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Author Topic: Will people pay taxes for bitcoin ?  (Read 570 times)
gayletot
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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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