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Author Topic: How do I avoid tax on crypto  (Read 6336 times)
darkangel11
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February 03, 2018, 05:13:47 PM
Merited by mrcash02 (1)
 #41

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)
 #42

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)
 #43

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)
 #44

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
 #45

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
 #46

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, 12:17:42 PM
 #47

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, 06:18:10 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.

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
 #49

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
 #50

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
 #51

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, 09:59:03 PM
Merited by cry4crypto (1)
 #52


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
 #53

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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atomicgroup
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February 09, 2018, 03:07:54 PM
 #54

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.
coolcoinz
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February 09, 2018, 04:05:44 PM
 #55

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.

makolz26
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February 10, 2018, 05:55:53 PM
 #56

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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qwertyup23
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February 11, 2018, 01:56:59 AM
 #57

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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mintedstone
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February 11, 2018, 07:01:40 AM
 #58

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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countryfree
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February 11, 2018, 10:04:52 AM
 #59

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.

If you're looking for a trading/lending place,
better avoid Poloniex, as it socializes losses.
Learn more about it on this topic.
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February 11, 2018, 11:05:58 AM
 #60

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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