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

[greeklogos]

Sorry, I am from Serbia and I do not understand the tax system in the US. Here we have a tax cut on our salaries directly, so I do not have any dead line or something to pay taxes from my official profit. And towards crypto profit the government still did not decided what exactly to do with that here, as usual they are waiting what EU will say and what strategy EU will take about crypto profit taxation.
So here is my question: if there were people who paid taxes from their crypto profit, then they must be calculated the price for crypto in that concrete moment and paid in dollars, right? or how?

[-Sinner-]

Don't pay taxes on Crypto! Government doesn't own bitcoin, they pay you if you lose money on Crypto? No! So why should you pay if you earn? This is a no sense story.

[southafricadude]

If you are holding, and not cashing out your bitcoin, then you cannot be taxed on it right?
What happens if you are paid in bitcoin, and spend bitcoin?

The way I understand it, the government wants to tax you on the fiat money you get from crypto, so if you do not cash out, surely that means no tax?

What happens if you have a bitcoin debit card for every day transactions in the real world?
I have a bitcoin debit card that is not even issued in the country that I live in. How does tax work in this case?
I have heard that at the moment you do a trade, and your bitcoin is converted to fiat, there is a tax that then needs to be paid, so how does that work with a debit card that is issued in a foreign country?

What happens if you are a miner earning bitcoin. If you invested dollars to buy X amount of bitcoin, and have a loss due to the price decline, can you claim your losses?

[chalbinov]

It seems that people are either for or against paying taxes on their crypto if their government considers it as a taxable asset. The latter may be for a few different reasons. For one some believe that if your BTC wealth cannot be tracked unless it is then converted to fiat for cash or a physical good that is then expected to be reported as an asset. Others are riding the wave of BTC liberating us from the confines of controlled currency, against further supporting them by paying taxes. For those for promoting the payment of tax, they only seem support the idea of keeping a vital country through tax payments. And some have made the intelligent remark that we are being overtaxed (as Americans) and our tax money is misspent.   

[brickafterbrickwalldpt]

The tax law in my country is quite complex and many people have not idea how much tax they should pay for their crypto. Some people think that they have to pay for every crypto transaction they have ever made which is something ridiculous. Since I didn't sell any of my BTC, I am not going to pay any tax for it. It's simple, isn't it? It's a good thing that it's impossible for the government to tell have much exactly money I own in cryptocurrencies. I am a bit afraid that they might try to discourage investors from buying Bitcoin by applying huge taxes.

[pxo.011]

well no, and bitcoin user here in the philippines is not issuing to pay taxes in their income profit in bitcoin but i may pay some charges to block chain i thought that is enough how ever we are not paying taxes yet and i hope that we dont need to do that

[FUD Expert]

well no, and bitcoin user here in the philippines is not issuing to pay taxes in their income profit in bitcoin but i may pay some charges to block chain i thought that is enough how ever we are not paying taxes yet and i hope that we dont need to do that

Exactly. The transactions are sometimes very heavy especially when bitcoin was soaring in December so why not tax the miners because that is where all the costs of transactions go to.

[jmaresca]

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 had a decent tax bill this year due to crypto however I rather pay my taxes for piece of mind. Greed doesn't payoff.

[Crypdon]

If you buy from big exchanges like coinbase and binance then one day you will have a hefty tax bill. Better off looking at decentralised exchanges and focus on privacy coins. Look at BISQ and pick out some anonymous coins to stay under the radar

[PawanAggarwal]

It is illegal to trade in cryptocurrency without paying the taxes. suggestion to pay taxes on income from this trade.

[allycn]

My country doesn't have cryptocurrency tax regulations yet, but they do have taxes for investments, etc. Since I haven't reached the bracket to report I have not reported them yet, but when / if I get there I will be sure to do so because if I ever want to convert those earnings to fiat and transfer them to a bank account here there will be a lot of questioning.

[dothebeats]

I would if we have such kind of laws, but in the meantime, the government is focused on eliminating fraudulent activities that uses the word "cryptocurrency" on their advertised services. Frankly, our BIR would not know for certain who evades taxes in an instant, but once they noticed that your lifestyle changed vastly and you managed to buy expensive things, they would soon start to conduct an investigation and your local bank provider would likely cooperate and send red flags if they see any. The best thing to do is just comply so as not to face life behind bars once you get caught.

[leavolnhals]

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/

In my personal opinion, I think this is a correct view. Because the US government has not intervened in any illegal activities involving the Crypto market, so they will not receive any taxes from investors.
Unless they protect investors by law and handle fraud, they can be taxed.

[vazarii]

I am paying taxes on my crypto earnings. There is no way to avoid it as government is especially after defaulters in my country and sending them legal notices.

[badem]

In Austria you dont pay taxes if you hold them longer than 1 year. As I dont plan to trade but hold, I dont need to pay any special taxes for it
I believe its the same for germany.

[superstarbtc]

yes in india we are paying crypto taxes  on time to avoid penalty we cant avoid taxes in india

[neerajimittal]

I would say everyone should file their crypto currency tax report. But in Russia, poor monitoring the completeness of tax payment and it's easier to hide them.

[Ausgewielt]

There is no certain bitcoin tax regulations in my country, bitcoin is not banned or accepted as currency or asset, my country let's their citizens to use bitcoin but if there is any problems then my country will not get involved.

[cryptorTUX]

Of course not what sis you expect? If there is the way to go around taxes I don't see any reason why wouldn't I use this way and thus escape paying taxes. To pay taxes to government which already has enough is ludicrous,  specially with using crypto. Don't remember that they can only try to make you to pay taxes but they surley can't find out the exact amount if you are good with hiding. I love crypto because with it it is relatively easy to evade taxes which is great. More money for us, no one is stealing more and I am not obligated to pay and go to jail if I don't pay. Where's the freedom.

[bolbau]

until now I have never reported and paid my income tax from cryptocurrency, and I do not feel that it is necessary. in my country, cryptocurrency is still a very strange thing, even the government has not been able to provide regulation-related policies and future cryptocurrency in this country. the results of the G20 meeting yesterday also proved that my country is still in a neutral position. I will not pay any cryptocurrency tax until there is a clear statement or regulation and law from the government