Bitcoin Forum
October 17, 2018, 04:37:09 AM *
News: Make sure you are not using versions of Bitcoin Core other than 0.17.0 [Torrent], 0.16.3, 0.15.2, or 0.14.3. More info.
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 3 4 »  All
  Print  
Author Topic: Bitcoin and Taxes  (Read 1550 times)
PsylockReborn
Member
**
Online Online

Activity: 294
Merit: 17

WPP ENERGY - BACKED ASSET GREEN ENERGY TOKEN


View Profile
September 02, 2018, 11:58:56 AM
 #1

The IRS currently considers cryptocurrency to be property. But that doesn’t mean one should avoid reporting gains. The agency has always been more lenient on taxpayers and investors who jump the gun in this regard. Coming forward sooner rather than later can help prevent stricter penalties or fines because of non-reporting.
https://usethebitcoin.com/understanding-bitcoin-and-taxes/

Do we really need to reveal how many bitcoins we have? What are your thoughts on this? Bitcoin as a decentralized system should be tax free. Does this defeat the purpose of the invention? To avoid the centralized system as well as those huge taxes?  Grin

           ﹏﹏﹋﹌﹌ WPP ENERGY ﹌﹌﹋﹏﹏
☆═══━┈┈┈┈┈┈┈┈┈┈┈┈┈┈┈━═══☆
≈ WORLD POWER PRODUCTION ≈


【 BACKED ASSET GREEN ENERGY TOKEN 】
☆═━┈┈┈┈┈┈┈┈┈┈┈┈┈┈┈┈┈┈┈┈┈┈┈┈┈━═☆
1539751029
Hero Member
*
Offline Offline

Posts: 1539751029

View Profile Personal Message (Offline)

Ignore
1539751029
Reply with quote  #2

1539751029
Report to moderator
1539751029
Hero Member
*
Offline Offline

Posts: 1539751029

View Profile Personal Message (Offline)

Ignore
1539751029
Reply with quote  #2

1539751029
Report to moderator
1539751029
Hero Member
*
Offline Offline

Posts: 1539751029

View Profile Personal Message (Offline)

Ignore
1539751029
Reply with quote  #2

1539751029
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1539751029
Hero Member
*
Offline Offline

Posts: 1539751029

View Profile Personal Message (Offline)

Ignore
1539751029
Reply with quote  #2

1539751029
Report to moderator
1539751029
Hero Member
*
Offline Offline

Posts: 1539751029

View Profile Personal Message (Offline)

Ignore
1539751029
Reply with quote  #2

1539751029
Report to moderator
1539751029
Hero Member
*
Offline Offline

Posts: 1539751029

View Profile Personal Message (Offline)

Ignore
1539751029
Reply with quote  #2

1539751029
Report to moderator
team87
Jr. Member
*
Offline Offline

Activity: 112
Merit: 1

“Tackling Climate Change Using Blockchain”


View Profile
September 02, 2018, 12:11:29 PM
 #2

I don't think so far, I think bitcoin has nothing to do with taxes. we know that bitcoin is decentralized, there are no third or fourth parties. whereas until now not all countries have been able to recognize bitcoin, some have banned it. it makes me sometimes sad. Cry

ZERO CARBON PROJECT   https://www.zerocarbonproject.com/
❰❰ Tackling Climate Change using Blockchain ❱❱
Checkoi
Jr. Member
*
Offline Offline

Activity: 73
Merit: 1


View Profile
September 02, 2018, 12:16:11 PM
 #3

Yes of course it seems to me that in the aftermath of the adoption of crypto currency, it is inevitable that we will pay some taxes from it

TREEBLOCK.io   //   TOKEN GENERATING EVENT
▶▶▶▶▶▶▶▶▶▶   ICO is LIVE  》 JOIN NOW!   |■■■
Myown55
Jr. Member
*
Offline Offline

Activity: 70
Merit: 1

When Football meets Crypto


View Profile
September 02, 2018, 12:24:43 PM
 #4

I think that it is the decentralized nature of bitcoin and the other cryptocurrencies that make them tax-free. That is one of the advantages we derive from owning some amount of cryptocurrencies. No governmental institution or individual can place any form of taxation on the currency.

