Tax Filing Season is approaching...

[Lucky Cris]

So if I understand correctly... there's potential to be taxed on "BTC income" or deposits made into your bank account from exchanges and such. Should this be a valid concern for those of us who cash out? If that's the case, are charitable donations deductible?

[1714815508]

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[1714815508]

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[poewerden]

So if I understand correctly... there's potential to be taxed on "BTC income" or deposits made into your bank account from exchanges and such. Should this be a valid concern for those of us who cash out? If that's the case, are charitable donations deductible?

Deposits made into your bank account from exchanges - deposits made into exchanges from your bank account = this income needs to be taxed. If you invest more than 1 year, this capital income doesnt need to be taxed in some countries

[bitmarket.io]

Just pour all your money in bit coins and call it a loss when filing taxes. Or just don't pay taxes. That's what I've been doing for years. !! 

[Lucky Cris]

Just pour all your money in bit coins and call it a loss when filing taxes. Or just don't pay taxes. That's what I've been doing for years. !! 

lol, too funny! I wondered if I could claim loss...lol

[Lucky Cris]

Deposits made into your bank account from exchanges - deposits made into exchanges from your bank account = this income needs to be taxed. If you invest more than 1 year, this capital income doesnt need to be taxed in some countries

Wait a minute... deposits INTO exchanges? Well, I'll b! But surely you can't be taxed for buying them from non exchange companies, right?   

[compro01]

Deposits made into your bank account from exchanges - deposits made into exchanges from your bank account = this income needs to be taxed. If you invest more than 1 year, this capital income doesnt need to be taxed in some countries

Wait a minute... deposits INTO exchanges? Well, I'll b! But surely you can't be taxed for buying them from non exchange companies, right?  

Read closer.  He's basically stating (Amount of bitcoin you've sold)-(amount of bitcoin you've bought)=amount of income/gain.

Here in Canada, any gains or losses from bitcoin trading is taxable like any other gains or losses from any other security.  Whether it's income or capital gains depends on how exactly you're going about trading.  Bulletin IT-479R explains the difference.

[Lucky Cris]

Deposits made into your bank account from exchanges - deposits made into exchanges from your bank account = this income needs to be taxed. If you invest more than 1 year, this capital income doesnt need to be taxed in some countries

Wait a minute... deposits INTO exchanges? Well, I'll b! But surely you can't be taxed for buying them from non exchange companies, right?   

Read closer.  He's basically stating (Amount of bitcoin you've sold)-(amount of bitcoin you've bought)=amount of income/gain.

Here in Canada, any gains or losses from bitcoin trading is taxable like any other gains or losses from any other security.  Whether it's income or capital gains depends on how exactly you're going about trading.  Bulletin IT-479R explains the difference.

doh! I read right over that formula, lol. Makes sense now, thanks!

[Haidang1796]

That'd be suck! BTC should never be taxed