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Author Topic: How do I avoid tax on crypto  (Read 1087 times)
Franke666
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January 25, 2018, 03:03:48 PM
 #1

If I make money on crypto currencies. How do I avoid as much tax as possible?
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January 25, 2018, 03:13:39 PM
Merited by Oceat (2), RodeoX (1)
 #2

If I make money on crypto currencies. How do I avoid as much tax as possible?

Bitcoin is a currency, not some solution to avoid paying taxes. The moment when people start using Bitcoin or any other

Crypto currency as a method to avoid paying taxes, then the government will step in and ban it. I would much rather pay the

taxes and be done with it, than sleeping with open eyes, waiting for the Police to raid my house in the middle of the night.

That is no way to live your life... rather pay those taxes.  Wink

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January 25, 2018, 03:20:36 PM
 #3

If I make money on crypto currencies. How do I avoid as much tax as possible?

Bitcoin is a currency, not some solution to avoid paying taxes. The moment when people start using Bitcoin or any other

Crypto currency as a method to avoid paying taxes, then the government will step in and ban it. I would much rather pay the

taxes and be done with it, than sleeping with open eyes, waiting for the Police to raid my house in the middle of the night.

That is no way to live your life... rather pay those taxes.  Wink

I agreed that avoiding tax is not cool. Since you have made some money with crypto, why not pay some tax to your government. Bring some positive sides of crypto.


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January 25, 2018, 03:49:46 PM
 #4

If I make money on crypto currencies. How do I avoid as much tax as possible?

Simple
1. Move to a country that has 0 taxes or lower taxes on gains made from crypto trading.
2. Sell your coins for cash directly in person, then stash the bills under the mattress.
3. Hire a pretty good lawyer specialized in this....

Depending on which country you live in you might get away with the second option...or end up in jail.

It would also be nice if you would tell us where you're from...
Since it's one thing if you live in the US or Moldova.





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January 25, 2018, 03:52:04 PM
 #5

If I make money on crypto currencies. How do I avoid as much tax as possible?

Depend on your government policy.

Luckily my government still not legalize bitcoin yet so I can still earn bitcoin without paying any tax.
For who already legalized by government, there is no other way since when people not paying the bitcoin tax, they are against the law.

It's fair, IMO

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January 25, 2018, 03:53:56 PM
 #6

If I make money on crypto currencies. How do I avoid as much tax as possible?

First of all why do we think in negative directions and why we need to save our money by violating the government laws.  Government has made the rules for the benefit of the community and country and we should follow it.
If you make money and your government has certain tax slabs you should pay it , rather than to avoid them.
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January 25, 2018, 03:58:17 PM
 #7

If I make money on crypto currencies. How do I avoid as much tax as possible?

I’m not familiar with tax laws outside of the United States, but in the US, if you hold your investment for over a year, you will pay long term capital gains rather than short term. This means your taxes will probably be lower if you hold for over a year. Day trading is going to be all short term capital gains and a paperwork headache. I’ve decided to do fewer trades than I did in the past for this reason.

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January 25, 2018, 03:58:30 PM
 #8

The most important thing about crypto currencies what we can all do is to keep it legal.
There is already enough bad publicity in the media, I don't think the average user should start doing things on the boarder of legality with it.

The way how bitcoins are taxed differ in many countries. If it's not really clear, ask a local tax consultant.


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January 25, 2018, 04:11:31 PM
 #9

If I make money on crypto currencies. How do I avoid as much tax as possible?
Does your country have tax law/regulation for cryptocurrency? if your country don't have, you don't have to worry about that until they announce that they will. If yes, and you don't want your cryptocurrency gains to be taxed, there are few ways to avoid being taxed but I think it will give you some difficulties. You can look for a direct buyer of your cryptocurrencies peer to peer trade, there are risk of doing this so you still need and pay an escrow to avoid being scammed. Another way is transfer to a country that has no regulation about cryptocurrency and use their local exchange to convert it to fiat. But it is not advisable to do this, just pay your tax if needed.

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January 25, 2018, 04:13:19 PM
 #10

To do this, try not to use the exchangers exchanged by the state for buying and selling - they are taxed. Use private exchangers, limited liability.

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January 25, 2018, 04:14:34 PM
 #11

If I make money on crypto currencies. How do I avoid as much tax as possible?

I’m not familiar with tax laws outside of the United States, but in the US, if you hold your investment for over a year, you will pay long term capital gains rather than short term. This means your taxes will probably be lower if you hold for over a year. Day trading is going to be all short term capital gains and a paperwork headache. I’ve decided to do fewer trades than I did in the past for this reason.


I think every country has tax laws on the certain amount earned by the individuals but the taxable amount and actual amount of taxes varies. People trying to find ways to avoid taxes make government make more strict rules. Whether you earn money from day trading or any other method, the amount which you will withdraw in local fiat will be taxable.



If I make money on crypto currencies. How do I avoid as much tax as possible?

First of all why do we think in negative directions and why we need to save our money by violating the government laws.  Government has made the rules for the benefit of the community and country and we should follow it.
If you make money and your government has certain tax slabs you should pay it , rather than to avoid them.

How good the world would become if everyone pay their taxes honestly but unfortunatly we always look for things which are benefit to ourself and not care about the others.

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January 25, 2018, 04:25:12 PM
 #12

Crypto isn't taxed as of now yet, but some government in other countries such as South Korea are planning to impose a tax in cryptocurrencies. Maybe the "tax" you're pointing at is either the miner's fee or the processing fee when you make a withdrawal in your local bank like service charge of the bank. There is no way to avoid both of these, because they're the foundation to the succession of your transaction in the blockchain. It is better to pay instead of evading it and we should all feel lucky for now that government isn't charging us a tax yet in cryptos. If they put a tax on it soon, just pay for it because it can end in a wrong end ---- banning of cryptos

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January 25, 2018, 04:30:04 PM
Merited by spngebob (2)
 #13

If I make money on crypto currencies. How do I avoid as much tax as possible?
If you are not making huge amount than you can sell your crypto for some local guy so that your government will have no record of your btc transaction and you are not liable for tax. But if you are making good amount of money than its better to pay tax and remain safe from any legal trouble in future.

I will happily pay taxes if our government will ever take it by opening doors to legal local bitcoin trading platform.  Sad

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January 25, 2018, 04:37:19 PM
 #14

If I make money on crypto currencies. How do I avoid as much tax as possible?
Buy stuff with bitcoin if you don't have to pay tax for bitcoin transactions(not sure in which countries you have to pay tax for this, do research for your country)
When exchanging bitcoins to your local currency I will suggest you to pay tax, you will get into trouble if you don't pay it. Don't act like child.

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January 25, 2018, 04:46:04 PM
 #15

If I make money on crypto currencies. How do I avoid as much tax as possible?

Right now Bitcoin doesn't come under any currency or it cannot be controlled by any Authority or government in any country because it has not been made legal in many countries and that's the reason it is decentralized. But if you are holding the bitcoins in the form of assets for long-term investing or if you are trading the bitcoins for short-term profits then you are getting the capital gains which indirectly means it is the source of income for you and you have to pay a certain amount of tax on the capital gains according to your normal tax slab rate in your country.

If you are from Indian Country then you can make a note of this  TWO ARTICLE LINKED BELOW, where everything is clearly explained in detail.


http://www.businesstoday.in/money/tax/bitcoin-gains-tax-cryptocurrency-income-from-other-sources-capital-gains-short-term-gains-income-tax-returns/story/263434.html

https://timesofindia.indiatimes.com/business/india-business/bitcoin-sale-profit-is-taxable-capital-gains-for-investor/articleshow/58691027.cms


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January 25, 2018, 04:59:45 PM
 #16

If I make money on crypto currencies. How do I avoid as much tax as possible?
Bitcoin currently is taxed only by the South Korean govt. at a rate of around 23%. But tax can be collected merely on amount which you withdraw in exchanges. So the simple rule to save tax on all your crypto earnings is to store the bitcoins in a private key wallet where you don't need to do any KYC compliance. So you are anonymous just with your wallet address. But the problem is that you won't be able to get a fiat conversion of your bitcoins until you bring them to exchanges.
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January 26, 2018, 08:03:20 PM
 #17

You might still have to pay tax but this is one method to alleviate |

Setup self-directed Bitcoin IRA
setup LLC
setup bank account with said LLC
buy bitcoin
!HODL!
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January 26, 2018, 09:27:13 PM
 #18

Never convert to fiat not so tax events triggered  Grin. Just kidding, move to the countries with lax regulations on crypto is the best solution.

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January 27, 2018, 08:57:03 AM
 #19

If your living in your own country and badly need tax to survive or not run by corrupt officials then don’t do it “pay your taxes” because this is morally wrong in the eyes of anyone even our co-bitcoiners if you don’t. But if the opposite of all what I mention is the kind of government your in then use any means to avoid taxing through anonymity and mixing addresses and using deceased identity. This is an option only if your public officials use your taxes for self interest.
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January 27, 2018, 12:02:45 PM
 #20

Never convert to fiat not so tax events triggered  Grin. Just kidding, move to the countries with lax regulations on crypto is the best solution.
Such countries do not exist. All countries of the world take taxes. You can choose to live in country with a low level of taxation. But getting citizenship is always a problem. There's only one way not to pay taxes. It is collect coins and wait when it will be possible to use them as currency. Any exchange of cryptocurrency for Fiat money is tracked by the banks. You will be required to pay the tax.

