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Author Topic: Income tax on bitcoin profits?  (Read 4810 times)
Hyena
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December 05, 2013, 10:52:23 AM
 #21

Thanks everyone for really great posts. I'm not going to quote you all so here's a general reply:

I might at some point move out from Estonia but I'm not yet sure to where as I don't see it as a near future yet. But my friend wants to move to Thailand for real one day so maybe I will let it influence me, although I like cold climates.

Also, I'm thinking of cashing out only a small fraction of my bitcoin holdings to buy an apartment and a car. This means that I am going to pay the income tax on just the bitcoins I cash out and not all of them which is a really pathetic sum of money in comparison to the whole stash.

One of the options that came to my mind is getting a job and taking a loan for 20 years like many people do. I am sure that Bitcoin rises even farther than what is my cashing-out-a-bit point, thus paying the interest on the loan would actually save me a lot of bitcoins. But then again, I really hate banks and wouldn't want to support their system by taking a loan.

Don't get me wrong as if I was not rebellious for the current system. I am but I also seek for the most rational solution. So, sooner or later I would have to explain where did I get the money to buy an apartment. In that sense I think it's wiser to pay the maffia their share. It's just one apartment and I think of the money they get as a donation to some of the good stuff the government does.

I totally agree that the current taxation and government system sucks. Also software patents shouldn't be given out, this is so deep bullshit like taking a patent on mathematics Cheesy. However, I have no idea how this could be changed. Ideally every tax payer should have a choice where to send the money and the government should be somehow decentralized. I suspect that I came to be in this time-space combination segment starting from 1989 to destroy the old system but not so much to rebuild a new one Cheesy

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JohanM
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December 05, 2013, 05:38:47 PM
 #22

Income tax in Belgium is 55% in the highest scale.
But... capital gains tax is 0%.

This effectively means that on bitcoins you pay 0% when cashing
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December 05, 2013, 08:40:32 PM
 #23

Income tax in Belgium is 55% in the highest scale.
But... capital gains tax is 0%.

This effectively means that on bitcoins you pay 0% when cashing

I don't know if we have such thing as capital gains tax in Estonia. Seems that we only have income tax so profits from investments would be subject to income taxing.

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