Do people have to pay taxes on Bitcoin?

[imrul5]

Tax law is dependent on your country and locality. Recently in the United States, the IRS has declared that Bitcoin is to be treated as property, not currency, for tax purposes. All income in the US is taxed, regardless of what form it takes. If you’re paid in bitcoins, you’re supposed to pay taxes on your earnings at the BTC/USD exchange rate when you receive payment.

Is it a good decision or bad?

[kulsuma]

Mainly it deepens but for online goods you don’t need to pay taxes based on this btc is increasing day by day also many govt. are accepting this coin warmly also this have good future value and pay lots of profit to their customers and we can do many things with this currency.

[angeltee]

Bitcoin is not designed for taxes to be paid on it. I beleive the best for government maybe to tax bitcoin users and make it more popular. Just that the charges should be considerate and proportional to the excesses.

[roadwell890]

I never pay taxes using Bitcoin, here the cryptocurrency assets have not been set in the law
although it has value, but it is what makes people in Indonesia afraid of the risks of bitcoin that could make a person poor quickly
Essentially, I have not paid taxes using Bitcoin

[Sihab76]

No. Bitcoin taxes depends on government permission and legality. Some countries don't permit bitcoin as legally so there taxes not count.

[Limar0]

We don't pay taxes in every transactions made here in our country.I believe service charge were only taken during transactions made.I don't think in some countries if bitcoin is taxable or not but I guess some countries are already paying taxes on bitcoins.

[batang_bitcoin]

Is it a good decision or bad?

Taking part of the economy by paying tax is always a good decision. Why would you evade your tax if you are earning good with bitcoin?

There are countries has no clear regulations about bitcoin but they don't ban it so you can voluntarily declare your tax income to the government and tell them that it came from bitcoin.

Declare how much you've earned and they'll calculate the tax.

[crypto_nd]

The whole need for bitcoin is to be task free. Government will always find a way to task everything you own.
For all i know is that you can only be task on things that are ascribed to you.
IMO task or no task it doesn't matter, the fact is cryptocurrency is not design to be tasked.

[tegarp90]

Tax law is dependent on your country and locality. Recently in the United States, the IRS has declared that Bitcoin is to be treated as property, not currency, for tax purposes. All income in the US is taxed, regardless of what form it takes. If you’re paid in bitcoins, you’re supposed to pay taxes on your earnings at the BTC/USD exchange rate when you receive payment.

Is it a good decision or bad?

In Indonesia bitcoin is banned but there are a regulation for paying tax from earning bitcoins, but the government can't track em, so people mostly not paying tax and hiding their wealth to bitcoin.

[salinagomez]

Well, I think it is not a bad decision. Giving tax is not bad at all. Tax is good for a nation and if people pay tax for BTC the government will also remain silent and the investor will be able to do business nicely in a good manner.

[Lancusters]

Well, I think it is not a bad decision. Giving tax is not bad at all. Tax is good for a nation and if people pay tax for BTC the government will also remain silent and the investor will be able to do business nicely in a good manner.

I don't agree with you. Governments owe nothing to people who voluntarily pay taxes. We all pay taxes in Fiat and that we live better from it? I think we need a different tactic. Governments should offer better living and business conditions. Only after that you can pay taxes. Practice shows that the government does not want to do anything without pressure from the people.

[angelfaria]

I don't think they have to because it does have any presents in the real world every thing is online based, I don't think any country goverment still demaded tax over electronic currency, so no taxes are need because the holder will never able to convert it in to real money

[GaryCynthia]

It can be good as there will hardly be any security issue if that happens. Besides, the demand may also get increased due to this.

[Ridwan Fauzi]

If the government provides a positive contribution to the development of cryptocurrency I would strongly agree, this reason will make other countries that prohibit the use of cryptocurrency will at least rearrange in response to the problems that will arise. But if the government can not make a good contribution to cryptocurrency, in other words they only receive income from taxes alone I think it is the worst idea and only a fool will accept.

[Oilacris]

Tax law is dependent on your country and locality. Recently in the United States, the IRS has declared that Bitcoin is to be treated as property, not currency, for tax purposes. All income in the US is taxed, regardless of what form it takes. If you’re paid in bitcoins, you’re supposed to pay taxes on your earnings at the BTC/USD exchange rate when you receive payment.

Is it a good decision or bad?

Making bitcoin as a property to get tax from it? Well government can really make their own laws if they do want to. In general sense if we do talk about tax then its good for the economy since this is the thing do helps out to give out progress and development on a certain place which i do consider it on having a big role on entire aspect and as a citizen we are obliged to pay but since we do talk about bitcoin taxes then if its said so then you should follow if you dont like to experience problems later on.

Tax law is dependent on your country and locality. Recently in the United States, the IRS has declared that Bitcoin is to be treated as property, not currency, for tax purposes. All income in the US is taxed, regardless of what form it takes. If you’re paid in bitcoins, you’re supposed to pay taxes on your earnings at the BTC/USD exchange rate when you receive payment.

Is it a good decision or bad?

In Indonesia bitcoin is banned but there are a regulation for paying tax from earning bitcoins, but the government can't track em, so people mostly not paying tax and hiding their wealth to bitcoin.

Thats the beauty of it where we can hide of ourselves from authorities when using up crypto as long you arent using exchangers or local wallet providers then you can really hide out yourself.

[BitHodler]

Bitcoin isn't an escape from tax. Quite some people believe that the lack of regulations means they are exempt from paying tax, but thats just nonsense. Legally all income is taxable. It's however up to the people to declare it.

If you are confident that everything you do and earn remains under the radar, then feel free not not pay any tax. What the government doesn't know won't harm you. Don't financially support them when it isn't necessary.

If your information is logged and saved on servers (exchange servers for example) for ever, then not paying tax will result in more problems than when you would have paid. Coinbase's IRS case speaks for itself.

[imrul5]

Bitcoin isn't an escape from tax. Quite some people believe that the lack of regulations means they are exempt from paying tax, but thats just nonsense. Legally all income is taxable. It's however up to the people to declare it.

If you are confident that everything you do and earn remains under the radar, then feel free not not pay any tax. What the government doesn't know won't harm you. Don't financially support them when it isn't necessary.

If your information is logged and saved on servers (exchange servers for example) for ever, then not paying tax will result in more problems than when you would have paid. Coinbase's IRS case speaks for itself.

Yes, this is correct.  No one escape from paying tax in terms of transacting the BTC . Other government also should impose proper regulations on BTC transactions.

[sheenshane]

Tax law is dependent on your country and locality. Recently in the United States, the IRS has declared that Bitcoin is to be treated as property, not currency, for tax purposes. All income in the US is taxed, regardless of what form it takes. If you’re paid in bitcoins, you’re supposed to pay taxes on your earnings at the BTC/USD exchange rate when you receive payment.

Is it a good decision or bad?

A lot of thread asking paying tax is good or not, well, on my own if you are in the US you could not escape from paying tax because of that's our obligation to pay for the sake of our economic growth. In paying a small amount you contributed to the development in your country and USA now is the most powerful among all countries.
So, your question if it is good or bad for me, it is good otherwise it is helping as well.

[ahmadbhatti]

No Bitcoin is independence currency and many countries considered it an illegal so Bitcoin taxes depends on government permission and legality. Some countries don't permit bitcoin as legally so there taxes not count.

[marielbeckham]

I consider that it would be a right decision.