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January 27, 2018, 12:25:11 PM
 #21

Well if you country does jot legalize bitcoin you might get away paying taxes or you will be arrested by police

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January 27, 2018, 07:03:56 PM
 #22

If I make money on crypto currencies. How do I avoid as much tax as possible?
You can actually avoid tax when it comes to your earning here on cryptocurrency world since its an anonymous thing which tracing out earnings on each individual is not possible and this is one of the reason why government do hate it soo much but these kind of mindset isnt really tolerable on avoiding taxes because if we do think on carefully on whats the actual purpose of tax on our country then we would really able to realize that it is really still an obligation for us to pay taxes.
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January 27, 2018, 08:00:14 PM
 #23

Never convert to fiat not so tax events triggered  Grin. Just kidding, move to the countries with lax regulations on crypto is the best solution.
Such countries do not exist. All countries of the world take taxes. You can choose to live in country with a low level of taxation. But getting citizenship is always a problem. There's only one way not to pay taxes. It is collect coins and wait when it will be possible to use them as currency. Any exchange of cryptocurrency for Fiat money is tracked by the banks. You will be required to pay the tax.

You have no idea! There's a number of countries that consider cryptocurrency investment to be tax free. The fact that they are taking taxes doesn't mean some assets can be exempt. For example you are obliged to pay taxes when someone gives you a house, right? In such case you need to hire someone to estimate the value of the house and fill in a form. It's completely different if the house belonged to your parents who died and left it to you. In such case you don't owe the country anything.
Here's a list of crypto friendly countries: https://coinsutra.com/tax-free-bitcoin-countries/

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January 27, 2018, 10:30:43 PM
 #24

If I make money on crypto currencies. How do I avoid as much tax as possible?
enjoy your life while you can, don't do unnecessary things like this. If your government wants to tax your income from crypto currency just pay it or else you'll get imprison though there are legal things that could possibly lower the tax you will pay on earnings through cryptovurrencies, this is known as tax avoidance which i can't tell you since there are different laws in every country.
some says here to move country ? WRONG. if you are a citizen of a country that has a tax regulation on cryptocurrency whether you earn it inside or outside the country they still taxable.

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January 28, 2018, 07:27:49 AM
 #25

I think tax in crypto currency world cannot be avoided. But paying taxes here is just nothing to what you have earned here.

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January 28, 2018, 07:30:31 AM
 #26

If I make money on crypto currencies. How do I avoid as much tax as possible?
Only solution to avoid tax on bitcoin is to not exchange or convert it into your country's currency and use it as such . As the bitcoin transactions are not traceable so government can't find anything about bitcoins. And if you do want to convert then my friend you don't just have to but you should pay tax as it is a source of income for you and paying tax is important and even a citizen's duty. You should not run from that.
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January 28, 2018, 08:01:36 AM
 #27

I think it is impossible to tax-free, as long as the banks involved. Unless you are using cash, or other cryptocurrencies to trade,  otherwise there is always a way to tax units found.
Although seemingly not taxable States, but in fact, if you want to tax units, there will be a variety of explanations. For example, in our country, the ordinances that currently make tax returns on Bitcoin transactions are sales tax and one-time transaction tax.

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January 28, 2018, 10:42:18 AM
 #28

The easiest way to defer or eliminate tax on your cryptocurrency investments is to buy inside of an IRA, 401-k, defined benefit, or other retirement plan. If you buy cryptocurrency inside of a traditional IRA, you will defer tax on the gains until you begin to take distributions. If you buy within a ROTH, you pay zero tax on the capital gains earned in the account.
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January 28, 2018, 11:06:47 AM
 #29

I think there is no reason to avoid if it is declared by the government in your country but to submit to this system.

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January 28, 2018, 12:05:04 PM
 #30

If I make money on crypto currencies. How do I avoid as much tax as possible?
luckyly i a country i lived they dont tax crypto, not yet for now, but i believed as crypto gains it popularity over time the government from different nationd will stem up and make regulation, and major countries are doing it right now, if u dont want to be taxed just trade in decentralized exchanges.

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January 28, 2018, 01:40:04 PM
 #31

I'm not advocating that people avoided paying taxes. They are necessary for the functioning of the state. But the control over their spending should be. We ourselves are to blame for allowing the elections to defeat those who do not trust. The task of man to think how to earn more money. They should be enough for your life and payment of taxes.
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January 28, 2018, 02:39:13 PM
 #32

If I make money on crypto currencies. How do I avoid as much tax as possible?

maybe its depend in which country your are now. you ask on how to avoid taxes?, will for me thats not good idea.
you earn money from crypto so you pay tax on it if dont want to get punished by your government.

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January 29, 2018, 02:36:46 AM
 #33

If I make money on crypto currencies. How do I avoid as much tax as possible?

If you are from a country where cryptocurrency is not yet legalized and your government has no rules about it then you have the option to not pay taxes. I am from a country wherein cryptocurrency is openly used but our government didn't give any guidelines yet as to how it should be tax so I am not paying taxes yet. In case there would be regulations about it then I should just do my obligations because I don't want to be penalized. If you are from a place where the government has a regulation to pay your taxes related to crypto then you should just follow it because there is a risk that they would catch you and you will pay more for penalties and worse is you will end up in a jail.


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January 29, 2018, 02:55:53 AM
 #34

If I make money on crypto currencies. How do I avoid as much tax as possible?

On top of any crypto-specific guidance given by tax authorities i would recommend having a look at the general tax regime and legislation. How does it apply to capital gains of assets? Do you have to pay tax on unrealized gains on foreign currencies? Even if no specific rule has been widely distributed concerning bitcoin or crypto-assets in general any gains may still be captured by prevailing tax laws, and you do no want to put yourself in a position where a tax authority comes calling for a large bill you were not expecting. Remember everything on the block chain is public information, if they know your wallet address they know every transaction you have made/received.

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January 29, 2018, 04:47:13 AM
 #35

You sir.. why you looks like really want to avoid a taxes, actually a taxes is important for the country where we live, and that's for the sake of progress+the welfare of the country as well.
I think being a selfish self is not good as a citizen, if the country has legalized bitcoin.. I think it's better to pay taxes and not avoid it as can as possible.

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January 29, 2018, 11:28:47 PM
 #36

I see a lot of replies but few answers to your actual question & a lot of blatant misinformation. If you want to cash out a significant amount of money, there are a few countries with no capital gains taxes like Singapore or Malaysia and a few others. Denmark has introduced tax exeption laws for Bitcoin. In Germany if you hold Bitcoin for over a year and sell it, you pay no tax. I recall Slovenia being a Bitcoin-friendly country in tax terms, but don't exactly remember what the exact deal is there. Hope this helps.
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January 30, 2018, 12:30:34 AM
 #37

The best way to avoid paying the most tax is to hold the crypto for over a year. If you hold for less than a year, this is qualified as a short-term swing or day trade. This qualifies for around a 40% tax rate (or something along those lines). If you hold for greater than a year, this is a long-term investment and is taxed at 10-15%, which is much lower. So my advice is, hold cryptos for over a year to avoid paying the greatest amount of taxes.

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January 30, 2018, 01:41:18 AM
 #38

You might still have to pay tax but this is one method to alleviate |

Setup self-directed Bitcoin IRA
setup LLC
setup bank account with said LLC
buy bitcoin
!HODL!

Self-directed IRA seems suuuuuuper iffy. You have any support for that being an acceptable position for someone to take without realizing the potential risks of getting audited? To my knowledge, the IRS does not agree with you that Bitcoins can be deposited into an IRA or purchased with an IRA. Not saying its disallowed, but if so provide proof please.

LLC = make sure not to use this model if you plan on mining. S-corp. allows you to avoid self-employment tax that would be unavoidable for LLC mining business (because mining is a service and partnerships must pay self-employment tax on service income). Also, an S-Corp might be better, if a little bit more complicated. I prefer the S-Corp model but do your own research. S-Corp provides the main benefit of the LLC in that you're entitled to flow-through profits and losses.

For a better idea of the issues, talk to a lawyer who specializes in the field. Otherwise, pay your tax. You don't want to be wrong on this one because the penalties are going to be draconian if you fail to report / underreport and get caught. Playing the audit lottery is unwise.

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January 30, 2018, 01:43:50 AM
 #39

Bitcoin currently is taxed only by the South Korean govt. at a rate of around 23%. But tax can be collected merely on amount which you withdraw in exchanges. So the simple rule to save tax on all your crypto earnings is to store the bitcoins in a private key wallet where you don't need to do any KYC compliance. So you are anonymous just with your wallet address. But the problem is that you won't be able to get a fiat conversion of your bitcoins until you bring them to exchanges.

That is not correct, at the very least the US IRS has already released documents which clearly state that mining and trading BTC are taxable actions, the former incurring income tax and the latter incurring capital gains tax.
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January 30, 2018, 01:48:26 AM
 #40

The best way to avoid paying the most tax is to hold the crypto for over a year. If you hold for less than a year, this is qualified as a short-term swing or day trade. This qualifies for around a 40% tax rate (or something along those lines). If you hold for greater than a year, this is a long-term investment and is taxed at 10-15%, which is much lower. So my advice is, hold cryptos for over a year to avoid paying the greatest amount of taxes.

This is true for the most part. Capital gains is normally 20% (although it can scale down based on your personal income levels; certain exceptions may exist). Ordinary income rates are used instead of 40% but the highest ordinary income rate is 37% under the most recent tax bill.

Keep in mind, however, that if you are MINING the coins in a business, you are not entitled to long-term capital gain rates because the mined coins will be treated like inventory and inventory is a special asset class for purposes of US tax law. You can do some fancy footwork to get around this, but it involves multiple related entities and is complicated enough to deserve professional consulting to find the most efficient chain or link of entities.  

Furthermore, if cryptocurrencies (or just Bitcoin) is ever classified formally as a COMMODITY instead of a SECURITY, no coins will be entitled to long-term capital gain treatment because commodities, like inventory, have their own set of weird rules which also disallows capital gain treatment for the purposes of US tax law.

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January 30, 2018, 05:15:45 PM
 #41

Bitcoin currently is taxed only by the South Korean govt. at a rate of around 23%. But tax can be collected merely on amount which you withdraw in exchanges. So the simple rule to save tax on all your crypto earnings is to store the bitcoins in a private key wallet where you don't need to do any KYC compliance. So you are anonymous just with your wallet address. But the problem is that you won't be able to get a fiat conversion of your bitcoins until you bring them to exchanges.

