Signature Campaigns taxes

[asnawi808087h]

I think the only difference is that funds are found in trading results or may be taxed. The only difference is that trade is passive income, while signature campaigns are categorized as jobs, or payments are returned to each service. The tax payment process depends on each country or place you live.

[1715365502]

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[1715365502]

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[1715365502]

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[asnawi808087h]

I think the only difference is that funds are found in trading results or may be taxed. The only difference is that trade is passive income, while signature campaigns are categorized as jobs, or payments are returned to each service. The tax payment process depends on each country or place you live.

in my opinion participating in signing campaigns is not possible to pay taxes, because signature campaigns are not a job. I can summarize this signature campaign is not a job but a unity, because I have read postings made by the famous campaign manager in this forum, then he said that. If your country is very serious about this, then please prove that you are participating in the signature campaign in this forum, I think it is very easy, or not difficult to provide concrete evidence.

[Louise0910]

It really depends on you if you declare cryptocurrency is your asset then you have to pay your taxes, but in cryptocurrency earnings like signature campaigns and bounty are not considered as fix income and most of the country doesn't have regulation in cryptocurrency.

[asnawi808087h]

As far as I know there are some countries that impose a tax on bitcoin income and people can pay them every time they convert and abbreviate bitcoin. In my country since bitcoin has not been popular and supported by the government, my earnings in signature campaigns have not been taxed. For me it is fair and only for our bitcoin income tax as long as it is to be properly charged and documented for legal purposes.

[Sandeep24]

It depends on country and their norms for cryptocrunncy.

[guybrushthreepwood]

I think the only difference is that funds are found in trading results or may be taxed. The only difference is that trade is passive income, while signature campaigns are categorized as jobs, or payments are returned to each service. The tax payment process depends on each country or place you live.

Wrong. If you do trading as a job full time then it's your job. Also, trading isn't usually passive income but regardless that doesn't mean taxes aren't due on it.

in my opinion participating in signing campaigns is not possible to pay taxes, because signature campaigns are not a job. I can summarize this signature campaign is not a job but a unity, because I have read postings made by the famous campaign manager in this forum, then he said that. If your country is very serious about this, then please prove that you are participating in the signature campaign in this forum, I think it is very easy, or not difficult to provide concrete evidence.

Your opinion is wrong and you've just contradicted yourself. You first said they are a job, then said they're not. You're doing task (advertising) and getting paid for it. Therefore it is income. Which campaign manager said they're not a job? (and not sure what a 'unity' is either).

As far as I know there are some countries that impose a tax on bitcoin income and people can pay them every time they convert and abbreviate bitcoin. In my country since bitcoin has not been popular and supported by the government, my earnings in signature campaigns have not been taxed. For me it is fair and only for our bitcoin income tax as long as it is to be properly charged and documented for legal purposes.

It doesn't matter it bitcoin isn't popular. They're not being taxed because it's self-employed income and you as a self-employed person are responsible for your own taxes.

[makolz26]

As far as I know there are some countries that impose a tax on bitcoin income and people can pay them every time they convert and abbreviate bitcoin. In my country since bitcoin has not been popular and supported by the government, my earnings in signature campaigns have not been taxed. For me it is fair and only for our bitcoin income tax as long as it is to be properly charged and documented for legal purposes.

Well, although the government will imposed tax on signature campaigns how come they would know you are joining at it since it is anonymous right? it may be regulated but they cannot find it if you are really having an in come in this kind of method. It is just up to us if we will abide law or not.

[guybrushthreepwood]

As far as I know there are some countries that impose a tax on bitcoin income and people can pay them every time they convert and abbreviate bitcoin. In my country since bitcoin has not been popular and supported by the government, my earnings in signature campaigns have not been taxed. For me it is fair and only for our bitcoin income tax as long as it is to be properly charged and documented for legal purposes.

Well, although the government will imposed tax on signature campaigns how come they would know you are joining at it since it is anonymous right? it may be regulated but they cannot find it if you are really having an in come in this kind of method. It is just up to us if we will abide law or not.

