Are you taxed on Bitcoin?

[kuberayt]

Depends if you report capital gains or not, where some decide not to. With the recent Coinbase IRS loss (technically, I mean 14K members will have their details leaked) then some may be forced to. Currently since there's little regulations, you're able to get away with quite a bit

[DARKANGEL6415]

Are you taxed on Bitcoin?

Right now I'm not being taxed. I hold most of the bitcoins I have, and only withdraw when necessary. Every time I exchange some coins and withdraw them to my bank I usually keep the transactions low so no alerts are raised at banks (of course I could not raise alerts even If I wanted to xD). I'm not trying to evade taxes, and I actually asked if I had to declare anything. The answered that bitcoin are still not regulated in my country so no one really cares right now, and I don't have to do anything.

I will keep this line of action though, because it would be unfair if they decided that I would have to pay something from my last transactions. So I will try to keep then untraceable right now, and if the law changes, and I have to pay taxes, I will start doing it, but I don't intend to pay taxes from my last transactions, since they were the ones saying I didn't have to.

Man i really hope you don't live in the USA or any USA territories bevause that just happened. On Wednesday the internal revenue service IRS won their year long fight with coinbase. Coinbase is now required to release records of anyone who had $20,000.00 in bitcoin between 2012 through January 1st 2016. That way they can pay taxes and penalties of course lol.

[Virtual miner]

Well you know in most of the countries like India ^ bitcoins are recognized as a way of income thus.. whatever you earn from bitcoins is directly linked with your earnings.. and thus they are taxed after a certain amount .. which is roughly 2/7 th of the present bitcoin rate.

Thus if someone is earning that much from bitcoins then..they have to pay taxes for sure..also if someone is just earning a dollar or two they are set out of this scheme..I mean what tax will you put into it..

Thus I am presently not taxed because I don't own even 0.5 bitcoins thus yes there are people who are taxed but not.. those who earn less..

Well I am also from India but didn't quite heard about this 2/7th law. Yes bitcoin are recognzied as a source of income therefore earning bitcoins can be taxed under INCOME FROM OTHER SOURCES in your income statement while any gain arising from trading would certainly go in CAPITAL GAINS section. But problem is that Indian govt. is even not ready to declare bitcoin as legal So Indians are in a state of dillema regarding Bitcoin.

[btcjocan]

Are you taxed on Bitcoin?

Luckily, our bitcoin income is not taxed here in our country. We have the freedom to earn bitcoin without being taxed actually. So it would be great for us if this will continue in the future that it will not be taxed because the percentage of our tax is too big.

[Pasaway2701]

Are you taxed on Bitcoin?

My earning from bitcoin is not that huge to be taxed by the government if ever they are collecting from it. I don't think bitcoin get taxed because it is decentralized. Maybe government get taxed in other way from us but not because we are earning bitcoin, the things we are using from transactions can have that.

[Terry05]

In my country I'm not being taxed for using bitcoin, but maybe sooner the government will pursue its plan to regulate the bitcoin here and I don't think if the government has the capabilities to tract all transactions so that they can put tax on it.

[lepricoin]

From the side of the state, for the time being there is not, but everything goes to this. A very decent commission takes exchangers and exchanges for their services, and there are not so many goods to buy for bitcoins (

[Flowzer]

I think in some countries already use tax rules on bitcoin. if you look in india you will get tax if have bitcoin in certain amount. in india also exist for widraw or bitcoin transactions are given a certain amount of taxes. maybe bitcoin is no longer a way of storing property without taxes. bitcoin already know the tax. but that does not matter. because the advantages of bitcoin very much

[tunctioncloud]

In my country, Bitcoin is considered as an asset and so, as long as I do not convert it into fiat money, I have nothing to pay on it or any profit I make in bitcoins. Well that is the only thing that is good in my fiscality.

[bakunawaaa]

It depends on which country you are in. In countries where it is accepted legally, definitely it is taxed. In most countries however they dont tax bitcoin, like here in the Philippines. In Japan, since it is accepted in evem seven elevens from what I heard, they are probably incorporating the value added tax on purchases even with bitcoin purchases.

[Dexion]

no. why pay me a tax for bitcoin? I prefer without taxes.
but I do not know if one day bitcoin is legalized in my country, will there be any tax or not for every bitcoin transaction? it will be difficult for the government.

[anthinguy21]

For now I still don't have to pay taxes for my Bitcoin income because Bitcoin is not legalized in my country yet and transaction fee is the only thing I have to pay at the moment ). But in the future I think I can't use Bitcoin anymore cause the government in my country is going to ban Bitcoin in next year so if I keep using Bitcoin until next year maybe I'll have go to jail because of it.

[Oulay]

Bitcoin is not regulated in our country yet so we don't have to pay taxes..
Anyway, in order to exchange BTC to our local currency we should pay at least a 10% fee to local traders.. some of them even charge a 25% fee! So it's kinda worse than being taxed..

[khaled0111]

I do not pay taxes for my Bitcoins.

Here in my country, there is no regulations concerning bitcoin or cryptocurrencies.
Sometimes, I start doubting that our authorities didn't hear about cryptocurrency yet and they have no idea about how fast the financial world is being changed.
I think that only those who hold huge amounts of bitcoin should pay taxes.

[Commitments]

Are you taxed on Bitcoin?

Nop, here in Argentina bitcoin doesn't have any kind of tax, at least not because I don't own any kind of legal projects with company that involves it.

[qwertyup23]

In my country, Bitcoin is considered as an asset and so, as long as I do not convert it into fiat money, I have nothing to pay on it or any profit I make in bitcoins. Well that is the only thing that is good in my fiscality.

Also in our country, bitcoin is being regarded as property thus making it impossible for legal tender. Currently, there are no laws prohibiting the usage of bitcoin but mining bitcoin falls under the 'other income' category which is taxable in our country. Fortunately, I own my bitcoins through participating into campaign signatures and through investments. The question is highly dependent on the country of an individual and is relative in terms of scope of each governance. There are countries out there who imposed tax regarding the utilization of bitcoin and you should also check your country regarding the laws to avoid any future conflicts.

[hachiman13]

My bitcoin's aren't taxed but it certainly feels like it is because of the high fee when cashing-out. If that's the case even though it isn't regulated right now in our country, imagine it with tax and high fees...

[harizen]

Are you taxed on Bitcoin?

Not directly but we feel being taxed.

That is because of rates we need to deal in our local exchange when converting bitcoin to fiat. No choice but to deal with that as no doubt that local exchanger I have been using regularly is giving convenient to it's users. Im just using their service when doing cashouts because their transfer fees to outside wallets are horrible.

The good side, they are legit and one of the reputable exchanges here in our country. Been living about few blocks from their main office.

[filharvey]

Are you taxed on Bitcoin?

No.Not in india.Since bitcoin has not been yet regulated in india.So,till now we enjoy a tax free income here.But this situation may soon change when it gets legalized.Our government is totally confused whether to legalize or ban it.Already the government got criticized by demonitizing high value notes and so,its taking a soft stand regarding bitcoin.

[iamsange]

Are you taxed on Bitcoin?

in my country there are no regulation for bitcoin, but after i withdrawal into fiat, i got taxed from my bank account that i saved money. maybe that not called taxed on bitcoin but on fiat