Bitcoin and not Paying Taxes

[cr_liev]

Bitcoin can be only taxable if you decide to cash it out. But in the conditions of nowadays this is almost always the case as there are not so many points where you can pay with bitcoin! That is why you are always required to pay taxes. Hope the things will change soon with the mass adoption.

[1714502393]

1714502393

[1714502393]

1714502393

[carlisle1]

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 your not paying obligations in taxes,meaning your a law offender and your an offender jail is what fits you,every people requires to pay taxes and no one has pardon on that ,what i mean all whos making profit..and most specially USA whos having a hard rules about cryptocurrency,then he must pay the debt

[musharaf]

As i am the user of the digital money from last two years and i have to say that if i receive any amount in the form of bitcoin then i have to use this for my daily needs like the consumer goods for which the governments and corporation have paid taxes so i am also paying that taxes from my bitcoin money and it is also applicable in the other side as well like if we earn bitcoin we must pay some transaction charges then at the time of withdrawing we pay taxes and if we do some transaction with this money we are also  paying taxes.

[0t3p0t]

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

Sad reality where we are obliged to pay taxes but on the other side it is also has a positive outcome to our economy and improvements of every projects by the government. Here in my country local exchanges we're regulated by central bank so either we like it or not we have to follow the rules and regulations and the agreement of having a KYC/AML which was implemented by them and that is how they get access or exploit to our privacy though some people don't like it but has no choice.

[Sled]

With bitcoin you don't need to pay taxes because the government doesn't tax bitcoin because of there low knowledge about it and we should maximize it right now that we are not paying tax but in the future, i think that the government will require the bitcoin or crypto users to pay taxes because they will not allow the profit to miss to their hands.

[justdimin]

Actually, tax avoidance or evasion is against the law and regulation of any country. We are all aware. But is this the fault of anybody for not paying tax in Bitcoin? When Bitcoin itself is shortfall of Tax payment based on its characteristics in Blockchain. I do not for any reason takes this for a crime at all, when it is not that the Tax authority served me any Tax payment Demand Notice that I shunned. However, when the time ripe for that, we must follow and shall obey suit.

I would not say every country but generally, it is something that should be done in most places where it is very important and necessary. If the laws on it are strict, then anyone evading it will have themselves to blame. Some may consider not wanting to pay tax on their bitcoin, but I guess they would rather have to do a P2P transaction, and never convert to fiat.

If you are honest enough, you can even declare it in your annual personal income tax. And as quoted above, only cryptos that converted to fiat must be subjected to tax.

That is how I see it playing out in the long run anyway, and for those who would still prefer to leave whatever they have in cryptocurrency as it is, I do not see why I will have to pay tax on that. There is no point in the way OP putting it that I will be caught, as normal sense should make me realize that not paying tax in conversion to fiat is more like going against the tax laws since that may be considered as a capital gain tax.

[torch2121]

Yes they will catch you if you don't pay taxes that is implies to all company, all that are using fiat and if you're going to convert your BTC to fiat their would be tax on it because you're exchanging it. That's why if I don't want to pay taxes, peer to peer transaction. 

[carodupuis]

Since their is no third-party related to bitcoin no one can trace your transactions but the user and the receiver only, therefore they cannot apply tax. However if we change our bitcoin to fiat money to spend, its the time tax comes in. Maybe in future if bitcoin can be legalized then government might implement tax for every use of it.

If you are honest enough, you can even declare it in your annual personal income tax. And as quoted above, only cryptos that converted to fiat must be subjected to tax.

There is no bad if you are paying tax mate, it is making sure that government is involved your bitcoin so it will increase the interest of people so they will invest in bitcoin and they will try buy bitcoin, it is very easy to pay the tax if the income tax department has the bitcoin service and they will help people to pay for the taxes without going out of home, having high amount of bitcoin will fix the tax that people will have to pay so I think government should fix the reasonable tax that people will pay happily to make safe and fast transaction.

