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Author Topic: Bitcoin and not Paying Taxes  (Read 915 times)
darkangel11
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January 06, 2018, 10:05:52 PM
#21

I am unable to post links so google search the headline below.

Three bitcoin traders arrested in Florida on money-laundering charges


Here you go: https://www.theverge.com/2014/2/7/5390782/three-bitcoin-traders-arrested-in-florida-on-money-laundering-charges
This is an old case from 2014, back when there was almost no regulations in place and one of those guys has sold over $100k worth of BTC, so he was obviously a major evader.

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January 06, 2018, 11:37:12 PM
#22

I ran across this video a while ago on what can happen to you if you don't pay your taxes.  At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.


https://www.youtube.com/watch?v=hf2fNEUPjQw
I think it is good for the crypto enthusiast like us to pay taxes or even fees in using bitcoin or any cryptocurrency. It is natural to pay our tax because we are part of the community and it is required for a citizen to pay taxes.
In my country, taxes are highly increasing in goods but the salary tax decreased. It is good to see that we are paying tax even in a low amount of our earning.

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January 06, 2018, 11:42:36 PM
#23

I'm not a big fan of taxes, but at the moment you put any fiat in your hands, they know it and you must pay the taxes. Or you could end up in one very unpleasant spot.

At least in most EU places taxes are still 10-12% like for forex trading profits.
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January 06, 2018, 11:50:48 PM
#24

I ran across this video a while ago on what can happen to you if you don't pay your taxes.  At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.


https://www.youtube.com/watch?v=hf2fNEUPjQw
I think it is good for the crypto enthusiast like us to pay taxes or even fees in using bitcoin or any cryptocurrency. It is natural to pay our tax because we are part of the community and it is required for a citizen to pay taxes.
In my country, taxes are highly increasing in goods but the salary tax decreased. It is good to see that we are paying tax even in a low amount of our earning.
as an orderly citizen. it is compulsory for us to pay taxes from the income we earn. because until now there are still many people who do not care about this. whereas paying taxes is one way to prosper our country. I also paid taxes from my real job. Maybe for the future I will list earnings from crypto and pay for each tax

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January 06, 2018, 11:59:18 PM
#25

That's Impoper for one not to pay their taxes, because they are indirectly been used to better the country and the citizen but as some point, if I am asked to pay taxes for every cryptocurrencies or digital coin I exchange to fiat, then I won't always exchange my coin to fiat or use them as an everyday transaction, its just the waste of it; nstead I do it ones in many months or a year.
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January 07, 2018, 12:31:03 AM
#26

It's safe to pay your taxes on the gains you make on bitcoin. In the country that I live in, it is good to pay on the capital gains I make on bitcoin. It is treated like an asset although there is no official statement from the government or from the tax authorities.


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January 07, 2018, 01:31:31 AM
#27

bitcoin will not be taxed until whenever. although want it can happen in exchange just like bitcoin by making deductions in transaction fee. for transactions directly to the wallet in my opinion will never be. bitcoin has an anonymous system.

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January 07, 2018, 01:38:56 AM
#28

Bitcoin is not directly control by government, that's why it is non taxable and bitcoin is not legally endorse by government. It is free to use and access by bitcoiner and those people wants, a fastiest and direct transaction just only used cellphones and laptops. But there are some countries that government leaders are used bitcoin as a government transaction by selling and buying goods and product's.
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January 07, 2018, 01:41:28 AM
#29

Soon the government can find ways how they can collect taxes from cryptocurrencies.
Maybe thru transaction. In every transaction there will taxes. Just my thoughts.

This will take longer as most of the country were not supported this currencies.

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January 07, 2018, 02:05:49 AM
#30

Taxes are the only and main source of income for many governments of the world. One of the main reason for bitcoin`s popularity is avoiding government tax. Bitcoin is an autonomous currency, as no third-party is related to bitcoin, no one can trace your transactions except user and the receiver. You will face no problem  until you are using bitcoin currency for trade or transaction purpose. But once you try to convert it in fiat currency you will come under income tax net. Income generated from bitcoin currency is taxable in USA, India and in many countries irrespective status of bitcoin. Bitcoin income is considered as capital gain and taxed thereupon. For your safety always pay taxes.

   

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January 07, 2018, 02:26:21 AM
#31

If a country requires payment from bitcoin profits, then there is no way out. You have to pay tax or it will end badly.
It seems that government really wanting people who are currently holding bitcoin to declared it as an asset in order for them to pay taxes. But it could really hard for that, since believing no one will do that because taxes is just a worm for their income. And could also lead the government by controlling its market value once it goes into the hand of the authorities.

