Please DON'T pay any taxes on your crypto!

[teejayrichard2]

Sounds like you are not a law abiding citizen because if you are, you won't ask people not to pay tax. For the fact that government cannot confirm your ownership of your bitcoins doesn't mean you should not pay tax. The money generated from tax is used to fund so many things including infrastrutures, police etc. Pay your tax whether government comes for you or not. It is the right thing to do so do it.

[1713491829]

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[agatha90]

Since 2009 no one has asked for tax on the crypto assets that we have. Because they don't know how many of our assets are in the wallet. So keep it a secret, because the tax for bitcoin hasn't been worn.

[Sithara007]

You don't need to pay any tax on your crypto holdings (at least until now). If you are not converting your coins to fiat, then you are not legally obliged to pay any taxes. You need to pay the taxes only if you convert the coins to fiat, and there is a profit. Depending on the duration of holding, either the long-term capital gains tax or the STCGT will be applicable.

[faceoff97]

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 my thought, they can't know how much crypto you hold but they will know when you have to convert in a bank. The government will question how do gain such amount and basically they could trace it where it came from. The thing here is, India is not yet a country who accepts btc as form of payment, that is why they need to have a third trusted party which is a bank for them to be able to use their coins.

[Pattart]

I think we have paid the tax because when we do withdrawal to fiat money from the the market, they have paid the tax for the government be collectived by the market of course small amount of tax, so our money is clean. That was my experience and i think all of regulation around the world is same and in my own personal opinions it is money 10% because we have paid the tax via market.

Yes there are some exchanges doing that, especially in countries that allow crypto to circulate with certain conditions such as taxes, and local exchanges are required to request tax for each trade or withdraw to fiat, that is not a problem as long as the tax is not too large for me

[EdenHazard]

In my country especially, there are minimum amount of asset (either crypto assets or another assets) required to pay tax for each persons. If someone hasn't reach the minimum of amount they don't need to pay tax, it's just they have to keep reporting the assets they own to government. Tax problems is indeed constantly troubling to investor cryptocurrency, in one hand they don't need to pay tax because cryptocurrency cannot be use in daily lives for them and there are not government role which benefited to them but in the other hand government have a power to make everything they want unless you will accept the risk afterward.

[Ipwich]

I think we have paid the tax because when we do withdrawal to fiat money from the the market, they have paid the tax for the government be collectived by the market of course small amount of tax, so our money is clean. That was my experience and i think all of regulation around the world is same and in my own personal opinions it is money 10% because we have paid the tax via market.

Yes there are some exchanges doing that, especially in countries that allow crypto to circulate with certain conditions such as taxes, and local exchanges are required to request tax for each trade or withdraw to fiat, that is not a problem as long as the tax is not too large for me

That is not a tax, you can only call that as tax if you file a tax return.
That is most likely a fee, we have to know the difference between tax and fee from exchanges so we will not face tax liability in the future.

[Malsetid]

I think we have paid the tax because when we do withdrawal to fiat money from the the market, they have paid the tax for the government be collectived by the market of course small amount of tax, so our money is clean. That was my experience and i think all of regulation around the world is same and in my own personal opinions it is money 10% because we have paid the tax via market.

Yes there are some exchanges doing that, especially in countries that allow crypto to circulate with certain conditions such as taxes, and local exchanges are required to request tax for each trade or withdraw to fiat, that is not a problem as long as the tax is not too large for me

Withdraw fees are mostly for miners and the exchanges so i don't think we're paying taxes at this time. Not just yet. With exchanges and online wallets now starting to require kyc, there may come a time where the transactions we're making will actually be taxed.  Not that i'm complaining though, but i'd prefer not to let the government take my crypto money if it'll be possible lol.

[Netnox]

It is up to the individual to decide whether he want to pay the taxes, or risk going to the jail for tax evasion. Although none of us are very fond of taxation, I don't think that there is a choice regarding it.

[darklus123]

You don't need to pay any tax on your crypto holdings (at least until now). If you are not converting your coins to fiat, then you are not legally obliged to pay any taxes. You need to pay the taxes only if you convert the coins to fiat, and there is a profit. Depending on the duration of holding, either the long-term capital gains tax or the STCGT will be applicable.

Hmm, i think you have a point since if you were just holding that coin even if the price increases and you already can have your profit. It is still not yet to be considered as an income.

I am not sure tho if we can consider it to the long term capital gain. Laws for cryptocurrency market are still not yet established unless you are committing an obvious crime like money laundering which is obviously  punishable by law.


This is maybe the main reason before why the US government can't force the coinbase to give personal infos from their users

[BitcSeo]

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.

I just wondering who gave you merit for such comment

"..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"

Well, i guess you are still newbies when it comes trading with btc if, you don't how to move money safely  money from most online bank without the need of question(s) especially now we have abundant resource to do so.


Note  : the other day i saw link on this forum requesting that member's should submit their tax info's.Maybe they might have started pressurizing the admin of this forum.

Thanks

[Xenrise]

Why should they? Everybody in this world needs to pay his taxes. It is against the law if you are not paying your taxes it could get you jailed. And if we are talking about growth of bitcoin, if this thing could help in the growth of btc then it's a good choice to pay in btc.

[DeathAngel]

Whilst what the OP says is true if you sell any half decent amount of coins you’re not going to get away without paying taxes.

[Xylber]

Asking to pay taxes for cryptos is totally unfair. Goverments do not recognize cryptos, and prefer to keep asking for loans from private bankers and FIAT money, but at same time they want to get taxes from the cryptos, as if it were real money.

Totally unfair, even hipocrite.

[UmerIdrees]

It is up to the individual to decide whether he want to pay the taxes, or risk going to the jail for tax evasion. Although none of us are very fond of taxation, I don't think that there is a choice regarding it.

Taxes are for the betterment of the individuals and should be given on time. However i am not sure how will anyone can pay taxes on the crypto as it is not centralized and no one can monitor how much crypto you hold.  Maybe you can pay taxes on the amount of bitcoins which you converted into local fiat currency.

[Albert Smith]

I wouldn't want to risk not paying taxes myself.  We need more services to accept Bitcoin and then maybe it would become a little easier.

[lyks15]

If government put a tax on crypto you don't have no choice you need to pay tax every time you use crypto or for your every crypto wealth. I'm sure that time will happen because government will see that we are really have a good profit in investing crypto and we are not paying tax but right now if we think we already paying in continously increasing of charge in our bitcoin transactions.

[jpnl0005]

reading through certain journals a couple of months ago and saw where john Mcafee  was  being charged for tax evasion on his crypto related asset and then i smiled. you have no prove of crypto being an asset and yet you want to be paid tax on the said non asset classified property. i o not see how that sells.

[pinkpanther03]

As of now wherein bitcoin and cryptocurrencies are very young and starting to develop and shape the financial industry, taxing bitcoin is different in countries around the world depending on their respective taxation laws. There are bitcoin friendly countries such as Germany and New Zealand. As a citizen of your country, you need to follow your laws.

[n0ne]

As of now wherein bitcoin and cryptocurrencies are very young and starting to develop and shape the financial industry, taxing bitcoin is different in countries around the world depending on their respective taxation laws. There are bitcoin friendly countries such as Germany and New Zealand. As a citizen of your country, you need to follow your laws.

Countries have got different laws in the taxation. Even though countries have levied tax on each and every activity relative to cryptocurrency. There isn't any effective form of collecting the taxes. Even some countries have begun to accept bitcoin on the same, even with that it isn't that effective. This is because it is hard to calculate the transaction of an user that has been done in terms of cryptocurrency.