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Author Topic: Please DON'T pay any taxes on your crypto!  (Read 19458 times)
Sanu Simon
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February 23, 2019, 08:17:22 PM
 #141

There is even no problem with paying tax but why pay tax what the government are fighting against or what they don’t don want to legalize? This is what we need to answer. So I don’t think it’s possble to tax anyone at this stage because the tools to do this has not been installed yet so no one can tax you for holding any coin of our choice .
Well said, until they give legal support they doesn't have the right to levy tax upon our crypto holdings. Also most of the governments around the world just corrupt the tax money and they never tend to do to the needful citizens of the country.
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kaya11
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February 24, 2019, 05:33:53 AM
 #142

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 they tell you that you withdrawn the coins from an exchange,  so that's the proof you have the coins?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

Impossible for me, unless all people, businesses, and any other establishments uses crypto for payments( we say BTC or Ether).
By the time I will withdraw my crypto currencies into fiat it will already be taxed (on the third party app that I am using). Also our  government won't tax you directly if you are only withdrawing certain amounts, not more than millions.

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February 24, 2019, 06:23:58 AM
 #143

Impossible for me, unless all people, businesses, and any other establishments uses crypto for payments( we say BTC or Ether).
By the time I will withdraw my crypto currencies into fiat it will already be taxed (on the third party app that I am using). Also our  government won't tax you directly if you are only withdrawing certain amounts, not more than millions.

That'd raise the AMLA warning and we'll get taxed the moment we explain the gains are from crypto.

Smart way is to do so in smaller amounts, but larger holdings will have to bear the price movements. Sucks if they tank though.

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February 24, 2019, 06:28:41 AM
 #144

Absolutely pay your taxes on crypto, this brings legitimacy to the space.  If you filed your gains in 2017 you can file your losses for 2018.  Here in the US we are required by law to report all crypto transaction whether it was a gain or a loss. 

I love Bitcoin
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February 24, 2019, 06:57:02 AM
 #145

Huh.?you are generating money inside crypto and you wanna deny paying taxes because the government cannot prove that you are gaining?do you know what are you saying?

Being a responsible people we must pay taxes everytime we gather profit,not unless you are a loser then i ca understandably agree with you.but if not then you are definitely a cheater
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February 24, 2019, 07:10:37 AM
 #146

Huh.?you are generating money inside crypto and you wanna deny paying taxes because the government cannot prove that you are gaining?do you know what are you saying?

Being a responsible people we must pay taxes everytime we gather profit,not unless you are a loser then i ca understandably agree with you.but if not then you are definitely a cheater

dont me .  im not like you  . you maybe a rich guy and wont mind paying a tax but me ( most of us ) we are only poor . we dont even have a regular jobs outside  ,  we only depend on crypto  .  now when the market falls , our income are greatly affected and the sad part is that we are paying expensive fee from the network and on the platform that we are using  .   how much more if we pay taxes  ?  cant imagine if what will be left on my income   .

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February 24, 2019, 12:37:28 PM
 #147

If this really happen, I'll do what the OP said and yeah it's true that they don't know if I have nor how much I have, so why the heck I'll pay tax? Though this is for economy but I just see this unjust.

I know government's eye are very keen in whatever they see fit to squeeze money from people but maybe they should just spare this.

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February 24, 2019, 01:49:05 PM
 #148

I think rather than being a ban and a criminal threat, it is better to pay taxes if it can make it easy for the ownership of cryptocurrency.

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February 24, 2019, 02:00:35 PM
 #149

Huh.?you are generating money inside crypto and you wanna deny paying taxes because the government cannot prove that you are gaining?do you know what are you saying?

Being a responsible people we must pay taxes everytime we gather profit,not unless you are a loser then i ca understandably agree with you.but if not then you are definitely a cheater

dont me .  im not like you  . you maybe a rich guy and wont mind paying a tax but me ( most of us ) we are only poor . we dont even have a regular jobs outside  ,  we only depend on crypto  .  now when the market falls , our income are greatly affected and the sad part is that we are paying expensive fee from the network and on the platform that we are using  .   how much more if we pay taxes  ?  cant imagine if what will be left on my income   .


What are you talking about? What expensive fees? Segwit fees are very low and it's hard to get any cheaper than LN.

