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Author Topic: Will people pay taxes for bitcoin ?  (Read 579 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, сryptocurrency 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, сryptocurrency 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
Merited by Oceat (1)
 #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, сryptocurrency 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, сryptocurrency 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, сryptocurrency 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, сryptocurrency 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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Prem.Soorajpaul
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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.
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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.
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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.

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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.....

For More Details :https://www.thegreenpay.com
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January 29, 2018, 05:57:54 AM
 #21

bitcoins tax will be applicable depending on how you treat income from bitcoins, based on the frequency of transaction.
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January 29, 2018, 02:03:09 PM
 #22

Virtual currencies is not new in our system for now, and there are countries that cyrptos are now listed on exchanges and have acknowledge its growing and in fact around the world, the Tax authorities have tried to bring regulations on bitcoins.

In fact, here in our country it is not necessary for us to pay taxes thru our income in bitcoin as there is still no Law imposed on it so we are still at benefiting our freedom thru it, although in our local exchange business tax already imposed on it.

For me, whatever happens even if our government will insist and implement tax on bitcoin, I would rather obey it as I know that the tax collected will be for the benefit of my hometown, I would rather decrease my income for the benefit of all the people rather than keeping it on my own and seeing people in hunger situation, I know that not all people cannot benefit from tax I paid but at least at some part of my life I am fulfilled as I learned to help.

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January 29, 2018, 05:39:50 PM
 #23

Tax is not an optional decision to be made. Its a compulsory thing a lot of those even paying today would want to avoid it if they have their way but no. The government has put in policies and machineries in place to ensure that there is little evasion of tax and the moment government is making room for tax to be paid through bitcoin, then there is no way around it because every loopholes will be looked at and ensure that it is blocked to a large extent.

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dokie987
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January 30, 2018, 03:03:08 AM
 #24

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, сryptocurrency 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?

In my own opinion, if the bitcoin is the solution to my financial problem and this gives me more earning than my  previews job, then why should I not pay taxes of my bitcoin earning? So if all people have also this  thinking, then obviously they will pay taxes also.

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January 30, 2018, 12:02:05 PM
 #25

Here in my country there's no regulation yet regarding bitcoin so paying tax for it is not necessary BUT we can't use our btcnas it is due to there are no stores or merchants that accepts btc as payment so we can't use it unless it is converted into fiat, so that's where taxes come in. I think it's fair enough for now that no regulation is yet being made.
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January 30, 2018, 01:23:52 PM
 #26

NO, because it is not like FIAT and I think no one here will pay tax lol because as usual they are not going to trust government,
nowadays people have own opinion and smart they don't just give money to keep in their pocket most of the governments do is
to corrupt all the money specially taxes that's why people was dismay on how government handle our taxes.

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January 30, 2018, 02:41:15 PM
 #27

A decentralized cryptocurrency doesn't need a tax but if you converted it to a local fiat currency then that's the time you should be paying taxes because fiat currency is centralized. So those exchanges i guess already taking our taxes covered as services fee before we even get the money.

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JC btc
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January 30, 2018, 03:36:40 PM
 #28

A decentralized cryptocurrency doesn't need a tax but if you converted it to a local fiat currency then that's the time you should be paying taxes because fiat currency is centralized. So those exchanges i guess already taking our taxes covered as services fee before we even get the money.
I don't find it a threat in my life or an obstacle for my goal if I would pay tax for my country. I don't see any negative effect about it for as long as the tax that they will imposed in it would be fair and just as I know that no matter what happen it will put in the hands of those who are in need just like kids that cannot afford to go to school, so I would rather help in a little way rather than dying without helping others.

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January 30, 2018, 04:22:27 PM
 #29

Here in my country there's no regulation yet regarding bitcoin so paying tax for it is not necessary BUT we can't use our btcnas it is due to there are no stores or merchants that accepts btc as payment so we can't use it unless it is converted into fiat, so that's where taxes come in. I think it's fair enough for now that no regulation is yet being made.
In any country bitcoin is not yet taxable until now, also I have no gain any news regarding putting tax to income in bitcoin. In addition, bitcoin community are not yet centralized so how they can base the percentage of taxes they deduct to the income of the users. There's a lot of things they need to consider.

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January 30, 2018, 04:28:59 PM
 #30

I'm currently paying about $12k per quarter.  So... yes.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin in AFRICA - https://bitcointalk.org/index.php?topic=2710325.msg27720734
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January 30, 2018, 04:59:10 PM
 #31

I'm currently paying about $12k per quarter.  So... yes.
Whoa! What percentage of income tax in your country? At such speed you have no chance to remain unnoticed. But you probably have not problems with withdraw Fiat. When the government helps its citizens, takes care of that they had the opportunity to have an income do not wish to pay the tax. But there are States which are doing the opposite obstacles and want to get a taxes. It seems to me that paying taxes is a two-way road. Everyone decides for himself to pay taxes or not. Opportunities to hide income is a lot.
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Why so serious?


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January 30, 2018, 05:09:16 PM
 #32

Yes,you have to pay taxes if you convert your bitcoins into fiat or vice versa because US government has strict rules on crypto currency and there is no way to cheat without paying taxes.But not all the countries have taxation system for bitcoin so you may not have to pay if your country have rules.

But there is no taxes for bitcoin to bitcoin transaction.So you can make transaction as how much as you want in bitcoin to bitcoin.

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January 30, 2018, 05:32:10 PM
 #33

I'm currently paying about $12k per quarter.  So... yes.
Whoa! What percentage of income tax in your country? At such speed you have no chance to remain unnoticed. But you probably have not problems with withdraw Fiat. When the government helps its citizens, takes care of that they had the opportunity to have an income do not wish to pay the tax. But there are States which are doing the opposite obstacles and want to get a taxes. It seems to me that paying taxes is a two-way road. Everyone decides for himself to pay taxes or not. Opportunities to hide income is a lot.
In the U.S. I make enough that I have to estimate my taxes quarterly. Between the state and the federal taxes I put aside the maximum amount. When I do my taxes at the end of the year I will likely receive a refund of some of that money.
I'm not hiding anything. I don't have to hide because I am following the law and not sticking my neighbors with my tax bill. I think a lot of people are going to be very sad when the IRS catches up to them and presents them with a bill for years of profits. Their defense that "a guy on the Internet said..." is not going to be worth anything in court.