That is not correct, at the very least the US IRS has already released documents which clearly state that mining and trading BTC are taxable actions, the former incurring income tax and the latter incurring capital gains tax.
It does not happen. Even in the US you have to pay tax only after the exchange the bitcoin for Fiat. In order not to pay taxes it is enough that you are not using exchange. Perhaps in the future it will be possible to buy and sell goods with bitcoins. This saves us from having to pay taxes. To ban such deals will be difficult. Therefore, the government will be forced to accept the bitcoin currency.
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January 30, 2018, 06:21:37 PM
 #42

Bitcoin currently is taxed only by the South Korean govt. at a rate of around 23%. But tax can be collected merely on amount which you withdraw in exchanges. So the simple rule to save tax on all your crypto earnings is to store the bitcoins in a private key wallet where you don't need to do any KYC compliance. So you are anonymous just with your wallet address. But the problem is that you won't be able to get a fiat conversion of your bitcoins until you bring them to exchanges.

That is not correct, at the very least the US IRS has already released documents which clearly state that mining and trading BTC are taxable actions, the former incurring income tax and the latter incurring capital gains tax.
It does not happen. Even in the US you have to pay tax only after the exchange the bitcoin for Fiat. In order not to pay taxes it is enough that you are not using exchange. Perhaps in the future it will be possible to buy and sell goods with bitcoins. This saves us from having to pay taxes. To ban such deals will be difficult. Therefore, the government will be forced to accept the bitcoin currency.

Please, no one in the US listen to this person. This is a blatant falsehood. People who mine cryptos realize a taxable event the moment a coin is mined (due to accounting difficulties, it is likely administratively acceptable to do this every 1 coin as opposed to for every miniscule block reward split among members in a pool). Even if the coin is not sold for fiat, IT IS TAXABLE.

Furthermore, exchanging the coin for something else of value (in whole or in part) is going to create a taxable event where you must calculate your basis and recognize the appropriate amount of gain at the time of the transaction, if this gain is on a capital asset and has been held for more than a year (such as Bitcoins held for personal investment by an individual), it will be entitled to favorable capital gains treatment. If, however, the coins are held in a pool by a partnership (LLCs included unless they make the check-the-box election) or S-Corp, the taxes must be paid on gain as of the last day of the partnership's taxable year. This is true EVEN IF the coins ARE NOT SOLD FOR FIAT OR OTHERWISE EXCHANGED FOR ANYTHING.

To the person I quoted, please don't give people bad advice. It's okay to say you don't know or you're not sure if you're right. But don't claim to be an expert on things you know nothing about because people might trust you, make a bad tax decision, and then blame cryptos on the whole for their problems. 

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January 30, 2018, 06:29:15 PM
 #43

If I make money on crypto currencies. How do I avoid as much tax as possible?

Bitcoin is a currency, not some solution to avoid paying taxes. The moment when people start using Bitcoin or any other

Crypto currency as a method to avoid paying taxes, then the government will step in and ban it. I would much rather pay the

taxes and be done with it, than sleeping with open eyes, waiting for the Police to raid my house in the middle of the night.

That is no way to live your life... rather pay those taxes.  Wink
I don't know why do people bother themselves on thinking that cryptocurrencies is the best way to avoid taxes.Just like being said this is not being created for solely on avoiding taxes but somehow it do have the features which you can actually do this thing but for a sensible citizen of a certain place you would really need to pay taxes.If you would really avoid and then suddenly being caught by them then fore sure you would end up behind bars.


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February 01, 2018, 12:56:27 PM
Merited by darkangel11 (1)
 #44

Government has enslaved people to continually work for them.The elites who
hijack political powers with their influence are the ones imposing these taxes.
This is the major reason decentralized block-chain technology came into fore
to eliminate the injustice of banks,government laws and restrictions observed
globally.If the tax is fair, well and good.But if very heavy and unfair, i simply
relocate to elsewhere for a better deal.

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February 02, 2018, 08:45:15 PM
 #45

Government has enslaved people to continually work for them.The elites who
hijack political powers with their influence are the ones imposing these taxes.
This is the major reason decentralized block-chain technology came into fore
to eliminate the injustice of banks,government laws and restrictions observed
globally.If the tax is fair, well and good.But if very heavy and unfair, i simply
relocate to elsewhere for a better deal.
Taxation is everywhere which it will normally be asked by any government but the thing here is that on how they do gonna handle it if it would be following the right process or not.Abuse of this opportunity because of their power is common which they really the advantage on making money out of those tax this is why decentralization makes a buzz as of now where people do see the chance on changing something when it comes to tax.







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February 03, 2018, 12:25:25 PM
 #46

If I make money on crypto currencies. How do I avoid as much tax as possible?
Take your cryptocurrency gains and send them to an cold wallet. Hide it under your mattress. If any taxation officers ask you anything say you spent it.
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February 03, 2018, 12:51:41 PM
 #47

Government has enslaved people to continually work for them.The elites who
hijack political powers with their influence are the ones imposing these taxes.
This is the major reason decentralized block-chain technology came into fore
to eliminate the injustice of banks,government laws and restrictions observed
globally.If the tax is fair, well and good.But if very heavy and unfair, i simply
relocate to elsewhere for a better deal.
Agreed. Shocked at how many people here support paying taxes. When you give in to the fear of the consequences that happen after not paying taxes, you are supporting the injustice of banks and governments.
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February 03, 2018, 05:01:59 PM
 #48

Government has enslaved people to continually work for them.The elites who
hijack political powers with their influence are the ones imposing these taxes.
This is the major reason decentralized block-chain technology came into fore
to eliminate the injustice of banks,government laws and restrictions observed
globally.If the tax is fair, well and good.But if very heavy and unfair, i simply
relocate to elsewhere for a better deal.
Agreed. Shocked at how many people here support paying taxes. When you give in to the fear of the consequences that happen after not paying taxes, you are supporting the injustice of banks and governments.

Yes, a bit shocking at first impression, but soon you will discover many Crypto enthusiasts have nothing about decentralization on their ideas.
It's even dangerous to put yourself fully against abusive taxes and to give hints to others about how to avoid them...

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February 03, 2018, 05:13:47 PM
Merited by mrcash02 (1)
 #49

It's even dangerous to put yourself fully against abusive taxes and to give hints to others about how to avoid them...

Last time I checked being against taxes wasn't a crime. It's my opinion that the system is flawed and taxes are nothing but an abuse of power. I'd like to see them put me in jail for being against the slavery they were so much against in their official statements, yet we're all living in a world of modern slavery.

Pay your taxes, social security, even if it means you won't be able to put food on your table. If not we'll put you in jail and supply the food clothes and clean sheets for you at the expense of other taxpayers (slaves). What kind of a system is this? Cheesy

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February 03, 2018, 05:24:08 PM
Merited by darkangel11 (1)
 #50

It's even dangerous to put yourself fully against abusive taxes and to give hints to others about how to avoid them...

Last time I checked being against taxes wasn't a crime. It's my opinion that the system is flawed and taxes are nothing but an abuse of power. I'd like to see them put me in jail for being against the slavery they were so much against in their official statements, yet we're all living in a world of modern slavery.

Pay your taxes, social security, even if it means you won't be able to put food on your table. If not we'll put you in jail and supply the food clothes and clean sheets for you at the expense of other taxpayers (slaves). What kind of a system is this? Cheesy

What you say it's true. I think it's very interesting that when investing, we must take the risk by ourselves, no one is behind us, if we buy some BTCs or AltCoins and tomorrow their prices fall and we lose all our money, it's all over... But if we make profit, then we must share a piece of it with the government. Total advantage for only one side, right?  Wink

Why isn't the government solidary in case of loss too?

And even in Crypto world, there are enthusiasts that feel offended if you put yourself against taxation.

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February 03, 2018, 09:48:42 PM
Merited by Siopao (2)
 #51

Bitcoin is taxable but when the government make it legal in our country want or not we need to pay tax over our income in crypto.We cannot avoid it once it was implement ,following our rules and make it clear to us that we do not  need to avoid that .Its such a crimial.action once you avoid that.
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February 04, 2018, 07:25:04 AM
Merited by bill gator (1)
 #52

It's even dangerous to put yourself fully against abusive taxes and to give hints to others about how to avoid them...

Last time I checked being against taxes wasn't a crime. It's my opinion that the system is flawed and taxes are nothing but an abuse of power. I'd like to see them put me in jail for being against the slavery they were so much against in their official statements, yet we're all living in a world of modern slavery.

Pay your taxes, social security, even if it means you won't be able to put food on your table. If not we'll put you in jail and supply the food clothes and clean sheets for you at the expense of other taxpayers (slaves). What kind of a system is this? Cheesy

What you say it's true. I think it's very interesting that when investing, we must take the risk by ourselves, no one is behind us, if we buy some BTCs or AltCoins and tomorrow their prices fall and we lose all our money, it's all over... But if we make profit, then we must share a piece of it with the government. Total advantage for only one side, right?  Wink

Why isn't the government solidary in case of loss too?

And even in Crypto world, there are enthusiasts that feel offended if you put yourself against taxation.

Your point is valid. If you make money, pay tax to the government and if you loose, the loss is yours. This is the basic taxation framework for almost every countries and pretty much one-sided. So then why are you asking your government to build roads or sanitation system or other infrastructural development? Government is building such facilities for common people like you and I to use for free of cost. Isn't it an one-sided facility for us? Instead, they can build roads and sanitation system and ask money everytime you use those facilities.

Take an example of the Police force that government has built for you and I. So if a burglary happens in your house and you call the police to investigate. Imagine that police is asking for service fees from you to investigate and giving you receipt for the same. Will you be paying that? You expect that police will register your complaint and investigate the matter for you without charging any fees. So that's an never ending debate and every party has their own flaws in the system. Because nothing can be flawless in the world. I am sure a lot of government are corrupted and chargind unjust to their citizens, but we all have to live within a framework and a system. If you are out of the system, you are an outlaw. 

