Supremeboye (OP)
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January 04, 2018, 02:59:43 AM |
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Hi, when bitcoin are realized from buying other altcoins. do i have to pay tax? for instance, I use one bitcoin on altcoins. i have the pay the "x"percentage for the flat value of one bitcoin?
also, by paying for the profits you made from bitcoins.. does it mean....if i spend 100usd on bitcoin...the value raised to 150USD. do i have to pay the tax for the 50usd profit. or is it including the capital 100usd? in total "x" percentage of the 150usd? sorry for my English. hope you are keen on helping me
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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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BTCforJoe
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January 04, 2018, 03:06:00 AM |
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Paying taxes depends on which country you are purchasing Bitcoin in. In the United States, Bitcoin is considered a property, so you're legally obligated to report your bitcoin as a property investment, and pay capital gains taxes on it if the value appreciates.
If you're talking about an exchange tax, most exchanges take a small (usually very small) percentage of the overall value of the transaction when making an exchange.
If you're asking about general taxes, it might help to know which country you're from before you'll find the answer you're looking for.
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newinbtc
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January 04, 2018, 03:15:42 AM
Last edit: January 04, 2018, 03:30:32 AM by newinbtc |
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Hi, when bitcoin are realized from buying other altcoins. do i have to pay tax? for instance, I use one bitcoin on altcoins. i have the pay the "x"percentage for the flat value of one bitcoin?
also, by paying for the profits you made from bitcoins.. does it mean....if i spend 100usd on bitcoin...the value raised to 150USD. do i have to pay the tax for the 50usd profit. or is it including the capital 100usd? in total "x" percentage of the 150usd? sorry for my English. hope you are keen on helping me
Tax is depends on from which you belong . If its your origin country exchnage they will charge ta but If they are from International exchange they will not charge anythiny They will charge on capital gain if you withdraw it to your local currency , to avoid this ta you can trade secret with oter user without knowing someone. |
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yolucky
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January 04, 2018, 03:27:14 AM |
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Not sure if it is helpful as the tax laws are different in all countries.
In Australia, it is as per below
Using bitcoin for personal transactions -
Generally, there will be no income tax or GST implications if you are not in business or carrying on an enterprise and you simply pay for goods or services in bitcoin (for example, acquiring personal goods or services on the internet using bitcoin). Where you use bitcoin to purchase goods or services for personal use or consumption, any capital gain or loss from disposal of the bitcoin will be disregarded (as a personal use asset) provided the cost of the bitcoin is $10,000 or less.
Using bitcoin for business transactions -
Capital gains
There may also be capital gains tax consequences where you dispose of bitcoin as part of carrying on a business. However, any capital gain is reduced by the amount that is included in your assessable income as ordinary income.
Good luck!
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bitChipper
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January 09, 2018, 04:13:16 AM |
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From what I know in the USA you have to pay capital gains tax when you cash out crypto into USD, but now they are saying that because of the changes to the new tax bill you have to pay taxes on pretty much every crypto transaction.
Trading btc to any altcoin is now considered a taxable event. It will be very hard to keep track of everything and account for all the trading some of us do.
Coinbase now has a gain/loss export option to csv
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Sesiaw
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January 09, 2018, 04:36:23 AM |
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From what I know in the USA you have to pay capital gains tax when you cash out crypto into USD, but now they are saying that because of the changes to the new tax bill you have to pay taxes on pretty much every crypto transaction.
Trading btc to any altcoin is now considered a taxable event. It will be very hard to keep track of everything and account for all the trading some of us do.
Coinbase now has a gain/loss export option to csv
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supermine
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January 09, 2018, 04:41:38 AM |
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Yeah,we need to pay taxes for trading bitcoins and altcoins and the taxes will be based on the respective countries.But in my country there is no specific taxes for bitcoins or crypto currencies but we need to pay the income taxes because all our trades are recorded in bank statements so we have to file income taxes annually.But it won't affect the small traders or the small amount of investors because every country charge taxes only from certain limits,in my country I have to pay taxes if my earnings are more than $25K per annum.
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LilGigaByte
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January 09, 2018, 05:15:04 AM |
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The markets are very confused on the laws and where they can be implemented.
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wiser
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January 09, 2018, 06:23:28 AM |
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Hi, when bitcoin are realized from buying other altcoins. do i have to pay tax? for instance, I use one bitcoin on altcoins. i have the pay the "x"percentage for the flat value of one bitcoin?
also, by paying for the profits you made from bitcoins.. does it mean....if i spend 100usd on bitcoin...the value raised to 150USD. do i have to pay the tax for the 50usd profit. or is it including the capital 100usd? in total "x" percentage of the 150usd? sorry for my English. hope you are keen on helping me
I'm not an accountant so can't give tax advice. But yes, you do need to pay taxes on profits you make on cryptocurrencies as well as report any income you receive in cryptocurrencies. For example, if you get paid a cryptocurrency for a service rendered, that is reportable income. You can also write off any losses which can offset gains for tax purposes. That's the main gist of it. A really great program that can help with both the record keeping and tax reporting is CoinTracking. |
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Masonwilliam
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January 24, 2018, 10:34:24 AM |
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we are trading Bitcoin and other “convertible” digital currencies on an exchange such a Poloniex or Bitrex. With the guidance issued under IR-2014-36, the IRS has effectively classified the exchange of “convertible” virtual currencies as a trade of one property for another property. This exchange would be viewed as a barter of one fairly valued property for another fairly valued property and would be subject to barter rules.
As a general rule, any time property is either sold for USD or exchanged for another property in a barter transaction (such as Bitcoin for other convertible digital currency in this case), a tax event has occurred. It requires and individual to compute the quantity (USD value) and the nature (long term or short term) of the capital gain or loss at the point of sale or exchange of the property. If you are looking for more detailed insight on how to calculate capital gains and losses, please see my earlier post US Tax Considerations When Blogging for Magic Internet Money (Part II). However, certain types of property exchanges permit the capital gains tax to be deferred until a later period when one disposes the property through sale or exchange for a different property.
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