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Author Topic: Please DON'T pay any taxes on your crypto!  (Read 19475 times)
Lionel
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January 26, 2019, 09:02:56 AM
Merited by BitcSeo (5)
 #1

More and more countries, like Chile or India, are trying to tax their citizen for the crypto they hold.

Please don't pay taxes on your coins.
You really don't need it, unless you are totally ignorant.

It's simple: they cannot prove you have the coins on your PC/phone , so you don't have nothing to pay taxes on, as far as they know.
It's just their attempt to trick the ignorants that don't know about that Wink

Even if they look for your wallet on your PC/phone ,
your wallet data is not accessible to them because it's  encrypted with password  ( uhm.... have you set the password protection on your wallet... right? Wink ).

Of course you are not going to give them the wallet password.

Oh.. they tell you that you withdrawn the coins from an exchange,  so that's the proof you have the coins?
Just say that it was an hacker that stole your coins from the exchange,  not you.
You got robbed, and you don't have to pay taxes on the money that was stolen from you, right?

P.S. for the geeks: use Veracrypt Wink
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January 26, 2019, 10:36:56 AM
Merited by OmegaStarScream (1), pooya87 (1)
 #2

Does this mean you're willing to pay the fines or serve the jail time of every single person you encourage to this who gets nailed?

Either you stand behind your 'advice' or you don't. In most places the money needs to finish up in your bank if you want to spend it. Once it's in there you may have some explaining to do.

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January 26, 2019, 10:45:40 AM
 #3

any aw abiding citizen will pay his/her taxes, you should, too.
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January 26, 2019, 10:46:04 AM
 #4

maybe you can give an article about it, I think this is just a post that is not based on a trustworthy source
LFC_Bitcoin
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January 26, 2019, 10:46:55 AM
 #5

Does this mean you're willing to pay the fines or serve the jail time of every single person you encourage to this who gets nailed?

Either you stand behind your 'advice' or you don't. In most places the money needs to finish up in your bank if you want to spend it. Once it's in there you may have some explaining to do.

Have to admit I’ve never paid a penny tax on my bitcoin’s. I sold all of my free BCH last year too & nothing happened Wink

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January 26, 2019, 10:49:57 AM
 #6

Have to admit I’ve never paid a penny tax on my bitcoin’s. I sold all of my free BCH last year too & nothing happened Wink

Soak your botty in vinegar in case you get the spanking of the century.

I think it's only the IRS who are flat out psychotic. Most other places it's taken on trust.

A pal of mine is a builder who's earned £800-£3000 a week for several decades and has never paid one penny in anything. Full marks for balls. I'd prefer a quiet life.

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January 26, 2019, 10:52:34 AM
 #7

Why not pay any taxes? This is necessary in a growing country and I think I’d better to pay the taxes than to be punished later on. So i think you have to follow the law and make a good contribution to your government, its good to be good sometimes.
creeps
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January 26, 2019, 10:59:09 AM
 #8

A small contribution can make a big impact in the future especially to the developing country. I know some government are corrupt but if you try to avoid taxes, maybe you can consider yourself as corrupt too.

You can just declare a small amount of money and be a good citizen to help the government to grow.. Taxes is fine for me, but I don’t know why cryptocurrency is not taxable in my country. Well, for sure it will happen in the future so just enjoy if its still not taxable but if there’s already law better to follow that one.
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January 26, 2019, 11:04:09 AM
 #9

Does this mean you're willing to pay the fines or serve the jail time of every single person you encourage to this who gets nailed?

Either you stand behind your 'advice' or you don't. In most places the money needs to finish up in your bank if you want to spend it. Once it's in there you may have some explaining to do.
Absolutely right. Besides that the bankers can easily know that the money getting credited in our bank account is crypto related if we are withdrawing it from an exchange.
This is where the peer to peer exchange helps us out. I have been using p2p exchange from quite some time now without any hassles.
I am from India and there are no such rules here to pay any taxes fro crypto because the government hasn't made any decisions on crypto regulations in India yet.
But the banks have already started to seize accounts which has crypto related transactions. it's all a messed up situation here from the past few months.