I support paying taxes to the government. For investments of any sort, there is a provision called "capital gain taxes". Where your net gain is taken under consideration after deducting all your losses. Let me give you an hypothetical example on it,

1st January 2018: Bought 1 bitcoin at $10,000/btc
3rd March 2018: Sold 0.5 bitcoin at $9,500/btc
5th June 2018: Sold 0.5 bitcoin at $12,500/btc


So in this trade, you first sold a percentage of your bitcoin holding at loss and you made profit in the 2nd time. Look below to know how to calculate the capital gains here,

1st January 2018: Bought 1 bitcoin at $10,000/btc
3rd March 2018: Sold 0.5 bitcoin at $9,500/btc (received $4,750)
5th June 2018: Sold 0.5 bitcoin at $12,500/btc (received $6,250)


So total amount received is, ($4,750 + $6,250) = $11,000
Initial investment: $10,000
Net gain: $1,000

So you capital gain will be $1,000 and you have to pay taxes on it. There are other conditions like the time of holdings etc, but that depends on your local law, so I won't discuss about those. But that's a basic idea of how the capital gain tax works and how you calculate your capital gains. So you are only paying taxes on your net gain. If you are making losses, that loss will be deducted from your profits. Government is not our enemy, we just need to follow certain rules. I hope this reply will help to clear your mind.

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February 04, 2018, 02:08:20 PM
 #53

If I make money on crypto currencies. How do I avoid as much tax as possible?

I think you should pay the required taxes to the authorities or else it might create a problem for you in the future. If there is no tax provision at the moment for cryptos in your country, then still be ready to pay the tax as the authorities can reach to you at anytime in the future. If government authorities caught you then you might have to pay heavy penalties for tax evasion. I would suggest you to check the local law related the cryptocurrencies in your country, be a responsible citizen and follow the same.
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February 04, 2018, 07:18:06 PM
 #54

It's even dangerous to put yourself fully against abusive taxes and to give hints to others about how to avoid them...

Last time I checked being against taxes wasn't a crime. It's my opinion that the system is flawed and taxes are nothing but an abuse of power. I'd like to see them put me in jail for being against the slavery they were so much against in their official statements, yet we're all living in a world of modern slavery.

Pay your taxes, social security, even if it means you won't be able to put food on your table. If not we'll put you in jail and supply the food clothes and clean sheets for you at the expense of other taxpayers (slaves). What kind of a system is this? Cheesy

What you say it's true. I think it's very interesting that when investing, we must take the risk by ourselves, no one is behind us, if we buy some BTCs or AltCoins and tomorrow their prices fall and we lose all our money, it's all over... But if we make profit, then we must share a piece of it with the government. Total advantage for only one side, right?  Wink

Why isn't the government solidary in case of loss too?

And even in Crypto world, there are enthusiasts that feel offended if you put yourself against taxation.

Your point is valid. If you make money, pay tax to the government and if you loose, the loss is yours. This is the basic taxation framework for almost every countries and pretty much one-sided. So then why are you asking your government to build roads or sanitation system or other infrastructural development? Government is building such facilities for common people like you and I to use for free of cost. Isn't it an one-sided facility for us? Instead, they can build roads and sanitation system and ask money everytime you use those facilities.

Take an example of the Police force that government has built for you and I. So if a burglary happens in your house and you call the police to investigate. Imagine that police is asking for service fees from you to investigate and giving you receipt for the same. Will you be paying that? You expect that police will register your complaint and investigate the matter for you without charging any fees. So that's an never ending debate and every party has their own flaws in the system. Because nothing can be flawless in the world. I am sure a lot of government are corrupted and chargind unjust to their citizens, but we all have to live within a framework and a system. If you are out of the system, you are an outlaw. 

I support paying taxes to the government. For investments of any sort, there is a provision called "capital gain taxes". Where your net gain is taken under consideration after deducting all your losses. Let me give you an hypothetical example on it,

1st January 2018: Bought 1 bitcoin at $10,000/btc
3rd March 2018: Sold 0.5 bitcoin at $9,500/btc
5th June 2018: Sold 0.5 bitcoin at $12,500/btc


So in this trade, you first sold a percentage of your bitcoin holding at loss and you made profit in the 2nd time. Look below to know how to calculate the capital gains here,

1st January 2018: Bought 1 bitcoin at $10,000/btc
3rd March 2018: Sold 0.5 bitcoin at $9,500/btc (received $4,750)
5th June 2018: Sold 0.5 bitcoin at $12,500/btc (received $6,250)


So total amount received is, ($4,750 + $6,250) = $11,000
Initial investment: $10,000
Net gain: $1,000

So you capital gain will be $1,000 and you have to pay taxes on it. There are other conditions like the time of holdings etc, but that depends on your local law, so I won't discuss about those. But that's a basic idea of how the capital gain tax works and how you calculate your capital gains. So you are only paying taxes on your net gain. If you are making losses, that loss will be deducted from your profits. Government is not our enemy, we just need to follow certain rules. I hope this reply will help to clear your mind.

Thanks for your reply.

I would like to say I'm not fully against taxes, I'm not at anarcho-capitalist side, as we need a government managing the basics we need in a society to keep it organized and to guarantee the order. The infrastructure and security sectors are very important and necessary*, I agree paying taxes (as we already pay in our countries) destinated to these areas. But one of the main problems is that we don't even know for what we are paying taxes.

We don't know if determined tax is going to welfare programs, if it's going to sustain the artistic's class (some kind of monetary incentive from the government for 'cultural projects'), if it's going to politic's and lackey's pockets, if it's going to finance foreigner dictatorships, if it's going to education, health, security, etc...

So I'm not paying for a service that I use, I'm just financing political campaigns via taxes (as they buy votes this way, via welfare programs and theft). Also, there are several bureaucratic public jobs and services that are totally worthless, they shouldn't even exist.

And then, even taking so much money from citizens via several different taxes and abusive tax burden, why do they need Crypto-Currency profits? Isn't the country already 'working' fine without this Crypto income? Let the Crypto investors boost the local economy by investing on it by themselves, by opening businesses, by increasing their purchasing power, by learning how to live and spend their money by themselves without the state machine telling them what to do, how to do.

Sometimes, depending who is on the government, yes, it's our enemy, and if their rules are unfair they shouldn't be followed. Maybe in evolded countries things work better, but it's not everyone's reality, the taxation abuse is heavy in many places. The balance must be respected to keep the harmony flowing through the men's hearts.

* The quality of these services are also very low. Broken roads and low work's conditions for security forces.

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February 05, 2018, 01:34:56 AM
 #55

Government has enslaved people to continually work for them.The elites who
hijack political powers with their influence are the ones imposing these taxes.
This is the major reason decentralized block-chain technology came into fore
to eliminate the injustice of banks,government laws and restrictions observed
globally.If the tax is fair, well and good.But if very heavy and unfair, i simply
relocate to elsewhere for a better deal.
Agreed. Shocked at how many people here support paying taxes. When you give in to the fear of the consequences that happen after not paying taxes, you are supporting the injustice of banks and governments.

Yes, a bit shocking at first impression, but soon you will discover many Crypto enthusiasts have nothing about decentralization on their ideas.
It's even dangerous to put yourself fully against abusive taxes and to give hints to others about how to avoid them...
In our country taxes had not implied to the crypto currencies, but someday it will happen. Because more people are not getting jobs due to high numbers of population in my country, so I never doubt if one day taxes in crypto currency will implement. We can't avoid taxes if the government suggest it because as a people of the respective country we are needed to follow the rules and regulations of them.

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February 05, 2018, 12:17:42 PM
 #56

It all depends on what country you live in and how you set up your tax affairs in general, remember tax avoidance is legal, tax evasion is illegal. So plan carefully and seek professional advice.

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February 05, 2018, 06:11:18 PM
 #57

Government has enslaved people to continually work for them.The elites who
hijack political powers with their influence are the ones imposing these taxes.
This is the major reason decentralized block-chain technology came into fore
to eliminate the injustice of banks,government laws and restrictions observed
globally.If the tax is fair, well and good.But if very heavy and unfair, i simply
relocate to elsewhere for a better deal.
Agreed. Shocked at how many people here support paying taxes. When you give in to the fear of the consequences that happen after not paying taxes, you are supporting the injustice of banks and governments.

Yes, a bit shocking at first impression, but soon you will discover many Crypto enthusiasts have nothing about decentralization on their ideas.
It's even dangerous to put yourself fully against abusive taxes and to give hints to others about how to avoid them...
In our country taxes had not implied to the crypto currencies, but someday it will happen. Because more people are not getting jobs due to high numbers of population in my country, so I never doubt if one day taxes in crypto currency will implement. We can't avoid taxes if the government suggest it because as a people of the respective country we are needed to follow the rules and regulations of them.
We do all have different countries and different point of views about taxes and the only difference is that when you are paying taxes for nothing because it all goes straight to the pocket of those filthy politicians. That's why some of us chooses to avoid it and spend it on some useful things rather than giving it for nothing. But we should put it in our mind that avoiding taxes will cost you more in the future.
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February 05, 2018, 06:18:10 PM
 #58

Government has enslaved people to continually work for them.The elites who
hijack political powers with their influence are the ones imposing these taxes.
This is the major reason decentralized block-chain technology came into fore
to eliminate the injustice of banks,government laws and restrictions observed
globally.If the tax is fair, well and good.But if very heavy and unfair, i simply
relocate to elsewhere for a better deal.
Agreed. Shocked at how many people here support paying taxes. When you give in to the fear of the consequences that happen after not paying taxes, you are supporting the injustice of banks and governments.

So you think others should pay your bills? How do think the roads get repaired? You  leaching off people. If you think you have a better idea about how to run a society then please tell. But make no mistake, you are not being a hero, you are being a deadbeat who would rather stick his neighbors with his share of the bill.

