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Author Topic: Bitcoin and not Paying Taxes  (Read 1193 times)
rickadone
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January 11, 2018, 10:46:14 AM
 #61

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.


Yes that could be true.But in my country i do not see the government giving their full attention to cryptocurrencies so paying taxes  is not an issue to us.But if one day there will be a law that states its compulsory to pay taxes on all bitcoin users,then of course i will be responsible enough to pay my obligation.If that tax will be for the good sake  of everyone,then i see no reason for all bitcoin users to evade from it.
The day government will apply taxes on bitcoins, that day bitcoins would be accepted legally in the country. We will need to pay certain taxes for bitcoins than but that will also be much more safer to use bitcoins than. Bitcoins will be officially legal and also the price for bitcoins will than go much more above as compared to know. Actually I am waiting or that day to come through. I want to see bitcoins as legally accepted and also the price growth after that.
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boyshx
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January 11, 2018, 12:13:22 PM
 #62

Taxes are the main source income to the governments. In your country whether bitcoin is legal or not makes no difference on payment of taxes. Bitcoin is a decentralised peer to peer operating currency. So it is difficult for the government to determine the amount of tax. Tax structure comes into operation when you convert your bitcoin currency to fiat currency. It is recommended to pay taxes by the laws of the respective countires. Countries like USA , India are considering income from bicoin currency as income of Capital gain, and impose taxes accordingly.
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January 11, 2018, 12:19:57 PM
 #63

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.


Yes that could be true.But in my country i do not see the government giving their full attention to cryptocurrencies so paying taxes  is not an issue to us.But if one day there will be a law that states its compulsory to pay taxes on all bitcoin users,then of course i will be responsible enough to pay my obligation.If that tax will be for the good sake  of everyone,then i see no reason for all bitcoin users to evade from it.
The day government will apply taxes on bitcoins, that day bitcoins would be accepted legally in the country. We will need to pay certain taxes for bitcoins than but that will also be much more safer to use bitcoins than. Bitcoins will be officially legal and also the price for bitcoins will than go much more above as compared to know. Actually I am waiting or that day to come through. I want to see bitcoins as legally accepted and also the price growth after that.

But first before is taxed bitcoin should be regulated and clearly defined.
If they want to tax it they have to define it as an currency (so you will pay taxes on savings account), as an asset (so it could be taxed the same way as real estate) or something else. I many countries bitcoin transactions are already taxed but that is much different than taxation of bitcoin itself and many usres are mixing these two facts.

malaj
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January 11, 2018, 01:00:02 PM
 #64

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

Well , I don´t care much about the video. The fact is that you don´t have to pay your taxes until you realise a benefit, so there is in fact nothing to catch before that moment in which you get fiat. If that ever happens
sgenuine
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January 11, 2018, 04:17:06 PM
 #65

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 that if the crypto currency is not banned in the country, then it is necessary to pay taxes for the profit that we were able to get with the help of bitcoin. Payment of taxes will help improve the economy of the country.
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January 11, 2018, 04:20:16 PM
 #66

Taxes are unavoidable and you are subjected and required to pay the amount that you owe to the government, you can't evade taxes as it is already imposed from the things that you are buying to your monthly salary, so before you get your money or your thing, taxes are deducted, it always depends on the countries that impose laws and restriction towards tax, if the government regulated bitcoin exchanges within your nation then you have to submit.
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January 11, 2018, 04:38:44 PM
 #67

Taxes are unavoidable and you are subjected and required to pay the amount that you owe to the government, you can't evade taxes as it is already imposed from the things that you are buying to your monthly salary, so before you get your money or your thing, taxes are deducted, it always depends on the countries that impose laws and restriction towards tax, if the government regulated bitcoin exchanges within your nation then you have to submit.
Of course that's like that. Just imagine, people pay you woth gold and you received 10KG gold, won't you have to pay tax? Yes, because gold has it's value, paper is nothing without gold guys because gold is behind that paper. In any way, you have to pay tax of something that has value. And there isn't bitcoin regulated in many countries but you still have to pay tax.

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January 11, 2018, 06:43:21 PM
 #68

Taxes are unavoidable and you are subjected and required to pay the amount that you owe to the government, you can't evade taxes as it is already imposed from the things that you are buying to your monthly salary, so before you get your money or your thing, taxes are deducted, it always depends on the countries that impose laws and restriction towards tax, if the government regulated bitcoin exchanges within your nation then you have to submit.
in fact, according to the laws of any country, every earnings must be paid taxes. But as they say that earnings should be legal, And how legal is the income in the crypto currency is unclear. Therefore, it is How can I pay tax for trade in crypto currency? I think that this issue should be solved at the state level and adopt the appropriate laws.
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January 11, 2018, 06:44:18 PM
 #69

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
You should pay your taxes, no one likes to do it but if you have to do it then just do it, it is better than the alternative which is to spend time in prison, no amount of bitcoin is worth spending a single day in a prison in my country, what you see in movies or in documentaries is an understatement of the life in prison, but at the end it is your decision to make.
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January 11, 2018, 06:59:32 PM
 #70

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.


