Let's Talk Taxes

[zoeylee]

Ok this is something that hits us all but when it comes to cryptocurrency there is a allot of uncertainty about how taxes will be enforced. There has been some news about different U.S. dollar amounts such as $10,000 at which taxes will be enforced or a certain amount of bitcoins traded such as 1 bitcoin at which taxes will apply. The majority of the news is based around cashing out on exchanges such as coinbase.
Based on what you have learned what do you think is the most likely scenario when it comes to cryptocurrency taxes in the U.S.?
Or comment on when do you think this will be clarified by the governing bodies?

Though i'm not living in the U.S but with regards to taxation its our obligation as a citizen of our country. Every country regulates taxes for its development. But if bitcoin would regulates by the government then it must be transparent to the people where taxes proceeds. 

[jakagintiri]

actually the tax will be good if the management is right and right, because the principle of tax is for the progress of a country either in infrastructure or other things but many are misusing it from determining the tax value that is not relevant to the high level of corruption so that the community loses trust and is lazy to pay taxes

[audaciousbeing]

Ok this is something that hits us all but when it comes to cryptocurrency there is a allot of uncertainty about how taxes will be enforced. There has been some news about different U.S. dollar amounts such as $10,000 at which taxes will be enforced or a certain amount of bitcoins traded such as 1 bitcoin at which taxes will apply. The majority of the news is based around cashing out on exchanges such as coinbase.
Based on what you have learned what do you think is the most likely scenario when it comes to cryptocurrency taxes in the U.S.?
Or comment on when do you think this will be clarified by the governing bodies?

When it comes to crypto taxes, the treatment would likely be the same depending on which particular section its being categorized by the jurisdiction and the treatment would still remain the same. What you need to bother yourself about is what is our country saying it to be. If its regarded as property, then the provisions of the Capital Gains Tax Act becomes applicable, if its regarded as a form of trading income for those engaged in mining activities, then that would be treated under the provisions of both Company and Personal Income Tax laws. For those doing running exchange sites or centralized exchange sites, those could be taxable under the provisions of either Value Added Tax or Consumption Tax depending on how its being interpreted. So, it does not really the jurisdiction, its the law except a new law is enacted to deal with crypto currency.

[RodeoX]

Oh boy, here we go again.

Taxes are not optional in the U.S. Yes the IRS knows about your Coinbase account. Yes you owe capitol gains. There is absolutely no question about it.

[CoinEraser]

Ok this is something that hits us all but when it comes to cryptocurrency there is a allot of uncertainty about how taxes will be enforced. There has been some news about different U.S. dollar amounts such as $10,000 at which taxes will be enforced or a certain amount of bitcoins traded such as 1 bitcoin at which taxes will apply. The majority of the news is based around cashing out on exchanges such as coinbase.
Based on what you have learned what do you think is the most likely scenario when it comes to cryptocurrency taxes in the U.S.?
Or comment on when do you think this will be clarified by the governing bodies?

Paying taxes on crypto coins is normal in the country where I live. I also have no problems taxing my profits. Taxes are used to pay a lot of good things like roads, schools, etc. If you do not trade and leave your coins for over a year, they are even tax-free. It does not get any better. Also, do not forget that the blockchain forgets no transaction and you can track everything. So pay your taxes on it, should your country require it of you and have rest. This is my advice on the topic of taxes.  

[ExtremeFacials.com]

Ok this is something that hits us all but when it comes to cryptocurrency there is a allot of uncertainty about how taxes will be enforced. There has been some news about different U.S. dollar amounts such as $10,000 at which taxes will be enforced or a certain amount of bitcoins traded such as 1 bitcoin at which taxes will apply. The majority of the news is based around cashing out on exchanges such as coinbase.
Based on what you have learned what do you think is the most likely scenario when it comes to cryptocurrency taxes in the U.S.?
Or comment on when do you think this will be clarified by the governing bodies?

