Bitcoin tax value

[Tigorss]

Taxes already exist in government regulations on taxpayers, so wherever we live we will definitely meet taxes and this is indeed unavoidable, and if you can, you can bargain, I expect a minimum tax.

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[goaldigger]

On my mind it says 30% but i guess 10% is enough. Bitcoin does not classify as a full investment and its earnings doesnt mean it is a dividends or so. Bitcoin is also a currency which means it has a purchasing power. 10% income tax would be enough for the government to legalize it.

[cellard]

It is already taxed. Since trading is taxed, no matter if you trade Bitcoin, fiat, or potatoes you are supposed to pay your taxes related to the profits. I am referring to regular traders as a job, not random users trading $10 weekly.  

It makes me wonder, are people really that ignorant to believe that you don't have to pay tax over crypto trading activities, or are they blindly assuming that because crypto is "anonymous" they can keep avoiding taxation.

Either way, everything over a certain amount is subject to taxation. The only difference is that the rates depend on what you are trading or holding, and in this specific case countries may have a different opinion on what Bitcoin is.

I am currently paying 5.5% but I was supposed to pay 20.6%

Not sure where you're from, but in some countries the difference between short term and long term gain taxation is quite significant. In my case ~22% is the highest tax rate for longer term gains. It seems to be an average figure.

Japan seems to be going crazy with 55%. That's straight theft.

As long as you stay within crypto, there's no way in hell they can tax it. However all these idiot kids that suddenly become rich, sell and buy a lambo, are wondering if they need to pay tax or not. Of course you will pay tax.

Even if you bought the car without going through fiat (for instance, there are ways now to buy luxury cars with bitcoin) the government would eventually find out you own a supercar and will ask where they money came from, you must be able to prove you didn't get paid for illegal activities, then you will get that money taxed.

The only thing you can do is to "vote with your money" so to speak. That means, go to the country that better serves your interest, ideally with a jurisdiction that will not be trying as hard as possible to label you a terrorist because you dealt with crypto and will basically confiscate your hard earned money.

[KorakPawon]

As human being, It's normal if most people don't want to pay tax, cause they think about win and lose out. so, if newbie has no willing to pay tax but eager to earn money as much as possible that's very normal I guess. Bitcoin is taxable, but the problem is I also still have no idea what or how the tax will be applied on crypto.

[saara]

hello guys. i came accross the page https://kaliyahcrypto.code.blog/2018/09/27/how-to-get-up-to-40-000-a-month-with-simple-mining/ and it sounds good to be true. but also while reading the post, i didnt find anything which reminds me of scam. can anybody give me opinion on this, i wana try it but i dont wana waste my time if its scam. can somebody tell me what to do?

[bajigur894784]

If possible, I expect low taxes, even I hope to remain tax-free. But, Around the world, tax authorities have tried to issue regulations on bitcoin. The US Internal Revenue Service (IRS) and colleagues from other countries are mostly on the same page when dealing with bitcoin care.

The IRS says that bitcoin must be treated as an intangible and non-currency asset or property because it is not issued by a country's central bank. The treatment of Bitcoin as an asset makes tax implications clear.

If bitcoin is held for a period of less than a year before selling or exchanging, short-term capital gains tax is applied, which is the same as the ordinary income tax rate for individuals. However, if bitcoin is held for more than one year, the long-term capital gains tax rate is applied.

In the US, the long-term capital gains tax rate is 0% for people in 10% -15% of the ordinary gross income tax rate, 15% for people in 25% -35% tax group, and 20% for those in 39.6 tax bracket %. Thus, individuals pay taxes at a rate lower than the usual income tax rate if they have held bitcoin for more than one year.

However, this also limits tax deductions on long-term capital losses that a person can claim. Capital losses are limited to the total capital gains made in the year plus up to $ 3000 of ordinary income.

[jekquenkinkas]

for the time being, there is still a stage for tax talks on the market.
And I think if applied to the market, transaction costs will increase also when we trade.

[amar786]

tax should be levied on bitcoin at minimum rate to give favour to the person,s holding bitcoin for a better future of trading business. anyhow none of us know how a country deal with his financial policies.

[countryfree]

I'm expecting to be taxed at the same rate as my regular income: 0%. Sometimes I think that if everybody was living the way I do, governments would go bankrupt. It would be so great! There would be no more war!

[Ridwan Fauzi]

As the title says, we know it is inevitable that Bitcoin trading is gonna get taxed sooner or later (better later, tbh ) so i am asking you , what TAX are you expecting? 19% ? 20%? 10%?

For every government that imposes a tax on cryptocurrency users it is natural to do. With the tax at least will provide comfort to every user, not only that the government can ensure that cryptocurrency is very suitable to be used as a place to earn income, especially for every country that has a high unemployment rate. And in my country the tax that must be spent on each stock investor or a trader the governmet pegs them to tax is 10%, and I guess if cryptocurrency users have to pay taxes, 10% is enough.

[Maricel2017]

I do not know how much taxed impose by trading site we used because while we are using the site the owner of the site should pay taxed to the government that is why every time we do trading yhere are some deduction which we called transaction fee and that fee is a taxed and less in our income.

