US government tax on bitcoin?

[buinchain]

The U.S. government believes that bitcoin is tax-deductible as an asset whether used or held.
Tell me, your point of view.

[Thecryptocurrency09]

The U.S. government believes that bitcoin is tax-deductible as an asset whether used or held.
Tell me, your point of view.

Yes, bitcoin is really is an asset. But making it part of a government may or may not be a good idea. After all, this could be a good sign that bitcoin is really is taking a lead to be known and patronised locally. Though adding a tax unto is not usual. And we are not sure if this could be the answer for bitcoin and the users to keep it on the lead of cutrencies.

[magpie_lover]

The U.S. government believes that bitcoin is tax-deductible as an asset whether used or held.
Tell me, your point of view.

mm. Not sure what you mean by tax-deductible. I think US authorities view bitcoin as a taxable asset (non tax-deductible). Fair enough, I think people should pay taxes if they profit from investing in any asset. But I personally think taxes should only be enforced on the "realized" gains. But unfortunately US govt wants you to pay taxes on your crypto-crypto trades, not just FIAT conversions.

[iMark]

The U.S. government believes that bitcoin is tax-deductible as an asset whether used or held.
Tell me, your point of view.

I am not an american but i had read taxes for bitcoin in America, so US government see bitcoin not as currency but as asset and property because of that income from bitcoin can be taxed, the way is each individual is obliged to write the income they get from bitcoin in a their ledger "total annual income". I don't know the data can be accurate or not, because you know that bitcoin is anonymous. so maybe a person can manipulates their earnings?

[xiaoyu666]

B: yes, I think it should be duty-free to hold and buy and sell bitcoins.
But I don't know how the U.S. government decided?
Now the south Korean government has decided to pay taxes on bitcoin transactions.

[hgkcoin]

I think this is quite possible. The rise of bitcoin has aroused the attention of many people. Many people want to join bitcoin to benefit, but the government can not formally join. They can only be controlled through regulation and tax collection. Capture their interests.

[ecnalubma]

Not surprised! government always take action where they can juiced some tax unless they imposed it reasonably. They are watching everything, will I guess its better than imposing a total ban.

[luigidosado]

The U.S. government believes that bitcoin is tax-deductible as an asset whether used or held.
Tell me, your point of view.

Let's just take it. It is true that bitcoin is really taxable for it works as an investment (asset) just like in other forms and involves exchange of money. And also, bitcoin as a full time job serves as a source of income just like any other regular jobs which means it is fair enough to say that it is really taxable. Bitcoin also provides profit just like any other business. But still, I think transactions must not be taxed for it was just a form of exchange of money. Let's just hope that they won't put tax on our bitcoins so we can get all our profits.

[LinAliza]

If bitcoin will be taxed, how can they monitor whose transaction is it coming from & to? Are they willing to seat on their computer for the rest of their live tracing whose transaction is it? I mean if it will be taxed how many people will be that honest enough for their transactions? Even in our fiat currency not all are even honest enough to declare their assets..

[vv181]

If bitcoin will be taxed, how can they monitor whose transaction is it coming from & to? Are they willing to seat on their computer for the rest of their live tracing whose transaction is it? I mean if it will be taxed how many people will be that honest enough for their transactions? Even in our fiat currency not all are even honest enough to declare their assets..

That's why US-based exchange getting stricter with personal identification, they want to have their country user and make them to pay tax. I believe when that happens and almost all centralized exchange requires a personal verification, I'm sure the decentralized exchange is the only solution we got because we cant fight the government, and the centralized economics is still leading.

[CuteBaby123]

The U.S. government believes that bitcoin is tax-deductible as an asset whether used or held.
Tell me, your point of view.

Yes, Bitcoin is an asset by anyone whi hold or used it, but the problem for the US government in putting tax on it is the identity of those who have bitcoin. It will be hard for them to trace those who have it. If the holders of Bitcoin will encash it, then they can out tax on it. Putting tax on it in the digital world would be difficult for US government.

[Simple_Man]

The U.S. government believes that bitcoin is tax-deductible as an asset whether used or held.
Tell me, your point of view.

There's no doubt that bitcoin is an asset. It is such an asset which can offer way higher return than any other conventional investment. So taxing is not a bad decision at all. Because when you pay tax to your government for holding any asset, you actually have the legal right on that asset. So your bitcoin holding actually becoming legal once you pay tax to the government. That's what we need at this moment, more approving government.

[Shamie1002]

Well taxation on bitcoin is feasible. Bitcoin is not as anonymous as it is. It may hide identity but still traceable. It is called pseudonymity which is still attractive to many users that value the privacy.
Contrary to the possibility for it to be implemented is that taxing bitcoin is not as easy as it looks.
It is hard to tax the value of bitcoin profits because it is too volatile unlike any other currencies.

[d_crypto]

Are you guys keeping track on crypto so you can declare on taxes??? I haven't cashed out anything yet...so i dont know what to do...

[silverstar43]

You can try looking at Bitcoin Pub, you can find tax advise there.
https://thebitcoin.pub/c/beginners-help/law-tax

Coinbase/Gdax allows you to download everything to an excel sheet.
If you cash out your crypto to fiat less than 12months, its considered short-term and taxed at a higher rate.

[Bobby park]

The U.S. government believes that bitcoin is tax-deductible as an asset whether used or held.
Tell me, your point of view.

It is not a good idea that US government will impose tax in bitcoin. Usually, a lot of countries will try to implement that idea also. From now on, bitcoin will become more centralised than what we are thinking of. It is a bad news for crypto enthusiast because some investors may pull out their investment due to the deduction of bitcoin wether it held or used. In fact, it is hard for bitcoin to dominate the world and in some point of view, it may eliminate because of the tax.

[bttcoin]

The U.S. government taxes the bitcoin and recognizes bitcoin as an asset rather than as a currency because it is not necessary for a currency to be taxed, which is a recognition for us that we are willing to admit that bitcoin is An investable asset.

[posi]

The U.S. government believes that bitcoin is tax-deductible as an asset whether used or held.
Tell me, your point of view.

I'm not so surprise by the statement issue by the US government ever since they have took great measurement concern US base crypto exchange policy and to be honest bitcoin ought to be tax-deductible when used but thats the government they will want their piece of cake since bitcoin is decentralized.

[KevinHD]

Well, they should've think the factor that crypto-wallet makers and companies are deducting and getting bitcoins as their transaction fee which makes them gain muh higher as many users transacts with their wallet. It is unfair that those transaction fees are deducting our bitcoins so do the goverment will. Is that how opportunist they are? Yes doing bitcoin does earn you money and passive income, yet they should see the bigger picture who earns much greater than we are.

[gulechain]

Under the current international monetary and financial situation, the United States desperately hopes to find an alternative way as well as to find a new way to adjust the national economy through the virtual currency in the new information economy structure so as to re-establish the value of the U.S. dollar in the international financial and monetary system leading position. The United States is the world's largest holder of bitcoin. Using Bitcoin as a new alternative virtual currency and thus promoting "the imagination of the international common currency system" will help to lay the foundation for the United States in the new financial system in the future leading position.