Pay your taxes and be bulletproof.  Wink

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin in AFRICA - https://bitcointalk.org/index.php?topic=2710325.msg27720734
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January 31, 2018, 05:10:33 AM
 #34

In the United States, the IRS (tax agency) has been investigating crypto taxes for a while now. They had a court battle with the largest crypto exchange in the US, coinbase. They had a partial victory in which coinbase had to hand over the identification information of all users who traded over $20,000 or more, so they can pay taxes. So, yes, people will pay taxes on bitcoin. The tax agencies are already on it in the United States and in many other countries. Today, South Korea banned anonymous trading to enforce tax payments. Customers in South Korea must now have a real name account and be linked to a bank in order to trade crypto. This cracks down on tax evasion.

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January 31, 2018, 06:55:58 AM
 #35

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, сryptocurrency 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?

Yes, it seems that easy-to-understand scenarios about taxation and cryptocurrency are as you say. that is, the profit from the sale and purchase or investment of cryptocurrency is taxable of income.
In my opinion, there is no special calculation of the investment bitcoin and other cryptocurrencies. all Normal course, the difference between the sale price and the purchase price is the profit that can be the object of income tax.

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January 31, 2018, 07:35:12 PM
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 #36

I'm currently paying about $12k per quarter.  So... yes.
Whoa! What percentage of income tax in your country? At such speed you have no chance to remain unnoticed. But you probably have not problems with withdraw Fiat. When the government helps its citizens, takes care of that they had the opportunity to have an income do not wish to pay the tax. But there are States which are doing the opposite obstacles and want to get a taxes. It seems to me that paying taxes is a two-way road. Everyone decides for himself to pay taxes or not. Opportunities to hide income is a lot.
In the U.S. I make enough that I have to estimate my taxes quarterly. Between the state and the federal taxes I put aside the maximum amount. When I do my taxes at the end of the year I will likely receive a refund of some of that money.
I'm not hiding anything. I don't have to hide because I am following the law and not sticking my neighbors with my tax bill. I think a lot of people are going to be very sad when the IRS catches up to them and presents them with a bill for years of profits. Their defense that "a guy on the Internet said..." is not going to be worth anything in court.

Pay your taxes and be bulletproof.  Wink
I appreciate this opinion. Perhaps you are satisfied with the activities of your government. Only satisfied people can have such thinking. If the country provides an opportunity for its citizens to have the income she deserves to have its citizens to pay taxes honestly. I am sincerely happy for you. But there are many countries where the government plunders the Treasury. This is the main reason why people do not want to pay taxes. People should always be responsible for those whom they bring to power in the elections.
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February 01, 2018, 10:10:40 PM
 #37

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, сryptocurrency 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?
This is a never ending argument and issue about bitcoin towards government and taxation where we do always assume that government can able to impose taxes directly which isnt really possible but in regard or terms of cashing it out into local fiat then thats the time on where they would set in and do require those obligations (tax) to be paid off. People can easily hide their money through bitcoin but they cant really avoid when they are already cashing it out.

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February 02, 2018, 03:30:02 AM
 #38

Here in my country there's no regulation yet regarding bitcoin so paying tax for it is not necessary BUT we can't use our btcnas it is due to there are no stores or merchants that accepts btc as payment so we can't use it unless it is converted into fiat, so that's where taxes come in. I think it's fair enough for now that no regulation is yet being made.
First I think only taxes can change the mind of the government not to ban bitcoin? maybe.
In USA bitcoin itself is taxed. because the government sees bitcoin as an asset so that income earned from bitcoin will be taxed. and I do not hear any protests from users in US for the tax? but there is certainly manipulation in it. because bitcoin is anonymous.
I myself do not matter about bitcoin taxes. but with the condition that bitcoin is legalized in my country

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RodeoX
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February 02, 2018, 12:40:18 PM
 #39

I'm currently paying about $12k per quarter.  So... yes.
Whoa! What percentage of income tax in your country? At such speed you have no chance to remain unnoticed. But you probably have not problems with withdraw Fiat. When the government helps its citizens, takes care of that they had the opportunity to have an income do not wish to pay the tax. But there are States which are doing the opposite obstacles and want to get a taxes. It seems to me that paying taxes is a two-way road. Everyone decides for himself to pay taxes or not. Opportunities to hide income is a lot.
In the U.S. I make enough that I have to estimate my taxes quarterly. Between the state and the federal taxes I put aside the maximum amount. When I do my taxes at the end of the year I will likely receive a refund of some of that money.
I'm not hiding anything. I don't have to hide because I am following the law and not sticking my neighbors with my tax bill. I think a lot of people are going to be very sad when the IRS catches up to them and presents them with a bill for years of profits. Their defense that "a guy on the Internet said..." is not going to be worth anything in court.

Pay your taxes and be bulletproof.  Wink
I appreciate this opinion. Perhaps you are satisfied with the activities of your government. Only satisfied people can have such thinking. If the country provides an opportunity for its citizens to have the income she deserves to have its citizens to pay taxes honestly. I am sincerely happy for you. But there are many countries where the government plunders the Treasury. This is the main reason why people do not want to pay taxes. People should always be responsible for those whom they bring to power in the elections.
You make a good point. Although I am not always happy to see my tax dollars wasted, Taxation itself is a solid idea. It really does come down to who controls the treasury. There are places so corrupt that taxation is just theft. In such places I would not pay taxes and would use my bitcoin to fight the government. At least for the moment, even with dipshit in office, I feel I can work within the system.

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February 05, 2018, 04:31:12 PM
 #40

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, сryptocurrency 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?

Yes , cryptos and taxing issues are synonymous especially with the huge money churning out from this new technology. Probably, the government could be looking for ways to want to tax investors but they really can't, if they don't put it down in black and white in their constitution.

