Bitcoin Taxes USA

[zorchy]

Bitcoin and its traction can be made into a legitimate operation, especially since many countries have already abandoned sanctions.

[kwakgyimah]

Countires misuse tax money and wasted a lot of resources into things that are unnecessary. In my country people on benefits earn more money than a normal worker which is very wrong. So I am very against paying more taxes than i am already paying.

In almost every country, the government seems to be over taxing the citizenry. I believe we need to put a stop to all these unnecessary  taxation on the people of the country. I think there is more for people to enjoy after taking their hard earned money as tax. But the issue has been the opposite where most citizens enjoy less benefits compared to the huge sums of money that they pay.

[goldengold5]

If it could be a government requirement for Bitcoin traders, then it will now play a role as a lubricant for Bitcoin trading.

[Shafiqul Islam]

Bitcoin taxes is a great idea.. It is better for developing a country the best. When we create a strong profits from bitcoin, then we pay taxes, that's a simple.

[Jamburn]

The government levied on its citizens for a profit and because Bitcoin was profitable, they did not except it.

[manfredmann]

Well there is no really a problem regarding with taxing bitcoin as long as investment will be safe through taxes that could be converted to implement a program to ensure bitcoin investments to be safe especially those ICO projects. But, if it will not for the investors security then it should not be approriate to collect tax from bitcoin.

[shoreno]

Bitcoin taxes is a great idea.. It is better for developing a country the best. When we create a strong profits from bitcoin, then we pay taxes, that's a simple.

but what if a government is corrupt ? do you think that the tax will go thru the development of a country ? no mate , that tax that he collected will only go to his own pocket .  that is the reason that many people hated to be taxed  but in bitcoin there's no need to worry because bitcoin cant be taxed anyway .  

If I send Bitcoin from the USA to India, do I have to pay capital gain tax on it?

no you dont . if theres any payment then that isnt called a tax but rather it is called a transaction fee .   tax is only applicable on centralized currencies such as fiats  and on centralized payment methods like paypal  .

[Cryptobiter]

tax is only applicable on centralized currencies only and on centralized payment methods like zapy account   .

[Switchain]

Don't forget that crypto2crypto transactions are taxable also

[ningrumxxi]

Most major economists on television and news outlets are saying Bitcoin is worthless. I'm going to use that "expert" analysis to do my accounting for trading Bitcoin. I don't see how they could tax your trades as the value of the coins fluctuate so rapidly. I think they are only talking about cashing out Bitcoin into fiat currency, but I'm no accounting expert. I will just play dumb as I don't plan on converting any of my holdings into cash this year.

Tax withdrawals are usually imposed if Bitcoin is exchanged for a country's money and is used to pay for something, it will indeed be taxed, but is it possible for Bitcoin to be taxed if not used for anything, and not exchanged into any currency, the answer is impossible the tax that will be charged is the buying and selling tax and asset tax, maybe like that.

[coldplay3r30]

Most major economists on television and news outlets are saying Bitcoin is worthless. I'm going to use that "expert" analysis to do my accounting for trading Bitcoin. I don't see how they could tax your trades as the value of the coins fluctuate so rapidly. I think they are only talking about cashing out Bitcoin into fiat currency, but I'm no accounting expert. I will just play dumb as I don't plan on converting any of my holdings into cash this year.

it is impossible for something worthless to be taxed, so we can find out that bitcoin is very valuable, so many parties from several governments including the USA tax the bitcoin, this is proof that bitcoin has been recognized throughout the world, but with tax is a real recognition, for bitcoin owners or traders don't hesitate to do all their activities in buying and selling.

[smartbitcoininvestor]

Simple. Your capital gains work similar to most alternative assets. Read up on the fundamentals to learn more: https://www.smartbitcoininvestments.com/bitcoin-investors-mini-guide-taxes/

[Harlot]

As far as taxes are concerned you cannot call that as some kind of loophole on your own. You can call it whatever you like you still gained money out from it and hiding that part especially if it is a considerable amount of money won't be an easy thing to do. Capital gains is still capital gains and it is taxable, you might be trading from coin to coin but they still have fiat currency equivalent and you need to report it in your annual tax report. So if you don't want to be in the wrong side of the IRS I wouldn't be messing it up.

[dreamax25]

The online retailer Overstock, famous in the crypto community for its Bitcoin-friendly stance, announced it will be paying taxes in Ohio with Bitcoin!

https://coincodex.com/article/2826/overstock-will-be-paying-some-of-its-ohio-taxes-with-bitcoin/

[greeklogos]

What is wrong in paying taxes for our earnings? If we all pay taxes for our profits it will benefit our countries. Is not it?

All of those benefits will go mostly to politicians to make their life better and our life's i proving will be on the back space as always.

[jademaxxiss012]

If it could be a government requirement for Bitcoin traders, then it will now play a role as a lubricant for Bitcoin trading.

It will just add a lot of fees to the current system. As we all know that the conversion of fiat to crypto does already made a deduction fee with its corresponding percentage. The banks will make this to happen because trading exchange uses banks deposits and once confirm your account will be credited with equivalent to the amount you have deposited in the banks. Other than that if you will going to move bitcoin from one wallet to another wallet or to exchange wallet you will be then made another fee to deduct during the transfer and vice versa. So, is not really helpful. Besides government had already done taxing it using the exchange. They made some contributing percentage in the transaction fee's collected from the exchange every time you make a transaction.