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Author Topic: Taxation of BTC  (Read 114 times)
Wexnident
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April 06, 2018, 09:37:36 AM
 #21

In the USA, bitcoin is regarded as property. Therefore, capital gains are involved for property held less than one year. If you are paid in crypto, it is treated as ordinary income. For 2018, the IRS will be watching out for trades and sales. Last year people who declared gain from coins numbered in the hundreds, not even a thousand. If you trade one coin for another, the coin you trade will be valued  as of the sale or trade date.

That's just legal way of taxing bitcoin. In our country also, bitcoin has tax. In every cash out of bitcoin, there is corresponding tax into it. Well, its also good because you can contribute to our country,

Yes I agree to that. Taxation will be good to have when it's really goes to contributing for the needs of our community and our country. It is better to help others in a good cause by simply paying some taxes to the government and hopefully it will be distributed to the people who are really indeed. However, when it comes to the taxation fee, it is better if the fee are so reasonable for everyone. What I mean is the government will able to give a taxation fee in affordable cost so the people who's paying this are not been objected for this. 

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April 06, 2018, 10:14:15 AM
 #22

They can't really track your bitcoin transactions if you don't allow them to.

If you operate with bitcoin only and cash, they you can avoid paying any taxes, for an example, if you hold your whole amount of money in bitcoin, and pay with bitcoin for things that you can use bitcoin for, and for things that you can't pay bitcoin, just convert the bitcoin to cash privately ( local bitcoins might be the solution) and pay with cash, the only problem would be when you want to buy big property such houses and cars.

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Proton2233
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April 06, 2018, 10:24:10 AM
 #23

They can't really track your bitcoin transactions if you don't allow them to.

If you operate with bitcoin only and cash, they you can avoid paying any taxes, for an example, if you hold your whole amount of money in bitcoin, and pay with bitcoin for things that you can use bitcoin for, and for things that you can't pay bitcoin, just convert the bitcoin to cash privately ( local bitcoins might be the solution) and pay with cash, the only problem would be when you want to buy big property such houses and cars.

Do you know a lot of supermarkets that accept bitcoin payments? You're talking about perfect conditions. But this is not. All users in order to make a purchase of goods for bitcoins are forced to use bitcoin to Fiat exchange operations. At this stage, any amounts become subject to taxation. This situation is not only in America but also in any other country.
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April 06, 2018, 11:26:24 AM
 #24

taxation of bitcoin? i dont think it is possible. how can they identify wallet addresses. they can not find anybody by their electronic wallet. it is impossible in blockchain technology. everything is anonymous. all they can do is taking taxes from bank transactions related with exchanges.
This is what I understand from crypto and blockchain myself. If people are being taxed its because they are still sending money through places where you must verify or sending through exchange to bank making it traceable in fiat at least. The trade to fiat i guess is whats traced and traceable, right?

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