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January 07, 2018, 02:31:55 AM
#32

Taxes are the only and main source of income for many governments of the world. One of the main reason for bitcoin`s popularity is avoiding government tax. Bitcoin is an autonomous currency, as no third-party is related to bitcoin, no one can trace your transactions except user and the receiver. You will face no problem  until you are using bitcoin currency for trade or transaction purpose. But once you try to convert it in fiat currency you will come under income tax net. Income generated from bitcoin currency is taxable in USA, India and in many countries irrespective status of bitcoin. Bitcoin income is considered as capital gain and taxed thereupon. For your safety always pay taxes.
You are right that is why it is important for us to pay the right taxes as well especially when we are in a business industry so that our economy will grow and would be balance, it is important for us to regardless of the corrupt person, let us just disregard them, if they will corrupt our money let them go to  hell after this life.
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January 07, 2018, 05:04:55 AM
#33

I ran across this video a while ago on what can happen to you if you don't pay your taxes.  At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.


https://www.youtube.com/watch?v=hf2fNEUPjQw
If you are going to convert your bitcoin to fiat you need to pay taxes there is not way around that, I know that may seem unfair because the governments gets a lot of money by not doing nothing but if you want to sleep well at night and not have any worries you need to pay your taxes, but if you do not have plans to do that then you still need to declare that you have bitcoin.
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January 08, 2018, 08:30:39 AM
#34

Taxes are the only and main source of income for many governments of the world. One of the main reason for bitcoin`s popularity is avoiding government tax. Bitcoin is an autonomous currency, as no third-party is related to bitcoin, no one can trace your transactions except user and the receiver. You will face no problem  until you are using bitcoin currency for trade or transaction purpose. But once you try to convert it in fiat currency you will come under income tax net. Income generated from bitcoin currency is taxable in USA, India and in many countries irrespective status of bitcoin. Bitcoin income is considered as capital gain and taxed thereupon. For your safety always pay taxes.

A very educated contribution. Government runs on taxes. Government has a way of protecting other investments such as stocks, bank deposits, etc where they also get taxes. But there is no protection for cryptocurrencies holders, so what is their justification?

Anyway, I'm a taxpayer but my crypto holding is my business, for now.

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January 08, 2018, 09:05:49 AM
#35

We should be paying tax, as a good citizen you need to contribute for building a better country for your next generation, and one of the way Bitcoin being taxed is when you convert it to Fiat there are nothing can be hide from that transaction since you need the valid verification for transfer the money to your account, but when all things can be bought using BTC then taxing crypto users will be more difficult

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January 08, 2018, 09:17:32 AM
#36

We should be paying tax, as a good citizen you need to contribute for building a better country for your next generation, and one of the way Bitcoin being taxed is when you convert it to Fiat there are nothing can be hide from that transaction since you need the valid verification for transfer the money to your account, but when all things can be bought using BTC then taxing crypto users will be more difficult

It is mandatory for all the citizens of their respective country to follow the laws of their land. If taxes on the profits earned is supposed to be paid taxes as per the country rules and regulations then one should be following it in order to be able to participate n the growth the country economy.

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January 08, 2018, 09:18:39 AM
#37

I ran across this video a while ago on what can happen to you if you don't pay your taxes.  At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.


https://www.youtube.com/watch?v=hf2fNEUPjQw
I think we pay our taxes with bitcoin when we converted it into cash or fiat ( we pay tax here at this point) and when the converted bitcoin turned into cash, obviously we are going to use it to buy sevices and products which is tax generated by government, so i conclude that we are all paying taxes right.
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January 08, 2018, 09:24:59 AM
#38

We should be paying tax, as a good citizen you need to contribute for building a better country for your next generation, and one of the way Bitcoin being taxed is when you convert it to Fiat there are nothing can be hide from that transaction since you need the valid verification for transfer the money to your account, but when all things can be bought using BTC then taxing crypto users will be more difficult


Absolutely correct mate, at this moment even though we are earning fiats through exchanging bitcoins. Even though bitcoin are not paying taxes. We should share our earning through on donation to our community taxed to put on project where they have a lack of budget to be done so it can start because this can really a big help in developing of our society to grow more.

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January 08, 2018, 09:38:04 AM
#39

I ran across this video a while ago on what can happen to you if you don't pay your taxes.  At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.


https://www.youtube.com/watch?v=hf2fNEUPjQw
Governments around the world are trying to control the crypto market as this is a very large market and if it collects taxes it is really a huge source of taxation for them.

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January 08, 2018, 11:32:19 AM
#40

In some countries you can not pay tax on BTC even if you want,there are no rules and regulations regarding BTC.In some countries like Germany you do not need to pay tax if you sold BTC one year + after purchase,also Denmark is completely free from paying taxes regarding cryptocurrency.

There is always way to avoid paying tax when convert BTC to fiat,but if you want to sleep peacefully and your government is pretty strict on this issue then it is better to give them their share.


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