Really, I do not see any reason why anyone should be evading tax. Sure, some may have their own personal reasons for that, but the fact is law is law and going against the laws of the country you are in, would definitely have some repercussions attached to it. As long as it is reasonable, and the government is not trying to impose some exorbitant level of task on the cryptocurrency holders, I am sure it would be a win-win scenario for everyone.

[IndzheborgC]

When you buy a product or service, they can (more often than not) already have taxes embedded. For example, profit tax, VAT, customs fees and many others.

[Indai24]

When you buy a product or service, they can (more often than not) already have taxes embedded. For example, profit tax, VAT, customs fees and many others.

For now we don't have any option not to pay our taxes because even the jobless ones do pay taxes. They put our tax obligation on top of our daily needs and wants, so we don't have any escape this time. And I understand that this is for our own good inorder to promote equality. Before those who work so hard and those who earned a lot have higher taxes but now everybody are obliged.

[phucngungoc]

You have to pay first your taxes even small taxes you should pay it.

In our country all business man, government employee and even athletes are need to pay there taxes. How much more if your earned million and you have luxurious house and cars.

That right. Taxes are very important tools for government intervention in the operation of the work you do. Proof of bitcoin is not prohibited in your country. This is the obligation that you should make

[arthotdog]

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

the man deserves to be jailed because of his greediness,that is America and we know how the rules being implemented there.hes gaining lots of money but he dont even bother to pay a tax .thats what he get when he do more bad moves in that great country.when  laws are implementing for all people in any range of living

[balintong15]

bitcoin is a business that needs to pay taxes still. even if it is a computer or internet money or currency it still part of a livelihood and needs to pay taxes to the government. paying taxes is a must that everyone should do. even if it is high or low.

[queenhallmark]

As a results of the means Bitcoin is being changed for gratis installment thanks to it's distributed plan, not that we'd like to or area unit cheerful maintaining a strategic distance from impose, to a number of folks that area unit very obedient with our honorableness. we tend to area unit sitting tight for the time wherever a kind of management is been crashed into the arrangement a way or another and ideally. it is not all that agreeable to our financial gain workplace here auditing Bitcoin profit that's however to be accepted by our Government profit to be exhausted is just the problem.

[untidyaudi4]

I am totally against btcs. They shouldn't be let to circulised In any nations or they have to count on the loss

[PalindromemordnilaP]

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, that only perfectly applies to a country that imposes rules and regulations on cryptocurrency. Of course, if your country is requiring you to pay tax for your crypto earnings, then you have to or else you will be liable to tax evasion.

[cloningjeans0]

We cant do anything if any Govt imposes tax upon btcs. We are bound to abide by the govt

[Nylelyn]

The best thing about bitcoin is that in a decentralize system, it is a direct transaction between two parties, there is no middleman involve. However, a tax can only be applied when the time comes that you need to convert btc to fiat money. Right now here in our country, it is awesome that bitcoin is still tax free but when time comes they will have clear regulation to imposed taxes, we have no option but to abide by the rules as a responsible citizen.

[turagsoy123456]

You should always pay your taxes, especially if you're in a country that cracks down on that sort of thing (US for example). That kind of thing is no joke. That's how they got Capone.

I would say you should handle it like any other investment. Treat it as either a capital gain or a capital loss. Offset the gain against your basis and pay the taxes on that whenever it's due. Some of the exchanges like Coinbase give you a history log of all your transactions. I would take that log at the end of each year and do the math on your profit or loss, and that's your taxable gain.

From now on bitcoin here in our country have no regulation yet, that the government imposing to collect tax from bitcoin, because  as of now our government doesn't have a law ammended that any transaction made by bitcoin have pay tax to the government.but we are waiting for this regulation an we have also obliged what the government imposing interms of paying taxes from bitcoin.

[litepresence]

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

As a citizen it is our responsibility to pay our taxes, which is utilized to develop our economy. Even though government cannot trace the transaction since it is decentralized currency but while converting to fiat you should pay your taxes. There are ways to avoid paying taxes but if you want to be in safe side you should always pay your tax.