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February 05, 2018, 07:05:15 PM
 #59

If in your country there is no a special law for taxation of crypto profit then you have nothing to worry about. In the case if such law on the last stage of acceptance I thin you need to move your crypto earnings to another country where there is no crypto regulation laws yet. Just I do not know exactly how to do that, I am in the mood to pay the necessary percent to the government if such earnings will be count as self take business.
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February 06, 2018, 11:44:43 AM
 #60

If I make money on crypto currencies. How do I avoid as much tax as possible?
maybe the tax you're pointing at is either the miner's fee or the processing fee when you make a withdrawal in your local bank like service charge of the bank. There is no way to avoid both of these, because they're the foundation to the succession of your transaction in the blockchain. It is better to pay instead of evading it and we should all feel lucky for now that government isn't charging us a tax yet in cryptos. If they put a tax on it soon, just pay for it because it can end in a wrong end
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February 06, 2018, 04:36:56 PM
 #61

It is easy to avoid tax on cryptocurrencies, don't declare your income, don't tell anybody that you are earning from it, make some tips to other people but after avoiding it when it is required by your government then be ready as well for the consequence it will have, you may not be imprisoned but your name is already blacklisted in the tax gov and it will be hard for you to get tax clearance as one of the requirements for loan.
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February 06, 2018, 06:35:49 PM
 #62

Taxing trading is good. Reduces the amount of speculative trading, and pump-and-dump tactics by whales that should be illegal.

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February 06, 2018, 09:59:03 PM
Merited by cry4crypto (1)
 #63


Your point is valid. If you make money, pay tax to the government and if you loose, the loss is yours. This is the basic taxation framework for almost every countries and pretty much one-sided. So then why are you asking your government to build roads or sanitation system or other infrastructural development? Government is building such facilities for common people like you and I to use for free of cost. Isn't it an one-sided facility for us? Instead, they can build roads and sanitation system and ask money everytime you use those facilities.


Isn't that exactly what they are doing? To connect to a water pipe I have to pay. I have to buy a water meter myself and pay for it's legalization. I have to pay for maintenance of the pipes even if I'm not using any water, and of course I have to pay for the water that I actually use. On top of that the local water and sewage plants are built and maintained mostly from local taxes. The taxes I as a landowner pay anyway. The taxes from your income will never be turned into the things you need. They are going to finance the military, maintain government buildings, bail out banks and social care services that are always losing money...

Quote
Take an example of the Police force that government has built for you and I. So if a burglary happens in your house and you call the police to investigate. Imagine that police is asking for service fees from you to investigate and giving you receipt for the same. Will you be paying that? You expect that police will register your complaint and investigate the matter for you without charging any fees. So that's an never ending debate and every party has their own flaws in the system. Because nothing can be flawless in the world. I am sure a lot of government are corrupted and chargind unjust to their citizens, but we all have to live within a framework and a system. If you are out of the system, you are an outlaw.  

I'd gladly pay for the services that benefit us all like the police, fire, healthcare. These could be easily maintained through a head tax. A certain sum equal for every citizen that would support the most basic and important institutions in the country. One tax instead of the numerous ones we're paying right now.
Also, income tax is unjust. It benefits the lazy ones as the more you work the more you have to pay.

Quote
I support paying taxes to the government.

If you like being treated like a slave, so be it.

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February 07, 2018, 06:51:18 AM
 #64

When there is law in your country requiring you to pay tax in every bitcoin transaction then you must follow it and be a law abiding citizen. Authorities especially in US has a technology that can track and report bitcoin transactions. Bitcoin is said to have a permanent searchable record of transactions that can be use by the tax authorities to track someone who avoid paying his/her taxes.

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February 08, 2018, 06:27:49 AM
 #65

If indeed your country requires to pay taxes related to crypto currency, pay it.. and no need to avoid it.
And if indeed your country doesn't requires to pay taxes related to crypto currency, yeah.. of course it's ok if doesn't to pay for it. But if your crypto's incomes is very high, i think you've to pay for it.

which's important.. be a good person / a good citizen.

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February 09, 2018, 02:16:42 AM
 #66

don't see any option to avoid taxes than moving to a country that has zero taxes on crypto trading gains Sad
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February 09, 2018, 02:36:14 AM
 #67

there is no tax for now but I wish it has because tax means legal.
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February 09, 2018, 03:07:54 PM
 #68

Please, be rational and change your thinking faculty about tax payment. Be of good sample to the world that Bitcoiners are law abiding. Primarily, our system at the face of it seems avoiding payment of taxes, since we are the sole controller of our encrypted wallets, left alone mild ones being charged at exchanges. But with deep sense of humour, you shall pay tax/tariff on goods and services purchased with money gained from Bitcoin. Grin. hahaha.. Is this not sensible enough? So, you can not shun tax payment wholesomely in Crypto and try not to be A tax evader, if you are but a good Bitcoiner with respectable dignity.

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February 09, 2018, 04:05:44 PM
 #69

Please, be rational and change your thinking faculty about tax payment. Be of good sample to the world that Bitcoiners are law abiding. Primarily, our system at the face of it seems avoiding payment of taxes, since we are the sole controller of our encrypted wallets, left alone mild ones being charged at exchanges. But with deep sense of humour, you shall pay tax/tariff on goods and services purchased with money gained from Bitcoin. Grin. hahaha.. Is this not sensible enough? So, you can not shun tax payment wholesomely in Crypto and try not to be A tax evader, if you are but a good Bitcoiner with respectable dignity.

I find it hard to see through your post to see if you're being sarcastic or not, especially with that emote. There's nothing good or bad in paying taxes. I mean a law abiding person could be considered as good only if the law established by our governments was good. But is it? Is the tax law good? Is it just? Those are the questions each of us should answer in their own conscience. I think that I am a good person, but I don't see the law as something good. More like the necessary evil.


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February 10, 2018, 05:55:53 PM
 #70

Please, be rational and change your thinking faculty about tax payment. Be of good sample to the world that Bitcoiners are law abiding. Primarily, our system at the face of it seems avoiding payment of taxes, since we are the sole controller of our encrypted wallets, left alone mild ones being charged at exchanges. But with deep sense of humour, you shall pay tax/tariff on goods and services purchased with money gained from Bitcoin. Grin. hahaha.. Is this not sensible enough? So, you can not shun tax payment wholesomely in Crypto and try not to be A tax evader, if you are but a good Bitcoiner with respectable dignity.

I find it hard to see through your post to see if you're being sarcastic or not, especially with that emote. There's nothing good or bad in paying taxes. I mean a law abiding person could be considered as good only if the law established by our governments was good. But is it? Is the tax law good? Is it just? Those are the questions each of us should answer in their own conscience. I think that I am a good person, but I don't see the law as something good. More like the necessary evil.
Well, paying tax is not so much in pain so we don't have to worry things about paying, it won't make you suffer and become poor, so it is better to help rather than having a poor country and banning bitcoin in your place. I would rather help my country as well rather than seeing those in need suffer without doing something.

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February 11, 2018, 01:56:59 AM
 #71

If I make money on crypto currencies. How do I avoid as much tax as possible?

Firstly, tax imposition on cryptocurrencies primarily depend on the laws you have in your respective country. All countries have their own stand against the regulation and tax imposition on cryptocurrencies; your obligation now is to be responsible and diligent enough to at least check if your country approves on cryptocurrencies. But in general, I believe that cryptocurrencies in general aren't taxable due to their decentralized nature which makes them the perfect medium for transactions.

If indeed your country requires to pay taxes related to crypto currency, pay it.. and no need to avoid it.
And if indeed your country doesn't requires to pay taxes related to crypto currency, yeah.. of course it's ok if doesn't to pay for it. But if your crypto's incomes is very high, i think you've to pay for it.

which's important.. be a good person / a good citizen.

Yes, it really depends on the country's law regarding cryptocurrencies. Just to add, if cryptocurrencies would be taxable then expect prices to decrease on a certain level. The prices also may be controlled in some-point, which makes it no different from other investment options.
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February 11, 2018, 05:01:10 AM
 #72

I support paying taxes to the government.
If you like being treated like a slave, so be it.

Without tax, there will be no roads, no internet infrastructure, no fire-department, and so on...

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February 11, 2018, 07:01:40 AM
 #73

I'd not try to evade tax, after all, crypto is like other things such as stocks, if I gained I'd pay tax, just as other things.

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February 11, 2018, 10:04:52 AM
 #74

It's easy, you avoid tax on crypto exactly the same way you avoid tax on your other sources of income.

Last time I've paid income tax was in 1997. I'm making more money now, that made me smarter about my tax avoidance strategies.

Read more from me and follow me on Steemit: https://steemit.com/@countryfree
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February 11, 2018, 11:05:58 AM
 #75

I'd not try to evade tax, after all, crypto is like other things such as stocks, if I gained I'd pay tax, just as other things.

Exactly when you earn then you have to pay tax be it any country unless the country has a tax free system. I am really clueless why would OP like to evade a tax from the earning which is provided by their government. If that is the case why would govt allow such things to happen they can discontinue it.

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February 11, 2018, 03:53:03 PM
 #76

If one country regulate bitcoin and put a tax on it. I think there is no way you can avoid it. If they put a tax on bitcoin just pay it. But if they put a tax on it. They make sure that bitcoin is safer now thatn before.

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February 11, 2018, 08:47:53 PM
 #77

Please, be rational and change your thinking faculty about tax payment. Be of good sample to the world that Bitcoiners are law abiding. Primarily, our system at the face of it seems avoiding payment of taxes, since we are the sole controller of our encrypted wallets, left alone mild ones being charged at exchanges. But with deep sense of humour, you shall pay tax/tariff on goods and services purchased with money gained from Bitcoin. Grin. hahaha.. Is this not sensible enough? So, you can not shun tax payment wholesomely in Crypto and try not to be A tax evader, if you are but a good Bitcoiner with respectable dignity.
at last someone has spoken about being a law abiding citizen!
seriously people we should know how really tax works, even if our government is very corrupt don't make yourselves in a position that will threaten your freedom, what your laws says must be followed regardless how hard it is and besides there is not trading in jail.

