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Author Topic: Should we pay taxes on Bitcoin?  (Read 1097 times)
Andrew S
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September 13, 2018, 03:38:50 PM
 #141

Perhaps in the future, when the government takes control into its hands, then it will be right to pay taxes, but now this is absurd.
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September 14, 2018, 01:16:16 AM
 #142

Bitcoin was created to liberate us from corrupt governments and corporations that serve their own needs. The coinbase transaction in the genesis block, mined by Satoshi Nakamoto contained: "The Times 03/Jan/2009 Chancellor on brink of second bailout for bank". What is your opinion on paying taxes on Bitcoin? The government most likely doesn't know my bitcoin address. Even if they do find it, based on the transactions made from my bank account to exchanges, I could simply say someone stole the private key from me. Many of the posts here asking for help on filing taxes on their Bitcoin make no sense to me. We have a system that allows complete financial freedom and yet people choose to pay their taxes from it and support crooked governments.

We should pay our taxes if this is required to pay,we need to pay tax because this is our obligation,taxes is for the government,for the street children,public hospital and public school for the poor people who can't afford the private hospital and school,taxes is for the progress of our country.
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September 14, 2018, 11:21:49 AM
 #143

Perhaps in the future, when the government takes control into its hands, then it will be right to pay taxes, but now this is absurd.

How paying taxes is something absurd? Citizens want to get free school, free everything but don't want to pay a tax? The same people who complain about the system in their country. We have to participate in the system because as far as I know money still not grows on trees.

It's funny too, to see people agree with crypto regulations but not to pay crypto taxes. Well you asked regulations so here we go...

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September 14, 2018, 06:18:13 PM
 #144

It depends upon the government of the country, if your government collects tax for bitcoin, then one needs to obey and to pay the same. The countries who have not yet accepted bitcoin, do not need the citizens to pay the tax for bicoin earnings. I would say its good practice to pay tax to the government who accepted bitcoin. This would seriously encourage other countries to look into the options to accept Bitcion and other crypto currencies.

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deisik
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September 14, 2018, 07:43:13 PM
 #145

Bitcoin was created to liberate us from corrupt governments and corporations that serve their own needs. The coinbase transaction in the genesis block, mined by Satoshi Nakamoto contained: "The Times 03/Jan/2009 Chancellor on brink of second bailout for bank". What is your opinion on paying taxes on Bitcoin? The government most likely doesn't know my bitcoin address. Even if they do find it, based on the transactions made from my bank account to exchanges, I could simply say someone stole the private key from me. Many of the posts here asking for help on filing taxes on their Bitcoin make no sense to me. We have a system that allows complete financial freedom and yet people choose to pay their taxes from it and support crooked governments.

Saying that likely won't help you as you will have to prove it one way or another that the key was actually stolen. That would be a whole story worthy of a separate thread in Legal. Now to your point. People pay taxes not because they are willing to do so (while some are but they are in absolute minority and beyond the scope of this post). They simply don't have choice. Yes, they can choose not pay taxes but then they are exposing themselves to the risk of being caught for tax evasion, and in some countries, that may mean a term in jail and severe punitive penalties (the US and Canada seem to be most atrocious in this regard)

In other words, people prefer not to mess with the IRS (an abstract and exemplary Internal Revenue Service)

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darkangel11
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September 14, 2018, 09:43:01 PM
 #146

Perhaps in the future, when the government takes control into its hands, then it will be right to pay taxes, but now this is absurd.

How paying taxes is something absurd? Citizens want to get free school, free everything but don't want to pay a tax? The same people who complain about the system in their country. We have to participate in the system because as far as I know money still not grows on trees.

It's funny too, to see people agree with crypto regulations but not to pay crypto taxes. Well you asked regulations so here we go...

Income tax is absurd and I'd like you to prove to me that it isn't. Like I always say, let's not put all taxes into one basket. Sure, citizens want free schools, but schools are usually financed from their local taxes, the ones they pay on the property they own and that goes towards maintaining the roads, lamps, parks, schools local services like fire dept, and so on.
Income tax goes to the general budget and ends up being spent on social services, army, government buildings, transport and security for the MPs and so on...

Most of us aren't against contribution, but are against the government trying to suck people dry and ride on their backs until they die.


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September 15, 2018, 08:36:56 AM
 #147

Yes, now in most countries, if you monetize your profits by converting them to fiat then you have to pay direct taxes or income taxes.

Although Bitcoin is not a currency that is bound to one country, today many laws regulate Bitcoin and require you to pay taxes.
bajigur894784
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September 15, 2018, 12:32:36 PM
 #148

Well, that's the reality, currently Bitcoin is a taxpayer. Now most of the regulations on cryptocurrency in some countries categorize Bitcoin as a commodity and capital asset, therefore, there is a tax obligation from business income and capital gains.

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September 15, 2018, 03:20:41 PM
 #149

Well, that's the reality, currently Bitcoin is a taxpayer. Now most of the regulations on cryptocurrency in some countries categorize Bitcoin as a commodity and capital asset, therefore, there is a tax obligation from business income and capital gains.

Are you sure about capital gains?

This is a very specific notion which may mean different things in different countries. For example, in some countries it is a tax levied on the increase in the price of a specific type of an asset. But it is not like a property tax as you don't have to pay it annually just because you own some asset and its price has appreciated during the year. You only pay it when you sell the asset and in that case it is pretty much like income tax with the difference being that a capital gains tax is always specific while an income tax is indiscriminate meaning, that you pay it on any income earned

Another difference is that with a capital gains tax, you pay the tax only on the profits or positive difference between the price at which you sold the asset and the purchase price, while with an income you have to file a tax deduction application if you don't want to be asked to pay it in full, i.e. without taking into account the purchase price. Besides, if you hold an asset a certain amount of time (like 1 to 3 years and beyond), you may not have to pay this tax at all. This is different from an income tax

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