Bitcoin and not Paying Taxes

[nelmari]

I think it is our responsibility to really pay our taxes even if we are just earning theough cryptocurrencies. That’s how our economy in our country improves too. And it will be beneficial to us once we retire, so people must be informed properly on what is the reason why we have to pay our taxes.

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[kobe24]

Is it possible not to pay my taxes? I'm earning like a government employee but there is a way that they can track my earning? I'm afraid they will accuse me tax evasion

[South Park]

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

It depends on which resident you live. In many places, it is easier to not pay tax because the government does not have enough power to control citizen. In someplace such as Spain, people are struggling about tax and you can see that many football players have to stand trial because they are found not paying enough tax

Those trials against well known people like soccer players are just a way to try to scare people, what they're trying to do is to try to make it seem as if there is no way to escape from them and the taxes that they want to charge you, your average person see that in thinks well I'm not going to risk it if that person with all those millions and all those lawyers is unable to escape from the tax authority then I don't have a chance.

[Xising]

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.

That's right, taxes are a standard to those who are in the working class. It's the life blood of the government because it's where the bulk of their profit is coming from. Therefore, if the topic is paying taxes through Bitcoin, I think that many governments would not allow that because the values may change at any time, but taxes should be exact because they are precomputed based on several factors, and if you would pay for your tax dues believing that what you're payment is enough, only to find out that its value has lowered and what you gave is not enough, especially when the government is the one on the receiving end, would surely not be allowed.

[bangkit tri]

Is it possible not to pay my taxes? I'm earning like a government employee but there is a way that they can track my earning? I'm afraid they will accuse me tax evasion

in my country, although btc no taxes, but there is still personal tax. from there the government know what treasures we have by looking at proof of ownership. so I think our taxes will tracked as well

[rowel21]

The legalization of btc is near we know that a lit of countrys shut the door for crypto cause they knew they won't gain something causes of decentralized system if they find out how  able pput tax on evry bitcoin earner its SD thing for us we know that a lit of politician is greedy in terms of money the high profit for us will be divided and the sad part is government will get much more

[BigBos]

Is it possible not to pay my taxes? I'm earning like a government employee but there is a way that they can track my earning? I'm afraid they will accuse me tax evasion

in my country, although btc no taxes, but there is still personal tax. from there the government know what treasures we have by looking at proof of ownership. so I think our taxes will tracked as well

well in my country too, all bitcoin users are also not in tax increases. but of course when you exchange it with fiat, then the tax will apply. well, ultimately the use of fixed taxes will happen if you have a lot of money, or treasure.

[neonshium]

Is it possible not to pay my taxes? I'm earning like a government employee but there is a way that they can track my earning? I'm afraid they will accuse me tax evasion

in my country, although btc no taxes, but there is still personal tax. from there the government know what treasures we have by looking at proof of ownership. so I think our taxes will tracked as well

well in my country too, all bitcoin users are also not in tax increases. but of course when you exchange it with fiat, then the tax will apply. well, ultimately the use of fixed taxes will happen if you have a lot of money, or treasure.

So in other words, people will have to pay taxes. And if this is happening all around in your country, then definitely it will mark a good impact on your country’s economic health. Because as the bitcoins are fast and easy in transactions, whenever someone uses them, he will be automatically paying taxes or taxes would be detected as per law. This is seriously so amazing.

[NorihiroName]

Don't be scared to much - it firstly depends on the country in which you live - some are very strict, yes, but there are still ways.

[julius caesar]

If a country requires payment from bitcoin profits, then there is no way out. You have to pay tax or it will end badly.

Yes thats true, but it will be abide the nature of this currency which is excuse from the taxes due to the fact that this is an example of decentralized currency , on the other hand , Bitcoin is a very profitable currency and if every people here will ble to give some part of their income I think it will definitely help our society, free education and so many opportunity for the less fortunated people, we just need cooperation and sharing our blessings.

[iv4n]

Don't be scared to much - it firstly depends on the country in which you live - some are very strict, yes, but there are still ways.

I keep saying the same, but newcomers are too lazy to read more what we wrote here. There is always a way to skip regulations, some will be caught by governments but only the ones who don't cover tracks in the right way. I keep saying one more thing if someone is afraid from governments try to use some anonyms coins that guarantee privacy. You can use monero or some cheaper privacy coin, then buy bitcoin with that coin, send bitcoins to your wallet and who will knows that you have a bitcoins? Use VPN all the time, or have a special lap top and when you are out use it on some public network, skip everything that is connected to your name. But most of the countries in the world will be opened for bitcoin, so in the end moving to a bitcoin friendly country is always a good option if you ask me.

[nur rochid]

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.

but then if bitcoin legalized by government, i think government will look for a gap to levy taxes. but there is also benefit if tax is collected, because it means government has regulated btc, and investor feel free to invest in cryptos

[Horick]

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

Once bitcoin is exchanged with our regular currency, that will be the time we can pay taxes. Much more when we are going to use that money like for instance in buying goods or anything, there is already a tax once you pay, example the value added tax. If ever the government accept bitcoin, then I  am pretty sure there will be tax to be imposed.

[bitgolden]

I think it is our responsibility to really pay our taxes even if we are just earning theough cryptocurrencies. That’s how our economy in our country improves too. And it will be beneficial to us once we retire, so people must be informed properly on what is the reason why we have to pay our taxes.

Bitcoin is not looking good with tax and even not feels good by hearing this. Paying taxes is only in fiat currency that is under government and government gets taxes for the well and goodness of people but they do not know what is best for the well and good of people. Bitcoin is designed for people and people should use and can use without paying taxes that is what Bitcoin is good for people due to the easiness.

[SkiOlya]

I do not pay taxes with Bitcoin. But this is because I earn little. If I had large sums in crypto currency and I wanted to withdraw them into fiat money, then of course all taxpayers would pay, that there would not be any problems with the state and I could easily use them and make big purchases.

[rainezerr]

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 do not believe that earning cryptocurrency is not paying taxes because we have transactions fees by transferring our cryptocurrency to different wallet so how come they are saying that we do not have taxes because that can compensate as a tax.

[BillCoin]

People who doesn't pay taxes but get their gains via cash, it's impossible to track them.
Anyway you can't get your funds to your bank without paying taxes at the first place as most of the banks will just refuse to take this payment and the payment will be returned to it's origin.

When people deals with large money, they usually know what the risk that they are taking and how to avoid getting caught.

[TheClownSong]

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

In the end, government will find out about our assets. Its better to paying our tax because we get profits from cryptomarket. Not matter we hide our assets, I am believe government will find out because in digital world anything can be tracked

[nur rochid]

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

In the end, government will find out about our assets. Its better to paying our tax because we get profits from cryptomarket. Not matter we hide our assets, I am believe government will find out because in digital world anything can be tracked

indeed government will find a way to take advantage of the bitcoiner that is with tax. but if not yet legalized they can not collect taxes. though for anonymous reasons, but i think government is more sophisticated. i am sure government will find a solution for this

[hodlftw]

Ive watched this video already and it makes a lot of sense. Sure there may be a few people who fly under the radar and get away with, but overwhelming majority of people are going to be in the youtuber's position. Lets not give the government that opportunity, I never understood why people evade tax seeing how the penalty is huge.