Do people have to pay taxes on Bitcoin?

[Dreamchaser21]

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?

Most of the bitcoin traders will not prepared to pay tax.We are already paying tax for our real job.So I don't want to pay tax twice for my single salary.Most of the people will inverse their salary in bitcoin trading.They won't like to pay tax for the investment in bitcoin and cryptocurrency.

People don't want to pay taxes of course, but we must understand that our government need this so we can survive in the future. If the Law requires you to pay taxes then so be it, for me this is a good decision by the U.S instead of banning this technology. The only problem with tax collection is the corrupt collector, the rest their purpose if great.

[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?

Most of the bitcoin traders will not prepared to pay tax.We are already paying tax for our real job.So I don't want to pay tax twice for my single salary.Most of the people will inverse their salary in bitcoin trading.They won't like to pay tax for the investment in bitcoin and cryptocurrency.

People don't want to pay taxes of course, but we must understand that our government need this so we can survive in the future. If the Law requires you to pay taxes then so be it, for me this is a good decision by the U.S instead of banning this technology. The only problem with tax collection is the corrupt collector, the rest their purpose if great.

Yes, it is true that there are few corrupt personnel in the tax department but we don't have choice. We can not ignore paying tax in the name of some corrupt people. We have to cope up with this system for the shake of poor people.

[supermine]

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?

Most of the bitcoin traders will not prepared to pay tax.We are already paying tax for our real job.So I don't want to pay tax twice for my single salary.Most of the people will inverse their salary in bitcoin trading.They won't like to pay tax for the investment in bitcoin and cryptocurrency.

People don't want to pay taxes of course, but we must understand that our government need this so we can survive in the future. If the Law requires you to pay taxes then so be it, for me this is a good decision by the U.S instead of banning this technology. The only problem with tax collection is the corrupt collector, the rest their purpose if great.

Yes, it is true that there are few corrupt personnel in the tax department but we don't have choice. We can not ignore paying tax in the name of some corrupt people. We have to cope up with this system for the shake of poor people.

We like it or not the taxation system,we should pay the taxes to the governments or we will be considered as criminals in the face of government.But most of the countirs don't have the tax for bitcoin but we all need to pay the income taxes for the governments.But it is still annoying that our taxes were just go to the pockets of the corrupted politicians so we need to pick the right leaders next time we can't escape by using some other criminal name.

[argus312]

The bitcoin was not created for taxation and was thought of as a decentralized system, it's already America that begins to smell to replenish its budget!

[1Referee]

The bitcoin was not created for taxation and was thought of as a decentralized system

Bitcoin also wasn't meant to heavily speculate with, but it happens. Why? Because people are greedy. Governments are greedy as well; they don't care when you are using it, how you are using it, and for what purpose you are using it, they just want you to pay your due taxes, and to locate your wealth and cash flows.

it's already America that begins to smell to replenish its budget!

All governments do that. Do you seriously think that Japan's friendly Bitcoin regulations are implemented to stimulate Bitcoin itself? Their main incentive is to scoop up billions and billions of tax income they otherwise wouldn't have. In other words, whether it concerns people here or governments, the main incentive is to fill up our pockets. It's something we have to accept since there is nothing that you can do about it. Just move on.

[imrul5]

The bitcoin was not created for taxation and was thought of as a decentralized system

Bitcoin also wasn't meant to heavily speculate with, but it happens. Why? Because people are greedy. Governments are greedy as well; they don't care when you are using it, how you are using it, and for what purpose you are using it, they just want you to pay your due taxes, and to locate your wealth and cash flows.

it's already America that begins to smell to replenish its budget!

All governments do that. Do you seriously think that Japan's friendly Bitcoin regulations are implemented to stimulate Bitcoin itself? Their main incentive is to scoop up billions and billions of tax income they otherwise wouldn't have. In other words, whether it concerns people here or governments, the main incentive is to fill up our pockets. It's something we have to accept since there is nothing that you can do about it. Just move on.

In this material world nothing is free. So, we should never expect a thing for free from others.  But taxation is a system by which rich people can help poor people.

[btc-facebook]

....
I don't understand how tax snatched our freedom.  Only we can help poor people by paying tax to the government.

