Do people have to pay taxes on Bitcoin?

[Greenkarki]

It purely depends upon the country which you live. Because as far as i know there is no tax for bitcoin. If the government announced to pay tax means then you have to  pay only. Paying tax is good for economic growth of the country. Once it is legalized by government then automatically tax will be compulsory. At the same time U.S. government collect tax from the people for bitcoin.

[richardsNY]

It purely depends upon the country which you live. Because as far as i know there is no tax for bitcoin. If the government announced to pay tax means then you have to  pay only. Paying tax is good for economic growth of the country. Once it is legalized by government then automatically tax will be compulsory. At the same time U.S. government collect tax from the people for bitcoin.

How difficult it is to understand that Bitcoin doesn't need to be legalized or categorized in order for people to pay tax over their crypto holdings and profits? It's a common misconception that will end up making people run into legal problems with how they use their exchange for trading and storage purposes. It won't take long before governments will make sure that every centralized exchange shares user data on a daily or weekly basis with them. It's a threat not many people think about, but it's going to happen, and maybe it has already happened but we don't know it yet....

[jhongzjhong]

It purely depends upon the country which you live. Because as far as i know there is no tax for bitcoin. If the government announced to pay tax means then you have to  pay only. Paying tax is good for economic growth of the country. Once it is legalized by government then automatically tax will be compulsory. At the same time U.S. government collect tax from the people for bitcoin.

How difficult it is to understand that Bitcoin doesn't need to be legalized or categorized in order for people to pay tax over their crypto holdings and profits? It's a common misconception that will end up making people run into legal problems with how they use their exchange for trading and storage purposes. It won't take long before governments will make sure that every centralized exchange shares user data on a daily or weekly basis with them. It's a threat not many people think about, but it's going to happen, and maybe it has already happened but we don't know it yet....

Precisely, but all of these are base on which country you are. It is not forcing us to pay tax even country implementing tax like the US there is an alternative way you can't pay tax. But I think paying tax is a just a small amount that you may contribute to the government that makes economic growth. Like in the US the fully developed country, so, that is not a big deal for me to pay the tax out there.
Well, luckily here my country we free using crypto without paying tax.

[Masterkai]

Yes, they do: usually they have 2 ( 1 for buying and 1 for the mining fee). In cryptocoin pro for example you have different fees based on the type of operation you are doing but most of them are free so i suggest you start with this platform
Type   Fee
Execution of Buying Order   Free
Execution of Sales Order   1,5%
Transfer of virtual currency to user wallet   1,5%
Payment in FIAT via SEPA transfer for buying operation   Free
Payment in FIAT via Credit Card for buying operation   3,9%
Transfer in FIAT via SEPA for selling operation   Free

[Panpan66L]

It depends upon the country which you resides, in your country if government put tax for bitcoin then you have to pay tax it is necessary. I think most of the country couldn't put the tax for bitcoin. Few countries now put tax for bitcoin, so its purely depends upon the government of the country.
 

Every government wants to sell money for free. So in the future, they can create some system and we all will be must pay taxes for our Bitcoin. But I will still believe that it will be not created.

[terrific]

It depends upon the country which you resides, in your country if government put tax for bitcoin then you have to pay tax it is necessary. I think most of the country couldn't put the tax for bitcoin. Few countries now put tax for bitcoin, so its purely depends upon the government of the country.
 

Every government wants to sell money for free. So in the future, they can create some system and we all will be must pay taxes for our Bitcoin. But I will still believe that it will be not created.

Most countries haven't assessed it yet that they can tax bitcoin but it will come so why they aren't doing it, enjoy.
But if there are regulations and announcements that came from your government and you have to pay attention to it.
Then the simple thing that you have to do is to pay your tax accordingly.

[Eleven86]

It depends upon the country where you reside. Its rules and regulations may differ from each country. We have countries who accepted bitcoin and have set up rules on taxing citizens. Its then the citizens who have to abide by the rules. But where as we have countries who have not yet accepted bitcoin. In this case citizens earn from bitcoin is not needed to pay tax to the government.

[BitHodler]

Most countries haven't assessed it yet that they can tax bitcoin but it will come so why they aren't doing it, enjoy.

May I ask how old you are? I'm asking this because if you have ever paid tax, you know that there isn't anything in the world the government can't tax you for. Even if it concerns your shoelaces, taxation applies.

I however do believe that governments will rewrite certain areas of their tax brackets to make it easier for average joes to understand. Even the people buying and selling Bitcoin in 2011 we're legally obliged to pay tax.

Most of them probably didn't bother to pay tax, which is entirely up to them and perfectly understandable, but there is just no way to get around it. The government is everywhere with their taxes.