The citizen of my country I don't have a problem with buying a taxes because it is regulated with the law system that I have here. I'm just forced to do that and that is completely ok. Pay taxes.

[brightMan]

Oh boy, here we go again.

Taxes are not optional in the U.S. Yes the IRS knows about your Coinbase account. Yes you owe capitol gains. There is absolutely no question about it.

Tax free countries are enjoying cryptocurrencies while few countries have implemented taxes over cryptocurrencies which is not good and unfair with the people of those countries. We know well that cryptocurrencies are decentralized so there is no power that can influence over it regarding any issue or problem. It is simple for our use for fast transactions with benefits and for investment for huge profit.

[fmasta]

Ok this is something that hits us all but when it comes to cryptocurrency there is a allot of uncertainty about how taxes will be enforced. There has been some news about different U.S. dollar amounts such as $10,000 at which taxes will be enforced or a certain amount of bitcoins traded such as 1 bitcoin at which taxes will apply. The majority of the news is based around cashing out on exchanges such as coinbase.
Based on what you have learned what do you think is the most likely scenario when it comes to cryptocurrency taxes in the U.S.?
Or comment on when do you think this will be clarified by the governing bodies?

Taxation is obvious I just don't like my country politiek because there sometimes putting on the taxes that are not affordable for people and it prevents the small business to develop in my country.

[darkangel11]

I am not a US citizen,to be honest I never paid any taxes regarding my crypto investments because I didn't cashout much money yet,I just cashout only when I am need in emergency because I am already doing some business where I can cover all the expenses.In case if I need to cashout all the bitcoins I have do I need to pay the taxes to the governments other than the incomes tax?

You probably don't have to, just like you don't have to tell the government how many bitcoins you're holding. In most countries you only owe income tax if you convert your coins to fiat. And it doesn't matter if you juggle between currencies to ultimately end up back in crypto. The moment you convert to fiat you owe taxes, and it doesn't mater if you go back to crypto later on.
There are also extreme cases of governments wanting people to pay taxes on held coins, or asking additional taxes like VAT or 1% of every transaction, but those are rare. For instance Australia used to charge VAT, but they don't anymore.

[RodeoX]

Taxes in the U.S. are not a mystery at all. There has never been a time in which bitcoin was not taxable. It is clearly subject to capitol gains tax, no question about it. The way it works is that you trigger a taxable event anytime you see a "gain." So if you bought a BTC for $1,000 and sold for $1,500 you saw a gain of $500. How much of that gain is due in taxes depends on your other taxes, how much you make, etc. It typically ranges from 0%-10% but if you make a lot of money and live in a state with additional capitol gains it could be as high as 20% total.

The good news is that is probably 15% less than the money you work your butt off to make. Normally income tax is about 35%. 

[arafat222]

Cryptocurrency is increasing all over the world many country use it very easily. So the government is not thinking smartly when it comes to cryptocurrency tax.

[el kaka22]

As per many people here, imposing taxes on bitcoin may lead to get bitcoin payment system legalized. It may sound as an indirect way still it seems as an easy way to convince the governments. I do believe when each and every need of our living will be available for bitcoins then we never need to worry on taxes on bitcoins. But people here, instead of making business to adopt bitcoins, just concerning on escaping from taxes or how to remain as a bitcoiner yet tax-free.

Just talking from the norms where I do live, I never need to worry on paying taxes for my bitcoins but when I am encashing bitcoins for my fiats then I am obviously becoming taxable. I guess this is the situation for other country people also. Bitcoin system helps us to save it tax-free, if that also not possible then we really need to worry and need to act immediately.

[okala]

Ok this is something that hits us all but when it comes to cryptocurrency there is a allot of uncertainty about how taxes will be enforced. There has been some news about different U.S. dollar amounts such as $10,000 at which taxes will be enforced or a certain amount of bitcoins traded such as 1 bitcoin at which taxes will apply. The majority of the news is based around cashing out on exchanges such as coinbase.
Based on what you have learned what do you think is the most likely scenario when it comes to cryptocurrency taxes in the U.S.?
Or comment on when do you think this will be clarified by the governing bodies?

