post "Does bitcoin could be call a job?" I have read your opinions regarding to that. Doing these things is a form of earning money basically we have income. So does it need to be taxed? Because this is also a source of income, and we might call it as a job? 

Bitcoin do generate a job for those people who do engage with it but since it is not regulated yet on most countries then I don't think that we are obliged to pay up taxes this is why we should really cherish those moments since we can able to get our profit or income as a whole without any deductions compared on having a day stable job on normal life.

[kopijos]

I think if a country has officially legalized bitcoin it will definitely be taxed and that's for sure, but if the country has not inaugurated the tax and so many bitcoin users the government can not do much including provide tax rates.

[LTU_btc]

It depends on where you live and status of Bitcoin your country. I think bitcoin have to be taxed only when you cash out it to fiat. If you holding bitcoin and altcoins, mining it, freelancing for bitcoins and doing other activities, you don't have to pay taxes. But when you decide to exchange your crypto assets into fiat and these money exceeds certain amount treshold, you will have to pay capital gain tax. But I can't guarantee, because laws and regulations are very different around the world.

[SONG GEET]

It depends upon from which country you belong, many developing countries dont have enough resources to add tax on bitcoin related activity but most of the developed countries are already taking taxes on all bitcoin related income.

However geting rid of any possible taxation in bitcoin is quite easier as anybody can trade bitcoin anonymously without getting under radar of government.