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Author Topic: Will people pay taxes for bitcoin ?  (Read 626 times)
MadScienceSocks
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January 25, 2018, 06:55:59 PM
 #1

Cryptocurrency and taxes. It is controversial topic. Noone want to pay taxet especially for bitcoin. Now this is a very profitable business and soon the government can introduce taxes on cryptocurrency nevertheless. But we can`t "touch" or "hold" it so in what way cryptocurrency might be taxed?

In my opinion, cryptocurrency may be taxed in the same way as a program or any sale or purchase transaction. Regardless of what you are selling, if you are profiting, you are required to pay tax.

What do you think?
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January 25, 2018, 08:38:12 PM
 #2

You can find your answers in some of many threads about declaring crypto income. It's enough to use the search function or even scan this very section. For instance:
https://bitcointalk.org/index.php?topic=2097223.0
https://bitcointalk.org/index.php?topic=1631867.0

Don't recreate threads that are already alive and doing well.

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January 26, 2018, 06:58:21 AM
 #3

The IRS has obliged bitcoin transactions of all kinds, no matter. Accordingly, any US payers are required to keep records of all purchases, sales, investments, or use of bitcoin for goods or services (which the IRS considers to be barter). Because bitcoin is treated as an asset, if you use bitcoin for simple transactions such as buying groceries at a supermarket, you will be subject to a capital gains tax (either long-term or short-term depending on how long you hold bitcoin

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January 26, 2018, 05:33:39 PM
 #4

It's actually funny. If you cash out a lot of crypto, you'll be taxed heavily and could foreseeably have to cash out additional crypto to pay the tax bill, for which you'd be taxed again, and so on, all the way to oblivion.
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January 26, 2018, 08:00:17 PM
 #5

Thus, individuals pay taxes at a rate lower than the ordinary income tax rate if they have held the bitcoins for more than a year. However, this also limits the tax deductions on long-term capital losses one can claim.
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January 26, 2018, 08:05:23 PM
Merited by Oceat (2)
 #6

Cryptocurrency and taxes. It is controversial topic. Noone want to pay taxet especially for bitcoin. Now this is a very profitable business and soon the government can introduce taxes on cryptocurrency nevertheless. But we can`t "touch" or "hold" it so in what way cryptocurrency might be taxed?

In my opinion, cryptocurrency may be taxed in the same way as a program or any sale or purchase transaction. Regardless of what you are selling, if you are profiting, you are required to pay tax.

What do you think?
Government might not able to impose taxes directly on transactions being made on crypto or into bitcoin but come to think off that we do make conversions from btc to local fiat which that would be the time government will really impose taxes from us. Why do people afraid of tax? As a citizen its an obligation and others do really strive to evade taxes as they can without even thinking on whats the actual purpose of it.


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January 27, 2018, 01:16:19 PM
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 #7

Cryptocurrency and taxes. It is controversial topic. Noone want to pay taxet especially for bitcoin. Now this is a very profitable business and soon the government can introduce taxes on cryptocurrency nevertheless. But we can`t "touch" or "hold" it so in what way cryptocurrency might be taxed?

In my opinion, cryptocurrency may be taxed in the same way as a program or any sale or purchase transaction. Regardless of what you are selling, if you are profiting, you are required to pay tax.

What do you think?
Government might not able to impose taxes directly on transactions being made on crypto or into bitcoin but come to think off that we do make conversions from btc to local fiat which that would be the time government will really impose taxes from us. Why do people afraid of tax? As a citizen its an obligation and others do really strive to evade taxes as they can without even thinking on whats the actual purpose of it.
People don't want to pay taxes because they do not trust the government. We cannot influence the distribution of our taxes. It's one of the reasons. Another reason is human greed. No one wants to part with their money. Even here on the forum we constantly see examples of how people from greed try to destroy each other. In this world everybody needs money. Moral principles do not matter.

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January 27, 2018, 01:51:53 PM
 #8

Cryptocurrency and taxes. It is controversial topic. Noone want to pay taxet especially for bitcoin. Now this is a very profitable business and soon the government can introduce taxes on cryptocurrency nevertheless. But we can`t "touch" or "hold" it so in what way cryptocurrency might be taxed?

In my opinion, cryptocurrency may be taxed in the same way as a program or any sale or purchase transaction. Regardless of what you are selling, if you are profiting, you are required to pay tax.

What do you think?
Government might not able to impose taxes directly on transactions being made on crypto or into bitcoin but come to think off that we do make conversions from btc to local fiat which that would be the time government will really impose taxes from us. Why do people afraid of tax? As a citizen its an obligation and others do really strive to evade taxes as they can without even thinking on whats the actual purpose of it.
People don't want to pay taxes because they do not trust the government. We cannot influence the distribution of our taxes. It's one of the reasons. Another reason is human greed. No one wants to part with their money. Even here on the forum we constantly see examples of how people from greed try to destroy each other. In this world everybody needs money. Moral principles do not matter.
I guess it's a battle of power if who is on the top shall prevail but there are some people who used to think and used their own principles in which they put their honor as a law abiding citizen. If there is no corrupt government, people will pay their own taxes no matter what it is but due to the corrupt officials in each and every district in the office you will find there's a lot of them. In which they will use your vulnerability to extort you in exchange for money. If these kind of people are remove in their positions, i'm sure those tax evaders will become lesser than the usual.
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January 27, 2018, 05:05:08 PM
 #9

Cryptocurrency and taxes. It is controversial topic. Noone want to pay taxet especially for bitcoin. Now this is a very profitable business and soon the government can introduce taxes on cryptocurrency nevertheless. But we can`t "touch" or "hold" it so in what way cryptocurrency might be taxed?