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February 11, 2018, 09:36:53 PM
 #78

I want to pay taxes on crypto.
If you want to avoid tax just sell coins to your local dealer.
If they regulate taxes on exchanges then you will pay them.

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February 12, 2018, 03:31:43 PM
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 #79

Paying tax is everyone's national and social obligation, I don't think it would be good if you skip paying it and probably you're putting yourself on harm. If your government impose tax on it then better to pay it forward. Here in our country there's no tax implications on bitcoin - none as of the moment. But at the time we convert it to bitcoin and usenit for purchasing then that's yhe time we are paying our tax. However if the government impose tax on btc then I'll do my part.
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February 12, 2018, 04:58:29 PM
 #80

If I make money on crypto currencies. How do I avoid as much tax as possible?

avoidong tax is not  good idea, if bitcoin is legal in your country you really need to pay a tax for it so that you will not pursue by the law. you get the right profit in b-btc you should also pay the right tax to the government.

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February 12, 2018, 05:46:05 PM
 #81

Legally the only way you can avoid paying taxes (that are above what you are supposed to pay) is by taking/recording all your transactions. And by taking down I mean recording it and providing supporting evidence. Separate everything on what is income from what is capital gains. As when you get a random audit from the IRS you can provide them supporting evidence that you are paying your taxes right. Also everytime you are receiving Bitcoin you must record it to its U.S. Dollar/ Fiat Currency equivalent during the time you have received it.

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February 12, 2018, 08:09:35 PM
 #82

The only legitimate way I can think of is for you to declare it as expenditures thereby lessening tax obligations. You can do so by gathering all receipts possible, and declare it as something utilized for your business, profession or occupation. Otherwise, you will be held liable for tax evasion which is a heavier offense than that of tax deduction.

Nonetheless, remember that in a system like that of the US, you cannot just do away with your tax obligations. Hence, I suggest you just do what you are ought to do. Always have a backup for them to be able to assess your tax based on the value of your crypto when you realized the same as a profit. It is important for you to have supporting documents to attest to the authenticity of your tax declaration.

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February 12, 2018, 08:39:26 PM
 #83

 I think the best way is to hold your cryptos and do not convert to FAIT. Once you get a good profit you can cash out and pay tax. It is fair for all parties
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February 13, 2018, 10:35:28 AM
 #84

I think you can do it by trading in a different country (in a place without tax).

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February 13, 2018, 06:40:39 PM
 #85

If I make money on crypto currencies. How do I avoid as much tax as possible?

When you are making some crypto then you can sell it. I think in this way, you can tax evasion Wink Wink
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February 14, 2018, 10:53:30 AM
 #86


Quote
I support paying taxes to the government.

If you like being treated like a slave, so be it.


It's not about being slave. It's about being within the system and that is in existence and still being profitable. If I try to be rebellious, the government will simply put me behind the bars. It's too hard for an individual to go against government. Instead it is always better to find a solution. I pay taxes from my profits and keep the rest of it. Both are happy. That should be the conclusion. Government is certainly not taking up 100% of my profits as taxes. It will be a certain percentage and I get to keep the maximum portion of it. That's it! The way you are pointing towards things, it will make 100% of the world population looks like slaves only. 

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February 14, 2018, 02:48:14 PM
 #87

Easy, Just don't pay.  Of course you may go to jail and owe huge amounts of money. So it is a very stupid idea.

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February 14, 2018, 03:05:19 PM
 #88

each state and its rules.. but from what i understand its not a big issue
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February 15, 2018, 02:29:33 PM
 #89

If I make money on crypto currencies. How do I avoid as much tax as possible?

First, it is a crime to avoid due tax.

For crypto tax paying, you should not conceive the idea of paying your tax if your country levies on it. If you are caught, you might find yourself in the dark room because it is a crime to avoid carrying out your civil responsibility to your country. By the way, the tax money is "suppose" to be used for development , infrastructure and provision of amenities .

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February 15, 2018, 02:50:40 PM
 #90

If I make money on crypto currencies. How do I avoid as much tax as possible?
Here is a more nuanced answer. While taxes are as sure as death you can lower your tax burden by:

1. Claiming any losses you have to offset gains.

2. Taking full advantage of other offsets like charitable gifts.

4. Looking at tax income brackets and keeping yourself from making enough to get bumped up to a higher bracket. In 2018 a critical level will  be $316,000. Those who make $315K will pay a lot less than those who make $317K

3. Moving to a jurisdiction with lower taxes. I am looking into this since finding out that 9 U.S. states have no capitol gains tax. Of course you still owe the fed. Its' not very practical, but you could also move to Dubai. 

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February 22, 2018, 12:39:48 AM
 #91

Why do you even consider avoiding of paying taxes out of your bitcoin earnings? If the government imposes a tax regulation on btc then better to take the responsibility of paying it. Tax is every citizen's obligation so if you're thinking of avoiding it be ready of the consequences of it.
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February 22, 2018, 12:59:12 AM
 #92

If I make money on crypto currencies. How do I avoid as much tax as possible?

There we go... the patriots. The people that will free the world from the "unfair banking system", those who are here not to be rich but because of the technology, those who do not trust the dollar. Those who hodl.

BTCubble.
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February 22, 2018, 01:22:59 AM
 #93

It will be hard to do it as governments are creating regulations. Only time will tell with taxes
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February 22, 2018, 09:22:31 AM
 #94

I think you can do it by trading in a different country (in a place without tax).
I think it will need a cost more, to moving around to the a some countries. Better to keep trading wherever we live, whether it's legal or not legal yet, I think most of it., is still free from taxes from the government, it's just a fees that must be paid in it when we want to cashing out.
And I think, if indeed in a country it's already applied a tax, rather than having to moving around the countries., it's better to pay taxes.
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February 22, 2018, 10:49:48 AM
 #95

If I make money on crypto currencies. How do I avoid as much tax as possible?

There are lot of countries that Bitcoin is not legal but not ban therefore if you have lot of money for investments just go to the countries and join the trade in that place but if you're country in which you are living has declared Bitcoin as legal for investment then it was regulated that everyone will oblige to pay Bitcoin taxes per regulation policy therefore i'm afraid there is no way for you to avoid this obligation in which it might put you in jail due to tax evasion.

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February 22, 2018, 11:03:21 AM
 #96

Humans living in the present can not be 100% avoid taxes. Especially the consumption tax or Value Added Tax (VAT) is most difficult to avoid because everyone uses the manufactured goods from a piece of cloth used in which there is VAT. Extreme ways to avoid VAT or consumption tax is not to buy or consumption of goods that have tax. Eating and drinking foods and beverages excluding taxable goods, not VAT objects and not local tax objects

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February 22, 2018, 11:53:47 AM
 #97

There are lot of countries that Bitcoin is not legal but not ban therefore if you have lot of money for investments just go to the countries and join the trade in that place but if you're country in which you are living has declared Bitcoin as legal for investment then it was regulated that everyone will oblige to pay Bitcoin taxes per regulation policy therefore i'm afraid there is no way for you to avoid this obligation in which it might put you in jail due to tax evasion.
Bitcoin and basically any other crypto currency requires people to pay tax regardless of the legal status in a specific country. It's not that you can hop to an other country to avoid paying tax.

That only works if the country in question handles a general no tax policy concerning capital gains and whatnot. People forget that crypto value adds up to your fiat wealth, which you need to declare in all honesty.

Without crypto even being explicitly mentioned, it is part of your total wealth, and you need to pay capital gain tax as well. The only thing a legal status can do is change the category crypto fits in.

It's basically what happened in Israel recently. Crypto has been declared a property, which moves Bitcoin into that tax category instead of a more general category that is suitable for various financial products and such.

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February 24, 2018, 07:25:37 PM
 #98

If I make money on crypto currencies. How do I avoid as much tax as possible?

Never try to dodge federal taxes unless you feel like money is worth more then your freedom (it's not).

Pay the taxes so you can live a stress free life.

No reason being audited 10 years later, when you have a house/car/family, then having it all seized.

Stay clean and fly straight, always.

/ TAI CHI CHAIN - STELLAR BASED PRIVACY PLATFORM \
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February 24, 2018, 09:11:11 PM
 #99

Why do you even consider avoiding of paying taxes out of your bitcoin earnings? If the government imposes a tax regulation on btc then better to take the responsibility of paying it. Tax is every citizen's obligation so if you're thinking of avoiding it be ready of the consequences of it.
Do not we have to have fixed income to pay taxes? The crypto money market does not always give us a chance to earn money, and there are times when we have lost money. The State should help us when we have lost money Smiley



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February 24, 2018, 10:36:37 PM
Merited by pixie85 (1)
 #100

It's not about being slave. It's about being within the system and that is in existence and still being profitable. If I try to be rebellious, the government will simply put me behind the bars. It's too hard for an individual to go against government. Instead it is always better to find a solution. I pay taxes from my profits and keep the rest of it. Both are happy. That should be the conclusion. Government is certainly not taking up 100% of my profits as taxes. It will be a certain percentage and I get to keep the maximum portion of it. That's it! The way you are pointing towards things, it will make 100% of the world population looks like slaves only. 

What if the both aren't happy, because I'm not happy sharing half of my profits with a leech that isn't helping me earn it in any way.
Following your logic if a mosquito sits on your hand you should let it drink. It's not hurting you much, he's not taking 100%, right? It's better solution than having to wave your hand around trying to make it go away. Once it's full it will fly away on its own, never to bother you again.

