Are You Paying Your Crypto Taxes? A Recent Study Suggests Otherwise

[ylnar123]

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 as the government only take taxes to those announced taxable goods and belongings. So some citizens tend to be anonymous than announce they have crypto earnings. As crypto has a feature of anonymity which they can use to avoid tax without even known.

[jcarlo]

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 think if we want to regulate bitcoin trade, we should paying taxes for our bitcoin. Bitcoin right now is like an assets and regulation said that assets should pay taxes. I think paying taxes will be good for cryptomarket in the future because thats mean government recognize bitcoin trading

[meanwords]

Depending on the country you live in, you either have to pay your taxes or not. Most part of the Asia like the Philippines is still doesn't that much regulations to tax Bitcoin. Actually, stores here accept Bitcoin as payment now, there are even actually stores that exchange Bitcoin to real fiat not in the internet. But I think one day cryptocurrency would be regulated and taxed because more people are more likely to use it in the future. I hope it wasn't harsh though.

[bitbunnny]

This is depending on the country you live. Not every country has the regulations regarding cryptocurrencies and how they treat them. But in most countries that regulate Bitcoin you don't have to pay taxes on Bitcoin itself, so if you just keep it in your wallet but you have to pay taxes on transactions, so when you exchange it for fiat or if you are registered trader like on localbitcoins.
In fact you have to pay the taxes only if you are doing some kind of business with Bitcoin.

[Veterock]

Thank God in my country there is no legislation that regulates crypto currency !! No taxes!

[LeGaulois]

Like any income, Bitcoin should also be reported as an income. What most people didn't keep is a record of bank transaction they used to buy crypto (fiat>>crypto) Depending on the country it can be a huge error. I keep track of everything, I can't afford to have a problem with the taxes dept.

[ajochems]

Upto now,I had not payed any taxes for cryptocurrency. Because Bitcoin is used as a asset in my country.Even I had my saving in bitcoin, I know the price of bitcoin will reach 30,000$ by this year end.Who say No to the additional dollars. If you have a habit of holding the bitcoin, you will get more dollars in one day.

[Veterock]

I'm very glad that in my country there are no laws that regulate crypto-currencies)

[jonathancool220]

maybe they have Bitcoin less 0.1 satoshi, so it looks like it's very small for taxable.

but I also know less about taxes for Cryptocurrency, because in my country there is no tax for crypto

hopefully in the future his government can better review again to better about Bitcoin and its other Altcoins.

[taxmanmt5]

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/

This is only for the people living in the US and i am sure most of them will pay this crypto tax. Experts are of the view that bitcoin price is also down because of this tax which was due on US citizens on 17 April. Once that is gone, people now are heavily buying  bitcoins and price will again begin to rise sharply.

[toreserve]

I', paying my Crypto Taxes but It's depends on your country's law that you should give the decision

[Bitdressa]

I would agree that there is no such thing as tax in bitcoin, if this is taxed then other users will be disturbed in terms of payment and also in the case of good and true business.

[zoeylee]

In my opinion, it depends on a country if they are regulating crypto. As far as i know, the government has not regulating it yet. They have no rights to to ask for any tax payment. Even in our country, the government has no power over crypto. If time would come that cryto would be centralized then people are oblige to pay taxes.

[hardtime]

This is like anything else, people feel that they're not going to get caught and that they're above the law. Yes, some of you may be able to make it out and not have to pay any taxes -- but you're not going to be able to show this money ever. So, if you don't pay taxes on the capital gains that you incurred with Bitcoin you're going to be screwed if you want to buy a house with the money, or a car, (and so on and so forth) While it does suck to have to pay your taxes, you're going to have to or you're going to risk an audit that could really screw you with penalties.

In my opinion, it depends on a country if they are regulating crypto. As far as i know, the government has not regulating it yet. They have no rights to to ask for any tax payment. Even in our country, the government has no power over crypto. If time would come that cryto would be centralized then people are oblige to pay taxes.

Not true, most (if not all countries) have capital gains tax that Crypto gains are going to apply too.

I would agree that there is no such thing as tax in bitcoin, if this is taxed then other users will be disturbed in terms of payment and also in the case of good and true business.

This makes no sense, just because there is no specific tax doesn't mean former taxes (such as capital gains) don't apply.