In my opinion, cryptocurrency may be taxed in the same way as a program or any sale or purchase transaction. Regardless of what you are selling, if you are profiting, you are required to pay tax.

What do you think?

I strongly support the tax introduction in crypto currency. Currently crypto currency is neither legal nor illegal in majority of the countries. Many countries are debating on the probable impact of bitcoin on their economy and haven't yet come up with a concrete decision. So we are pretty much hanging in between. Either our government will make it illegal or they will start taxing it and declare it legal. So I am hoping that majority of the governments will introduce a tax framework for crypto currency and declare it legal, both the users and governments will be happy and it will be mutually beneficial as well.

Quote
In my opinion, cryptocurrency may be taxed in the same way as a program or any sale or purchase transaction. Regardless of what you are selling, if you are profiting, you are required to pay tax.

So you are referring to capital gain  tax which usually implies on property transactions. That it possible, but it is really hard to keep track of it. None of the governments have the infrastructure to monitor all crypto currency transactions and they will have to reply on the citizen's input to calculate tax. Instead it will be easier for them to track any fiat transaction a person is undertaking. So this transactions can be taken in to consideration while calculating the tax implication.

Like if I have exchanged my bitcoin for 4 times in a year amounting to 80k in my local currency, I can simply add this amount to my total income and calculate the total tax implications. This will make the entire system easier for citizens as well as for governments. No one gets hurt!


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January 27, 2018, 09:29:49 PM
 #10

No one wants to pay taxes even if they are using bitcoin. You want them to pay taxes in real life and pay taxes of bitcoin? I do not think that will happen. People are very smart and are aware of the government's manipulation. So I am sure they will stop what they are planning to do,

Moreover, If the governments are going to impose taxes, I hope they are not that expensive because they surely want to get benefits of people's hard work.


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January 28, 2018, 02:39:12 AM
 #11

I am still confused how the taxes can be made for bitcoin transaction,because it is fully anonymous no one can identify how much bitcoins we have,then how it is possible to make taxation system for an anonymous currency.
The taxes can be made only while converting fiat to crypto and crypto to fiat and it will be must to pay those taxes as per your country rules.Many countries don't have the taxes for bitcoin so people from those countries are not paying any taxes for bitcoin yet.

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January 28, 2018, 04:46:59 AM
 #12

Some countries are taking long term capital gain tax on crypto currency. If we want to live a reputed life in country, we should pay tax as per law and enjoy your life without tension. Otherwise, you will be in fear that govt. can come to your our door any time to ask, you didn't pay tax so now pay tax with a heavy penalty.

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January 28, 2018, 05:19:18 AM
 #13

Haha yeah... At some point when you start cashing out the government is going to notice and want their piece of the pie. You're free to try and avoid paying taxes but I doubt it's going to go on for very long until you're caught. I'd suggest paying them now rather than paying fines + back taxes later.
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January 28, 2018, 10:45:40 AM
 #14

If bitcoins are held for a period of less than a year before selling or exchanging, a short-term capital gains tax is applied, which is equal to the ordinary income tax rate for the individual.
Taxation on bitcoins and its reporting is not as simple as it seems. For starters, it is difficult to determine the fair value of the bitcoin on purchase and sale transactions. Bitcoins are very volatile and there are huge swings in prices in a single trading day.

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January 28, 2018, 02:32:54 PM
 #15

It is impossible not to pay taxes. As soon as you change bitcoin to Fiat you get paid. Only the use of bitcoin as a currency can save us from the obligation to pay taxes. But you need to create the conditions. Price of transaction is very high. This makes bitcoin unattractive for trading. Maybe it's part of a strategy to avoid a complete ban of cryptocurrencies States.
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January 28, 2018, 04:18:04 PM
 #16

If government already legalized bitcoin than you require to pay the tax. It's become your obligation to obey just like you did with your current salary.
In other side, bitcoin will be no longer consider as decentralized currency anymore

Why ?
Because they have a right to control your bitcoin supply .


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MrSunshine
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January 28, 2018, 10:00:44 PM
 #17

Yes, I just did most of my taxes today. It looked complex as I hold BTC, plus many alts and I gained a lot of income from POS coins. The key to keeping the taxes less complicated is to keep good records, especially of POS rewards. As I did this I was able to upload my trades and POS rewards to bitcoin.tax and it made everything a lot less complex. In many cases I could easily have hidden POS rewards from the tax man, but some day I am going to cash out some reward to fiat. If I tell one lie I would have to remember it for the rest of my life. Anyway, if the Gov sees decent revenue from crypto taxes I think it would be more supportive of it, so I feel good getting it done.
Sir Cross
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January 28, 2018, 11:46:12 PM
 #18

If it's for the continued use of bitcoin, I would willingly pay taxes for it. I would prefer to have to pay taxes than have a total ban of crypto in my country. In fact, I think that taxes are already imposed in other countries and that other crypto-users have been regularly paying taxes as of now.

EMPshockwave
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January 29, 2018, 02:35:16 AM
 #19

If one never realizes BTC earning to fiat money, doesn't it simply works like owning a lot of casino chips without real cash value ?

We only need to declare our winning if we are "professional gambler" , and I guess it should be in the future where there are professional coin investor.

thegreenpay
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January 29, 2018, 05:15:39 AM
 #20

In India might be Indian gov could be make a new tax law for Cryptocurrencies trading portals.....
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