Taxes and crypto.

[1Referee]

Will you not have to pay taxes the  time when you finally cash out ? I mean one day you will get the profits in banks and then how will hide those transactions.

At the moment I have the funds be sent from the exchange to my actual bank account, I will have to pay tax. It's not necessarily because I am forced to do so directly, but more because of the fact that banks have the habit to report incoming deposits to the tax authorities. Just to be on the safe side, I will pay tax in order to prevent potential problems.

In my country, the Income tax department has already started raiding the exchanges and collecting the information of investors. Thereafter notices were sent to those who were investing huge amount of money in Bitcoins.

Are you referring to Coinbase? And yes, that happens too in some cases. I am even looking to potentially ditch centralized exchanges for ever when it comes to trading, because I am quite sure that within a few years, all exchanges will be forced to transfer user reports to their respective tax departments. Current regulations are still friendly, that's for sure, so prepare for what has to come.

[Idrisu]

I believe governments do not deserve to tax earnings from cryptocurrencies. We are all seeing how government is attacking bitcoin as their see it as a scam and not something worthwhile.
Taxation on cryptocurrencies is very unfair and pay it to government is what I will find difficult to do. But if your minds condemned you about it then you should pay.

[styca]

Most governments will want to take as much in tax from crypto as they can, so long as they are taking it from ordinary people. They will see us - people who have made a lot of money from crypto - as undeserving rich, and will bleed them for as much as they can. Crypto is a threat to the establishment, it shakes everything up, and the people at the top are ruthless. They will do anything to protect their privilege. They will tax crypto as hard as they can.
 
But their friends who are board members at major companies or in any high office, the fiat millionaires who go through the revolving door between the higher echelons of government and directorships of corporations, these people are never touched.

It is said that the two certainties in life are death and taxes. But the truth that for the chosen few who run the country - whether in government or in the corporate sphere - for these people taxes are strictly optional.

[g-uid]

Most governments will want to take as much in tax from crypto as they can, so long as they are taking it from ordinary people. They will see us - people who have made a lot of money from crypto - as undeserving rich, and will bleed them for as much as they can. Crypto is a threat to the establishment, it shakes everything up, and the people at the top are ruthless. They will do anything to protect their privilege. They will tax crypto as hard as they can.
 
But their friends who are board members at major companies or in any high office, the fiat millionaires who go through the revolving door between the higher echelons of government and directorships of corporations, these people are never touched.

It is said that the two certainties in life are death and taxes. But the truth that for the chosen few who run the country - whether in government or in the corporate sphere - for these people taxes are strictly optional.

Such nonsense. Taxes are nothing against crypto.

It's called capital gains tax:

- A gain in this scenario is when you trade your crypto for something of value (a product or a service or fiat)
- If you had a gain within one year of your investment, you will be taxed ~25%
- If it's a gain after a year of your investment it's 15%.
- If the gain is above a certain threshold, you add 2.8%.

For God sakes, it's that simple.

Pay your taxes, be a responsible citizen and stop trying to dodge your duties with bullshit rhetoric.

[astrid.uchiha24]

It's sad for those fellow crypto trader that they have to pay taxes because here in my country we don't have any provisions regarding the gains we get from trading cryptocurrencies, i hope if they will impose tax on crypto gains it will be another 5 years 
But anyway, i don't want to mess up with the authorities so i don't mind paying my taxes, I trust the government of my country more than ever since i voted our current president during elections.

[Astvile]

It will be a hell of a no from many traders in the industry,imagine them placing 5-10 % tax per return on cryptocurrencies considering that most traders profited daily and trade daily they will have no income through this,even if the tax is low its stilla big loss for a big and small traders

[jaysabi]

How does everyone feel about being taxed on profits earned through crypto currencies. We all took the leap of faith and risked our money, if we had all lost our money would the IRS still be interested in taxing us. Dont think so.

How far do you think governments will go to get a piece of the action?

