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Author Topic: Is Bitcoin required to pay taxes?  (Read 732 times)
qwerty12
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August 31, 2018, 06:03:26 PM
 #101

Well, even though Bitcoin can be used like money, But Bitcoin is not considered a legal currency or payment instrument by the IRS or other countries. Instead, they consider Bitcoin to be a private property, such as gold or stocks.

For example, In 2014, the IRS stated the value of Bitcoin for US tax purposes is a fair market value in US dollars on the date it was received. Each transaction fee is added to the Bitcoin base. Unless you are in the business of buying or selling Bitcoin, they are capital assets. Your profit when you use it is taxed with the level of capital gains.

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August 31, 2018, 07:56:48 PM
 #102

Well, even though Bitcoin can be used like money, But Bitcoin is not considered a legal currency or payment instrument by the IRS or other countries. Instead, they consider Bitcoin to be a private property, such as gold or stocks.

For example, In 2014, the IRS stated the value of Bitcoin for US tax purposes is a fair market value in US dollars on the date it was received. Each transaction fee is added to the Bitcoin base. Unless you are in the business of buying or selling Bitcoin, they are capital assets. Your profit when you use it is taxed with the level of capital gains.

Im still not sure if this is the case or not. I have been told both ways, so I don't know who to believe. Also this varies wildly throught jurisdictions, it's really very complex, which incentives people to just hold it, since we don't know what to expect.

For instance in the case of signature campaigns, I have been told that I don't need to report or pay anything until it is converted into fiat, then it's paid as capital gains.

At the same time other people told me that you are supposed to report it and it will be taxed as income gains.

The only thing I know is that I don't want to be the guy in which governments test things upon. So I will simply wait and see for this to be a more common event and have some solid evidence of what to expect and be ready for it, since I need to get all of my transactions assorted, right now it's a big mess, I need to figure out everything, and I have definitely lost some trading history on some exchanges which may be a problem in the future.. I really hate that.

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September 01, 2018, 08:26:47 AM
 #103

Each country has its own laws and its own ways of earning money, whoever takes bitcoin and does not ask for taxes, and whoever wants to profit from everything.
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September 01, 2018, 03:16:57 PM
 #104

Every country have their own policy for any new regulation.
IMO, it's important to pay tax because it's from us -> to us so both party have their own advantage.
Of course since cryptocurrency still new thing, it still need a process before everything went smooth !

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September 02, 2018, 12:20:32 PM
 #105

Where it is required that taxes related to bitcoins should be charged for operations. But this situation is not in all countries.
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September 02, 2018, 06:49:11 PM
 #106

Yes, in some countries, Bitcoin is required to pay taxes, some countries treat Bitcoin and cryptocurrency as property, so there are capital gain implications.
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September 03, 2018, 07:04:42 AM
 #107

Well, like it or not, Bitcoin is required to pay taxes. For example, The IRS currently considers cryptocurrency as a property. All users are required to report profits. The IRS is always softer with taxpayers. Coming forward faster than later can help prevent more stringent penalties or fines for not reporting.
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September 04, 2018, 09:47:47 AM
 #108

Yes, what I know is that some countries make rules about Bitcoin taxation.
In some countries, Bitcoin is treated like property, so Bitcoin users are required to pay taxes.
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September 04, 2018, 11:49:47 AM
 #109

It depends upon the country, if the government of the country put tax on bitcoin means then you have to pay tax. But still the tax is not applicable for bitcoin in many countries. In some countries bitcoin is treated as one of the valuable assets. So they ask people to pay tax for bitcoin. But there is a chance for all countries will one day announce tax for bitcoin.

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September 04, 2018, 12:45:05 PM
 #110

It depends upon the country, if the government of the country put tax on bitcoin means then you have to pay tax. But still the tax is not applicable for bitcoin in many countries. In some countries bitcoin is treated as one of the valuable assets. So they ask people to pay tax for bitcoin. But there is a chance for all countries will one day announce tax for bitcoin.
Probably it will happen, time to time that paying tax to the governments will happen to all countries but as of now fewer of the countries are implementing on that, while others quite not putting any law regarding cryptocurrencies. We can't deny the fact that it is possible to happen just like what happens now most companies having KYC or even just having a wallet that government easy to track us when we did not pay a tax.
But as of now, it will depend on which country you are, luckily here in my country, we are all free to used bitcoin without any charges to the government.