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February 25, 2018, 08:59:50 AM
 #101

I do not think it will, if it exists, for whom the tax is? and bitcoint enthusiasts will also drop dramatically, behind this use of gambling, in which there is no tax then will be sought again

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February 25, 2018, 10:50:56 AM
 #102

It's not about being slave. It's about being within the system and that is in existence and still being profitable. If I try to be rebellious, the government will simply put me behind the bars. It's too hard for an individual to go against government. Instead it is always better to find a solution. I pay taxes from my profits and keep the rest of it. Both are happy. That should be the conclusion. Government is certainly not taking up 100% of my profits as taxes. It will be a certain percentage and I get to keep the maximum portion of it. That's it! The way you are pointing towards things, it will make 100% of the world population looks like slaves only. 

What if the both aren't happy, because I'm not happy sharing half of my profits with a leech that isn't helping me earn it in any way.
Following your logic if a mosquito sits on your hand you should let it drink. It's not hurting you much, he's not taking 100%, right? It's better solution than having to wave your hand around trying to make it go away. Once it's full it will fly away on its own, never to bother you again.
Well who is happy in tax? Well, I thought no one is happy either. We are all not happy it is just that we don't have any choice but it is okay because it is for the security of our government. Let us be honest, although there are many corrupt politicians there are still something that made us proud to become part of that certain country.

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February 25, 2018, 12:17:39 PM
 #103

It's not about being slave. It's about being within the system and that is in existence and still being profitable. If I try to be rebellious, the government will simply put me behind the bars. It's too hard for an individual to go against government. Instead it is always better to find a solution. I pay taxes from my profits and keep the rest of it. Both are happy. That should be the conclusion. Government is certainly not taking up 100% of my profits as taxes. It will be a certain percentage and I get to keep the maximum portion of it. That's it! The way you are pointing towards things, it will make 100% of the world population looks like slaves only. 

What if the both aren't happy, because I'm not happy sharing half of my profits with a leech that isn't helping me earn it in any way.
Following your logic if a mosquito sits on your hand you should let it drink. It's not hurting you much, he's not taking 100%, right? It's better solution than having to wave your hand around trying to make it go away. Once it's full it will fly away on its own, never to bother you again.
Well who is happy in tax? Well, I thought no one is happy either. We are all not happy it is just that we don't have any choice but it is okay because it is for the security of our government. Let us be honest, although there are many corrupt politicians there are still something that made us proud to become part of that certain country.
Why do some people here think that the government is a leech trying to sip a part of your money? To my understanding no one is exempted from paying taxes and all of the citizens whether you are a government official or a normal citizen or even a juridical person you must pay your taxes.

Or maybe I am missing out something?
That the concept of Anonymous Currency in Bitcoin make us think that we are exempted or it must be used to take advantage of the government. Well if that is the case then this might be the root of the problem where a lot of us think that earning Bitcoin make us exempted from paying our taxes.

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February 25, 2018, 12:35:47 PM
 #104

Well who is happy in tax? Well, I thought no one is happy either. We are all not happy it is just that we don't have any choice but it is okay because it is for the security of our government. Let us be honest, although there are many corrupt politicians there are still something that made us proud to become part of that certain country.

Some people might see tax as a waste of money because of corrupt politicians but I'm proud to say that I am a product of a tax, and because of that I got my degree. Yes, we pay too much on tax but try to think the good thing that can happen because of that. Though currently here in my place I'm not paying any taxes but I think it will happen soon and no one can avoid that.
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February 25, 2018, 04:25:15 PM
Merited by LordDisick (2)
 #105

If cryptocurrency is legalized then we are entitle to pay for taxes. Why do we have to avoid taxes? Otherwise the government might seriously ban cryptocurrency then. As of the moment, in my country taxes are not imposed yet. I can’t say bitcoin or other cryptocurrency is Legal already here but so far i did not heard any violent reaction from the government in my country yet, just not yet.
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February 25, 2018, 11:02:18 PM
Merited by mrcash02 (1)
 #106

Why do some people here think that the government is a leech trying to sip a part of your money? To my understanding no one is exempted from paying taxes and all of the citizens whether you are a government official or a normal citizen or even a juridical person you must pay your taxes.

Or maybe I am missing out something?
That the concept of Anonymous Currency in Bitcoin make us think that we are exempted or it must be used to take advantage of the government. Well if that is the case then this might be the root of the problem where a lot of us think that earning Bitcoin make us exempted from paying our taxes.

You think that the people are taking advantage of the government by not paying taxes. I think that the government is taking advantage of the people by making them pay high taxes, too high to be called just and fair. If Someone calls himself your master, tells you to share half of your money with him and threatens to chain you up if you don't, it's rather unfair. If you hide some of your money so that the master doesn't get what he demands it's you that is taking advantage of him. Is that it? Tongue

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February 26, 2018, 03:12:09 AM
 #107

Actually , you dont. You cannot escape government and their rules. The best you can do is not declare your profit to avoid getting taxed but i think you know the consequences. Taxes went to different government projects so for me thats okay. On the other hand, some government officials takes an advantage to this system but this will not the reason to blame them all.

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February 26, 2018, 01:30:55 PM
 #108

If I make money on crypto currencies. How do I avoid as much tax as possible?
only people who have no great responsibility ,, if escaped from reality, avoid taxes is the wrong person.
But right now, we will not pay taxes, because the government has not cooperated with bitcoin.
crypto, is digital money ,, it makes sense if there should be taxes.
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February 27, 2018, 01:42:22 AM
 #109

Actually , you dont. You cannot escape government and their rules. The best you can do is not declare your profit to avoid getting taxed but i think you know the consequences. Taxes went to different government projects so for me thats okay. On the other hand, some government officials takes an advantage to this system but this will not the reason to blame them all.


Exactly. We citizens are powerless when governments try to interfere anything and all we could do is to follow. But I think we can still demand fair taxing system in case they became unreasonable on their decisions.

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February 27, 2018, 09:27:02 AM
 #110

If I make money on crypto currencies. How do I avoid as much tax as possible?

First of all why do we think in negative directions and why we need to save our money by violating the government laws.  Government has made the rules for the benefit of the community and country and we should follow it.
If you make money and your government has certain tax slabs you should pay it , rather than to avoid them.
Partly yes because citizens in a certain countries has an obligation to pay taxes from earning to the government for the community and for us to receive benefits especially when we got old. But what if you belong im a country where government doesn't really care for the welfare of their countrymen? And the taxes that they collected from the people who strive to work hard to feed his/her family goes directly to their own pocket? Is it really worth it to be honest in paying taxes by declaring all you assets?

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February 27, 2018, 11:44:48 AM
 #111

But I think we can still demand fair taxing system in case they became unreasonable on their decisions.
Lol, the tax system has been unfair for decades, and you think we have even a slight chance of changing that? If there is one thing that we have seen become reality, then it's the fact that the tax rates have only increased.

In no shape or form will people be able to demand anything from the government. Instead, it's the government that demands us to abide by all their ridiculous tax rates, which should be clear by now.

The only thing we are good for, is being used as cash cow for the government, and in case we're trying to avoid being a cash cow, the government will come after you and milk the money out of you, that's how it goes.

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February 27, 2018, 03:24:19 PM
 #112

But I think we can still demand fair taxing system in case they became unreasonable on their decisions.
Lol, the tax system has been unfair for decades, and you think we have even a slight chance of changing that? If there is one thing that we have seen become reality, then it's the fact that the tax rates have only increased.

In no shape or form will people be able to demand anything from the government. Instead, it's the government that demands us to abide by all their ridiculous tax rates, which should be clear by now.

The only thing we are good for, is being used as cash cow for the government, and in case we're trying to avoid being a cash cow, the government will come after you and milk the money out of you, that's how it goes.
Yes, I admit that it is really an unfair system but what can we do about it? There is nothing wrong about tax, those government officials imposing tax system which creates more burden to people are the ones really making us more poor and they are all benefiting on it which makes us sick.
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February 27, 2018, 05:04:32 PM
 #113

Just pay your taxes man. The more we will try to avoid tax, the more the government will try to ban cryptos. I would rather pay taxes and be ok, than not pay my taxes and see the Bitcoin disappear.

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February 27, 2018, 05:51:27 PM
 #114

Just pay your taxes man. The more we will try to avoid tax, the more the government will try to ban cryptos. I would rather pay taxes and be ok, than not pay my taxes and see the Bitcoin disappear.
There are countries which not requires to pay your tax since they are still under investigating/studying about this one, just like what we are now in our country, they don't obliged us to pay taxes since there is no regulation yet, they just passed regulation with regards to the protection of investors against scammed.
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February 27, 2018, 06:11:33 PM
 #115

If you want to play fair just pay the tax , even if you pay tax probably you will be still in profit. But if you really don't wanna pay tax , try sell bitcoin on street. Find on your local forum someone who want to buy bitcoin and you meet him in coffee shop , he give you money and you send him bitcoin. That is how I did once.

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February 27, 2018, 09:36:36 PM
 #116

But I think we can still demand fair taxing system in case they became unreasonable on their decisions.
Lol, the tax system has been unfair for decades, and you think we have even a slight chance of changing that? If there is one thing that we have seen become reality, then it's the fact that the tax rates have only increased.

In no shape or form will people be able to demand anything from the government. Instead, it's the government that demands us to abide by all their ridiculous tax rates, which should be clear by now.

The only thing we are good for, is being used as cash cow for the government, and in case we're trying to avoid being a cash cow, the government will come after you and milk the money out of you, that's how it goes.
Yes, I admit that it is really an unfair system but what can we do about it? There is nothing wrong about tax, those government officials imposing tax system which creates more burden to people are the ones really making us more poor and they are all benefiting on it which makes us sick.

You can start speaking against it. It's already a beginning.

In my country things reached too far until people started seeing how harmful is to be a pacific sheep being guided by wolves directly to the slaughtery. People accepted more and more taxes without resistance and without quality services being offered for too long. And now it's ridiculous to see a country with one of the biggest tax burden of the world broken!

Once people acquire conscience about what is happening on their own countries and start speaking out about it, things will start improving.

