Do traders pay income taxes?

[Michelecako]

If you say openly and talk about what each of us is a citizen of his country and pay taxes we owe it to our states. The time will come when we will all pay taxes from crypto. The success of cryptography will be if taxes from the profits of participants in the crypto market will be huge.

[tee-rex]

I do not think that many traders pay taxes on their profits. Firstly it is very difficult to track down and in General how they will know how much the trader really earned money this year. Fuck them.

I would suggest it depend on the exchange and which country it is located in. I also assume that in the US at exchanges like Kraken, Polo, Bittrex, Coinbase, and their likes all US residents have to pay their income taxes whether they want or not as these exchanges directly report all transactions to the IRS. In other countries the situation with the income tax may be different, and in some of them bitcoin and cryptocurrencies may not be taxable at, which effectively means you officially might be exempt from paying an income tax on your bitcoin profits. These are known as tax havens I guess.

[BobBct]

I'm a trader and i don't pay taxes because why would you pay taxes if it is not regulated in other countries but i'm not saying that it's not legal i'm just saying that taxes will come to trading when crypto will be regulated as an official currency.

[X-ray]

I don't really sure about that, if we done it personally without getting listed in any company, i think it won't be necessary for it. except if even though we are working alone but count as a small company, then we need to pay an income tax.

As far as i know there is still no regulation about that, exchange site has a responsibility to pay the tax to the government but they are not applying it to their traders that used their service. Basically this depends on where are the basis of the exchange site itself. Some countries have been issuing the new regulation about that.

[cryptojac17]

I'm a trader and i don't pay taxes because why would you pay taxes if it is not regulated in other countries but i'm not saying that it's not legal i'm just saying that taxes will come to trading when crypto will be regulated as an official currency.

That's right, we're not going to pay taxes on decentralized currency specially when it's not a type of fiat currency. In a country it depends on how tight your government authority is, and with central banks who monitored the financial balance of the fiat economy. Trader's aren't obliged to pay taxes for a matter of crypto trading and I think if ever crypto will be legalized so far, there they could imposed a tax law for every exchanged withdrawal transactions.

[popox]

I know both situations when people pay taxes or not. It depends on the platform you work with and cases that you follow to be there. But if you don't want to pay you can just find other platforms.

[learntonoob]

I think the government is making the framework for the income taxes. We will have to accept it if crypto will be legalized everywhere in the future.

[daviidalpert]

It doesn’t seem to pay taxes now.In the near future, many countries will supervise and formulate some policies.Maybe we need to pay taxes after the policy is introduced.

[meanwords]

Taxes depends on the country. What I've known so far is that U.S.A is the only country that taxes Bitcoin profit. In any other countries like the Philippines, they don't tax it no matter how big your profit is because there are companies who manage things like this depending on the wallet you use.

[Quitthis]

if I personally do not pay taxes from my trading income, because I think trading is still illegal in my country so there is no reason for me to pay taxes.

If its illegal how do you get money on your bank account.

[Gontxi]

I'd like to start trading, but what happens when you get profit from a new coin? you pay taxes as individual (like capital gain) or you must open a registered company?

there is no tax for crypto trading that I know of.
yes only the fee service from the exchange is there and the fee for each transaction. that's why there are many countries that try to make regulations for crypto with all its rules.

[kidsrock]

I don't pay income taxes when I withdraw my bitcoin to my local fiat, and I think I only pay the fee of making transaction on my bank. But I think soon, the bank will ask me from where that money. Until that time, I hope that I can withdraw my bitcoin without paying the taxes and if it's applied, I hope that the fee is not too big.

[Psalms23]

I'd like to start trading, but what happens when you get profit from a new coin? you pay taxes as individual (like capital gain) or you must open a registered company?

I'm not really sure where you are from but in our country, there is no such tax yet for such things like crypto incomes. But if you are really intending to pay taxes, I think its alright just to pay as individual but I think there is a limitation.

[Hartmas]

I'd like to start trading, but what happens when you get profit from a new coin? you pay taxes as individual (like capital gain) or you must open a registered company?

Not yet, but if they introduce regulation then we definitely will. It’s another matter what percentage will be at the same time, maybe it will not be profitable then to trade at all. So here is a fine line and it’s better for now, everything will be as it is.

[Felic43]

It depend on your country policy it not all country that crypto is legalise so people in this country won't pay tax.. crypto is not recognised by all country that why i said it depend on your country

[romeolopez21]

Traders have a lot of losses thanks to their constant move with money and such taxes are not so significant so much for them I am sure. It is not a problem.

[rosezionjohn]

Since government will have a harder time monitoring your income from cryptocurrency trades, it is entirely up to you now if you want to declare them in your income tax report. 

[fadlyzuld]

I don't think traders have to pay individual tax. I think investing in cryptocurrency is similar with buying gold. When the price of gold increase, we sell our gold to get profit. So there is no reason for us to pay tax for that

[CaMeRoNy]

In my country, so far there is no such thing, but it is possible if the law on the regulation of cryptocurrencies is adopted, then there will be similar laws that will oblige to pay taxes.

[abubakar.tapo]

I know that the system of paying taxes from the profits received by participants in the crypto market is being developed by the Australian government. I am closely following this event. This may be a good sign for the development of a civilized crypto space.