It has to be backed by the powers of the constitution which would now be a guideline to punish evaders for instance. As far as I know therefore, I'm yet to read or hear a country that has actually adopted the digital currency in totality because if they do; it will be in the constitution either as optional financial means of transaction to fiat, in other to avoid being made a feast for the solicitors

What I then think is that , before taxing will seat, regulations and control will be introduced and if that happens,  whether cryptos are touched or felt physically will be inconsequential because the government would simply start from the registration and regulation of exchanges , off course we know why. Thats where withdrawals and deposit most times are sent to.

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February 05, 2018, 10:42:49 PM
 #41

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, сryptocurrency 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?
This is a never ending argument and issue about bitcoin towards government and taxation where we do always assume that government can able to impose taxes directly which isnt really possible but in regard or terms of cashing it out into local fiat then thats the time on where they would set in and do require those obligations (tax) to be paid off. People can easily hide their money through bitcoin but they cant really avoid when they are already cashing it out.
And that's the reason they are trying their best to control the cryptocurrency market especially they always make negative news to the public just to shutdown the value of bitcoin as well as the alts.
I hope authorities or personalities stop fud and just do a decision to regulate or ban cryptocurrency, crypto trading is all over the world not centered on a single country.
Going back to payment of tax, if i trust my government of course i will pay my tax but if not i will try to minimize the tax or even avoid it as much as possible because i know my money will go into waste because of corruption.

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February 06, 2018, 12:28:05 AM
 #42


I think if Cryptocurrency was taxed, there would be a revolution against it
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February 06, 2018, 05:23:42 AM
 #43

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, сryptocurrency 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 think yes because taxes are contribution in our society,community and country. Taxes will give fund in the technology and structure. People thinks that they can help to our country by paying taxes in bitcoin in the future.

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February 06, 2018, 02:54:03 PM
 #44

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, сryptocurrency 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 think yes because taxes are contribution in our society,community and country. Taxes will give fund in the technology and structure. People thinks that they can help to our country by paying taxes in bitcoin in the future.
Let us say that bitcoin has already tax imposed on it and due to its anonymity so we do have options to make whether to declare it, declare half or little or not at all, so who are we making fool at? the government? We may fool the government and I myself sometimes guilty but do you think we do have difference in the corrupt officials? I doubt.

We have the options to make and we do have the choice in which path we will decide, just remember the consequence it may throw against us  with the decisions we made. Remember we are the creators of our own action and will take full responsibility for it after.

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February 07, 2018, 10:57:08 AM
 #45

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, сryptocurrency 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 think yes and as of now in here phillipines have taxes by transaction fee though , but I know it would help a thousand people though it can help our society or our community , and I agreed to your statement that it is required to be fair.

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February 07, 2018, 11:48:09 AM
 #46

That is the major concern for goverment because they don't know how to collect the fund in the form of taxes with bitcoin trading. So that why many goverment are still in dilemma whether to legal it or not. This is the major concern governments are facing.

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February 07, 2018, 02:13:27 PM
 #47

I do plan on selling it when it reaches certain price and buy again when it dips,but no plan on cashing out.I think I need to really understand this bullshit tax rules before tax season comes.

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February 07, 2018, 04:34:40 PM
 #48

I do plan on selling it when it reaches certain price and buy again when it dips,but no plan on cashing out.I think I need to really understand this bullshit tax rules before tax season comes.

FYI, as as soon as you sell, even if you rebuy later, it is a taxable event.
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February 09, 2018, 08:48:14 PM
 #49

I do plan on selling it when it reaches certain price and buy again when it dips,but no plan on cashing out.I think I need to really understand this bullshit tax rules before tax season comes.

FYI, as as soon as you sell, even if you rebuy later, it is a taxable event.
Untill you cashout you do not have to pay tax on your earning. That is so simple.

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February 09, 2018, 11:05:33 PM
 #50

With all the trading that goes on in Crypto, this is pretty murky especially if you have your stuff in different exchanges. I believe it will be a better to tax a person when they actually cash out in fiat. I know most western countries now have laws to tax you when you are transferring from one crypto to another which a real headache as most people always transfer to other cryptos.
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February 10, 2018, 06:42:53 AM
 #51

If there is a law in your country that requires you to pay tax in every bitcoin transaction then you must obey that law and pay the corresponding tax. Many governments have been looking for effective ways in taxing the cryptocurrencies including strict regulations to the exchanges. Their always reason is to protect its people and the financial stability of their country.

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February 10, 2018, 02:39:28 PM
 #52

I do plan on selling it when it reaches certain price and buy again when it dips,but no plan on cashing out.I think I need to really understand this bullshit tax rules before tax season comes.

FYI, as as soon as you sell, even if you rebuy later, it is a taxable event.
Untill you cashout you do not have to pay tax on your earning. That is so simple.

In the US if you trade from one crypto to another, it is a taxable event. It is not considered a like kind exchange. The US gov passed a law explicitly stating like kind crypto trades are taxable for 2018.
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February 13, 2018, 04:25:25 PM
 #53

Nothing can be done even if I don't want to pay if the government put a penalty to those who commit tax evasion then you will force to pay your bitcoin taxes. I hope government consider bitcoin like a regular salary from a regualar job that have a minimum fair for those who paid taxes, bitcoin is peoples money, not government money and that is why for me putting a tax on bitcoin is not necessary.
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February 13, 2018, 05:42:23 PM
 #54

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, сryptocurrency 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 think yes because taxes are contribution in our society,community and country. Taxes will give fund in the technology and structure. People thinks that they can help to our country by paying taxes in bitcoin in the future.
Let us say that bitcoin has already tax imposed on it and due to its anonymity so we do have options to make whether to declare it, declare half or little or not at all, so who are we making fool at? the government? We may fool the government and I myself sometimes guilty but do you think we do have difference in the corrupt officials? I doubt.

We have the options to make and we do have the choice in which path we will decide, just remember the consequence it may throw against us  with the decisions we made. Remember we are the creators of our own action and will take full responsibility for it after.

