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Author Topic: Are You Paying Your Crypto Taxes? A Recent Study Suggests Otherwise  (Read 220 times)
Divinityxd
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April 14, 2018, 02:32:06 PM
 #1

The last date of tax filing in the US is April 17, 2018, which is just a few days away. However, reports suggest that Americans aren’t really feeling paying their crypto taxes as being just 3 days away from the end of tax season and only a small fraction of American residents have actually filed their cryptocurrency tax reports.

Continue Reading: https://coingape.com/are-you-paying-your-crypto-taxes/
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April 14, 2018, 02:36:05 PM
Last edit: April 14, 2018, 03:42:01 PM by Dilemmaremma
 #2

Many people don't know that you need to report capital gains and losses on like to like trades because cryptocurrency is labeled as property with the IRS.

Even fewer believe it has an impact because as a US citizen who isn't buying in from coinbase, how will the IRS know about their trades/fork gains/mining profits? Short term, they won't. But when you go to transfer crypto to fiat, the IRS will question how you got so much damn money if you haven't been reporting. Not to mention the IRS / Coinbase audit happened for the previous few years so they may change laws in the future that can be retroactively applied.

Unless you have plans to earn enough to move to an entirely different country, it would be in your best interest to swallow this pill now so it's not more difficult for you in the near to mid future.

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April 14, 2018, 02:38:40 PM
 #3

The last date of tax filing in the US is April 17, 2018, which is just a few days away. However, reports suggest that Americans aren’t really feeling paying their crypto taxes as being just 3 days away from the end of tax season and only a small fraction of American residents have actually filed their cryptocurrency tax reports.

Continue Reading: https://coingape.com/are-you-paying-your-crypto-taxes/


Well the reason possibly is the amount of bitcoin at their disposal. Those who have a huge amount of bitcoin at their possession would likely to pay their taxes while those who have small amount would not even dare to declare it. Eventually for us in Asia we cannot escape taxation since the moment we buy bitcoin and we convert bitcoin into our local fiat currency we are paying already the service fee which part of it goes to the government.
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April 14, 2018, 02:42:13 PM
 #4

The last date of tax filing in the US is April 17, 2018, which is just a few days away. However, reports suggest that Americans aren’t really feeling paying their crypto taxes as being just 3 days away from the end of tax season and only a small fraction of American residents have actually filed their cryptocurrency tax reports.

Continue Reading: https://coingape.com/are-you-paying-your-crypto-taxes/


Well the reason possibly is the amount of bitcoin at their disposal. Those who have a huge amount of bitcoin at their possession would likely to pay their taxes while those who have small amount would not even dare to declare it. Eventually for us in Asia we cannot escape taxation since the moment we buy bitcoin and we convert bitcoin into our local fiat currency we are paying already the service fee which part of it goes to the government.

that can be the reason, but expectations was high
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April 14, 2018, 02:43:15 PM
 #5

The last date of tax filing in the US is April 17, 2018, which is just a few days away. However, reports suggest that Americans aren’t really feeling paying their crypto taxes as being just 3 days away from the end of tax season and only a small fraction of American residents have actually filed their cryptocurrency tax reports.

Continue Reading: https://coingape.com/are-you-paying-your-crypto-taxes/
It depend where you live, how about law there. Many countries don't or can't track crypto assets to charge taxes.
even in place where law very strong like US they also can't tracking crypto assets or very hard to do. So in my opinion most of crypto people don't pay taxes but 30% will do taxes to avoid issued from law


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April 14, 2018, 02:46:58 PM
 #6

The last date of tax filing in the US is April 17, 2018, which is just a few days away. However, reports suggest that Americans aren’t really feeling paying their crypto taxes as being just 3 days away from the end of tax season and only a small fraction of American residents have actually filed their cryptocurrency tax reports.

Continue Reading: https://coingape.com/are-you-paying-your-crypto-taxes/

Many people are trying to cheat the system and I think this is kind of protest against the harsh ruling of various countries. However, in my opinion the risk is not worth taking as governments are very powerful and a common man can get in huge trouble for tax evasion on crypto investments .

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April 14, 2018, 02:47:22 PM
 #7

I have never ever declared or paid any taxes on crypto earnings and honestly can not see why I should? The idea of the crypto currencies is for example that we can get away from the tax system that takes a huge part of our work. To avoid misunderstoods, I am not against paying taxes at all, but I am against paying too much and 25 or even more percent income tax is too much as we also have to pay many other taxes. On top of it, our money loses its value every year caused by inflation!
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April 14, 2018, 02:48:30 PM
 #8

In my country, crypto taxes are not yet implemented by the government. But our constitution says that anything that used as an asset or income generation must be applied a tax, So, I think it is necessary to pay tax because cryptocurrency is a source of income for me.

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April 14, 2018, 02:49:36 PM
 #9

Yes, I am in the process of filing my income tax return and I am discussing with my taxation consultant about my financial transactions in the last financial year and he also asked me to provide information about gains from crypto industry. I have paid preliminary tax while cashing out my Bitcoins and now it is time to pay income tax according to the profits. However, it is something that I am doing for the first time as I was not eligible for minimum tax criteria until this year.

