Will people pay taxes for bitcoin ?

[khoicoi]

I think if Cryptocurrency was taxed, there would be a revolution against it

[1713581165]

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[shanksluffy]

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

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

What do you think?

I 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.

[budz0425]

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

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

What do you think?

I 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.

[Gotumoot]

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

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

What do you think?

I 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.

[onebtcforlife]

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.

[Thyristor]

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.

[MrSunshine]

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.

[abdulq]

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.

[financialfreedomcj]

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.

[jonaire99]

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.

[MrSunshine]

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.

[Edrian]

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.

[orions.belt19]

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

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

What do you think?

I 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.

[Pleione527]

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.

[MrSunshine]

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.

[RodeoX]

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

[grknondr]

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

[Master Third]

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

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

What do you think?

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.

[Palmholder]

   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

[Btc_1856]

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.