We all have our own free will and it is up to us to determine what is the right thing to do. Laws and rules are made for us to follow but at the end of the day, it would be up to us whether to follow it. Tax may be imposed on crypto but it would be up to the user whether to pay them and consequences may follow because everyone must be responsible of their own actions. I believe that users would pay their taxes if they want to be law abiding citizens.
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February 14, 2018, 03:20:14 AM
Merited by ajmapalo22 (2)
 #55

Bitcoins itself could not be taxed because it is not regulated by central banks,it is a virtual currency working on its own. Unlike fiat money which is governed by the rules in the central banks and government, but even though its is not taxable, the way we spend our earnings is already being taxed. Like buying goods and services, taxes are already imposed in everything we pay.

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February 14, 2018, 11:16:36 AM
 #56

Bitcoins itself could not be taxed because it is not regulated by central banks,it is a virtual currency working on its own. Unlike fiat money which is governed by the rules in the central banks and government, but even though its is not taxable, the way we spend our earnings is already being taxed. Like buying goods and services, taxes are already imposed in everything we pay.

Well if your government says they are taxable, then it can be regulated and taxed like in the US. The government can require exchanges to send user trade data at some point in the future. When you cash out to fiat the gov will want to know the source.
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February 14, 2018, 03:14:49 PM
 #57

Bitcoins itself could not be taxed because it is not regulated by central banks,it is a virtual currency working on its own. Unlike fiat money which is governed by the rules in the central banks and government, but even though its is not taxable, the way we spend our earnings is already being taxed. Like buying goods and services, taxes are already imposed in everything we pay.
That is incorrect. Bitcoin in the U.S. is and has always been taxable. ALL GAINS IN VALUE ARE TAXABLE. It has absolutely nothing to do with central banks. Please look to a real source of information and stop reading the stupidity of Internet posts by 15 year olds who have never had to deal with capitol gains before.

Here is a definitive source: www.irs.gov/newsroom/irs-virtual-currency-guidance

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

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February 14, 2018, 03:59:11 PM
 #58

If tax income from bitcoin were possible, the first country that establish regulations on collecting taxes would be my country Turkey. The minister of economics warns people about dangers of bitcoin and says it is not a reasonable way of investment

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February 14, 2018, 05:33:38 PM
 #59

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, сryptocurrency 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?
Assuming that this will happen, I think the government will make a ten percent tax in every cryptocurrency transaction
This and every cryptocurrency hodlers and traders will make a registration to the government system created exclusively only to these person. What is not good to this aside from subtracting your profit, your identity could be not safe anymore. So I hope that if this can't be stop then the government should make a secured system before make a tax implementation.

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February 14, 2018, 08:28:33 PM
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 #60

I think for tax and accounting purposes, capital gains and losses are calculated by determining how much your cost basis has gone up or down from the time you acquired the asset (in this case, cryptocurrency) until there's a taxable event.
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February 15, 2018, 03:50:15 AM
 #61

   I think taxes may be paid in only case of cashing cryptocurrency out, because we pay taxes from profit we have got measured by legal money. How authoryties may define our profit if we transfer coins to each other we dont even own it, just posses privat keys. Besides a person can create offline bitcoin address just for storage and noone will be able to prove this address belongs to him.
   So guys, lets use cryptocurrensies instead of money, create food catering buisnesses accepting crypto, stuff delivering, clothes providing to create a zone in where we will be able to earn and spend cryptocurrency

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February 15, 2018, 03:57:48 AM
 #62

Many countries are asking the people to pay taxes on Bitcoin business, otherwise they are sending notices to the people. We have to be very careful with the governments while dealing with the Bitcoin.

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February 15, 2018, 06:04:36 AM
 #63

Obviously you have pay taxes for bitcoin when you change your bitcoin for cash then may government take tax from here.
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February 15, 2018, 04:33:59 PM
 #64

I think for tax and accounting purposes, capital gains and losses are calculated by determining how much your cost basis has gone up or down from the time you acquired the asset (in this case, cryptocurrency) until there's a taxable event.

Nailed it exactly.  Wink

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February 18, 2018, 04:36:40 PM
 #65

if we need to pay why not., you can pay tax tax with your own well if you think that you earn more than enough in crypto ang need to pay some tax for it then you can do tax computation with your own so that you can share your extra profit to your government.,

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February 18, 2018, 06:07:30 PM
 #66

Let the taxes' enthusiasts pay it. You just need to say for what public services Crypto taxes are going and I will make sure I won't use them, Ok?  Cheesy

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February 18, 2018, 07:31:39 PM
Merited by MrSunshine (1), Sir Cross (1)
 #67

Let the taxes' enthusiasts pay it. You just need to say for what public services Crypto taxes are going and I will make sure I won't use them, Ok?  Cheesy

Easier said than done. Every exchange or service that you have used in the past year(s), has a complete log of all your crypto activities that at some point may be used against you. If you have verified yourself on whatever exchange, and the government raids that exchange, or forces exchanges to submit all their user information due to new regulations, you'll be on the wrong side of the road for sure, if you haven't paid your due taxes. Even holding crypto on an exchange without actually doing anything with it requires paying tax. All centralized services are a plague when it comes to maintaining a private identity in this market.

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February 19, 2018, 05:40:29 AM
 #68

People pay tax all the time & it's what funds schools & other programs.
If you are cashing Bitcoin into USD then you should definitely pay taxes on it.
Everything gets taxed, why should Bitcoin be treated special?

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February 19, 2018, 11:32:44 AM
 #69

Let the taxes' enthusiasts pay it. You just need to say for what public services Crypto taxes are going and I will make sure I won't use them, Ok?  Cheesy

Easier said than done. Every exchange or service that you have used in the past year(s), has a complete log of all your crypto activities that at some point may be used against you. If you have verified yourself on whatever exchange, and the government raids that exchange, or forces exchanges to submit all their user information due to new regulations, you'll be on the wrong side of the road for sure, if you haven't paid your due taxes. Even holding crypto on an exchange without actually doing anything with it requires paying tax. All centralized services are a plague when it comes to maintaining a private identity in this market.