Semi-anonymous. They'll certainly know if you use an exchange and bank account to sell your coins, and this is where a lot of people will slip up thinking they're invincible. Unless you use a bitcoin address not tied to you and you sell your coins for cash on the street then you'll probably leave a paper trail somewhere leading directly to your real name and if people like Ross Ulbricht can slip up then so can the average crypoto user. Remember, they can always catch up with you at some point and if you've been evading taxes for years but have been living well beyond your means then you'll have a lot of explaining to do so I'd ask yourself is it really worth the risk? If it is you do you but I think it's only going to be a matter of time before many govs starts cracking down on all this crypto tax evasion because they aren't going to let billions go in missed taxes and they'll start by going after people by sending subpoenas to exchanges asking for all your details which they will almost certainly have to comply with.

[okissabam]

In my country, if you have no job or did have a previous job and you contributed tax then now if you are not working but are earning from this forum what I did is I pay my tax manually. Although I don't have a job, I state their that I am a freelancer. I can't say this is an online job because then, you would supposedly have a boss or someone to report to or whatnot.

[IL.Guerreiro]

Crypto currency can be count as a job because we're making money on it. Anything that can give us profit, and demanding our time and effort for profit that is considerably called "job"
And so if taxes applied we can't say no to it although not good In the first place but this is also a good chance to see hoe the crypto currency is progressing in your country because through it many can start their lives of making profit through it.

[Oilacris]

In my country, if you have no job or did have a previous job and you contributed tax then now if you are not working but are earning from this forum what I did is I pay my tax manually. Although I don't have a job, I state their that I am a freelancer. I can't say this is an online job because then, you would supposedly have a boss or someone to report to or whatnot.

You are a good citizen! Most people doesnt really tend to pay up taxes but in your part you are still considering to pay up even if you dont have already your day job you do still consider to pay up manually but for some people they would evade as much as they can but well this would entirely depend on countries law about that matter some are too strict when it comes to compliance on paying up taxes and some are way too free.

[richardsNY]

You are a good citizen!

Are you the government of his country? 

Most people here pay tax automatically because their employer does it for them, which goes up for me as well. In my case I am subject to a near 50% rate, which is insane, but I don't feel it because my employer does it for me. I have done freelance work and had to pay my taxes manually, and when you earn $1000 with whatever freelance work you are doing, it sucks to see 25-50% go to the tax department directly. It's a psychological difference when your employer does it for you (which definitely benefits you), or you do it for yourself. In case of the latter, people, even the brave citizens you refer to as such, are more likely to not declare anything. It all depends on the situation and the psychological effect on how we deal with it....

[TheKeyLongThumbI]

It's a freelance work because it is project based. It's better that way so they won't dig much more on your earnings but your government should not even waste time to tax you on low paying sig campaigns. Maybe it can apply to trading but shouldn't be in signature campaigns.

[Scripture]

Depending on the regulation of your own country is the filing of your taxes. If your earnings last year upto now stayed only in your wallet , i guess theres no need to file it. If you frequently withraw, then ask some on the taxes office if you should file or not. Bitcoin earnings do not have taxes on ther countries.

[Farahtenan]

If in my country the world of cryptocurrency has been legalized I am sure certain earnings from the signature campaign will be taxed. But now the government is not entitled to tax Bitcoin let alone Bitcoin has not been legalized. So if I personally still free to use Bitcoin without having to spend taxes. I do not understand the rules in your country.

[cellard]

As far as I know there are some countries that impose a tax on bitcoin income and people can pay them every time they convert and abbreviate bitcoin. In my country since bitcoin has not been popular and supported by the government, my earnings in signature campaigns have not been taxed. For me it is fair and only for our bitcoin income tax as long as it is to be properly charged and documented for legal purposes.

Well, although the government will imposed tax on signature campaigns how come they would know you are joining at it since it is anonymous right? it may be regulated but they cannot find it if you are really having an in come in this kind of method. It is just up to us if we will abide law or not.