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January 26, 2019, 11:13:40 AM
 #10

Does this mean you're willing to pay the fines or serve the jail time of every single person you encourage to this who gets nailed?

Either you stand behind your 'advice' or you don't. In most places the money needs to finish up in your bank if you want to spend it. Once it's in there you may have some explaining to do.

Technically speaking what you say means you're paying taxes on the fiat, not the crypto you hold.

It's a grey area in my country too, once they see <<<<<real>>>>> money in your account, "where does this come from" questions start to be raised.

But this also means that if you can use your crypto instead, you're probably going to be just fine. That's why the OP is technically correct, you'll never have to pay taxes on crypto. Or in case you really need real life cash, try to use routes that won't be monitored by institutions.

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January 26, 2019, 11:20:42 AM
 #11

OP may have no idea what it can cost to cheat the taxes department, if he is ok to pay a fine or go to jail then that's cool, but personally no thanks, I have better to do and responsibilities. OP is surely not a tax eligible person.

Yes sure, they can't know what wallet you own and where and bla bla bla. But did you forget then they do have access to your bank activities? Are you aware than bank accounts owned by the crypto exchanges are well know from the authorities?

I know in less than 5 years we will see some waves of threads from people crying they got busted and they're now in troubles.
Yes some people say they never paid any penny for the taxes, but don't forget the governments are still watching the industry to know how to tax it (assets, income, ...) it's inevitable that after this they will tax as others gain you may have and some countries are already doing it. If you think your governments will let you make money without getting their share, you're wrong.

Also, I would like to add, you may cheat the system for a while, but they will always come to you soon or later.

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January 26, 2019, 11:20:52 AM
 #12

More and more countries, like Chile or India, are trying to tax their citizen for the crypto they hold.

Please don't pay taxes on your coins.
You really don't need it, unless you are totally ignorant.

It's simple: they cannot prove you have the coins on your PC/phone , so you don't have nothing to pay taxes on, as far as they know.
It's just their attempt to trick the ignorants that don't know about that Wink

Even if they look for your wallet on your PC/phone ,
your wallet data is not accessible to them because it's  encrypted with password  ( uhm.... have you set the password protection on your wallet... right? Wink ).

Of course you are not going to give them the wallet password.

Oh.. they tell you that you withdrawn the coins from an exchange,  so that's the proof you have the coins?
Just say that it was an hacker that stole your coins from the exchange,  not you.
You got robbed, and you don't have to pay taxes on the money that was stolen from you, right?

P.S. for the geeks: use Veracrypt Wink
It is not that we need to pay any taxes directly for the amount of cryptocurrencies we hold but indirectly the taxes are been cut down unknowingly and we actually don't even come to know about it.
Any time i sell/buy some of my coins, a unknown tax is been always deducted from my bank account which i use to encash my coins.

 
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January 26, 2019, 11:23:11 AM
Merited by Foxpup (3)
 #13

I wouldn't suggest anyone taking legal advises here or anywhere online. In addition to what has been said above, one should take in consideration that an exchange might be forced to give user's info to the government so It's just better to simply follow the laws and regulations If you don't want to run into trouble afterward.


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January 26, 2019, 11:26:53 AM
 #14

I know that you have a good intention in this post but some people that read this might follow you and might end up in big trouble. They have their own regulations pertaining Bitcoin and crypto currencies in their country and as a citizen of that country, they should follow it. We don't know what might happen to them if they followed your suggestion but all we know is that they should obey the rules.

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January 26, 2019, 11:36:29 AM
 #15

It makes no sense to pay tax if you only hold some cryptocurrency, and I think it is quite clear and logical move. On the other side if you are active trader or you convert crypto to fiat on a regular basis, you becoming visible to the tax system. But it is also depends about the country where people live, some countries regulate this area, others have no law in that regard.