◢▬LIBEREUM▬◣ (https://www.libereum.io/)
—(••÷[ FORTES FORTUNA JUVAT! ]÷••)—
katri
Newbie
*
Offline Offline

Activity: 140
Merit: 0


View Profile
September 02, 2018, 12:28:21 PM
 #5

Well for me, it's not about declaring your holding for possible tax deduction but I think the tax should be impose on the transaction to the exchange. Holding is not subject for tax but if you move your holding for trading or for whatever reason that should be subject to tax.
colvis
Full Member
***
Offline Offline

Activity: 378
Merit: 101


View Profile
September 02, 2018, 01:40:36 PM
 #6

Well some people base on they want to make post and become famous they say the amount of bitcoin which they don't even have..  So the if the government want to impulse tasks on the people there we be fake payment because not every body that said they have that have it.  For me it is not the best option
BrewMaster
Hero Member
*****
Offline Offline

Activity: 966
Merit: 632


There is trouble abrewing


View Profile
September 02, 2018, 01:51:50 PM
 #7

IRS has been seeing bitcoin as a properly ever since 2014 https://www.irs.gov/newsroom/irs-virtual-currency-guidance
it is not really news and this above link is a lot better than using a link from some click bait  site in my opinion Wink

Do we really need to reveal how many bitcoins we have?

no we don't need to and we aren't but not all of us are using bitcoin as a currency. most people are trading bitcoin to make profit and when you make profit on a centralized exchange you also have to worry about taxes and then report it so that you are not evading them which is illegal.
in other words it comes down to your usage.

ahamir
Newbie
*
Offline Offline

Activity: 41
Merit: 0


View Profile
September 02, 2018, 02:09:30 PM
 #8

I do not think so far bitcoin is nothing to do with taxes.When we income or profit from BTC then we given taxes. it is the decentralized nature of bitcoin and other crypto that make them taxes free. it is one of the good advantage. no gov.institution or private organization any from taxation on currency.
ranman09
Full Member
***
Offline Offline

Activity: 504
Merit: 107

Support Helpful Members Give Merits


View Profile
September 02, 2018, 02:17:13 PM
 #9

Our society needs taxes. We felt like taxes are big because of the middle-man in everything we use and eat. Taxes double then. Why do we have to avoid taxes though?


══════‎ஐ═ ஐOUTOFTHECLOUD.COM
GET YOUR HEAD OUT OF THE CLOUDஐ═ ஐ══════
═══════╣PRESALE starts on August 10ICO starts on September 10╠═══════
══════‎ஐ═‎ஐFACEBOOK  TWITTER[/color]  GITHUB  TELEGRAM  YOUTUBE  MEDIUMஐ═ஐ══════[/table]
AfterRealLife87
Newbie
*
Offline Offline

Activity: 34
Merit: 0


View Profile
September 02, 2018, 06:39:00 PM
 #10

As far I know bitcoin is beyond governments control and no rules of government works here so, it is totally a tax free system.
mineroc
Newbie
*
Offline Offline

Activity: 38
Merit: 0


View Profile
September 02, 2018, 06:43:21 PM
 #11

As far as I know the "property" definition changed in the 2017 tax cuts act.  Now it must be declared as a quasi-currency following forex rules.  Meaning take a hit on every trade that made gains.
mekie
Jr. Member
*
Offline Offline

Activity: 210
Merit: 2


View Profile
September 02, 2018, 09:06:13 PM
 #12

The holding of bitcoin or for that matter any crypto should not and probably won't in itself incur a tax liability however any profits from trading or increase in the value of your holding in all probability will, just as trading on the stock markets etc would.