It's amazing how many think they will get away without paying taxes. I think most of these types are probably 18 year old with $1,000 accounts so they will be OK. I think the hammer will come down some day and they will see the truth.
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February 19, 2018, 11:49:42 AM
 #70

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.

Government, as they regulate the trading platforms in their own countries, will impose taxes as long as it can be seen as a stable in security as there are a lot of hacks going on in the trading platforms that have a lot of vulnerabilities or exploits from hackers. I don't see any significance of evading taxes in crypto. Is it because it denies the rule of anonymity anymore? I don't even think the crypto is supposed to be anonymity. It just didn't have that large of adoption that's why it looks anonymous. I wouldn't mind if government put a tax on it soon as long as they provide adequate or essential support to cryptocurrency. Set aside corruption as that is a matter of local discussion.

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February 19, 2018, 12:27:30 PM
 #71

Yeah you have to pay tax to cash out bitcoin.
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February 19, 2018, 01:21:26 PM
 #72

We all know that bitcoin was decentralized and no need to pay taxes for it.I think the transfer fee or the charges may serve as our taxed when we transact.The government can only have the authority to gave taxes on any transaction if they can regulate it.But for  now theres no reason to imposed tax on it as long as it was decentralized.
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February 19, 2018, 01:56:00 PM
 #73

We all know that bitcoin was decentralized and no need to pay taxes for it.I think the transfer fee or the charges may serve as our taxed when we transact.The government can only have the authority to gave taxes on any transaction if they can regulate it.But for  now theres no reason to imposed tax on it as long as it was decentralized.
You are not right. Transactions in bitcoin is more transparent than a Bank transaction. After the recognition of bitcoin to pay taxes will all users of the cryptocurrency. The problem is that the government does not want to recognize cryptocurrencies. For them, fear of losing power is more important than the lack of revenue from the tax on cryptocurrency users.
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February 19, 2018, 11:45:18 PM
Merited by MrSunshine (1)
 #74

It's amazing how many think they will get away without paying taxes. I think most of these types are probably 18 year old with $1,000 accounts so they will be OK. I think the hammer will come down some day and they will see the truth.

People like to overestimate themselves, and for that reason think they can outsmart the authorities when it comes to the centralized services in this market. I have emailed Bitstamp if it is possible to have all my logs and verification documents deleted from their system entirely, and they said that they legally aren't allowed to do so, which says enough. In other words, everyone on that exchange who didn't pay their due taxes throughout the years is a potential target for the government. It just requires the government to have Bitstamp hand them every bit of data from all their users, and people are busted. I hope it will never happen, but it's something we can't ignore anymore....

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February 20, 2018, 09:15:52 PM
Merited by pixie85 (1)
 #75

Let the taxes' enthusiasts pay it. You just need to say for what public services Crypto taxes are going and I will make sure I won't use them, Ok?  Cheesy

Easier said than done. Every exchange or service that you have used in the past year(s), has a complete log of all your crypto activities that at some point may be used against you. If you have verified yourself on whatever exchange, and the government raids that exchange, or forces exchanges to submit all their user information due to new regulations, you'll be on the wrong side of the road for sure, if you haven't paid your due taxes. Even holding crypto on an exchange without actually doing anything with it requires paying tax. All centralized services are a plague when it comes to maintaining a private identity in this market.

I know how these mechanisms work, I'm just saying how it should be in my opinion.
Even I don't have enough strength to fight this system, I will keep spreading my ideas, hoping to see more people stop repeating what they were "programmed" to repeat and stop accepting everything that is imposed to them.

I can be on the wrong side of the road, but only towards the wrong rules, while I will be on the right side of my conscience, that is what really matters in the end.

It's amazing how many think they will get away without paying taxes. I think most of these types are probably 18 year old with $1,000 accounts so they will be OK. I think the hammer will come down some day and they will see the truth.

It's amazing how people here get offended when you put yourself against the unfair regulations and criminal governments.

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February 20, 2018, 11:15:10 PM
 #76

Many countries are asking the people to pay taxes on Bitcoin business, otherwise they are sending notices to the people. We have to be very careful with the governments while dealing with the Bitcoin.

If you are serious about making business through any cryptocurrency, you have to comply with the rules and regulations of your government and also this can help you gain some trust to the investors since you are legally operating.

Yeah you have to pay tax to cash out bitcoin.

I don't pay any taxes yet every time I cash out my holdings, since my country is not yet regulating bitcoin so we can easily convert bitcoin into fiat money without experiencing any problem.

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February 21, 2018, 03:52:25 AM
 #77

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.

Most problem here is amount. Is impossible to buy house via bitcoin and count that goverment will not notice that event and ask about surces of money .
You won't be able to put that moeny in banking system without flagging your account.
Systems are getting better every day i think someday they will control everything.

PS: till now amouts like 100$-200$ can be anon.

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February 23, 2018, 04:14:20 AM
 #78

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, сryptocurrency 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?
Using traditional method would be hard for the government side to implement such matter. Also if they choose to get the taxes directly from a cryptocurrency member is more harder, so i think the very best way to control this tax system in crypto world could function well through the cooperation of national crypt exchanges. The exchanges will be the one who do the task to deduct the exact percentage amount from the profit of a crypto claimer.

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February 23, 2018, 04:46:28 AM
Merited by tricker01 (1)
 #79

Many countries are asking the people to pay taxes on Bitcoin business, otherwise they are sending notices to the people. We have to be very careful with the governments while dealing with the Bitcoin.

If you are serious about making business through any cryptocurrency, you have to comply with the rules and regulations of your government and also this can help you gain some trust to the investors since you are legally operating.

Yeah you have to pay tax to cash out bitcoin.

I don't pay any taxes yet every time I cash out my holdings, since my country is not yet regulating bitcoin so we can easily convert bitcoin into fiat money without experiencing any problem.
As of today in our country bitcoin and other crypto currencies are not yet taxable, however there's a time that governments in our nation discussed about how they can implied taxes in that kind of job. But I was not worries about the taxes given because it was a long long conversation before it happen.