There is a saying that in life people can not escape two things, death and tax - but I would not entirely agree with that when it comes to cryptocurrency. It's all about how person comes into possession of crypto, so if you buy direct from some person by using LocalBitcoins then you can sell on the same way and avoid tax. Also good way is to buy things directly with crypto and then sell those things for fiat. But in this case you will pay VAT on product, which in some cases can be same or even bigger then regular tax - only benefit will be saving time on tax paper work.

Some countries like Germany are crypto tax haven, if you buy and hold your coins 1+ year there is no need to pay any tax after that. Denmark was also very open and liberal country towards cryptocurrency with no tax, but recenty they change their minds, and they went to hunt their citizens in order to collect some tax _ https://cointelegraph.com/news/denmark-targets-2-700-bitcoin-traders-for-tax-payments-after-tip-off-from-finland


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January 26, 2019, 11:36:59 AM
 #16

I wouldn't suggest anyone taking legal advises here or anywhere online. In addition to what has been said above, one should take in consideration that an exchange might be forced to give user's info to the government so It's just better to simply follow the laws and regulations If you don't want to run into trouble afterward.


Yeah, cryptoexchanges will be regulated and there is no other way to tax you aside from increasing the fees of that exchange. You may not pay directly the taxes but for sure the exchanges will collect it for the government. Follow the regulations and trade smoothly without experiencing any interruption from the exchanges.

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January 26, 2019, 11:47:34 AM
 #17

Your post shows the ignorance of how the tax law works. One fact there is you are by default expected to disclose all our income when you are filing your returns whether its going to be seen or not and its for your own good because if you choose to not disclose, you better be able to have other means of getting money to support your lifestyle and a backup to have enough in your bank account because if you don't, there will always be a connection. You earn salary, which is paid in your account, you are expected to file a return, the same thing with your company. The same thing goes to every company you visited to buy as little as groceries. So, its all connected when they have your time, you wish you didn't hide anything.
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January 26, 2019, 11:54:42 AM
 #18

Technically speaking what you say means you're paying taxes on the fiat, not the crypto you hold.

It's a grey area in my country too, once they see <<<<<real>>>>> money in your account, "where does this come from" questions start to be raised.

But this also means that if you can use your crypto instead, you're probably going to be just fine. That's why the OP is technically correct, you'll never have to pay taxes on crypto. Or in case you really need real life cash, try to use routes that won't be monitored by institutions.

Everything depends on your jurisdiction of course, but in many a place you don't need to be converting to fiat to be liable for tax. You could be earning in crypto and for many income tax applies. It's the same as earning in a foreign currency, just because it's not local money doesn't mean you're magically exempt.

The chances are high you'll get away with it, but we don't know how good surveillance will become in the coming years and in most places they can chase you for tax due many years in the past.

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January 26, 2019, 12:01:16 PM
 #19

I think making regulations must pay taxes if we have bitcoin or cryptocurrency that is something that is not clear because the tax cannot recognize people who have cryptocurrency or not. if you are asked to pay taxes, then just say you don't have it.

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January 26, 2019, 12:03:51 PM
 #20

More and more countries, like Chile or India, are trying to tax their citizen for the crypto they hold.

Please don't pay taxes on your coins.
You really don't need it, unless you are totally ignorant.

It's simple: they cannot prove you have the coins on your PC/phone , so you don't have nothing to pay taxes on, as far as they know.
It's just their attempt to trick the ignorants that don't know about that Wink

Even if they look for your wallet on your PC/phone ,
your wallet data is not accessible to them because it's  encrypted with password  ( uhm.... have you set the password protection on your wallet... right? Wink ).

Of course you are not going to give them the wallet password.

Oh.. they tell you that you withdrawn the coins from an exchange,  so that's the proof you have the coins?
Just say that it was an hacker that stole your coins from the exchange,  not you.
You got robbed, and you don't have to pay taxes on the money that was stolen from you, right?

P.S. for the geeks: use Veracrypt Wink

What nonsense? None of the countries ask for tax on Crypto holding. They're asking for tax only when you are converting Crytp to FIAT. There's no way you can hide that unless you are solely living on cash.
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