▬▬▬▬▬▬▬  ●      DAFZO.io      ●  ▬▬▬▬▬▬▬
CONTRIBUTE in PRIVATE SALE OFFERING 50% BONUS
marcbitcoins
Full Member
***
Offline Offline

Activity: 448
Merit: 107


“NAVIBRATION - feel your way”


View Profile WWW
September 03, 2018, 04:53:33 AM
 #13

The IRS currently considers cryptocurrency to be property. But that doesn’t mean one should avoid reporting gains. The agency has always been more lenient on taxpayers and investors who jump the gun in this regard. Coming forward sooner rather than later can help prevent stricter penalties or fines because of non-reporting.
https://usethebitcoin.com/understanding-bitcoin-and-taxes/

Do we really need to reveal how many bitcoins we have? What are your thoughts on this? Bitcoin as a decentralized system should be tax free. Does this defeat the purpose of the invention? To avoid the centralized system as well as those huge taxes?  Grin

If the people are declaring their annual fiat income to the government to determine how much total taxes will be paid therefore its should be applicable in Bitcoin too. Lot of people specially the rich were charges of tax evasion because they did not pay the right taxes then it will be unfair if those earning of Bitcoin will be exempt from this government policy specially if Bitcoin was declared legal to use. 

NAVIBRATION  -  feel your way   |   The way of knowing the world, reinvented
▬▬   WHITEPAPER   :   ONE PAGER   ▶  WATCH INTRO
FACEBOOK   ●   TWITTER   ●   TELEGRAM   ●   LINKEDIN   ●   YOUTUBE
romarry
Newbie
*
Offline Offline

Activity: 31
Merit: 0


View Profile
September 03, 2018, 06:56:55 AM
 #14

Well, initially, one of the attractions of bitcoin is that it is decentralized and tax free because Bitcoin is not a currency issued by any country. But, over time, Bitcoin must be subject to the rules of a country's tax obligations to be accepted. that's something that can't be avoided.
CryFr
Member
**
Offline Offline

Activity: 252
Merit: 26


View Profile
September 03, 2018, 09:05:29 AM
 #15

it is the decentralized nature of bitcoin and other crypto that make them taxes free.

Taxes are paid on profits from bitcoin transactions.
Of the profits, and not just because of the fact that you have the bitcoins.
The main question is whether there is a profit in the conditions of the collapse of the cryptocurrency market, the crash of the course to the classic currencies. If losses, then why pay tax?
For example, in Russia, cryptocurrencies are not considered a currency, but a property. The tax service has defined the procedure for taxation of transactions with bitcoin. But while all this is not well developed. There are only certain instances where the declared income from cryptocurrency.

Gozie51
Full Member
***
Offline Offline

Activity: 490
Merit: 102



View Profile
September 03, 2018, 09:27:41 AM
 #16

I don't think so far, I think bitcoin has nothing to do with taxes. we know that bitcoin is decentralized, there are no third or fourth parties.

Exactly so but we know that different quarters have been calling for proper recognition of bitcoin and cryptos since it will give them increase from the proceed of their coins, making them drive big cars and live good live.

That means if we/they keep agitating for recognition, the decentralized purpose will off course be "uncoated", the government will come in and this business of crypto will be emersed in regulation.

Take for example, if the struggle for ETF with SEC (which is on government coverage) goes through, what do we expect that will happen with taxing? Off course, it will be in line with the practice of tax from bitcoin.

Aikidoka
Sr. Member
****
Offline Offline

Activity: 602
Merit: 290


View Profile
September 03, 2018, 10:03:27 AM
 #17

No, we do not. The more we reveal, the more we get risks of getting hacked. Bitcoin is all about transparency. Bitcoin was created to oppose the corrupted banks. Everything related to bitcoin must kept anonymous. The government must know that. Added to that statement, paying taxes to the government will ruin the fundamentals of bitcoin and how it was created for. I would rather keep my bitcoin for myself and not allow it to be seen.


````````````````███████████
```````````█████████████████████
```````█████████████████████████████
`````````█████████████████████████
````````````████████████████████
```████``````````````````````````````████
`████████`````````````````````````███████
`█████████``````██████████````````████████
█████████`````██████████████```````████████
████████`````████████████████``````████████
`████████`````███████████████``````████████
``████████`````████████████```````████████
``███████````````████████``````````███████
```███```````````````````````````````████
````````````███████████████████
`````````██████████████████████████
```````█████████████████████████████
``````````██████████████████████
````````````````██████████
EtherMium
|
Next generation DEX exchange
|
low fees: 0.00% Maker / 0.20% Taker
    Start trading now    
CryFr
Member
**
Offline Offline

