Are you taxed on Bitcoin?

[FLoving]

Are you taxed on Bitcoin?

I have both as answer. Like if my money is in Bitcoin then I do not need to pay tax in my country while at the time when I have to withdraw my money to cash and to use it then I pay tax on that.

[MakeMoneyBtc]

Right now, I am not being taxed. The government from my country dont spend their time to add taxes of bitcoin because only a few people actually earn profits from it.

I dont think that any country ask for taxes from people who use Bitcoin but I am sure that soon governments, especially the big ones, will add taxes because already a big part of the population use bitcoin and earns big profits from it. Also the price is rapidly increasing so a lot of new people are investing in Bitcoin.

Soon, someone from government will notice that people earn good profits from bitcoin and start working on a law to apply taxes for cryptocurrencies. That is going to be pretty hard because bitcoin is a decentralized coin and also the transactions are invisible(cant know who is sending or receiving) for them.

[MaggieDeng]

It's more like the use tax thing. Actually in California, if you buy goods out of states and ship over back to use them in California, you are supposed to pay use tax. But so far, not many people claim that.
In theory, we all need to pay tax in BTC, even by the time BTC mined out. However, not many people claim to pay tax so far.

[cl37007]

Presently no but who knows for the future. Governments will work out sneaky ways to tax us on Bitcoin, they have to or else they lose out big time. Turbulent times ahead no doubt

[Clavulanic]

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..

Also with me I wasn't taxed but in the trading sites there was a charges on the service fee and its more like taxation but not with the government. Its for the trading site's business inncome and yet its going good because the fee is not so expensive. Hopefully the government will not tax the users but taxation should be shouldered by the trading site itself.

[bribed]

Yes of course. In my opinion its not worth the risk going to jail for crypto. I mean, everyone has to pay taxes, so why shouldnt you just because you trade with cryptocurrencies? Sure it can seem unfair when there are countries that dont tax crypto yet, but thats life.

[Ultegra134]

Anything recognized as an income can be taxed, if you are using bank ATMs to withdraw any money made and exchanged into Bitcoin, chances are you are going to get taxed for it. You can avoid it though, by using Bitcoin ATMs, which have zero correlation with the government's watch, thus, your transactions are purely invisible for them.

[TheBusinessMan]

Not yet.. just wait til more people here start to use it, is like gambling they'r looking to regulate internet gambling.

[bloodyvio]

In my country (Indonesia) bitcoin transaction is illegal.
So all bitcoin transactions go straight into my bank account without being charged by a tax.  

[bribed]

In my country (Indonesia) bitcoin transaction is illegal.
So all bitcoin transactions go straight into my bank account without being charged by a tax. 

Wait, so do you mean that only transactions, meaning sending bitcoin to another address is illegal, or is Bitcoin in general illegal in Indonesia? If the latter is the case, then cashing out bitcoin earnings should also be considered illegal right? Sorry if I dont understand this right. Would appreciate if you clarify.

[loragean03]

Are you taxed on Bitcoin?

as of now there are no taxes related in bitcoin in our country, its only transactions fees are been deducted in my wallet when I use bitcoin on some of my transactions. furthermore there are no news that It will implement soon.

[maknassy]

no
I think that those who  have a small amounts of bitcoin shouldn't pay taxes.

[valisa]

in my country bitcoin masil illegal, so bitcoin users still can not be in taxes, because the state authorities have not legalized the use of bitcoin. because it is impossible for the state to withhold taxes on a product that has not been legalized

[matchi2011]

in my country bitcoin masil illegal, so bitcoin users still can not be in taxes, because the state authorities have not legalized the use of bitcoin. because it is impossible for the state to withhold taxes on a product that has not been legalized

Where are you then? Are you able to trade illegally? What are the repercussions? I'm not sure how that goes for countries that illegalize btc. I kniw china banned exchanges but are they penalizing people who find ways to run around the ban? I don't think there's a regulation to tax btc yet

[Sasuke102001]

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..

I would like to oppose that statement, sir, because I am a resident of India as well and by that, I can say as every other citizen of any country over the globe recognizes bitcoin as a way of earning same goes with the citizens of India who know what Bitcoin is. As you said that all bitcoin earnings are directly linked to our earnings and thus we are taxed a certain amount, I don't see that happening here, sir. There are some wallets to store bitcoin which says to connect our bank accounts but no one really uses them. And recently as our honorable Finance Minister of India Mr.Arun Jaitley has said that Bitcoin or any other cryptocurrency will not be considered as a legal tender. So if a currency is not a legal tender so there is no chance to get taxed over it right.

[Marucya]

So far, in my country (Ukraine), the law does not provide for any rules on taxation that would be related to income received from activities with crypto currency. In addition, this is probably the only country in which a bill has been introduced in its legislative body that exempts from taxation any activity related to income from the crypto currency. I hope that this project will be adopted and Ukraine will be one of the few countries with preferential taxation in the field of crypto currency.

[jsscswan]

Of course not, I think the government can not control the tax on the bitcoin income we have. The government can not make tax withdrawals before they legalize bitcoin and make income tax rules from bitcoin itself. Things are very complicated.

[ruthbabe]

Are you taxed on Bitcoin?

Definitely no! It's because I'm not American and/or US citizen and I don't live in the United States. I think only American citizen and those living in the United States are being taxed.

[affandi]

the percentage of tax in my country is 10% of income tax, the purchase of goods or food. But for bitcoin, until now there is no tax order applied, maybe also because bitcoin here has not been legal right. there are just a few pieces every time I convert bitcoin into money.

[Bitcoincole]

the percentage of tax in my country is 10% of income tax, the purchase of goods or food. But for bitcoin, until now there is no tax order applied, maybe also because bitcoin here has not been legal right. there are just a few pieces every time I convert bitcoin into money.

I'm not being taxed by bitcoin whatever earnings that i have, payments by bitcoin is directly through to my wallet address. That the essential of digital payment now a days. If bitcoin are considered as legal the taxed are already in the hands of the government.