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Author Topic: Bitcoin and Taxes  (Read 1552 times)
TIN1114
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September 08, 2018, 03:11:11 PM
 #41

I don't really agree with declaring our crypto assets because I know that some governments would tend to manipulate it. The idea of bitcoin is having a decentralized transactions, and that's what we deserve to preserve.
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September 08, 2018, 09:01:13 PM
 #42

I don't really agree with declaring our crypto assets because I know that some governments would tend to manipulate it. The idea of bitcoin is having a decentralized transactions, and that's what we deserve to preserve.

Of course they will use it for their own advantage. If you declare your coins they can demand proof of ownership like an address. If they get your addresses this will be like signing the coins with your name. If those coins ever end up in the hands of criminals they will harass you and demand to be given the list of all your payments and clients. No thank you!

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September 09, 2018, 03:27:25 PM
 #43

It would be more correct if all countries first took bitcoin, and then introduced taxes.
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September 10, 2018, 12:02:57 PM
 #44

I don't really agree with declaring our crypto assets because I know that some governments would tend to manipulate it. The idea of bitcoin is having a decentralized transactions, and that's what we deserve to preserve.

Of course they will use it for their own advantage. If you declare your coins they can demand proof of ownership like an address. If they get your addresses this will be like signing the coins with your name. If those coins ever end up in the hands of criminals they will harass you and demand to be given the list of all your payments and clients. No thank you!
Since  birth of bitcoin the taxation issue is always a question, because of course the government will always ask their part, but  bitcoin is designed being anonymous and P2P transaction being decentralized there's.no way the government can account all transactions and determine which is taxable or not, as of now the government does not able to formulate any policy to apprehend transaction using bitcoin. 

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September 10, 2018, 03:43:17 PM
 #45

I don't think all parties should know the assets we have. the bitcoin concept that has to be decentralized and cannot be intervened by any party for any reason. I will strongly reject this
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September 15, 2018, 12:54:45 PM
 #46

According to regulations issued by the IRS, Yes, profit or loss on the sale of crypto must be reported. And when the rules come, you may oppose them, but that will only create difficulties for yourself if you don't pay your taxes. Even though I personally don't agree with crypto taxation like Bitcoin, because as you say, it defeats the purpose of the Bitcoin discovery.
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September 16, 2018, 01:44:16 AM
 #47

if bitcoin is taxed then the profit for bitcoin holder is bitcoin regulation. with the tax imposed on the cryptocurrency, it is ensured that bitcoin is legal, so that if there is already legalization, a law will appear which regulates cryptocurrency.
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September 17, 2018, 10:09:55 AM
 #48

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

It seems the author of that piece confuses different notions

Which means he doesn't actually understand the difference between a capital gains tax, property tax, and income tax. At first he claims that the IRS "currently considers cryptocurrency to be property" and then he ends up with stating that the IRS "considers virtual currencies to be very much the same as all other forms of currency when it comes to taxation, including fiat monies". It just tells us that he doesn't in fact know how Bitcoin is actually taxed by the IRS. Just in case, I don't know either as I'm not a US citizen or resident but I'm well aware of these taxes and when you should pay them. If you have property like land, real estate, etc you have to declare it every year and pay respective taxes on it for just having it. This is obviously not the case with Bitcoin as you have to declare only the profits earned with it, so what you should pay is more like a capital gains tax. But you don't pay a capital gains tax on your money, only an income tax when you receive this money, for example, from your employer as pay
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September 18, 2018, 01:52:58 AM
 #49

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
actually, if bitcoin is taxed, it might be categorized as an asset, or sales and purchase tax between countries, but if that happens, this can make it more widely recognized by many countries and it is very likely that business people switch to using bitcoin as a payment instrument in business they, and can affect the exchange rate of Bitcoin more stable.
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September 18, 2018, 06:52:22 AM
 #50

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

i don't think bitcoin is a tax.if that so,then this is an asset or if bitcoin is tax then they are using it to purchase tax on the countries using bitcoin,if that's happen may of the people ar using this as a currency of as a payment method.
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September 19, 2018, 07:23:19 PM
 #51

Bitcoin can hardly be taxed,because of the reason that bitcoin is very complex.
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September 19, 2018, 10:17:47 PM
 #52

I think bitcoin should be treated as a normal curreny like GBP or USD, to be honest you can treat it as a property and tax it but nowdays it is used as a payment method which excludes it from being a property, goverments should stop being materialistic and stop taxing everything.