If government want to legalize bitcoin, that's the only way.
Remember by paying tax, we also help our country generate revenue. But if you dislike to pay tax , there is a big chance for government to not legalize in the future that will impact on bitcoin demand !

[Kingofbitcoin12345]

I’m not surprised by the United state to implement taxation on bitcoin and I’m not against this as a matter of fact I’m supporting this actions for helping our countries economically..

Right now,, my country doesn’t have laws regarding bitcoin and no existing policy for any regulation of cryptocurrency..

[anton201890]

нeт

[Greenkarki]

It purely depends upon your countries laws. Many countries now accepted bitcoin as legal but without taxes. Only trading exchanges collect the transaction charges from the people who change the bitcoin to local fiat or buying bitcoin. According to my knowledge there is no tax collect for bitcoin, maybe iam not aware of this rules. In my country people are using bitcoin without any tax.

[darkangel11]

I’m not surprised by the United state to implement taxation on bitcoin and I’m not against this as a matter of fact I’m supporting this actions for helping our countries economically..

So you're naive enough to believe that the taxes they pay on crypto transactions are supporting the country.
If they would really want thriving economy they wouldn't impose income taxes in the first place as people's gains end up boosting the economy anyway. To make it simple: wealthy people buy a lot of expensive things, they like to spend. They eat in restaurants, buy cars, houses, alcohol, jewelry. They go to the cinema, theatre, concerts.
Poor people who are drained by taxes don't do that. They buy cheapest food, walk or use public transport, and spend their free time at home, watching tv.

[Kingofbitcoin12345]

I’m not surprised by the United state to implement taxation on bitcoin and I’m not against this as a matter of fact I’m supporting this actions for helping our countries economically..

So you're naive enough to believe that the taxes they pay on crypto transactions are supporting the country.
If they would really want thriving economy they wouldn't impose income taxes in the first place as people's gains end up boosting the economy anyway. To make it simple: wealthy people buy a lot of expensive things, they like to spend. They eat in restaurants, buy cars, houses, alcohol, jewelry. They go to the cinema, theatre, concerts.
Poor people who are drained by taxes don't do that. They buy cheapest food, walk or use public transport, and spend their free time at home, watching tv.

So you mean that all our taxes goes to corrupt officials then I’m not the one being naive and it’s you.. You being harsh to someone’s opinion is giving me the perception that all legendary member are like you,, generalisation is your end game..

Now if you totally disagree about a law in taxation then better not paying them and let see if BIR might knock in your door.. Don’t buy goods that has tax on it as a way of protest.. I know you can’t..

[imrul5]

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.

It is true that there are many countries where BTC is not legal yet. So, users of that countries don't have to pay tax. But there are lots of countries where bitcoin is legal and still they don't  need to pay taxes on BTC as well as other cryptocurrency. My question, should we pay tax on BTC transactions in the countries where BTC is legal?

[DeadCoin]

Paying tax is depends upon the country which you resides.  Bitcoin has been legalized by many countries recently. But they are allowed people to use bitcoin in their without any tax. At the same time few countries accept bitcoin as legal but with some rules and regulations. So in your country your government ask to pay tax means then you have to pay it. No wrong in that, i think most countries accept bitcoin as legal but without any tax only.

[darkangel11]

I’m not surprised by the United state to implement taxation on bitcoin and I’m not against this as a matter of fact I’m supporting this actions for helping our countries economically..

So you're naive enough to believe that the taxes they pay on crypto transactions are supporting the country.
If they would really want thriving economy they wouldn't impose income taxes in the first place as people's gains end up boosting the economy anyway. To make it simple: wealthy people buy a lot of expensive things, they like to spend. They eat in restaurants, buy cars, houses, alcohol, jewelry. They go to the cinema, theatre, concerts.
Poor people who are drained by taxes don't do that. They buy cheapest food, walk or use public transport, and spend their free time at home, watching tv.

So you mean that all our taxes goes to corrupt officials then I’m not the one being naive and it’s you.. You being harsh to someone’s opinion is giving me the perception that all legendary member are like you,, generalisation is your end game..