I know that because in the past 7 years of crypto currencies until now there's no clarification regarding centralization of crypto currency.
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February 23, 2018, 05:07:28 AM
 #80

I think it will be great to pay taxes if exchanges can give 1099 or a document that shows what you need to pay. Now it is complex trying to determine your cost basis when you trade a lot. We will see how this plays out this after the rise of Cryptos last year!
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February 23, 2018, 08:34:07 AM
 #81

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, сryptocurrency 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?


As far as I know, there is a tax deductible per transaction. but it's not big enough. so it's quite unnoticed by most.

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February 23, 2018, 11:18:55 AM
 #82

As far as I know, there is a tax deductible per transaction. but it's not big enough. so it's quite unnoticed by most.

I think it just a fees and the listed exchanges will be the one to pay for the taxes. In my place its easy to convert bitcoin into fiat money without paying any taxes so I think it is still depend on the regulation on your country. If they required you to declare your income on bitcoin then follow that rules for you not to incur any problem, after all taxes are design for some good reason.

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February 24, 2018, 01:14:33 AM
 #83

Some bitcoin holders on other countries already are. They pay taxes depending on the amount of bitcoin they earned. This is classified as income tax. When you earn through blue or white collar jobs, your earnings will be deducted by tax. This is an active income. Same as passive where you earn via investments , it is also subject to tax. Taxation depends on the country itself in what category they will put bitcoin earnings to. There are also some countries like mine who doesnt implemented taxation yet and this are highly favorable to us holders.

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February 24, 2018, 04:05:04 AM
 #84

Some bitcoin holders on other countries already are. They pay taxes depending on the amount of bitcoin they earned. This is classified as income tax. When you earn through blue or white collar jobs, your earnings will be deducted by tax. This is an active income. Same as passive where you earn via investments , it is also subject to tax. Taxation depends on the country itself in what category they will put bitcoin earnings to. There are also some countries like mine who doesnt implemented taxation yet and this are highly favorable to us holders.
why not if it is required to do so then why will I disobey the law but while it is not yet regulated by our government then I'll enjoy first the fruit of my hard earned crypto.
Still here in our country the status is not yet cleared since they were still in the process of studying it.



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February 24, 2018, 06:46:28 AM
 #85

Hi,

My bitcoin platform is asking me to pay taxes when i want to convert my bitcoins to Euros but if I just want to transfer my bitcoins to another wallet, do I still need to pay taxes ?

Cheers for your answer  Grin
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February 24, 2018, 04:29:29 PM
 #86

Bitcoin is not directly tax imposed, also the transaction that you made thru btc. But when you convert it to fiat, there will be the time ghat you are going tonoay the tax. Taxes cannot be acoided, it's everyone's social obligation, and I don't see the point why some are thinking of avoiding it.
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February 24, 2018, 06:25:01 PM
 #87

My bitcoin platform is asking me to pay taxes when i want to convert my bitcoins to Euros but if I just want to transfer my bitcoins to another wallet, do I still need to pay taxes ?

Holding Bitcoin is enough to pay tax, so there is no way to avoid it if you are a brave tax payer (i.e. cash cow of the government). If you legally book a profit on top of that (sell for fiat), you'll pay tax once again, even if the fiat never leaves the exchange you're using. Regarding your exchange telling you to pay tax, it's more likely just a reminder. At this point in time there are no western exchanges actually deducting state tax and whatnot when you cash out. It's however something I can see become reality at some point in the future. If people themselves aren't paying their due taxes out of free will, authorities will come and take it out of you. Mafia practices....

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February 24, 2018, 07:00:41 PM
 #88

I would highly contact professional advice on this matter to avoid any confusion & possible incarceration.

For those living in the US... this is extremely important.

When it comes to your freedom no financial amount is worth it!

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February 24, 2018, 08:47:31 PM
 #89

The tax system is a very diverse system, and the country's taxation perspective is very important. Countries with zero tax thinking and countries with a tax-based economy look very different to Bitcoin.



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February 24, 2018, 10:41:34 PM
 #90

I would highly contact professional advice on this matter to avoid any confusion & possible incarceration.

For those living in the US... this is extremely important.

When it comes to your freedom no financial amount is worth it!

Totally agree with you!! It would be a great idea for a 1099 or taxes to be deducted automatically so a person does not have to figure that out themselves just because with vague tax laws the government can come at you with anything they want but if it is not defined. There are no loop holes to use to come after little guys. I believe that with no clear directions, they are trying to scare little people from getting involved in Crypto for fear of coming after them. If a person has made a lot of money in Crypto, I don't see the big deal in paying some taxes on it. People will use the excuse of taxes and the government not to make money. Doesn't make sense to me!
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March 04, 2018, 09:02:02 AM
 #91

There is a very little chance that this will take place someday.

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March 04, 2018, 02:00:52 PM
 #92

Any state that generates profits can be taxed by the state. Not an exception in this is the crypto currency, which usually brings a good income to persons who deal with it. If the state introduced such a tax, it will have to be paid, it is a necessary stage in the development and development of the crypto currency. Simultaneously with taxation, the state determines and fixes the status of the crypto currency, and takes legal protection of its owners and holders. Therefore, there is nothing wrong with taxation, it is necessary to reconcile with this as an inevitable phenomenon.

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March 04, 2018, 04:16:47 PM
 #93

I'm sure that sooner or later most governments will start applying taxation to cryptocurrencies. Anything that can produce wealth should be taxed.

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March 04, 2018, 05:22:27 PM
 #94

Depend on government policy.
If they legalize bitcoin, of course I will pay the tax or I'm against the law except my government doesn't want their people to pay the tax.
Beside when government legalize bitcoin, bitcoin value will increase because the demand getting increase !

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March 04, 2018, 05:35:51 PM
 #95

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, сryptocurrency 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.
Yes that's the physcology of human beings. We never want to part with our hard earned wealth. So paying off taxes has always been a problem for the people of any nation. It's a common phenomenon to find people in many countries finding out numerous ways to evade taxes.
But being a responsible citizen of a nation, it is our prime responsibility to abide by the laws of the land and pay the taxes.

