EricJoTran (OP)
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January 16, 2018, 08:51:39 AM |
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Do we must pay taxes when we use Bitcoin?  |
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icemantaurus
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January 16, 2018, 09:08:04 AM |
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Not necessarily. Tax only applies for the commodities that are known by the government.
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tyrionfromwest
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January 16, 2018, 09:58:54 AM |
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Do we must pay taxes when we use Bitcoin? I don't know how the government planning to make tax rule and law for using bitcoin. So, i think paying tax when we use bitcoin is such a nonsense.  |
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chizcake
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January 16, 2018, 10:07:48 AM |
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People don't need to pay taxes on Bitcoin because it is not owned by government and I really hope that goverment wont be able to put tax on bitcoin because it that will happen our earnings will be affected.
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raoul78
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January 16, 2018, 10:24:10 AM |
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Depends on your country. In Belgium we have to pay 33% on our profits. It's considered as trading on a FOREX. The government off course can't know how much crypto you have but if I want to revert it back to FIAT I'm going to have to explain where the FIAT comes from. If I never filled my crypto in taxes I'm going to be fined.
In the Netherlands it's 1.8% if I'm correct.
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zakycrypt
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January 16, 2018, 11:22:50 AM |
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I lives in sri lankan . There is a no taxes charge to crypto here.
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aimabiet97
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January 16, 2018, 11:24:33 AM |
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Depends on your country. In Belgium we have to pay 33% on our profits. It's considered as trading on a FOREX. The government off course can't know how much crypto you have but if I want to revert it back to FIAT I'm going to have to explain where the FIAT comes from. If I never filled my crypto in taxes I'm going to be fined.
In the Netherlands it's 1.8% if I'm correct.
Thank you for your useful information. Governments will seek to manage cryptocurrency |
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pjhom
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January 16, 2018, 11:29:32 AM |
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You should seek a competent tax professional in your local area. Most of the big exchanges are keeping careful records and have given records to governments in the past who eagerly went out and collected their pound of flesh.
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BtcGeorghiou
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January 16, 2018, 01:48:10 PM |
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Well I'm not sure if you're asking how to get around taxes because that is a thing, but legally in the US yes you do have to pay taxes.
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LuckySarah
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January 16, 2018, 03:16:48 PM |
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Do we must pay taxes when we use Bitcoin? Really not because the Bitcoin is nowhere but in the internet. It's not on the government land or kind of that. Then it's no reason to pay a taxation on that coin. |
Go-go-go, power girls !
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rgbrt
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January 16, 2018, 03:58:52 PM |
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It is purely depends on the country you live in, presently it is not legal tender in many countries yet.
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cry4crypto
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January 16, 2018, 05:09:05 PM |
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Depends on the law in the country you live in. I would only have to pay taxes if I sold BTC for example.
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jmiro1
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January 16, 2018, 05:25:23 PM |
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Mostly no, it's a decentralized currency. So, your income is not recorded to the government. Which makes it unnecessary to pay the taxes. But if you want to covert it to fiat money than maybe there's a transaction involved which is known to the government.
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cherryganda
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January 16, 2018, 06:25:57 PM |
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Do we must pay taxes when we use Bitcoin? NO, bitcoin is a currency over the internet that controls by no government all over the world. but if time will come and the country will file tax for the bitcoin income we have no choice but to do it before everything will be a mess. bitcoin give profit to anyone who is using it properly and wisely but remember that the government needs to earn from it's citizen's income just to have a tax and make the country better. |
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mcguire1905
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January 16, 2018, 06:39:30 PM |
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yes, if you sell your bitcoins and convert it into currency, you will have to pay taxes on the capital gains.
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FinStar34900
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January 17, 2018, 01:08:30 PM |
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As some others have mentioned it depends on your country, but bitcoin is independent of a central authority and many people have reportedly invested their earnings into bitcoin so government cannot tax their income.
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frenkelebre
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January 17, 2018, 01:27:11 PM |
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Do we must pay taxes when we use Bitcoin? It depends on what country you are from. Here in Philippines, the government doesn't tax the earnings from crypto. |
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LTU_btc
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Slava Ukraini!
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January 17, 2018, 03:35:29 PM |
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Do we must pay taxes when we use Bitcoin? Really not because the Bitcoin is nowhere but in the internet. It's not on the government land or kind of that. Then it's no reason to pay a taxation on that coin. When we use Bitcoin, we don't have to pay taxes. But when you cash out it, especially bigger amount of money, usually you will have to taxes from your profit. When you want to make big purchase like a house or Ferrari with money made from crypto, you need to declare source of money and pay fixed taxes from it. For example, in my country you don't have to pay taxes if you cash out less than €2500 per year. |
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