Taxes have to be paid, there's no question there. There's no argument you can make that you don't have to pay taxes on this unless you're argument is income taxes are wrong/immoral/what have you, but then you're wrong anyway (but at least you're consistent). The major problem is the method (at least in the US) of taxation and how the US IRS has deemed "taxable events" to effectively cover potentially hundreds or thousands of transactions. The burden is far too high to compute the proper tax owed, and of course, if you make a mistake you're at fault. Computing taxes should be easy and compliance will be higher.

[Morjana17]

How does everyone feel about being taxed on profits earned through crypto currencies. We all took the leap of faith and risked our money, if we had all lost our money would the IRS still be interested in taxing us. Dont think so.

How far do you think governments will go to get a piece of the action?

In getting taxes from the crypto is need to study first on how they are going to getvfrom it. Maybe they are going to go on for studies on how to get closer to that. Although it is difficult for them but it is helpful to our economy to improve.

[palle11]

i could be in Forex if i want to pay taxes... Crypto is the only way that i am feeling freedom with my gainings also i hate tı contribute on social life and goverments with boundries and i hope that will change soon . They are living as rich people with my saving and risks for gaining money ... Ahh hate it .

Yeah sometimes the idea of losing your money to taxing looks scornful but if we live in a country that levys charge on income as tax, you don't have any choice than to socum to the will of the government so long such collection is stated in the constitution.

The theory of government is locked as a social contract. The government are supposedly people who are elected into political offices, Therefore, the social contract depicts that the people relinquish their rights to the government for the use of the betterment of the whole. So if the government finds it proper to levy on income, it is for the good of the whole used for social amenities.

It is the civil responsibility of citizens to pay tax where it is constitutional to pay, whether bitcoin or fiat - no matter the fiat.

[tweetbit]

If the government deserve so and your a nationalist person then there’s no need to argue about this issue, taxation and those collected if used for public service can help the country, then do it. But if your not comfortable about it because the public officials are so corrupt and pocketing every money that is a public fund then you have all the right to refuse or hide but better be good at that, crocs are to greedy with money they will soon look for you.

[vickycoin05]

I believe governments do not deserve to tax earnings from cryptocurrencies. We are all seeing how government is attacking bitcoin as their see it as a scam and not something worthwhile.
Taxation on cryptocurrencies is very unfair and pay it to government is what I will find difficult to do. But if your minds condemned you about it then you should pay.

Well, In that case buddy we have nothing to do if the government ask for taxes since they can easily control our system by blocking the internet connections relying crypto currencies sitew, as what happened to those countries didn't legalized crypto currencies. What I mean its because it's been part of our law to pay our taxes, on my opinion about that I prefer to have taxes rather that banning crypto currencies in my country.

[criz2fer]

How does everyone feel about being taxed on profits earned through crypto currencies. We all took the leap of faith and risked our money, if we had all lost our money would the IRS still be interested in taxing us. Dont think so.

How far do you think governments will go to get a piece of the action?

We put high risk just to earn profit from crypto trading and we also pay enough taxes with our own jobs which I think is already efficient enough for the government.

If they enforce the taxes, they should study first the world of crypto. The goverment will be more like scammer that sucks your earning even in the you havent earned enough. I think there will be more discussion on this if they will imply these law of taxes which will make the crypto market dead for these actions.

[CrKedd4]

I do not agree if the crypto is taxed, because bitcoin is not set by the government

[raven7886]

How does everyone feel about being taxed on profits earned through crypto currencies. We all took the leap of faith and risked our money, if we had all lost our money would the IRS still be interested in taxing us. Dont think so.

How far do you think governments will go to get a piece of the action?

Oh man! There is a huge harm in giving something back most especially when those you are giving are the corrupt government who has screwed us all with their stupid taxes. It is a pain in the arise and I cannot wait for the day I will be able to spend my bitcoin without having to convert to fiat.

I am still very optimistic that day is going to come, so I am saving up for it, and they can keep taxing up their fiat until that moment comes, but my bitcoin profit, they can go screw themselves. Enough is enough!