Semi-anonymous. They'll certainly know if you use an exchange and bank account to sell your coins, and this is where a lot of people will slip up thinking they're invincible. Unless you use a bitcoin address not tied to you and you sell your coins for cash on the street then you'll probably leave a paper trail somewhere leading directly to your real name and if people like Ross Ulbricht can slip up then so can the average crypoto user. Remember, they can always catch up with you at some point and if you've been evading taxes for years but have been living well beyond your means then you'll have a lot of explaining to do so I'd ask yourself is it really worth the risk? If it is you do you but I think it's only going to be a matter of time before many govs starts cracking down on all this crypto tax evasion because they aren't going to let billions go in missed taxes and they'll start by going after people by sending subpoenas to exchanges asking for all your details which they will almost certainly have to comply with.

The problem is, if in the future your government decides possession of Bitcoin is strictly illegal, then you are screwed big time because they already know you own X BTC.

If you have been making small amounts of money monthly worth of signature campaign for years for example, it's not an illegal activity, you earned it, you just didn't declare it, so if you ever want to buy property with your BTC (which would be worth x100 times more across years) you just would need to show proof of your sig campaign payments (how? im not sure... screenshots of the payments?? how does this even work), and maybe pay an extra fee for not having paid taxes on time, but this fee may be worth it since you are protecting yourself from a possible ban-on-possession of your government. This would give you a window of opportunity to move into a jurisdiction happy to take your BTC taxes instead of confiscating them as illegal assets (which they would, because you told them you own them). Think long term.

[lokanot0]

It all depends where you put the money you've earned in doing signature campaign. If it stays in a crypto wallet then my guess is that it is still not taxable, but once you convert it into cash and they would know how you got it, they may impose taxes on you.

[XFlowZion]

Those people who that are taxed on their crypto profits are very unfortunate. My country is not doing that but if in case it happens, I would mark it as a freelance work. But the funny thing is that a lot of freelancers here in my country are also not following their tax duties.

[cellard]

It all depends where you put the money you've earned in doing signature campaign. If it stays in a crypto wallet then my guess is that it is still not taxable, but once you convert it into cash and they would know how you got it, they may impose taxes on you.

But some people said it's treated as income tax, so you should be paying taxes yearly, in some countries monthly or every quarter, it depends. You should also be telling the government that "I own X amount of BTC" even if you have it in your wallet.

Of course, no one does this. I would pay any taxes needed because I need to eventually buy property and all of my BTC are of legal origin (I didn't do illegal stuff to own it). The problem is, just like many other, we are paranoid that for example in relation to the signature campaign issue, maybe having some screenshots of the thread with your address in there and so on, it's not enough, maybe they come up with excuses to steal your hard earned coins. Or maybe eventually they deem it illegal and then you are screwed. Do you really want that?

I want a guarantee that my government is not going to screw me up while im trying to "do the right thing", and so far there's none, you need precedents. For example OP says he is from spain, so he needs to know some precedents of people that has earned BTC from sig campaigns and cashed out in that jurisdiction, to know what to expect. Until you haven't heard of precedents I wouldn't risk it and just hodl, which is the only guaranteed place where your money will be safe. When you have more info, assess the situation later.

[rehydrogenated]

I'm not an accountant, but...

For a US citizen you should report any signature campaign taxes at the moment you sell your bitcoin. If you were paid in bitcoin for the signature campaign, the bitcoin you earned would change your cost basis. Now you earned an amazing 0.01 bitcoin for a signature campaign. Your cost basis for this 0.01 bitcoin is 0, since you didn't pay anything for it. To keep things simple, I would recommend keeping your bitcoin separate or keeping all the documentation you need to separate your dates on your tax forms. But lets imagine you didn't keep any documentation or the IRS thought your proof was insufficient. You will likely have to pay taxes on the full 0.01 bitcoins. If you sold the 0.01 bitcoins for say, $120 you would pay the capital gains tax of 15% on the full $120.