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February 27, 2018, 09:56:07 PM
 #117

But I think we can still demand fair taxing system in case they became unreasonable on their decisions.
Lol, the tax system has been unfair for decades, and you think we have even a slight chance of changing that? If there is one thing that we have seen become reality, then it's the fact that the tax rates have only increased.

In no shape or form will people be able to demand anything from the government. Instead, it's the government that demands us to abide by all their ridiculous tax rates, which should be clear by now.

The only thing we are good for, is being used as cash cow for the government, and in case we're trying to avoid being a cash cow, the government will come after you and milk the money out of you, that's how it goes.
Yes, I admit that it is really an unfair system but what can we do about it? There is nothing wrong about tax, those government officials imposing tax system which creates more burden to people are the ones really making us more poor and they are all benefiting on it which makes us sick.

You can start speaking against it. It's already a beginning.

In my country things reached too far until people started seeing how harmful is to be a pacific sheep being guided by wolves directly to the slaughtery. People accepted more and more taxes without resistance and without quality services being offered for too long. And now it's ridiculous to see a country with one of the biggest tax burden of the world broken!

Once people acquire conscience about what is happening on their own countries and start speaking out about it, things will start improving.
The question is if they do have the conscience?If they do have that thing then lucky for a certain country because possibilities of development or changes is still there but how about countries just like mine which it is being known to be one of the most corrupt countries even up to this date?I don't see any hope on such changes on my lifetime.This is why sometimes I do think paying up taxes is really useless at all.

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February 27, 2018, 10:12:40 PM
 #118

Exactly. We citizens are powerless when governments try to interfere anything and all we could do is to follow. But I think we can still demand fair taxing system in case they became unreasonable on their decisions.
How could someone powerless demand to the government when it comes to taxation? Just pay off your taxes and you will be flee from those interference.
Tax is the blood of the government and every single citizen that has a source of living needs to pay off unless he's exempted.
Just pay taxes and declare how much you've earned so you won't think crazily on how to avoid it.

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February 27, 2018, 10:36:11 PM
 #119

But I think we can still demand fair taxing system in case they became unreasonable on their decisions.
Lol, the tax system has been unfair for decades, and you think we have even a slight chance of changing that? If there is one thing that we have seen become reality, then it's the fact that the tax rates have only increased.

In no shape or form will people be able to demand anything from the government. Instead, it's the government that demands us to abide by all their ridiculous tax rates, which should be clear by now.

The only thing we are good for, is being used as cash cow for the government, and in case we're trying to avoid being a cash cow, the government will come after you and milk the money out of you, that's how it goes.
Yes, I admit that it is really an unfair system but what can we do about it? There is nothing wrong about tax, those government officials imposing tax system which creates more burden to people are the ones really making us more poor and they are all benefiting on it which makes us sick.

You can start speaking against it. It's already a beginning.

In my country things reached too far until people started seeing how harmful is to be a pacific sheep being guided by wolves directly to the slaughtery. People accepted more and more taxes without resistance and without quality services being offered for too long. And now it's ridiculous to see a country with one of the biggest tax burden of the world broken!

Once people acquire conscience about what is happening on their own countries and start speaking out about it, things will start improving.
The question is if they do have the conscience?If they do have that thing then lucky for a certain country because possibilities of development or changes is still there but how about countries just like mine which it is being known to be one of the most corrupt countries even up to this date?I don't see any hope on such changes on my lifetime.This is why sometimes I do think paying up taxes is really useless at all.

It's indeed worthless and that is the conscience people here are acquiring. Now they are seeing the abuse the local government is committing since a long time ago and how useless are the taxes as there aren't decent services in return and all we see is mockery and corruption. It's a slow process, but at least it's happening.

I'm not saying people want to live in an anarchy, without paying anything, but they want to pay less, because as it is now it's abusive and when we talk about Crypto-Currency it makes no sense to pay taxes for this... On the other hand, there are always these people who just want to frighten those who are unsatisfied and seeking for changes, saying: Nothing can be done, you will be arrested, it won't end good for you...

But no one is saying about violate the rules, but to change them to make it fair for all parts.

About corrupt countries, it's indeed very frustrating to not be in sintony with our countrymen. Sometimes seems we are swimming against the tide and that nothing will happen as most people are alienated and following previous patterns that just make the system's maintenance. But it's important to always keep some hope inside our hearts, because without hope we become bitter and it just bring negative effects over us along the time...

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February 28, 2018, 04:43:48 AM
 #120

If I make money on crypto currencies. How do I avoid as much tax as possible?
It would be better for you not to avoid paying tax if you are making money out bitcoin because it will cause much trouble. Tax is required and its in the law no matter how we say that bitcoin is decentralize and it was created because of the financial issues we are facing still we have to obey the law.

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February 28, 2018, 05:30:27 AM
 #121

If I make money on crypto currencies. How do I avoid as much tax as possible?
Sounds like you are belong in a country right now where the government was legalized the cryptocurrency to circulate it in your place. That is why you do not have a choice to keep yourself away from that system and so you should obey the rules, and I think you should be thankful because your country legalize Cryptos this will helps you and the others for your legal protection purposes unlike the others which never have an experience because their government banned the cryptocurrency.

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February 28, 2018, 05:49:34 AM
 #122

If I make money on crypto currencies. How do I avoid as much tax as possible?

If your government did not legalize bitcoin than you're lucky enough because you can earn bitcoin without paying the tax.

But if your government legalize bitcoin already than you must to pay and can't evade. Just take a look on positive side, if government legalize bitcoin, it means that bitcoin's demand increase !

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February 28, 2018, 05:32:09 PM
 #123

my country is not taxed on crypto money.but I think it will come to tax.then I have to make a lot of money until then..

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February 28, 2018, 05:45:31 PM
 #124

If I make money on crypto currencies. How do I avoid as much tax as possible?

Bitcoin is a currency, not some solution to avoid paying taxes. The moment when people start using Bitcoin or any other

Crypto currency as a method to avoid paying taxes, then the government will step in and ban it. I would much rather pay the

taxes and be done with it, than sleeping with open eyes, waiting for the Police to raid my house in the middle of the night.

That is no way to live your life... rather pay those taxes.  Wink
Crypto is not a currency but i believe and its more of a commodity that needs to be regulated. It sucks when the government will taxed everything but as a citizens we must know our obligations and what is our role in the society. Lets not forget to help our government to grow, because if we hate taxes it can be a hindrance of our crypto growth.

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Hamphser
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February 28, 2018, 08:08:28 PM
 #125

If I make money on crypto currencies. How do I avoid as much tax as possible?

Bitcoin is a currency, not some solution to avoid paying taxes. The moment when people start using Bitcoin or any other

Crypto currency as a method to avoid paying taxes, then the government will step in and ban it. I would much rather pay the

taxes and be done with it, than sleeping with open eyes, waiting for the Police to raid my house in the middle of the night.

That is no way to live your life... rather pay those taxes.  Wink
Crypto is not a currency but i believe and its more of a commodity that needs to be regulated. It sucks when the government will taxed everything but as a cictizens we must know our obligations and what is our role in the society. Lets not forget to help our government to grow, because if we hate taxes it can be a hindrance of our crypto growth.
Its always been normal in my mind when it comes for governments involvement when it comes to taxation matters which they do really engage with such thing as long they can able to sip out percentage of the total income of a particular citizen.Its really an obligation for its citizens to pay up taxes and its really a senseless thing to do on avoiding it yet we do all know on how important the role of taxes we do contribute on.
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March 02, 2018, 10:33:19 PM
 #126

If I make money on crypto currencies. How do I avoid as much tax as possible?

You can gift up to $15,000/year in the US taxfree.

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March 02, 2018, 10:46:44 PM
 #127

If I make money on crypto currencies. How do I avoid as much tax as possible?

Depend on your government policy.

Luckily my government still not legalize bitcoin yet so I can still earn bitcoin without paying any tax.
For who already legalized by government, there is no other way since when people not paying the bitcoin tax, they are against the law.

It's fair, IMO


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Gidione Aguiar
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March 03, 2018, 03:27:16 AM
 #128

If I make money on crypto currencies. How do I avoid as much tax as possible?

Bitcoin is a currency, not some solution to avoid paying taxes. The moment when people start using Bitcoin or any other

Crypto currency as a method to avoid paying taxes, then the government will step in and ban it. I would much rather pay the

taxes and be done with it, than sleeping with open eyes, waiting for the Police to raid my house in the middle of the night.

That is no way to live your life... rather pay those taxes.  Wink
Crypto is not a currency but i believe and its more of a commodity that needs to be regulated. It sucks when the government will taxed everything but as a cictizens we must know our obligations and what is our role in the society. Lets not forget to help our government to grow, because if we hate taxes it can be a hindrance of our crypto growth.
Its always been normal in my mind when it comes for governments involvement when it comes to taxation matters which they do really engage with such thing as long they can able to sip out percentage of the total income of a particular citizen.Its really an obligation for its citizens to pay up taxes and its really a senseless thing to do on avoiding it yet we do all know on how important the role of taxes we do contribute on.
The tax of every country is very important for people's lives to be better and prosperous, because paying taxes is the right and duty of every citizen for the development and growth of the country. but most countries still can not formalize the existence of crypto, so taxation on crypto is not fully regulated by the government. It may be that at this time only certain countries may set tax payment policies for people who use crypto, over time, if all crypto users can use blockchain technology for positive purposes, it is likely that the country will fully control the digital currency and the crypto tax will be set by each country.
if it happens we should not avoid it because the taxes of each country aim for the development of existing infrastructure, we must support the existence of government policy.

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March 03, 2018, 03:16:22 PM
 #129

We can actually avoid tax easily especially when our country does not regulate tax yet or has imposed tax, we can easily do it actually so nothing to worry about avoiding it unless you are in Korea, Japan, USA where they have strict implementation when it comes to  paying taxes.