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March 04, 2018, 05:44:08 PM
 #96

Depend on government policy.
If they legalize bitcoin, of course I will pay the tax or I'm against the law except my government doesn't want their people to pay the tax.
Beside when government legalize bitcoin, bitcoin value will increase because the demand getting increase !
If not required then why do we have to pay the tax right, it is okay not to pay tax for as long as your government does not implement yet or has no legal regulations yet, so if that so you are free to do with your earnings,but if required then it is your obligation to pay or else you will enjoy your money in jail.

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March 04, 2018, 07:00:38 PM
 #97

Depend on government policy.
If they legalize bitcoin, of course I will pay the tax or I'm against the law except my government doesn't want their people to pay the tax.
Beside when government legalize bitcoin, bitcoin value will increase because the demand getting increase !
I don't agree with you. The legalization of bitcoin can not increase the demand for it. What will change? Your income will be reduced by the amount of tax. What other changes do you expect. Trading for bitcoin will continue to be banned. According to the laws of any state, only the national currency is used within its borders. Banks will not exchange bitcoin due to high risks.
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March 04, 2018, 08:05:55 PM
 #98

People pay tax because it is the for you to pay tax on your crypto currency earning, although it is not applicable to all country for reason been that in some country bitcoin is seeing as illegal while in some other country it is legal and you have to pay tax.

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March 04, 2018, 11:11:40 PM
 #99

People don't want to lay taxes and that is the main reason of using cryptocurrecncies in the first place- less to no fees, fast transactions and other features that would lift the burden related to transactions.
Yet if the government will put tax in bitcoins, then some features will be pointless.
I think for now, it is still hard for the government to tax bitcoins, but in some countries, government provides a wallet that is convenient to use in different services but upholds taxes.

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March 05, 2018, 02:21:17 AM
 #100

I would be willing to pay a bitcoin tax, rather than bitcoin would be in danger in my country.
yes, I sincerely pay taxes, as long as my country's government will legalize the existence of bitcolin, and support it.

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March 05, 2018, 02:28:25 AM
 #101

I would be willing to pay a bitcoin tax, rather than bitcoin would be in danger in my country.
yes, I sincerely pay taxes, as long as my country's government will legalize the existence of bitcolin, and support it.

Exactly. Taxation is a form of implicit legitimization. So you want your country to tax and regulate it. That's what the South Koreans did. It's good for Bitcoin and crypto in general.
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March 05, 2018, 02:36:35 AM
 #102

Now, more and more countries are beginning to impose taxes on profits from operations with crypto currency and on capital gains. In each country, the conditions for taxation and payment of taxes differ from each other, but this is within 20 percent of the amount of profit
 Most citizens themselves voluntarily pay such a tax, because for tax evasion there are various sanctions. I do not think that this is a problem. The tax must be paid so that the state could legitimize the crypto currency and take its holders a kind of judicial protection.

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March 05, 2018, 07:18:39 AM
 #103

I would be willing to pay a bitcoin tax, rather than bitcoin would be in danger in my country.
yes, I sincerely pay taxes, as long as my country's government will legalize the existence of bitcolin, and support it.

Exactly. Taxation is a form of implicit legitimization. So you want your country to tax and regulate it. That's what the South Koreans did. It's good for Bitcoin and crypto in general.

The government will only impose tax on products/services that they can regulate and monitor. As for cryptocurrencies, tax imposition would differ from country-to-country as each has their laws with regards with it. As far as I know, countries like China, South Korea and Indonesia have imposed laws with regards with its regulation and control in the economy.
As a law abiding citizen, we are mandated to follow the law and its implications. If a law was created focusing on the tax aspect on bitcoin, then expect its prices to be controlled and regulated at some point.


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March 05, 2018, 08:58:19 PM
 #104

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, сryptocurrency 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?
It is not a new things to pay tax on Bitcoin and crypto currency in general business related activities. For it is an on going activities in some developed countries where Bitcoin is accepted as a means of payment for goods and services, weekly and monthly earning from Bitcoin and crypto currency in general are been tax by government already.

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March 06, 2018, 02:19:54 AM
 #105

If a law was created focusing on the tax aspect on bitcoin, then expect its prices to be controlled and regulated at some point.
That makes no sense. The government doesn't care about the price at all, they just want to build a framework that will give people enough (forced) incentive to pay their taxes, which is the most logical path to follow for them.

This framework is getting more shape by the month. It won't take long before they have completely regulated this market, allowing no room for tax evasion. If you think you can outsmart the government in that aspect, you'll pay for it.

Centralized exchanges are nothing more than a toy for authorities. Coinbase functioned as primary example of how you can't ignore the drastically changed market ~ they suffered a major loss by snitching on 13,000 users.

It's nasty, but at the same time understandable because they had to comprise one way or another. 13,000 users with likely the highest balances have now something to think about, and hopefully they'll learn from their mistake.

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March 07, 2018, 12:17:23 PM
 #106

Cryptocurrency and taxes. It is the controversial topic. Noone wants to pay taxes, 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, сryptocurrency 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?
The tax is a duty to all people across the country. If I think Bitcoin should be taxed. Because the income earned from Bitcoin is very large and should be obliged to pay taxes. But because Bitcoin is not there is set so Bitcoin is still free and not taxed. Maybe if later Bitcoin has been legalized across the country would Bitcoin will be taxed and we must all accept it.