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April 14, 2018, 02:50:03 PM
 #10

Since our bitcoin wealth is not tracked by the government, i wouldn't pay any tax from it because in my country tax money is usually corrupted by the government Cheesy

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April 14, 2018, 02:55:31 PM
 #11

Since our bitcoin wealth is not tracked by the government, i wouldn't pay any tax from it because in my country tax money is usually corrupted by the government Cheesy
But that corruption only starts from you,if everyone think the same then country will be filled with corruption only,we no need to pay any taxes to the government as long as we are using bitcoin as bitcoin if we use it to buy something or when convert into fiat we need to pay taxes because it will be recorded on your bank records.

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April 14, 2018, 03:01:06 PM
 #12

I think the regulation about the crypto in the US still weak and have not the strong law decision. the reason is that the US government is too quick make the crypto regulations tax, and the government has not yet done the maximum socialization about crypto taxes to the public.

however, the US government will soon respond to this matter well, I'm sure everything will be back to normal, and the tax crypto will go well in USA .

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April 14, 2018, 03:01:59 PM
 #13

well that is only in US!
where i live there are to taxes on cryptocurrency trading and i am doing all my trades in a decentralized face to face way or i am only trading altcoins with my bitcoin which is keeping my privacy so i don't have to pay any taxes to begin with!

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April 14, 2018, 03:05:38 PM
 #14

The last date of tax filing in the US is April 17, 2018, which is just a few days away. However, reports suggest that Americans aren’t really feeling paying their crypto taxes as being just 3 days away from the end of tax season and only a small fraction of American residents have actually filed their cryptocurrency tax reports.

Continue Reading: https://coingape.com/are-you-paying-your-crypto-taxes/
I would say everyone should file their crypto currency tax report. Else they will be suffering more than they would have to spend. Read it somewhere that the worst case would be paying up to $250,000 USD fine and some time in prison. Why risk it?
Glad that tax season is almost over. We are about to see some rise on the price.


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April 14, 2018, 03:27:18 PM
 #15

In my country, crypto taxes are not yet implemented by the government. But our constitution says that anything that used as an asset or income generation must be applied a tax, So, I think it is necessary to pay tax because cryptocurrency is a source of income for me.

The US is definitely double dipping by labeling crypto as property. Trades are taxed AND withdrawing is taxed, but I think when crypto becomes more mainstream, they will revisit the idea. Those who hold the money make the rules, and in a world where crypto owners hold the money, taxation rules will inevitably change.

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April 14, 2018, 03:29:30 PM
 #16

I am from Pakistan and at this time there are no rules made by government about bitcoin earning taxes so at this time I am not paying but I am sure when the next Annual Budget will come there will be some laws created on bitcoin and other cryptocurrency and I am hoping they will add tax on all cryptocurrency earnings.
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April 14, 2018, 03:33:49 PM
 #17

For now I have never paid taxes from my earnings to work in Cryptocurrency, because our country has not yet applied the rules to pay income tax from Cryptocurrency. and if there is any regulation from the government to pay income tax from Cryptocurrency of course I will pay it.
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April 14, 2018, 03:39:04 PM
 #18

I am from Pakistan and at this time there are no rules made by government about bitcoin earning taxes so at this time I am not paying but I am sure when the next Annual Budget will come there will be some laws created on bitcoin and other cryptocurrency and I am hoping they will add tax on all cryptocurrency earnings.
First of all, I want to say you're wrong. In Russia, as in other countries, there is an income tax. If you change bitcoin to Fiat you are obliged to include this amount in taxes. But in Russia, poor monitoring the completeness of tax payment and it's easier to hide them. In America, everything is much more complicated. But I support Americans not to pay the state only for what it is. Taxes must be earned. I don't pay taxes either.
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April 14, 2018, 05:05:47 PM
 #19

And the issue is considered tax when transferring? Or do you mean any taxation of currencies? It seems to me virtual money or virtual currency, it is for that and virtual, so as not to be taxed.

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April 15, 2018, 06:30:32 AM
 #20

The last date of tax filing in the US is April 17, 2018, which is just a few days away. However, reports suggest that Americans aren’t really feeling paying their crypto taxes as being just 3 days away from the end of tax season and only a small fraction of American residents have actually filed their cryptocurrency tax reports.

Continue Reading: https://coingape.com/are-you-paying-your-crypto-taxes/
No , I am not paying tax for the earnings in cryptourrency because here nothing is clear in India about these things and also government of my country is not in favour to use cryptourrency and they made any rule to not to use bitcoin buy sell with the use of banking sector industries , so here it much complicated for us to use cryptourrency and legal and prope way .
Well here before the new rule in my country I was paying everything honestly but now I don't think it will be better for me to pay tax
Because at one side they restricted to use cryptourrency and at another side they are asking for the tax , so here a type of contraction is happening so why I will pay :/

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INITIAL COIN OFFERING
SEPTEMBER 30

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...READ THE....
.WHITEPAPER.



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