Bitcoin Forum
July 16, 2018, 06:47:22 PM *
News: Latest stable version of Bitcoin Core: 0.16.1  [Torrent]. (New!)
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Taxes when many own the same wallet  (Read 788 times)
remotemass
Legendary
*
Offline Offline

Activity: 937
Merit: 1001



View Profile
January 28, 2014, 11:29:04 PM
 #1

Does it change anything in terms of gains you have to declare for taxes when many people own the same wallet?
What about if these people that own the same wallet live under different jurisdictions?

Would be great there was a torrent file of all referenced materials of the paper: "How to Build Time-Lock Encryption" by Tibor Jager. And having its magnet link published on bitcoin blockchain!
1531766842
Hero Member
*
Offline Offline

Posts: 1531766842

View Profile Personal Message (Offline)

Ignore
1531766842
Reply with quote  #2

1531766842
Report to moderator
1531766842
Hero Member
*
Offline Offline

Posts: 1531766842

View Profile Personal Message (Offline)

Ignore
1531766842
Reply with quote  #2

1531766842
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1531766842
Hero Member
*
Offline Offline

Posts: 1531766842

View Profile Personal Message (Offline)

Ignore
1531766842
Reply with quote  #2

1531766842
Report to moderator
1531766842
Hero Member
*
Offline Offline

Posts: 1531766842

View Profile Personal Message (Offline)

Ignore
1531766842
Reply with quote  #2

1531766842
Report to moderator
HairyMaclairy
Hero Member
*****
Online Online

Activity: 518
Merit: 518



View Profile
January 29, 2014, 12:45:59 AM
 #2

Certainly makes things more complicated than they need to be.  You will need to allocate tax liability to the owners in proportion to their respective ownership.  Won't be easy if you have to price every coin for CGT purposes.

This is not investment advice.  I have no idea what I am doing.
empoweoqwj
Hero Member
*****
Offline Offline

Activity: 518
Merit: 500


View Profile
January 29, 2014, 04:53:57 AM
 #3

Does it change anything in terms of gains you have to declare for taxes when many people own the same wallet?
What about if these people that own the same wallet live under different jurisdictions?

You don't get taxed on "amount stored in wallet". You have to declare what you own personally. And whether you get taxed on those BTC depends entirely where you live on this lovely planet.
hilariousandco
Lamborghini Member
Global Moderator
Legendary
*
Online Online

Activity: 1708
Merit: 1240


Donate4Lambo: 1G9KcU1snXzh9UW4M 7E1xVqfDyPfC2ELDU


View Profile
January 29, 2014, 05:45:53 PM
 #4

Won't you only pay taxes if he sell crypto into fiat?

The person who gets the fiat pays the taxes?

Yeah, at least in the UK you only have to pay tax when you sell it.

      ▄▄████████▄▄
   ▄████████████████▄
 ▄█████▀▀       ▀▀████                              
▄████▀            ████      ████                  ████
█████           ▄████▀     ████▌                 ▐████
█████           ▀▀▀▀      ▐████                  ████▌    ▄▄
 █████▄                  ▄█████████▀            ▐████   ▄███▀
   ▀█████▄▄        ▄▄███████████▀▀   ▄▄▄▄       ████  ▄███▀     ▄▄▄▄
      ▀███████▄    ▀████▀████▀     ▄████▀███   ▐███████▀▀    ▄███▀ ██▌
         ▀▀██████▄▄     ▐████    ▄████  ▐██▌   ███████     ▄███▀  ▄██▌
    ▄▄▄▄     ▀▀█████    ████    ▄███▀   ███   ▐███▌███    ▐████▄▄███▀
  █████▀▀      ▀████▌  ▐████    ████   ▄███   ████ ▐███   ████
 ████▀          ████▌  ▐████▄▄██████▄▄█████▄▄█████  ▀███  ▀████▄▄▄▄██           ▄████▄  ▄████▄  ██▄██▄██▄
████▌          █████    ▀████▀▀  ▀████▀  ▀██▀ ███▀   ▀███   ▀▀████▀▀           ██▀     ██▀  ▀██ ██  ██  ██
████▄       ▄▄████▀                                   ▀███▄▄      ▄▄██  ▄████▄ ██▄     ██▄  ▄██ ██  ██  ██
 ██████████████▀▀                                       ▀▀█████████▀▀   ▀████▀  ▀████▀  ▀████▀  ██  ██  ██
   ▀██████▀▀▀



▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬
The Bitcoin Casino
▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬
▄▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄
█                         █
█       ██                █
█      █▄▄█               █
█     █▀  ▀█              █
█                         █
█       ▄▄                █
█     ▄████▄              █
█   ▄████████▄            █
█   ▀████████▀            █
█     ▀████▀              █
█       ▀▀                █
█                         █
█                         █
█                         █
█                         █
▀▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀
▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬ ▮█▮
Provably fair
Free faucet

▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬ ▮█▮
▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬
12 exclusive games
And many more...

▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬ ▮█▮ ▬▬▬▬▬▬



                ▄▄
               ▄▀▀
               ▀█
      █▀▄  ▄▄▄▄█▀▀█▄▄ ▄▀█
      █  ▀▀          ▀  █
      █▌        ██▌ █   █▌
      ▐█       ▐█████   ▐█ ▄▄ ▄▄▄
      █▌        ▀▀▀▀     █ █ ▀   █
      █       ▀▄▄▄▄▄▀     ▀    ▄▀
      █         ▀▀           ▄▀
     ▄▀                    ▄▀
   ▄▀                     █
 ▄▀                       █
█   █▄█                   █
 ▀▀▀  █       ▄▄▄▄▄       █
      █       █   █       █
      ▀▄▄▄▄▄▄▄▀   ▀▄▄▄▄▄▄▄▀
Timerondsc
Jr. Member
*
Offline Offline

Activity: 210
Merit: 0

WINSTARS - We are changing the face of gambling


View Profile
March 04, 2014, 06:04:23 PM
 #5

I don't quite understand how a few people can own the same wallet

▰▰▰▰ WINSTARS ▰▰▰▰
We are changing the face of gambling
https://winstars.io/
bitcointaxes
Member
**
Offline Offline

Activity: 60
Merit: 10


View Profile WWW
March 05, 2014, 12:12:48 AM
 #6

Yeah, at least in the UK you only have to pay tax when you sell it.

This varies by country.

For instance, in the US you are due to pay CGT on a tax-event, which can be selling into fiat, trading into alt-coins or spending.

This is also true in the UK if your original intention was as an investment. It's a new and grey area, but you won't get a free CG ride for long.

OP: You will need to work out each person's coins and the coin's cost basis, and then you can calculate the gains when they are spent or sold. Until then, depending on your country, you don't need to do anything.

https://bitcoin.tax - calculate taxes for Bitcoin and digital-currencies
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!