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March 07, 2018, 12:32:54 PM
 #107

Cryptocurrency and taxes. It is the controversial topic. Noone wants to pay taxes, 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, сryptocurrency 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?
The tax is a duty to all people across the country. If I think Bitcoin should be taxed. Because the income earned from Bitcoin is very large and should be obliged to pay taxes. But because Bitcoin is not there is set so Bitcoin is still free and not taxed. Maybe if later Bitcoin has been legalized across the country would Bitcoin will be taxed and we must all accept it.
Governments have made tax payments the responsibility of every citizen. It's wrong. It turns out we were captured and paid tribute. My opinion is that the payment of taxes is a social contract between citizens and the government. Our taxes should be spent effectively and improve the quality of our lives. In this case, the payment of taxes will not be compulsory. But why should I pay for politicians ' luxurious lives and Fund their shadowy schemes?
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March 07, 2018, 02:52:56 PM
 #108

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
Around the world, tax authorities have been trying to put rules about bitcoin. The US Internal Revenue Service (IRS) and its counterparts from other countries are mostly on the same page on bitcoin handling. The IRS says that bitcoin should be treated as an intangible asset or property and not a currency, since it is not issued by a country's central bank. The treatment of Bitcoin as an asset makes its tax implications clear.

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March 08, 2018, 07:40:59 PM
 #109

Yes of course, Bitcoin has created a lot of income generated businesses around the world and such businesses are all expected to pay tax to the government or face the legal implications for not complying with government directives on tax law.

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March 09, 2018, 06:54:03 AM
 #110

You know what tax is base on centralized business. Malls, companies, factories, corporations, foods if possible,house, and many more that the government have the jurisdiction in the land. Part from jurisdiction government couldn't interfere beyond the boundaries. Bitcoin in not centralized it is decentralized not own by any form of government, not own by any influential man, not controlled by one nation. It is anonymous. It is not the right thing to required by government to let the bitcoiners pay taxes while the country didn't recognize bitcoin. Although tax is meaningful but it can be put in the right place.

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March 09, 2018, 07:55:37 AM
 #111

Crypto income will be taxed and it is not like some far far future, the process has began this days already. Of course it may be seem hard to prove such income, but I suppose taxation organization will do their best in this case to not skip even a coin of a possible profit to them and the government.

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March 09, 2018, 09:27:06 AM
 #112

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, сryptocurrency 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?

Should there be a tax? Though tax is paid when making money in fiat,  It's not that necessary or a system should be followed with crypto currencies as well.  It's unique so let everything be unique with crypto. The main motivation of innovating bitcoin and crypto currencies may not be teased by applying tax please.


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denny27
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March 09, 2018, 10:23:29 AM
 #113

Yeah it's basically the taxes should be applied to a given incomes, and there's certainly must be adjusted with the incomes we earned. If the system of government of each country can really adapting well on crypto, of course a tax will be applied for the purpose of advancing the country and its citizens, and I'm sure it will not be burdensome.

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March 09, 2018, 10:33:06 AM
 #114

The tax on the use of bitcoins is a very small amount. It doesn't matter to the state. Governments are afraid of the other. They don't want to give people freedom. These people are hard to manage. Economically independent people are the biggest enemy of the state repressive machine. Therefore, through tax, the government will try to minimize the profitability of the use of bitcoin.
Yuriy909
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March 09, 2018, 11:27:49 AM
 #115

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.

Bitcoin is used by many as a speculative tool. Bitcoin-transactions are expensive. When converting fiat, a commission is paid. What taxes can there be?

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March 12, 2018, 01:54:45 PM
 #116

It is not enaugh for goverments to create bitcoin taxation system,the main factor in this situation will be ''putting into effect'' and their ways...
As we know it takes a long time and great effort from special authorities to achieve their special goals connected bitcoin taxation...but at the same time if it is more liberal approach for people they will not try to avoiding taxation issues.so this process doesn't need distinctive approach,I think it will be good if goverments show people that processes like that are created for their well-being.

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March 12, 2018, 02:05:19 PM
 #117


I think it will be taxed for the day but I do not know how this happens.

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March 12, 2018, 03:23:21 PM
 #118

I think everyone will willing to pay taxes for Bitcoin income if they have to. But this case will only happen when Bitcoin legalized as a local currency and can be use to buy or purchase anything in their country. For now, there are only few countries is tesing to legalize Bitcoin in their country as a local currency, people can't use Bitcoin to pay for everything but they still can use it like a local currency in some fields. Maybe in the future when Bitcoin leglized worldwide, everyone will have to pay taxes for Bitcoin income and I'm also agree to pay taxes for it Smiley

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March 12, 2018, 03:44:42 PM
 #119

I think everyone will willing to pay taxes for Bitcoin income if they have to. But this case will only happen when Bitcoin legalized as a local currency and can be use to buy or purchase anything in their country. For now, there are only few countries is tesing to legalize Bitcoin in their country as a local currency, people can't use Bitcoin to pay for everything but they still can use it like a local currency in some fields. Maybe in the future when Bitcoin leglized worldwide, everyone will have to pay taxes for Bitcoin income and I'm also agree to pay taxes for it Smiley

Unless and until if the respective country accepts bitcoin, yes we can pay tax. But still should it be done as bitcoin is earned from another source where the government doesn't have to do anything from their side?  I wish to pay tax to the crypto community and it's development rather than to the government. I don't know how you guys would take it. But I feel the gratitude paid as tax should reach the concern who are behind it. 

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March 12, 2018, 05:08:30 PM
 #120

I think everyone will willing to pay taxes for Bitcoin income if they have to. But this case will only happen when Bitcoin legalized as a local currency and can be use to buy or purchase anything in their country. For now, there are only few countries is tesing to legalize Bitcoin in their country as a local currency, people can't use Bitcoin to pay for everything but they still can use it like a local currency in some fields. Maybe in the future when Bitcoin leglized worldwide, everyone will have to pay taxes for Bitcoin income and I'm also agree to pay taxes for it Smiley

Unless and until if the respective country accepts bitcoin, yes we can pay tax. But still should it be done as bitcoin is earned from another source where the government doesn't have to do anything from their side?  I wish to pay tax to the crypto community and it's development rather than to the government. I don't know how you guys would take it. But I feel the gratitude paid as tax should reach the concern who are behind it. 

I think we are paying taxes to our government, you know why? when are you going to cash out your fiat and when you converted bitcoin to fiat which mostly does your claim at? Me, at remittance center every time I cash my money I paid them his a little so, nothing to worry here.
So, we pay tax but not directly to our government and it served that in BTC.

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