[Kevin77]

I do not think that there are many people who will want to pay taxes for the profits received from the crypto currency. Although later in some countries can introduce it.

I think some of governments are trying to work towards, though many seems to have misunderstood them and claimed that they are trying to ban Bitcoin from their country for good. After going through what they have said, I understood that the reason they said such was because they are looking for a way to prevent bitcoin from being used in sponsoring criminal activities and also from being used by people to avoid paying tax to the government. But I don’t really know if fighting people that are hiding from paying tax matters now than finding criminals who uses bitcoin.

As per current situations, I believe taxation on bitcoin probably far better than completely banning bitcoin usage. Anyhow, we bitcoiners are having some solutions always. Hence we never need to worry.

[orions.belt19]

I pay enough tax already outside the crypto field, so I am definitely not letting to government eat off any of my crypto holdings. The downside of this is that my freedom to have it converted back to fiat gets drastically limited by doing so. It doesn't mean that I can't have it sent to my bank account, but these bastards register and report everything, which is forming quite an obstacle. Good thing however is that I am not a fiat centric person, which means that I gladly keep holding on to my coins for plenty of more years, just like I have always been doing. Don't get me wrong, I don't mind paying tax, but it has to be reasonable and limited - it's pure theft to require people to have them pay tax endlessly over the same amount of money.

It's a system based on debt that will drain your wealth bit by bit throughout the years till you have nothing left. Seriously, the majority of people only see their wealth shrink and shrink, where they will end up broke at whatever point in time. I am glad that Bitcoin allows me to outrule this poverty stimulating rubbish system.

The problem with the tax system is that it eats up a huge chunk of your earnings. As much as you want to contribute to your own community and be a law-abiding citizen, it's sometimes become detrimental on your side.

Convenient for you that you don't need to have fiat, unlike others who rely on their crypto and frequently have to exchange their crypto into fiat. In that case, they would have no choice but go through having to deal with the government's implications or tax regulations made by them. I would have to agree since I normally wouldn't mind having to pay taxes however it's sometimes too much when you have to pay a huge percentage of your earnings. Instead of using that amount for other things or putting it in your savings, you are forced to pay just because you earn - and sometimes it's just too much of a hassle and unfair to the crypto-user.

[malikusama]

Think realistically, even today cryptos are treated as digital assets not currency. Cryptos are not yet widely used directly in the real market we have to convert it into fiat for use in daily life purchasing. So in short we are paying taxes after converting it into fiat, if government is going to tax cryptos on network it will be totally unfair because we have to pay tax on both checkpoints(i.e in cryptos and after converting it into fiat).
Governments are  trying to create a bottleneck for the crypto users and it is expected that a big crackdown is on the way, I don't know how they will going to do it but they are trying.

[wuvdoll]

I think they will do whatever it takes.. 

Okay! Let's see where that whatever it takes end up leading them. Sure, they are so scared about the fact that people will see their crazy tax for what it is and will see cryptocurrency as a way of screwing them back the same way they have been stealing from us over the years from paying taxes and not seeing anything to show for it while some thieves keep living large. It is painful we have to convert to fiat now to be able to make use of our digital currencies, but on a normal day, to heck with them and their tax.

[batang_bitcoin]

How does everyone feel about being taxed on profits earned through crypto currencies.

I would choose to be taxed rather than to see my fellow crypto people suffer from the ban implemented by our country. This way is better than to see people hiding from their house and dealing crypto's illegally.

We all took the leap of faith and risked our money, if we had all lost our money would the IRS still be interested in taxing us. Dont think so.

If I'm correct, our money are taxable if we cash out but if it remains to our bitcoin wallet its not yet counted.

How far do you think governments will go to get a piece of the action?

When there are news about regulations, expect that it will be followed by taxation.

[tapaibuccok]

I don't mind paying taxes on the country because I love my country even though I know where the money I spend wil run, my country is a corrupt country, the disease is hard to cure
but if I have to pay the crypto tax on the state I do not agree because in crypto I feel free if I have to pay my taxes i will be in forex