Paying TAX

[Pattart]

Hey guys Tell me are there people here who declare regarding there mining profit?
I understand that you " need " to pay tax for the profit from mining
can anyone answer or someone who know something regarding this subject?

Thanks

I think this all depends on the country in which you live and also on the money you earn from mining . If the income is less than there will be no problem . Every country has different rules regarding the tax payment and you have to follow accordingly . There may be different followups due to legality of the bitcoin in the particular country.

Thats true. every country has each government. of course each country has its own rules for this. in my own country is busy bans to use bitcoin. even this ban is already in the state law and if anyone violates it will be given sanctionsl. from it makes a chaotic market in my country. the point is there is no tax imposed in my country. even if you get a great minning income you will not be taxed dude because bitcoin is illegal in my country..

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[notthematrix]

I do not declare anything right now as i didnt cash out anything outside my basic investment

[rhamzter]

Hey guys Tell me are there people here who declare regarding there mining profit?
I understand that you " need " to pay tax for the profit from mining
can anyone answer or someone who know something regarding this subject?

Thanks

I think this all depends on the country in which you live and also on the money you earn from mining . If the income is less than there will be no problem . Every country has different rules regarding the tax payment and you have to follow accordingly . There may be different followups due to legality of the bitcoin in the particular country.

Thats true. every country has each government. of course each country has its own rules for this. in my own country is busy bans to use bitcoin. even this ban is already in the state law and if anyone violates it will be given sanctionsl. from it makes a chaotic market in my country. the point is there is no tax imposed in my country. even if you get a great minning income you will not be taxed dude because bitcoin is illegal in my country..

In our country bitcoin or any crypto currency are no need to pay taxes, for the reasons of all digital currency in our place are not totally legal. But it is not illegal too, maybe we are in neutral because we can follow with the rules and regulations of our country to lessen the risk and illegality of crypto currency in our nation.

[Harlot]

This is hard to tell as miners will have a very complicated tax reports if they declare their mining income because the will have 2 kinds of taxes. One is of course income tax (the money they will receive from mining) and second capital gains tax (the money they will receive from price appreciation of Bitcoin) of course declaring this is hard as if the taxing bureau will suspect you of tax fraud you will not have any evidence of proving your income through mining, you must be good in accounting or hire a good accountant in order to be clean with your taxes.

[boboyboi]

thats nice idead but i dont think that their is someone are decklaring their tax honestly in order to them to  to pay tax heartely

[rememberme15]

If it's taxed, it could be treated as legal by the government. Less chances being banned, you get to keep your coins

[franco123]

This has always been a topic in the legal section. But I understans why as tax is kinda complicated when it comes to Bitcoin or cryptocurrency earnings from different activities.

Anyway, here in the Philippines investments are filed under income tax that is filed and settled once in a year. It is the same with the tax of business owners, real estate agents, investors and traders of stocks and the freelance professionals who practices theie profession.

Although the income of all these people are taxable to income tax, including Bitcoin earners, a lot are not filing or some are just making up numbers for the sake of just filing. This is because it is kinda on honesty basis. And with Bitcoin being transacted anonymously, it is more hard for the government to know who should be filing. And so, a lot do not bother filing.