Yes that could be true.But in my country i do not see the government giving their full attention to cryptocurrencies so paying taxes  is not an issue to us.But if one day there will be a law that states its compulsory to pay taxes on all bitcoin users,then of course i will be responsible enough to pay my obligation.If that tax will be for the good sake  of everyone,then i see no reason for all bitcoin users to evade from it.
The day government will apply taxes on bitcoins, that day bitcoins would be accepted legally in the country. We will need to pay certain taxes for bitcoins than but that will also be much more safer to use bitcoins than. Bitcoins will be officially legal and also the price for bitcoins will than go much more above as compared to know. Actually I am waiting or that day to come through. I want to see bitcoins as legally accepted and also the price growth after that.
Yes that is very right, government can only impose tax on bitcoin if bitcoin is legal there, without making bitcoin as legal currency they cannot impose tax on bitcoin and that is the reason that still there is no tax on bitcoin. Japan is the only country who have accepted bitcoin may be very soon they as put tax on bitcoin income. but still i do not think that even they have imposed tax on bitcoin. We can hope that very soon other countries will also start accepting bitcoin as legal currency.
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January 11, 2018, 07:25:40 PM
 #71

Its sad but you have of course to pay your taxes, we dont want to end in jail for tax fraud right? Wink
Look at charlie shrem what happened with him, he was two years in jail because of tax fraud with bitcoin: https://www.coindesk.com/bitcoins-first-felon-charlie-shrem-begins-2-year-sentence/

Nobody likes to pay them but you have to unfortunately, thats the sad reality
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January 11, 2018, 07:26:50 PM
 #72

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 don't know why people should keep hiding under bitcoin's anonymous to keep invading their countries tax system. Bitcoin was actually made to make things easier for people and not to using governments read,  electricity and water without paying tax.  If you watch this video you will findout that the future is actually going to be a pay back time.
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January 11, 2018, 07:35:39 PM
 #73

You should pay your taxes, no one likes to do it but if you have to do it then just do it, it is better than the alternative which is to spend time in prison, no amount of bitcoin is worth spending a single day in a prison in my country, what you see in movies or in documentaries is an understatement of the life in prison, but at the end it is your decision to make.

People have too much faith in Bitcoin's "anonymity" and for that reason believe they can't be found or traced. They ignore how the majority of the exchanges nowadays require people to verify themselves, and maybe even directly report to the IRS. The coins you withdraw from an exchange are tainted with your personal information, which from that moment can be followed basically endlessly. The blockchain is transparent and offers governments a pretty easy way of tracing all your actions, which is why people should always mix their coins before spending them or sending them to their cold wallets. It's common sense stuff....
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January 11, 2018, 07:36:20 PM
 #74

Its sad but you have of course to pay your taxes, we dont want to end in jail for tax fraud right? Wink
Look at charlie shrem what happened with him, he was two years in jail because of tax fraud with bitcoin: https://www.coindesk.com/bitcoins-first-felon-charlie-shrem-begins-2-year-sentence/

Nobody likes to pay them but you have to unfortunately, thats the sad reality

You haven't read the article and obviously don't know the story behind it. He was a scapegoat, charged for his connection to Silk Road. This connection was almost non existent as he was a trader whose coins ultimately ended up on Silk Road. It was like blaming a bank teller for handing money to a criminal. You never know where the money you're handing out will end up and people like Charlie have no control over it. It wasn't about taxes but unlicensed trading, which is a completely ridiculous law because Bitcoin isn't considered money and selling it is not money transmitting. Also, he didn't have to do 2 years, was released after 16 months.

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January 11, 2018, 07:41:28 PM
 #75

"Not paying Taxes " is one of the main reasons that government official try to stop this revolution bitcoin and other alternative coins but it is not gonna happen soon .

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January 11, 2018, 07:45:36 PM
 #76

I don't know why people should keep hiding under bitcoin's anonymous to keep invading their countries tax system. Bitcoin was actually made to make things easier for people and not to using governments read,  electricity and water without paying tax.  If you watch this video you will findout that the future is actually going to be a pay back time.

Exactly. When you focus on using cryptocurrencies to buy the things that you need you no longer can be taxed. Eliminate fiat money from your daily diet and you will be much healthier and happier.

Yes that is very right, government can only impose tax on bitcoin if bitcoin is legal there, without making bitcoin as legal currency they cannot impose tax on bitcoin and that is the reason that still there is no tax on bitcoin. Japan is the only country who have accepted bitcoin may be very soon they as put tax on bitcoin income. but still i do not think that even they have imposed tax on bitcoin. We can hope that very soon other countries will also start accepting bitcoin as legal currency.

Even if you make it legal it will be almost impossible to tax capital gains on BTC, unless people decide to be open with everything they do, sign every transfer with their name and so on. The only 2 things that governments can do is:
1. Tax exchanges and make them spy on your every move
2. Tax businesses that sell stuff for Bitcoin and make them pay additional taxes to make up for all those people who will decide to hide their coins.

You can try to tax the economy, but you can't tax the individual users because you'll never be able to prove who owns which address and addresses can be generated instantly.
John's coins can in 15 min be on another address that can belong to John, or Chris, or Mary. It's going to be funny watching the suits try.

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January 11, 2018, 07:59:10 PM
 #77

What taxes, what are you talking about, taxes paid in the electricity bills. The tax on operations with bitcoin will only go to increase the number of bureaucrats who come up with new taxes.
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January 11, 2018, 08:06:23 PM
 #78

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
Well exchanging bitcoin directly through dedicated exchange platforms or through pyment process like wzstern union or moneygram or any think that is associeyed with goverment is surely going to get you in trouble if you don't pay taxes, and this is one of the many resons why bitcoin has not been leagelized in many countries due to the fact that goverments is unable to monitor transactions so people could get paid thaousands of dollars and not pay taxes, i am not encouraging this but the best way to exchange bitcoin to fiat is through peer to peer exchanges like localbitcoin where you can find people willing to buy bitcoin with cash anf hand to hand.
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January 11, 2018, 09:11:43 PM
 #79

Bitcoin does not have to pay any costs for transferring from one person to another. So there is no tax to pay for Bitcoin. However, if you want to convert Bitcoin to local currency, you must pay a tax.
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January 11, 2018, 09:19:38 PM
 #80

yes
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