Tax regulation

[bd.medicine.tech]

Hi all - just wanted to know everyone's thoughts on the upcoming tax bill, that changes the loophole about not getting taxed for trades. Are you planning on investing mostly in anonymous cryptocurrency and holding or selling? What do you think the effect on the markets will be?

http://fortune.com/2017/12/21/bitcoin-tax/

[1714956893]

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[1714956893]

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[1714956893]

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[Alert31]

     Bitcoin is decentralized digital cryptocurrency,so how they can oblidge people or bitcoiners to pay tax unless people convert their bitcoin into cash or goods or they can put tax in bitcoin if it is legal in some countries. I know tax are impelemented for real property,owned cash and other tangeable properties or asset.

[dothebeats]

     Bitcoin is decentralized digital cryptocurrency,so how they can oblidge people or bitcoiners to pay tax unless people convert their bitcoin into cash or goods or they can put tax in bitcoin if it is legal in some countries. I know tax are impelemented for real property,owned cash and other tangeable properties or asset.

That, my friend, is where KYC comes to play. We all know that in order to withdraw funds from an exchange, you need to at least be verified on their platform and you have submitted at least one ID to the exchange. Failure to comply means you can't withdraw or worse, you can't use the trading platform. I'd still pick the coins I'm trading even though there would be taxes. I hate taxes but it's for my own sake.

[balintong15]

Tax is one source of government's fund. So, they must regulate it so that people will be advised to pay their tax properly.

[Kemarit]

Hi all - just wanted to know everyone's thoughts on the upcoming tax bill, that changes the loophole about not getting taxed for trades. Are you planning on investing mostly in anonymous cryptocurrency and holding or selling? What do you think the effect on the markets will be?

http://fortune.com/2017/12/21/bitcoin-tax/

Holding and investing on bitcoin and other crypto's is not taxable per se, but if you are going to exchange it then paying tax comes into picture. Of course we have to pay taxes, as much as we want to avoid it, for now I guess we can't do anything about it. But we have to look at it at the bright side my friend, there's a lot of country that is against bitcoin, but most of us who have been in a bitcoin friendly country is enjoying the benefits. However, if the government decided to put a regulation that will include taxes, then I'm open with it. Our local exchanges have been KYC/AML complaint so I guess that I will have to pay tax sooner or later. And I would like to think that my tax will go on government projects so I guess I'm fine with the taxes.

[krishnapramod]

Under the new GOB tax bill (US) all crypto-to-crypto trades would be taxed, the 1031 like-kind exchanges loophole gets closed. Holders wouldn't have any issue, but this bill might be a bit disturbing for traders especially using centralized US-based exchanges like Coinbase and Gdax. As usual IRS is trying to make maximum profit out of cryptos, but it's highly likely that a good number of traders wouldn't be reporting swaps of cryptocurrency. Don't see it having any substantial impact on the market.

[wxa7115]

Hi all - just wanted to know everyone's thoughts on the upcoming tax bill, that changes the loophole about not getting taxed for trades. Are you planning on investing mostly in anonymous cryptocurrency and holding or selling? What do you think the effect on the markets will be?

http://fortune.com/2017/12/21/bitcoin-tax/

The article talks about US law so if you aren't in the US or aren't an American citizen then you are fine for the moment but this is something we knew was coming, and it's going to happen all over the world since every other investment is treated in the same way, if you buy bitcoin for 10k and sell it for 20k be prepared to pay tax on the capital gains you got.

[ladadadiweliketoparty]

Hi all - just wanted to know everyone's thoughts on the upcoming tax bill, that changes the loophole about not getting taxed for trades. Are you planning on investing mostly in anonymous cryptocurrency and holding or selling? What do you think the effect on the markets will be?

http://fortune.com/2017/12/21/bitcoin-tax/

The article talks about US law so if you aren't in the US or aren't an American citizen then you are fine for the moment but this is something we knew was coming, and it's going to happen all over the world since every other investment is treated in the same way, if you buy bitcoin for 10k and sell it for 20k be prepared to pay tax on the capital gains you got.

It does talk about the USA but they generally are leaders when it comes to policy and influencing the rest of the world. Not saying everybody will follow suit but would not be surprised if that happened. And yes you should be prepared to pay but if the law does not explicitly say so don't expect people to come to you and pay their taxes.

[Carmen03]

Tax regulation are key levels for improving a countrys business environment . Countries that offer favorable tax  simplify procedure and provide enterprenueral support will more likely enjoy high numbers of startups.

[AlphaWolf]

Hi all - just wanted to know everyone's thoughts on the upcoming tax bill, that changes the loophole about not getting taxed for trades. Are you planning on investing mostly in anonymous cryptocurrency and holding or selling? What do you think the effect on the markets will be?

http://fortune.com/2017/12/21/bitcoin-tax/

The article talks about US law so if you aren't in the US or aren't an American citizen then you are fine for the moment but this is something we knew was coming, and it's going to happen all over the world since every other investment is treated in the same way, if you buy bitcoin for 10k and sell it for 20k be prepared to pay tax on the capital gains you got.