Now if you totally disagree about a law in taxation then better not paying them and let see if BIR might knock in your door.. Don’t buy goods that has tax on it as a way of protest.. I know you can’t..

Where did you see the word "all" in my sentence? Maybe a small amount is, but it's so insignificant and laughable that it doesn't really justify the system.
Taxes that you'll pay on your crypto gains won't help the country in any way, thinking that is naive and I'm sorry that you felt offended by this or that I was being harsh. Think about what I wrote again and decide whether that was really offensive or that it had anything to do with generalization.
I also see that you don't see the difference between income/capital gains taxes and the rest of it like VAT excise, duty, and so on. I'm against the former and believe that it doesn't do anything good for the economy, on the contrary, it slows it down.

Let me paraphrase your last sentence: It doesn't matter if you disagree with government's policy. Better shut your mouth or they will knock on your door and threaten you. Is that really your attitude?

[MoonJeina]

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?

Yes , many countries which has legalized bitcoin and other crypto currencies has also regulated it in a way of imposing a tax on the transactions just like fiat .
This is a policy that government has to follow to maintain the flow and record of the money an individual is making .
Moreover , it is just a way of acceptance by the authorities which is needed .

[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?

Yes , many countries which has legalized bitcoin and other crypto currencies has also regulated it in a way of imposing a tax on the transactions just like fiat .
This is a policy that government has to follow to maintain the flow and record of the money an individual is making .
Moreover , it is just a way of acceptance by the authorities which is needed .

Paying tax on BTC, is a win win situation for us. There are some countries which do not want to legalise the bitcoin. So, they are deprived of getting tax. If they want to get more tax then they can legalise the BTC also BTC will get new market.

[akila1994]

I don't think have to pay taxes on Bitcoin. In our country no need to pay taxes on Bitcoin.

[Kingofbitcoin12345]

I’m not surprised by the United state to implement taxation on bitcoin and I’m not against this as a matter of fact I’m supporting this actions for helping our countries economically..

So you're naive enough to believe that the taxes they pay on crypto transactions are supporting the country.
If they would really want thriving economy they wouldn't impose income taxes in the first place as people's gains end up boosting the economy anyway. To make it simple: wealthy people buy a lot of expensive things, they like to spend. They eat in restaurants, buy cars, houses, alcohol, jewelry. They go to the cinema, theatre, concerts.
Poor people who are drained by taxes don't do that. They buy cheapest food, walk or use public transport, and spend their free time at home, watching tv.

So you mean that all our taxes goes to corrupt officials then I’m not the one being naive and it’s you.. You being harsh to someone’s opinion is giving me the perception that all legendary member are like you,, generalisation is your end game..

Now if you totally disagree about a law in taxation then better not paying them and let see if BIR might knock in your door.. Don’t buy goods that has tax on it as a way of protest.. I know you can’t..

Where did you see the word "all" in my sentence? Maybe a small amount is, but it's so insignificant and laughable that it doesn't really justify the system.
Taxes that you'll pay on your crypto gains won't help the country in any way, thinking that is naive and I'm sorry that you felt offended by this or that I was being harsh. Think about what I wrote again and decide whether that was really offensive or that it had anything to do with generalization.
I also see that you don't see the difference between income/capital gains taxes and the rest of it like VAT excise, duty, and so on. I'm against the former and believe that it doesn't do anything good for the economy, on the contrary, it slows it down.

Let me paraphrase your last sentence: It doesn't matter if you disagree with government's policy. Better shut your mouth or they will knock on your door and threaten you. Is that really your attitude?

Your talking about government officials having a lavish lifestyle and think that those taxes goes there and that’s loud and clear.. Unless your living in a communist country then that sad because I’m not.. We elected representatives to decide and vote for our laws and following it is our responsibility as a citizen..

Let me end this here.. I’m not perfect,, same with our government and its people,, but if a hundreds of them voted by million of our people think and decide that this policy//taxation is right to help my country then who am I to oppose it..

[freaker]

Bitcoin is stored in your private wallet or at exchange wallet where government can't track the records of your saving which means that if government doesn't know about your money then why will you pay taxes on that service on the other hand if you withdraw the money into your bank account then you may need to pay taxes according to laws in your country as laws for taxes are quite different in every country.