Let's Talk Taxes

[1SERZH1]

Do you imagine, what will happen to the state, that takes taxes and at some point the cryptocurrency will disappear along with the blockchain !!? 

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[katri]

its hard to impose taxes in highly decentralized system and a volatile environment. congress should enact laws on how to implement taxes and how go ertment can take over the cryptocurrency ecosystem.

[voztata]

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?

What kind of taxes and why should we even pay tax? Hmph… I don’t know why some of you here are fond of bringing up stupid topics just to piss others off. Man this topic makes no sense, you will also be the same person that will be complaining when they happen to charge tax and you can’t afford it.

Now you’re making noise, it’s people like you that don’t have any money to pay for anything but you will prefer to make noise. So what you mean now is that you’ don’t like the fact that you’re not being charged anything except transaction fees?

[udonmez]

It's possible for Bitcoin to be taxed here in my country, I believe that it will boost the economy growth in the country.

What is your country and how do they get tax from bitcoin?

[Rajamuda]

I think that at whenever that time.. it will not necessarily be entirely simultaneous at the same time that there will be a tax on crypto. Each country certainly has many specific considerations in responding to crypto to its use and its role in relation to the government of their respective countries. In the country where I live, it hasn't been seen that there will be a tax application, but if later it's admitted.. that there will certainly be an official tax application from the government.

[Michaelpascual]

When it comes to taxes it is a mandatory payments. Taxes are included in something that we buy in market but in senior citizens and priest they are exempted in paying taxes. 

[andriarto]

I think that at whenever that time.. it will not necessarily be entirely simultaneous at the same time that there will be a tax on crypto. Each country certainly has many specific considerations in responding to crypto to its use and its role in relation to the government of their respective countries. In the country where I live, it hasn't been seen that there will be a tax application, but if later it's admitted.. that there will certainly be an official tax application from the government.

different in my country, even though government has not legalized bitcoin, but indirectly we have to pay personal taxes every year. so the income from bitcoin will be calculated by existing formula and then tax that must be paid

[Cacao2017]

The tax is set by the state for those who earn more than the average of the society and the enterprises engaged in state-owned production and business use tax to pay staff salaries.

[St4yInTh3D4rk]

I already read somewhere that the US is charging heavy taxes for the crypto related earnings so but I am not sure how much they are asking the people to pay but until now I don't pay any taxes related to crypto earnings because I kept most of them in crypto format only the problem only arises when we cashing them out but in future what will happen if everyone uses bitcoin.

[sheenshane]

I already read somewhere that the US is charging heavy taxes for the crypto related earnings so but I am not sure how much they are asking the people to pay but until now I don't pay any taxes related to crypto earnings because I kept most of them in crypto format only the problem only arises when we cashing them out but in future what will happen if everyone uses bitcoin.

Yeah, I also heard on this but look at the US economy they are now most improve country because they are very strict the implementation law that everyone must pay their taxes monthly base on their monthly earnings. I don't hesitate my self to pay tax if I know that in that way I contributed my small amount into a great progress in my country to have economic growth.
But unfortunately, as of now bitcoin in my country has not had a law that we obliged to pay tax.

[0t3p0t]

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?

Since I am not a US citizen I can't tell something about enforcing taxes to like a value of $10,000 per trade. All I can say is that here in my country taxes might be enforced everytime we made a cashout through local exchanges as it was regulated by the central bank. I think it is now hard to evade taxation due to KYC/AML implemented by governments to counter fraud and illegal activities in a country.

[carlisle1]

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?

Cryptocurrency is not working only in US so don't act as if the taxation should be implemented only in that region,this is a worldwide issue and must be tackled universally..because this is the main reason why countries around the world putting regulations towards this community because they don't know how to put taxes in every areas of profiteering here.so i think the world governments should take this seriously for the benefits of both parties

[cellard]

You would need to check what your jurisdiction has to say about that. In the case of the US, most people aren't reporting anything until they cash out, but in some places, and im not sure if the US included, you must report even crypto to crypto trades, which means it's absolutely insane because most people have lost at least partially our trading history, specially when it comes to dead exchanges. And some exchanges such as Livecoin, only save history for a couple of weeks. I realized this when it was too late and I lost the trading history I did on that exchange, so please tell me how in the fuck im supposed to report these gains to the taxman now?

At the end of the day this all too new, and if you consult a professional, he will say something, you consult another one another day, and you will get a different reply. In this situation it seems to me that the only safe place is your Bitcoin wallet, and then decide in the future what to do about it.

[yusupjatigumilar]

I agree more if the government only applies crypto currency tax to market companies only and does not use it on crypto currency holders, because in my opinion this will be more effective and efficient in collecting so that the government does not have to spend more money to collect taxes

[kenlyresuello08]

I hope that my country would not put tax on bitcoin earning, but as far as I know living in my area it is almost impossible that they will do that most likely they will put another most taxis.

so your thinking that you will money without paying a tax??

[kenlyresuello08]

I hope that my country would not put tax on bitcoin earning, but as far as I know living in my area it is almost impossible that they will do that most likely they will put another most taxis.

so your thinking that you will money without paying a tax??

* so your thinking that you earn money without paying tax??

[Ucy]

Tax is OK for me. If it were voluntary I will gladly pay it 100% . I honestly don't want  governments to fall or stop being funded.
If governments fall, ordinary people suffer.. . You do not hurt  crooks in power.
All I want is the fall of evil and arrogance in all governments. I hate it with all my soul. Cryptocurrency/Blockchain will humble all bad politicians.

[leavefifa]

I think that paying personal income tax when trading on the Cryptocurrency market is not a problem. Paying taxes is the responsibility and self-esteem of each person. If the government asked to pay taxes to those who had earned from Crypto to legalize Bitcoin and Altcoin, I would agree.

[leavefifa]

I agree more if the government only applies crypto currency tax to market companies only and does not use it on crypto currency holders, because in my opinion this will be more effective and efficient in collecting so that the government does not have to spend more money to collect taxes

I see this as a very suitable proposal. Should be taxed on the Crypto trading market for two reasons. Firstly, the management of Bitcoin is relatively easy to implement compared to the management of Bitcoins and Altcoin. Secondly, Bitcoin trading floors charge for trading activities on the trading floor, meaning they are doing business. That means they have to register for market managers and have to pay business taxes.

[Mlowo]

Existing investment tax returns, but tax payments are taken from the results we will get, maybe we will be taxed 10% of the results we will get, all the things that are in the trade there must be taxes that must be paid.