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September 05, 2018, 01:02:36 PM
 #111

Britain, Japan and so on are tax on Bitcoin, China's behavior such as Bitcoin transactions is not tax, which is why? What will happen?
If Bitcoin needs to pay taxes, what are the taxation links? Which taxes include?
this is very confusing if indeed bitcoin is really taxed, to whom we have to pay the tax and on what basis the tax is applied because as far as we know bitcoin does not really regulate it and with that purpose bitcoin is quoted...

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September 06, 2018, 04:28:21 AM
 #112

Britain, Japan and so on are tax on Bitcoin, China's behavior such as Bitcoin transactions is not tax, which is why? What will happen?
If Bitcoin needs to pay taxes, what are the taxation links? Which taxes include?
this is very confusing if indeed bitcoin is really taxed, to whom we have to pay the tax and on what basis the tax is applied because as far as we know bitcoin does not really regulate it and with that purpose bitcoin is quoted...
maybe if this bitcoin tax rule is applied the same as income tax or transaction tax that has been widely applied in several countries, and how to calculate and pay for it from our transactions when exchanging it to FIAT at a local exchange that has cooperated with the bank, like costs fee/gas in market exchanges

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September 09, 2018, 04:52:51 AM
 #113

Bitcoin is viewed by many countries in different styles. All have different perspectives on how to deal with it specially on how it is to be taxed. Some doesnt and some does. There re countries which consider it as asset and tax it as an asset. The taxation varies from the place you are in so better check with your local news or laws.

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September 09, 2018, 11:34:32 AM
 #114

if bitcoin is actually taxable. I think governments of all countries should set out common rules to bring equity to investors. The taxes applicable to bitcoin are the transaction tax between the sale and purchase exchange.

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September 11, 2018, 03:13:33 PM
 #115

Britain, Japan and so on are tax on Bitcoin, China's behavior such as Bitcoin transactions is not tax, which is why? What will happen?
If Bitcoin needs to pay taxes, what are the taxation links? Which taxes include?
it's all a big country that actually legalizes bitcoin if they make taxes for bitcoin users because they regulate and don't want mistakes like criminal acts will occur because of bitcoin.
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September 16, 2018, 11:18:22 AM
 #116

Its necessary if your country demands on it. This would be a professional way to do so. The country accepts bitcoin and lets you work and earn from bitcoin and allows you have a wealthy life. Crypto earnings uplifts every crypto earner's life. So this has to be taken into consideration and the earners should obey the rules and pay the required tax. This would encourage the government to bring more employment to its citizens.

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September 17, 2018, 02:04:01 PM
 #117

Britain, Japan and so on are tax on Bitcoin, China's behavior such as Bitcoin transactions is not tax, which is why? What will happen?
If Bitcoin needs to pay taxes, what are the taxation links? Which taxes include?
the rules of the game are bitcoin is not taxed but is charged a fee that occurs if someone tries to transact and it is also not large but there are some countries that impose taxes for those who use bitcoin to maintain security.
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September 17, 2018, 06:15:57 PM
 #118

To pay taxes or not depends on your country's jurisdiction. Here in Germany we pay taxes for everything, for trading, for POS, for mining! There are only some exceptions when we may not pay: for example if we hold Bitcoin longer than one year. So let's hodl Smiley
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September 18, 2018, 02:21:22 AM
 #119

It depends upon the country, if the government of the country put tax on bitcoin means then you have to pay tax. But still the tax is not applicable for bitcoin in many countries. In some countries bitcoin is treated as one of the valuable assets. So they ask people to pay tax for bitcoin. But there is a chance for all countries will one day announce tax for bitcoin.
You right for now in some countries not many have implemented the tax system on bitcoin, but it is likely that for many countries to implement it, seeing the development of crypto and bitcoin is getting better and many people are adopting it, the government is certainly thinking about how to benefit for both

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September 18, 2018, 08:16:02 AM
 #120

It depends upon the country, if the government of the country put tax on bitcoin means then you have to pay tax. But still the tax is not applicable for bitcoin in many countries. In some countries bitcoin is treated as one of the valuable assets. So they ask people to pay tax for bitcoin. But there is a chance for all countries will one day announce tax for bitcoin.
You right for now in some countries not many have implemented the tax system on bitcoin, but it is likely that for many countries to implement it, seeing the development of crypto and bitcoin is getting better and many people are adopting it, the government is certainly thinking about how to benefit for both
Many countries adopted bitcoin because of the fast and reliable means of remittances, although some of them are just using it as a remittances medium, but  because of some transaction fees the government will ask a tax to the service fees to the service provider  who are valid and registered one

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