Activity: 252
Merit: 26


View Profile
September 03, 2018, 10:24:05 AM
 #18

Added to that statement, paying taxes to the government will ruin the fundamentals of bitcoin and how it was created for. I would rather keep my bitcoin for myself and not allow it to be seen.

The government is interested in profits from bitcoin transactions, for example, when trading on the stock exchange.
Taxes are taken on the basis of profit, not just from the fact of ownership of bitcoin.
If you just pay with bitcoins, then there is no profit and no taxes to pay.

magneto
Hero Member
*****
Offline Offline

Activity: 784
Merit: 571


View Profile
September 03, 2018, 11:29:37 AM
 #19

The IRS currently considers cryptocurrency to be property. But that doesn’t mean one should avoid reporting gains. The agency has always been more lenient on taxpayers and investors who jump the gun in this regard. Coming forward sooner rather than later can help prevent stricter penalties or fines because of non-reporting.
https://usethebitcoin.com/understanding-bitcoin-and-taxes/

Do we really need to reveal how many bitcoins we have? What are your thoughts on this? Bitcoin as a decentralized system should be tax free. Does this defeat the purpose of the invention? To avoid the centralized system as well as those huge taxes?  Grin

Not really. Even though bitcoin is decentralised, it doesn't mean that the government isn't able to tax it. They obviously will and are doing so because they see a huge industry that they could take advantage of in terms of tax revenue.

Decentralisation here is only about the bitcoin network itself. What the government does is out of our control.

In my country, when you lodge a tax return, you only need to mention the amount of gains made through trading or investing in bitcoin, and not the actual amount of bitcoin that you own. Obviously this could be different in different countries. If you're trading a lot of BTC, constantly, on an exchange, and the government asks you for figures, then you should definitely provide them accurately if you want to stay out of trouble.

Else, if you're just using bitcoin without trading it against fiat, I doubt you do.

audaciousbeing
Hero Member
*****
Offline Offline

Activity: 770
Merit: 554


View Profile
September 03, 2018, 12:51:17 PM
 #20

The IRS currently considers cryptocurrency to be property. But that doesn’t mean one should avoid reporting gains. The agency has always been more lenient on taxpayers and investors who jump the gun in this regard. Coming forward sooner rather than later can help prevent stricter penalties or fines because of non-reporting.
https://usethebitcoin.com/understanding-bitcoin-and-taxes/

Do we really need to reveal how many bitcoins we have? What are your thoughts on this? Bitcoin as a decentralized system should be tax free. Does this defeat the purpose of the invention? To avoid the centralized system as well as those huge taxes?  Grin

What the tax authority is talking about revealing here is not about the total bitcoin you have, but the amount you have sold because since its regarded as property, its the capital gains that is subjected to tax and that would not happen if you didn't sell your property which in this case bitcoin.

From the legal and civic point of view, the onus on disclosure is on the individual show to the tax authority the total of income generated from selling crypto currency that have increased in value over the years. On the decentralization and how bitcoin income should be tax free based on your suggestion is out of it because as a dream gets bigger, some interest and variables that have not be thought of becomes an important fact that needs to be dealt with. This is exactly the point where bitcoin is that compromise needs to be made on the part of enthusiasts to have a problem free environment.

What the tax authority needs to do since they are helpless without individual disclosure is to review the current policy if that is what is leading people away from paying willing couple with the fact that they recognize that government would have to spend more in other to unravel the people behind every wallet address there is fund.
Pages: [1] 2 3 4 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!