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September 20, 2018, 02:11:19 PM
 #53

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
actually, if bitcoin is taxed, it might be categorized as an asset, or sales and purchase tax between countries, but if that happens, this can make it more widely recognized by many countries and it is very likely that business people switch to using bitcoin as a payment instrument in business they, and can affect the exchange rate of Bitcoin more stable.
What ever the tax category  it may fall they should provide a law on how  to cater taxation that is fair and just to the users and the government because as a citizen we are duty bound to pay taxes, Because those taxes will return to us in form of services.

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September 20, 2018, 02:19:24 PM
 #54

Bitcoin can hardly be taxed,because of the reason that bitcoin is very complex.

The complexity of Bitcoin has nothing to do with a tax related to it. You make an income (paid in Bitcoin) You pay the tax related to this income no matter what, how, who, where. Also there is something called "accounting". It isn't difficult. I suppose you never had to pay a tax in your life. You're lucky... or not.

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September 20, 2018, 07:22:52 PM
 #55

I think bitcoin should be treated as a normal curreny like GBP or USD, to be honest you can treat it as a property and tax it but nowdays it is used as a payment method which excludes it from being a property, goverments should stop being materialistic and stop taxing everything.
So collecting tax is now about being materialistic now? Bitcoin as a property is taxable even before it has been recognized by the government and they have the right to tax everything as it is their main way of having income for the country which you will also benefit from. Taxes are what I say a necessary burden for us all as this is what makes the country up and running and continue its development. Now exempting income tax coming from cryptocurrency will be a big missed opportunity for the government as it will be a considerable amount, also if they exempt one stream a lot of people might take advantage and actually go to where they won't be paying taxes.

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September 20, 2018, 09:58:38 PM
 #56

IRS should levy tax on earning from btc but this tax must be levied only on profit gain from btc. btc should not be accept as asset as it has not more stability of price than the land or other non transferable assets. anyhow more policies can be made in future as more countries will accept btc as legal source of income.
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September 27, 2018, 03:08:03 PM
 #57

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
indeed, bitcoin is a decentralized system, it should be closed off and tax free. When it is started to be open and centralized, it means control is not in our hands fully, but government has intervention. I don't agree if tax is on and we agreed to the statement that crypto is property.
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September 27, 2018, 04:44:21 PM
 #58

Bitcoin is a decentralised currency so there is no tax implented. Few countries accepted bitcoin but they don't put any tax for that. It is consider to be an aset as well. It depends on the countries who accepted bitcoin as legal currency. I would like to pay tax for crypto earnings. As an individual I don't have any issues in paying taxes for my crypto earnings.

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September 27, 2018, 10:29:45 PM
 #59

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

Well, that's the rule. in the US, The IRS has made it mandatory to report bitcoin transactions of all kinds, no matter how small in value. So, every US taxpayer is required to keep records of all purchases, sales, investments in, or use bitcoin to pay for goods or services (which are considered IRS barter). There is no other choice, besides complying with the regulation.
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September 27, 2018, 10:39:37 PM
 #60

well if you spend your bitcoins you still pay taxes to some extend so I guess you cant avoid it but as its a decentralized system nobody should be able to see unless you get huge ammounts of money on your bank account out of nowhere. So selling your bitcoins for cash would be the best solution unless you have huge amounts of bitcoins but somebody who has huge amounts of bitcoins knows how to turn them to cash. In my country you need to hold your cryptos 1 year after that they are tax-free but I dont know how they do it with altcoins as most of them are not exchanged for cash but for btc and I dont know if I would need to hold those exchanged btc another year or not...

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