How is Bitcoin taxed??

[bitcoinvamp]

I've been trying to figure out how Bitcoin is taxed before I trade. Does anyone know?

As per tax is concerned i don't think that the bitcoin is a currency on which tax is applicable. Unless someone converts the bitcoin into the real money the money is tax free. You need to understand that if the trading is between bitcoins then there is no way you could be charged tax instead you have to pay fees so that the transaction is being processed successfully and smoothly. I think this would help you to know the difference.

[1713871972]

1713871972

[1713871972]

1713871972

[1713871972]

1713871972

[lili song]

In the UK you should pay capital gains tax like with anything else since bitcoin and other cryptocurrencies are regarded as capital assets.

So when you sell your cryptocurrency you should pay tax on the actual capital gain.

The actual % varies according to your tax bracket since the tax system in the UK is progressive.

Example from the HMRC website:

"You bought a painting for £5,000 and sold it later for £25,000. This means you made a gain of £20,000 (£25,000 minus £5,000)."

If you swap in BTC for painting you know you need to pay tax on the £20K.

Identify your tax bracket and you know what you owe the government.

Conversely, you can get tax relieved if you've made a loss on your bitcoin; two-way street.

Yes I agree with you, we can do this ways, if we sell cryptocurrency should pay tax. Tax is very important for every country.
So that country can grow if people pay tax and economies from that country will be better. Anyway every transactions with bitcoin can do include tax.

[Pusarbumi]

In the UK you should pay capital gains tax like with anything else since bitcoin and other cryptocurrencies are regarded as capital assets.

So when you sell your cryptocurrency you should pay tax on the actual capital gain.

The actual % varies according to your tax bracket since the tax system in the UK is progressive.

Example from the HMRC website:

"You bought a painting for £5,000 and sold it later for £25,000. This means you made a gain of £20,000 (£25,000 minus £5,000)."

If you swap in BTC for painting you know you need to pay tax on the £20K.

Identify your tax bracket and you know what you owe the government.

Conversely, you can get tax relieved if you've made a loss on your bitcoin; two-way street.

Yes I agree with you, we can do this ways, if we sell cryptocurrency should pay tax. Tax is very important for every country.
So that country can grow if people pay tax and economies from that country will be better. Anyway every transactions with bitcoin can do include tax.

right sir. so the state has tax revenue from the sale of cryptocurrency and the funds can be used for the progress of every citizen through example of development aspects

[Oceat]

I've been trying to figure out how Bitcoin is taxed before I trade. Does anyone know?

As per tax is concerned i don't think that the bitcoin is a currency on which tax is applicable. Unless someone converts the bitcoin into the real money the money is tax free. You need to understand that if the trading is between bitcoins then there is no way you could be charged tax instead you have to pay fees so that the transaction is being processed successfully and smoothly. I think this would help you to know the difference.

Yeah that's what i am thinking right now since it is completely decentralized and no government can put a tax to it but if those government are accepting Bitcoin for a tax payment i guess it's a different story. But since the transaction fees are too expensive i think a micro payments is not a good choice for payment. Why not exchange it into a real cash to pay for their taxes?

[expert4knowledge]

It's still blurry, there are no real laws about this, we will have to wait the regulations of 2018 to know this, for the better or the worse

[Pusarbumi]

It's still blurry, there are no real laws about this, we will have to wait the regulations of 2018 to know this, for the better or the worse

it is true in my country also there is no absolute regulation about this industry. which is expected in my future crypto currency can be received either by the government

[Andrey_07812]

Пpaвитeльcтвaм выгoднo paзмытoe юpидичecкoe cocтoяниe кpиптooтpacли

[jlb94]

It s depends where you living. I'm lucky i'm living in france and  taxes are between 32/100 and ...62/10 !! You should send email at your gouvernement to be sure.

[The BlockRx Project]

Bitcoin can be digitally traded between users and can be purchased for, or exchanged into, U.S. dollars, Euros, and other real or virtual currencies.(can be taxed in USD)

[faceoff97]

I've been trying to figure out how Bitcoin is taxed before I trade. Does anyone know?

I dont think   and I dont feel like governement is now applying tax in my country, its may be because its not yet recognize as legal in my country. Though its not legal its not illegal, its now staring to have a recognition from our central bank and this would be the beginning of regulating bitcoin inside our country. The central bank now is trying to get the full information of the people holding bitcoin. This only means that they are working on it already.

Basically, though there is no tax implemented we are still paying certain amount from the fiat exchanges or money exchanger. This actually a form of tax already because the transaction fee is high.

[creeps]

I've been trying to figure out how Bitcoin is taxed before I trade. Does anyone know?

As per tax is concerned i don't think that the bitcoin is a currency on which tax is applicable. Unless someone converts the bitcoin into the real money the money is tax free. You need to understand that if the trading is between bitcoins then there is no way you could be charged tax instead you have to pay fees so that the transaction is being processed successfully and smoothly. I think this would help you to know the difference.

So far there is no tax on bitcoin but we are paying the exchanges through the fees  and I believe all those who are registered exchanges are paying taxes of course from the profit they get on every trade. As of now South Korea are trying to impose an almost 20% tax on every registered exchanges and I think many countries will also do this.

[Hugis]

I've been trying to figure out how Bitcoin is taxed before I trade. Does anyone know?

As per tax is concerned i don't think that the bitcoin is a currency on which tax is applicable. Unless someone converts the bitcoin into the real money the money is tax free. You need to understand that if the trading is between bitcoins then there is no way you could be charged tax instead you have to pay fees so that the transaction is being processed successfully and smoothly. I think this would help you to know the difference.

So far there is no tax on bitcoin but we are paying the exchanges through the fees  and I believe all those who are registered exchanges are paying taxes of course from the profit they get on every trade. As of now South Korea are trying to impose an almost 20% tax on every registered exchanges and I think many countries will also do this.

I think too would agree with taxing bitcoin if you would trade it to your own currency. Because it would make a economic lose if every corpoation in a country would make bitcoin as a transaction. Surely not common users are into in bitcoin. Rather than banning it, better make legal laws on how to manipulate bitcoin for advantage than seeing it as an illegal investment.

[avikz]

I've been trying to figure out how Bitcoin is taxed before I trade. Does anyone know?

It is really hard to tax on the bitcoin transactions and based on the trade transactions. The tax will be imposed only when you exchange it for your local currency. Then only it can be considered as income. Otherwise, bitcoin will not allow you to spend it for a tangible things. Only when you exchange the money in to your local currency, it will allow you to spend and then only it can be considered as income. The tax can be imposed on that amount.

[dokie987]

I've been trying to figure out how Bitcoin is taxed before I trade. Does anyone know?

As far as i know, there were no taxed implemented in trading bitcoin. Or maybe it depends on the country you are residing at.