Governments is going to enforce taxation in some years to come because cryptocurrencies has to be taxable. Those That are not in support governments tax cryptocurrencies are not looking in the areas of cryptocurrencies been adopted and used as money and the proceed from it should be taxable.

[cynical]

As per many people here, imposing taxes on bitcoin may lead to get bitcoin payment system legalized. It may sound as an indirect way still it seems as an easy way to convince the governments. I do believe when each and every need of our living will be available for bitcoins then we never need to worry on taxes on bitcoins. But people here, instead of making business to adopt bitcoins, just concerning on escaping from taxes or how to remain as a bitcoiner yet tax-free.

Just talking from the norms where I do live, I never need to worry on paying taxes for my bitcoins but when I am encashing bitcoins for my fiats then I am obviously becoming taxable. I guess this is the situation for other country people also. Bitcoin system helps us to save it tax-free, if that also not possible then we really need to worry and need to act immediately.

Yes this is it. Bitcoin cannot be taxed directly. It is only when we change bitcoin for fiat.

I would say the majority of countriss will treat Bitcoin as an investment and tax it with capital gains tax like we see recently with Isreal.

[pobeditelvezde]

As far as I know, while cryptocurrencies are tax-free but I am sure that the government will not leave without the attention crypto market and, of course, the government will impose taxes on cryptocurrencies. I did not hear any ideas about taxes from the officials  and I do not know how they are going to implement the tax system for crypto market and I also do not know when they are going to start imposing taxes on crypto market. I really hope that it will not be soon.

[WhaleHunter]

Most of the countries have no clear legislation about revenues from Bitcoin and crypto, I guess this will change. Some countires, like Switzerland, have no capital gain tax, so the best place to "cash out" if that is what you like to do.

[Comino]

Ok this is something that hits us all but when it comes to cryptocurrency there is a allot of uncertainty about how taxes will be enforced. There has been some news about different U.S. dollar amounts such as $10,000 at which taxes will be enforced or a certain amount of bitcoins traded such as 1 bitcoin at which taxes will apply. The majority of the news is based around cashing out on exchanges such as coinbase.
Based on what you have learned what do you think is the most likely scenario when it comes to cryptocurrency taxes in the U.S.?
Or comment on when do you think this will be clarified by the governing bodies?

Well, first of all, cryptocurrencies still and will operate in a gray area where it’s difficult to know how to apply the law.
Even in the case with Coinbase, when the court ordered it to provide taxpayer data and transaction records for certain customers, they did not collect the whole information and they can’t get access to all the data. Yet. But they will. It is the matter of time and law. US is being a pioneer, by treating virtual currency as a US federal tax property. A huge amount of money until now has been passing by the State pockets.

[jak3]

They all are just trying to make money from you, just imagine you pay taxes for having those amount of coins but you are also paying taxes for withdrawing that much amount. They are literally taking money from us without any specific reason. For example, they wear sending my money to another account and charging text for that but the reality is the money never moved it's just a guy changed some numbers in the database which does not even cost one penny.

[julius caesar]

In a country in Southeast Asia, people's income tax of up to 10%, tax misuse policies have made people disagree. Every year, the personal income tax of each person reaches billions.

Yes same here in my country, though the tax each month to a person is quite low if we will agther everything every year it is very large amount of money which I highly think that must be used in proper not to be corrupted, this is why people nowadays dont disagree with governements since they corrupt everthing that they can in the people which is not good as a politician. It was arbitrarily perform for the sake of the society taxes are very important to one's country.

[talenah kotang]

In my country tax is mandatory but not for cryptocurrency because crypto has not been legalized, tax can be applied but according to crypto income and taxes must be used for the prosperity of a country.