[christysmile]

They'll tax your breath if they could. I think that the government has had its eye on bitcoin for as long as we've known about it.

It's interesting that they determine it as property. That's probably an excuse to tax it without determining it as an actual currency or money. It's like they want to collect from it but they won't admit that it exists. That's a bit hypocritical if you ask me.

I guess we'll have to see where things go from here and what the government has to say about crypto.

[KorakPawon]

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

regarding the bitcoin tax depends on where we are settled and there is a government policy, but in every country there must be all things that have a tax that applies if the item is received in that country, and if bitcoin has been taxed in the transaction subject to tax so it can be said that the country has accept bitcoin and acknowledge the existence of bitcoin.

[SaiWAFU]

If you don't use any services provided by your country such as roads and highways, health insurances, or even the security provided by your police officers, theb you might think that declaring btc as a property is wrong.

You were born American, so you should abide the laws of the country. Paying taxes is one of the obligation of an american citizen, and once you earn from btc, you have an obligation.

[ranman09]

Paying taxes is always a good decision. It supports the growth of your economy for your future family or your child's family.

In my country government regulate bitcoin but I'm really not sure how they tax us or if they even do. Because I don't see the summary on my orders.

[qwerty12]

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?

I think it's a good thing to pay bitcoin taxes if your country has these rules, in addition to avoiding violations of the law, paying taxes on bitcoin will show that bitcoin can also follow the rules of a country, and of course, that thing will change the bad perception of many people to Bitcoin so far.

[terrific]

Most countries haven't assessed it yet that they can tax bitcoin but it will come so why they aren't doing it, enjoy.

May I ask how old you are? I'm asking this because if you have ever paid tax, you know that there isn't anything in the world the government can't tax you for. Even if it concerns your shoelaces, taxation applies.

I however do believe that governments will rewrite certain areas of their tax brackets to make it easier for average joes to understand. Even the people buying and selling Bitcoin in 2011 we're legally obliged to pay tax.

Most of them probably didn't bother to pay tax, which is entirely up to them and perfectly understandable, but there is just no way to get around it. The government is everywhere with their taxes.

I've been a tax payer since then, all of my properties and even my salary were taxed. Yes, I know that thing where everything can be taxed by the gov't.
I'm saying that they are still in the stage of knowing the process and if they will adopt it or not. And a person that isn't sure of it has free will to file his income tax.
But as a law abiding citizen, we are obliged of doing so.

[adzino]

Personally i would say it is both a good  and a bad decision based on how the tax is treated. In the US, you have to file your tax report and everything related to crypto currencies. You don't only have to report when you receive bitcoin as payment (income tax report), but also all the gains you get from the rise of the price of bitcoin (property tax report, not sure though). This surely sucks and is not actually a good thing.

[7Dyoknga5]

I don't think government will have that kind of technology yet to keenly monitor online assets. Specifically, bitcoin prices moves every seconds.

Maybe they'll record the amount you purchased the bitcoin. It's quite too early to say it yet.

[richardsNY]

It is not forcing us to pay tax even country implementing tax like the US there is an alternative way you can't pay tax.

I don't see how you can legally avoid paying tax over your gains in the US. The only thing I can think of is that you spend your coins instead of cashing out to fiat, which makes sure that tax doesn't apply, but once you have cashed out to fiat there is no escape. If people think they can safely trade on centralized exchanges without being noticed they are delusional. Coinbase has been a warning sign that people should be really careful about how they use exchanges. I seriously wouldn't be surprised to see authorities force exchanges to hand over user information every month in order to see what everyone is doing. If people don't pay their due taxes, authorities will come and take it from them.

[onebtcforlife]

Before paying taxes the government should give some clarity on Bitcoin is legalised in those countries. If you pay taxes on Bitcoin buying and selling then it is always good that you will never face any problems with the government, so paying taxes to the government will give us the opportunity to get loans from the banks even though they didn't legalise the bitcoin.

[maarx]

Need to accept when the government offers other things to its citizen on its cost. Hence citizens have to contribute to the growth of its nation as well. But the percentage can be considered and looked at. i am sure earning bitcoin is not going cost the government. So the earnings come through without nation’s intervention on employment. Even one percent of tax paid to the government on bitcoin earning is a good revenue for the government. Hence if your government asks for tax , please pay it considering the percentage.

[Togacity]

Bitcoin is Not Money for Tax Purposes. Although Bitcoin can be used like money, they are not considered to be money (legal tender) by the IRS or any other country. Instead, they are personal property, much like gold or corporate stock.