It doesn't matter if someone is rich or poor because taxes are a percentage of your income. That rich guy will pay 10k USD every month when you only have to pay $100 or even less if your only crypto income is a signature campaign. In proportion you're paying the same thing, he's even in a worse situation because he might be working harder for his money and paying more than you.

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February 24, 2019, 02:09:11 PM
 #150

We should pay tax if it is implemented in our country, just a small amount from your earning to pay tax or rather than you serve that in jail due to not paying tax. That is just a small amount that might contribute to having economic growth in the country. Just like happen in the U.S. they are very strict on implementing the tax, they are now the number one of the most fully developed country.

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February 24, 2019, 02:58:48 PM
 #151

hmm, i think you are right, but we should know about it first, lets things that india want makes the people to pay the tax, because they afraid because of the inflation in their country, they should know about the money that people have to prevent the inflation in their country, because if its happen it will be crisis on their country

MiguelCryptoss
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February 24, 2019, 03:17:09 PM
 #152

Personally I wouldn't buy into your idea because in my country crypto tax defaulters are liable to 21years imprisonment or $3000 option of fine. My advice to OP is that he should not get involved in the defaulters group to avoid been jail.
teejayrichard2
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March 05, 2019, 09:26:53 PM
 #153

trying to run form paying tax clearly shows you are not a law abiding citizen. The government is bad and we are all angry but then we should pay our tax as it is needed to keep a country running. If government says pay tax on your crypto, then do the right thing and pay, doesnt take anything from you.
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March 05, 2019, 09:55:35 PM
 #154

hmm, i think you are right, but we should know about it first, lets things that india want makes the people to pay the tax, because they afraid because of the inflation in their country, they should know about the money that people have to prevent the inflation in their country, because if its happen it will be crisis on their country
well, if a country gives a regulation, or a regulation about it, I think I have to pay if I fulfill the requirements. however, for now, it is very difficult to apply tax payments to every crypto asset we have, moreover it is not stable. but to avoid danger, I will pay for it when it applies.
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March 05, 2019, 10:26:18 PM
 #155

States are very eager to receive taxes.. the value of the coins we received fell. If we try to pay tax on the price we buy coins, we will be destroyed. If the states are going to get taxes when I make a profit,   they pay for my losses.!!

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March 06, 2019, 01:45:43 AM
 #156

Apparently the tax agencies in Europe have started to ask for additional information from people that have been using localbitoins. I suggest not submitting anythiung and if responding at all, ask them what info they have on you first.
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March 06, 2019, 02:11:16 AM
 #157

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.
LOL, that's correct, I guess people with Crypto Currencies won't get rekt when they do this. Grin Some governments are really trying to milk out money from people that use Crypto Currencies and it is a sad thing to hear but we don't have control over it. But I think the government has the right to get some taxes especially for a law-abiding citizen that citizen of that certain nation will pay his/her taxes because taxes are used by governments to improve their respective countries unlike in my country where taxes are directly stoled by government official and the quality of life of the majority of the citizens are not improving but the quality of life of any government official is improving dramatically. Cool

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March 06, 2019, 06:10:50 AM
 #158

Tax rate which too high can become a nightmare, but honestly I think pay tax of our bitcoin is still okey because government use the fund to build infrastructures for us. Low rate tax for bitcoin is okey but if it's too high then this can make cryptocurrency holder think twice to declare about amount of cryptocurrency they have.

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March 08, 2019, 06:15:47 AM
 #159

We will need to pay taxes on our profit in cryptocurrency. It is necessary to proceed from the fact that states will be able to determine the total amount of tax payments that must be paid by the population. If taxes are not received, government agencies will be very happy to limit circulation or even prohibit cryptocurrency. I think that we do not need it. The state should make sure that the circulation of cryptocurrency is beneficial for him, only in this case it will, if not support cryptocurrency, then at least allow it to circulate on its territory.

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March 08, 2019, 06:48:43 AM
 #160

They would really don't if you have coins in your pc or phone only if you don't have plans in using those lol. If you don't want to pay your taxes then its up to you but I always go with the right method. If you don't pay taxes you should not be allowed to use all the facilities that was made because of the taxes given by other citizens. A good example would be the acess roads

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