The change in law is not about the capital gains tax which you had to pay before this bill. Now you have to pay taxes on the crypto to crypto trades.

[bitcoinajax455]

Tax regulation are key levels for improving a countrys business environment . Countries that offer favorable tax  simplify procedure and provide enterprenueral support will more likely enjoy high numbers of startups.

It's true that the tax regulations  are keys for improving a country's business environment. I hope that the government well use it  for the good of they're  country and for the binifits of the  people.

[Granslam]

Bitcoin is already helping on country's economy by creating lots of exchanges between the people.
But putting taxes on it is quite an obvious greed of government, we see the world recognizing the bitcoin so much
and so the government are trying to regulate some rules on it which will bring us some advantages and disadvantages.
I think government will put tax on it in exchange for more safe tradings and investing.

[Ailmand]

     Bitcoin is decentralized digital cryptocurrency,so how they can oblidge people or bitcoiners to pay tax unless people convert their bitcoin into cash or goods or they can put tax in bitcoin if it is legal in some countries. I know tax are impelemented for real property,owned cash and other tangeable properties or asset.

Well that might be true, the transaction itself won't be the one to be imposed taxes on. I think, most governments are already eyeing or gunning for a way to regulate bitcoin through the imposition of taxes; governments are always aware of up-and-coming market trends, and they are always focused on making those rising market opportunities working for their advantage. I think that if they can't tax the processes that people do with their cryptocurrencies, then they would try to impose on other ways like transactions and exchanges. It's how the government works, I guess. So, that's to be expected.

[justin86]

As you can see, all kind of regulations including tax cause market to crash, but not all countries have effect on prices especially china, korea, us japan have effect on market.

[Rozcobs]

Hi all - just wanted to know everyone's thoughts on the upcoming tax bill, that changes the loophole about not getting taxed for trades. Are you planning on investing mostly in anonymous cryptocurrency and holding or selling? What do you think the effect on the markets will be?

http://fortune.com/2017/12/21/bitcoin-tax/

I think not all countries have adopted the bitcoin as a currency. In this view, not all have introduced a law that states this is to be taxed. If this is to be realized as a bill then it will be deemed final and all our digital activities will be then exposed. So it will be like when you buy an item you will know that at its price there includes a tax. Even in services, there is percentage of the tax included. It becomes part of our everyday lives that when we will buy water there's tax included. For bitcoin transactions, there will be a percentage of tax per transaction. There will be disadvantage and advantage to it. It will become more legal and part of our every day lives when taxed.

[Manchumichael]

Hi all - just wanted to know everyone's thoughts on the upcoming tax bill, that changes the loophole about not getting taxed for trades. Are you planning on investing mostly in anonymous cryptocurrency and holding or selling? What do you think the effect on the markets will be?

http://fortune.com/2017/12/21/bitcoin-tax/

The article talks about US law so if you aren't in the US or aren't an American citizen then you are fine for the moment but this is something we knew was coming, and it's going to happen all over the world since every other investment is treated in the same way, if you buy bitcoin for 10k and sell it for 20k be prepared to pay tax on the capital gains you got.

The change in law is not about the capital gains tax which you had to pay before this bill. Now you have to pay taxes on the crypto to crypto trades.

I don't think there is a tax for crypto to crypto trading. Only when we convert crypto to cash for this amount, we have to pay tax.

My question is how they can track our crypto trading records? If we do trade in local exchanges, then it is possible, but if we do in other exchange, i think it is not possible.

[gentlebaguette]

     Bitcoin is decentralized digital cryptocurrency,so how they can oblidge people or bitcoiners to pay tax unless people convert their bitcoin into cash or goods or they can put tax in bitcoin if it is legal in some countries. I know tax are impelemented for real property,owned cash and other tangeable properties or asset.

That, my friend, is where KYC comes to play. We all know that in order to withdraw funds from an exchange, you need to at least be verified on their platform and you have submitted at least one ID to the exchange. Failure to comply means you can't withdraw or worse, you can't use the trading platform. I'd still pick the coins I'm trading even though there would be taxes. I hate taxes but it's for my own sake.

Paying taxes is the main way to contribute to the community why people are avoiding that . I just can't understand. There are too much selfish people.

[Bolt Brownie]

Right now I don't have to pay taxes over bitcoin profits in my country, because it's still not regulated, but I will pay them if required because that's perfectly normal behavior. Lets face it, we will not leave in anarchy, and governments will continue to exist and they have power. It would be hard for them to completely ban bitcoin, but they could make it very hard to use, so if we pay taxes they have no reasons to come against BTC, and we all win.

Of course that we will eventually have more decentralized exchanges, and things will even get harder for governments. We can avoid paying taxes if we want, but I don't think there is a reason for us to do it, and I hope bitcoin gets regulated within reasonable boundaries of course. We can now fight back if they push us to much, and that's a good thing, but there is not reason to go to extremes.

[scorpionso]

tax for cryptos seem not logical. Most of people uses because of they are untracble

[mmfiore]

tax for cryptos seem not logical. Most of people uses because of they are untracble

probably but also a lot of people have to get it back to fiat at some point and that 's when problems comes.