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Author Topic: How do I avoid tax on crypto  (Read 1045 times)
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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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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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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.

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March 03, 2018, 05:43:19 PM
 #130

Now, can someone mention the country that imposed a tax on the creation of crypto money? Because so far as I know there is not any country.

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March 03, 2018, 06:00:00 PM
 #131

If I make money on crypto currencies. How do I avoid as much tax as possible?
One simple way you can reduce your tax liability as much as possible is by declaring income as less as possible. The less amount of income you will declare less will be the tax. You can do this by not bringing in your funds on places where you have complied in with KYC requirements. Moreover what you can do is make most of your expenses payment directly using cryptocurrencies which too will make tax burden less. Rest depends upon the laws prevalent in your area.


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March 03, 2018, 08:30:22 PM
 #132

If I make money on crypto currencies. How do I avoid as much tax as possible?
One simple way you can reduce your tax liability as much as possible is by declaring income as less as possible. The less amount of income you will declare less will be the tax. You can do this by not bringing in your funds on places where you have complied in with KYC requirements. Moreover what you can do is make most of your expenses payment directly using cryptocurrencies which too will make tax burden less. Rest depends upon the laws prevalent in your area.
A wise decision i guess if their country is not so fund of looking always at your bank account. I would not put my money on any banks if my plan is to pay less taxes because one day they might find out your transaction and will might seize your account or froze it. I'd rather hide my money under my bed(lol) if the government was always watching you.  Grin

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March 03, 2018, 09:27:08 PM
 #133

Not everywhere cryptocurrency is even recognized enough to be taxed because the government at these countries do not even view it as a verified sense of legal tender.
After they do then they will regulate it and will have its own little box on your annual tax form to fill out the amount that you made using it for the year.
Until that time just enjoy using it not to be a tax evader. Wink

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March 04, 2018, 02:46:40 AM
 #134

It is not a good idea to avoid paying your taxes if the law says so. You may be able to get away with it for a while but the troubles you'll have to go through if you get caught are just not worth the few dollars that you've stashed. While moving to another country where laws are easier to circumvent compared to where you came from is an option or there are no taxation on bitcoins in that place at all, doing such a move for the sake of avoiding taxes is quite a big price to pay unless you earned billions through your cryptocurrency investments. But by then, you wouldn't actually be in this forum since you can now hire a team of lawyers to do the thinking for you just like what big multinationals do.
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March 04, 2018, 06:45:01 AM
 #135

For those who are planning to break the law in relation to cryptocurrencies, this story from Time magazine re Jason Klein may be a good read - http://time.com/5161663/bitcoin-sting-jason-klein-crypto-irs-money-transmitter/.

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March 04, 2018, 08:26:50 AM
 #136

If I make money on crypto currencies. How do I avoid as much tax as possible?
If your country will regulate bitcoin and put tax on it. There is know way you can avoid it. Why you want to avoid the tax. If the tax you pay will help a lot of people in your country.

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March 04, 2018, 09:16:48 AM
 #137

If I make money on crypto currencies. How do I avoid as much tax as possible?
If your country will regulate bitcoin and put tax on it. There is know way you can avoid it. Why you want to avoid the tax. If the tax you pay will help a lot of people in your country.

I think we don't have to break any law in our country and we should obey the law to be a good citizen. but I think the tax only applies if we receive other funds from other account or we have to calculate how much our income in a month or in a year and then we need to pay the tax. I think if our income is bigger than our tax then why we need to avoid tax. but I think there is not yet tax on crypto and I think the government still trying to learn about cryptocurrency and they are trying to find a gap for applies the tax.

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March 04, 2018, 03:22:14 PM
 #138

If I make money on crypto currencies. How do I avoid as much tax as possible?
If your country will regulate bitcoin and put tax on it. There is know way you can avoid it. Why you want to avoid the tax. If the tax you pay will help a lot of people in your country.

I think we don't have to break any law in our country and we should obey the law to be a good citizen. but I think the tax only applies if we receive other funds from other account or we have to calculate how much our income in a month or in a year and then we need to pay the tax. I think if our income is bigger than our tax then why we need to avoid tax. but I think there is not yet tax on crypto and I think the government still trying to learn about cryptocurrency and they are trying to find a gap for applies the tax.
You can avoid tax in crypto if you think that it  your government does not have implement any tax yet or your government is not that too strict compare to other country wherein there is no reason for you to avoid and you do have punishment so don't every try it. Here in our country we are still free not to pay tax on it since it is still under study.

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March 04, 2018, 03:36:36 PM
 #139

If your country will regulate bitcoin and put tax on it. There is know way you can avoid it. Why you want to avoid the tax. If the tax you pay will help a lot of people in your country.
How do you know that your tax dollars will be of help to the people living in your country? Likely scenario is that your tax dollars may also be used to finance proxy wars. Is that something you look forward to?

I personally don't mind paying tax as long as everything remains fair, and thus doesn't look like complete theft from the hard working people. If the tax system was fair in its entity, people wouldn't even consider evading taxes.

The government needs to look at how its milking its own people, and for what? The majority of the people become poorer and poorer, while the tiny elite is constantly becoming more wealthy with the years.

So tell me, how useful has paying tax turned out to be for the hard working person?

BUK2016
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March 04, 2018, 03:58:06 PM
 #140

If I make money on crypto currencies. How do I avoid as much tax as possible?
Op, the only way in which you can avoid paying tax from your bitcoin and crypto currency earning is for to relocate from your current country to country where taxes are not paid on crypto currency related activities such as Nigeria. 

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