[BitHodler]

As long as you stay within crypto, there's no way in hell they can tax it.

Legally they can and do where I live. Crypto isn't really even the main thing my local tax authority focuses on, they stack the value of your crypto holdings on top of your regular holdings, and you have to pay tax over it every year.

It's pretty brutal because even if you don't add anything to your net worth, or lose 50% of the value for whatever reason, you still are subject to a near 2% annual tax hit based on the total total amount.

I'm not necessarily against tax, but this is the worst form of taxation ever in my opinion. Why should I pay tax over the same amount of money over and over again? If you don't they'll throw you in jail for a couple of years.

[zahed]

As the title says, we know it is inevitable that Bitcoin trading is gonna get taxed sooner or later (better later, tbh ) so i am asking you , what TAX are you expecting? 19% ? 20%? 10%?

10% are ideal i expecting that. 20% too much i thinking. Bitcoin trading taxed paying started in any countries?
South Korea, Canada, Japan & United States taxed accepted countries, South Korea 24.5% taxed required for traders.

[senin]

As the title says, we know it is inevitable that Bitcoin trading is gonna get taxed sooner or later (better later, tbh ) so i am asking you , what TAX are you expecting? 19% ? 20%? 10%?

In my country (Ukraine), in several legislative bills have been submitted to the legislature on the regulation of the crypto currency, and two of them contain tax rates on the crypto currency: the first bill provides for a zero rate, that is, exemption from taxes when dealing with crypto currency, and the second provides for a tax of five percent of the profit in crypto currency. Both bills are very good and I hope that the tax will not increase when one of these bills is adopted.

[jossiel]

19% and 20% is too much but the authorities have the power to declare the percentage of taxation and that depends on how they can see how profitable bitcoin is. But I think they will just in line it with the same income tax / revenue tax percentage.

Each countries does have their own reference on how much they are going to tax. Some countries are even declaring it with an exception base on how much you make monthly.

[candra raditya]

I think it is difficult to apply taxes on bitcoin because bitcoin is not regulated by third parties, and although in the future bitcoin can be legal and taxable, maybe 1% is not too heavy.

[tanoe]

Legally they can and do where I live. Crypto isn't really even the main thing my local tax authority focuses on, they stack the value of your crypto holdings on top of your regular holdings, and you have to pay tax over it every year.

It's pretty brutal because even if you don't add anything to your net worth, or lose 50% of the value for whatever reason, you still are subject to a near 2% annual tax hit based on the total total amount.

I'm not necessarily against tax, but this is the worst form of taxation ever in my opinion. Why should I pay tax over the same amount of money over and over again? If you don't they'll throw you in jail for a couple of years.

With tax calculations like this? why don't you keep your assets outside of the country where you live. because in my opinion, it's very crazy. your assets will only continue to decrease due to unreasonable tax calculations.

As human being, It's normal if most people don't want to pay tax, cause they think about win and lose out. so, if newbie has no willing to pay tax but eager to earn money as much as possible that's very normal I guess. Bitcoin is taxable, but the problem is I also still have no idea what or how the tax will be applied on crypto.

I assume that many people want regulation and taxes in their country against bitcoin. Why ? because when the tax has been imposed and carried out with the right regulation. automatically, the country has legalized the circulation of cryptocurrency itself. I am really waiting for this, when I can use cryptocurrency in my own country with clear regulations.

[1NV3ST0NM3]

Bitcoin taxation has been discussed a number of times on this forum and now it has become very clear that you cannot evade bitcoin taxation when imposed on by the law makers of your nations.

You cannot totally evade from the rules and regulations set by the authorities. If you're to derive income by any form, be it capital gain or other source, you have to pay a portion of it to the government of your nation.

And if the government of your country is really supportive as in case of Japan, then you cannot run off from your duty towards the nation.

[xIIImaL]

Bitcoin taxation has been discussed a number of times on this forum and now it has become very clear that you cannot evade bitcoin taxation when imposed on by the law makers of your nations.

You cannot totally evade from the rules and regulations set by the authorities. If you're to derive income by any form, be it capital gain or other source, you have to pay a portion of it to the government of your nation.

And if the government of your country is really supportive as in case of Japan, then you cannot run off from your duty towards the nation.

Bitcoin is not legal in my country, I have checked with my friend who is working in tax department in my city. He said that 15 percentage is the fund some miners and traders paying since they earn via crypto currencies.

Government needs to support and make the tax on crypto to cheap. This will erode the problems and tax issues even involved in crypto industry.

[BitHodler]

With tax calculations like this? why don't you keep your assets outside of the country where you live. because in my opinion, it's very crazy. your assets will only continue to decrease due to unreasonable tax calculations.

It's not as easy as it may seem, especially when my local tax authority knows what I have because I declared my holdings. In total they know about 40% of my Bitcoin holdings and the rest is secured without anyone knowing.

By hiding 60% of my holdings I effectively have made sure that they can't tax me over that part of my net worth, but that also means that I have to figure out how to legally use these funds somewhere in the future.

Good thing is that Bitcoin has so much more potential to increase, that inflation and tax hits aren't really a problem in the long run. The Bcash fork last year was a welcome event with how I use the free coins to pay my taxes with.