Please DON'T pay any taxes on your crypto!

[sakokinak]

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.

Everybody is speaking about taxes, but still, I have not met any person who pays this money. I will be not surprised if most people will try to avoid these payments and succeed in it.

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[michellee]

Even you dont want to pay tax and so many reason in your mind to tell to police. they can know that your lying because on the last part you cryptocurrency will go to bank and can detect where your money comes from and this will give you a lot to explain and in the last part you will be caught for not paying taxes much better to pay it because in the end you will suffer on the consequences.

well, maybe this will apply when the government has given regulations regarding this matter. however, as long as there are no rules regarding taxes to be paid from bitcoin, or altcoin users, I think it's natural that we don't pay them. moreover we do not know what the tax is for.

I think there are many countries doesn't make regulations for their people who are involved in crypto to pay tax. But people only pay tax when they got an income in their bank account and the tax that people needs to pay in every month. So far, I only pay my monthly taxes because I got an income. But soon, if there are regulations is apply, we need to pay the tax because we don't want to get any illegal things that can cause us to get a problem.

[MakeMoneyBtc]

I was thinking about the same thing but unfortunately you are not more powerful than governments in order to fight with them. Crypto taxes are just like normal taxes and this means you will get fines for not paying them or even face prison in some countries and I don't think you want to risk that.

[Ipwich]

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.

Everybody is speaking about taxes, but still, I have not met any person who pays this money. I will be not surprised if most people will try to avoid these payments and succeed in it.

If you are living in a country where tax regulation is not so strict, then you can avoid it.
There are a lot of ways to avoid, some are legal and some are illegal, but you should be careful if you do it illegally as the consequence is hard when you are violate the law of the government, that's jail time or you have to pay a big penalty for not abiding the law.

[BitcSeo]

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.

Everybody is speaking about taxes, but still, I have not met any person who pays this money. I will be not surprised if most people will try to avoid these payments and succeed in it.

@sakokinak, most of them can't stop preaching about tax on this forum. ok,while trading with an anonymous currency which will be almost difficult for govt. to track while you can trade and do biz with fiat in order to remain transparent? ooh, i don't like womeeeen, i only love enjoy watching them from behind when necessary to avoid payment of tax!!

Thanks

[TheHas]

I've done a bit of research on crypto taxes and in most countries the 'taxable event' occurs at the point where crypto is converted to fiat (and probably also recorded when converted from fiat to crypto).

So unless you never plan to convert your crypto to fiat than you'll probably be made to pay taxes.

The good news is that with all these new dapps coming out, and 'defi' such as makerdao you won't actually need to convert to fiat in the future to use the value of your cryptocurrency for banking, and can therefore avoid taxable events.

[MakeMoneyBtc]

I've done a bit of research on crypto taxes and in most countries the 'taxable event' occurs at the point where crypto is converted to fiat (and probably also recorded when converted from fiat to crypto).

That's correct. I think every local exchange has to send a copy of their transactions history to the government so that they could check if everyone has paid their taxes and fine those that didn't. I didn't expected governments to take action against crypto this early but seems they don't want to waste any single penny they could get from people.

[Farma]

I was thinking about the same thing but unfortunately you are not more powerful than governments in order to fight with them. Crypto taxes are just like normal taxes and this means you will get fines for not paying them or even face prison in some countries and I don't think you want to risk that.

well, maybe you're right that the tax for crypto is the same as the tax that is usually done. however, each country has its own regulations regarding this, moreover crypto is always changing. Well, for now, I think tax is not really needed for the crypto world, but when the rules are in place, of course we are obliged to follow that.

[r1a2y3m4]

Okay so basically it's okay for you to go to jail without thinking twice that jail time is hard time? Is jail is just a room to you? Dude, think twice, ignorance of the law excuses no one. You should be aware of every law in your country particularly. Jail isn't just a room. It's hard time.

[Sithara007]

Okay so basically it's okay for you to go to jail without thinking twice that jail time is hard time? Is jail is just a room to you? Dude, think twice, ignorance of the law excuses no one. You should be aware of every law in your country particularly. Jail isn't just a room. It's hard time.

It's all talk and no action. No one want to go to jail. I don't think any of us commenting here has experienced prison life. But from what I heard, it destroys you completely. You will never be the same person again. So please don't count me in when someone says that he'll prefer going to jail rather than paying taxes on crypto profits.

[Ailmand]

If the law states so, I think it's better to abide from it. There's a lot of way to check it, if the law asks you to send them your wallet address and detail, you have no  choice but to do so, or else, you will face some consequences for not abiding.

[Adriano2010]

Well on my country they say will tax only profit from crypto, but not now, so if i can't make a profit in a year there i should not have any tax to pay, i not like the countries who want to pay tax for crypto if only hold crypto and not have any profit.

[Bl4nk]

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

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? ).

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

do you mean the Chilean and Indian state systems, do not occasionally pay taxes with crypto money, if they pay with crypto money from that country know if they pay with crypto money and the tax party will ask for their wallet password that pays crypto?
is it like that?

[mohammedmattar]

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

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? ).

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

It's hard to say that publicly, man
If taxes are imposed by law, we must be complied with
Unless you want to discredit btc trade

If taxes are imposed by state on btc trade, it means that the state recognizes this trade and that is positive
The percentage of taxes and how to prepare its law in terms of technical
it must be subject to community dialogue
We do not want to repeat Japan's experience.

[MakeMoneyBtc]

Well on my country they say will tax only profit from crypto, but not now, so if i can't make a profit in a year there i should not have any tax to pay, i not like the countries who want to pay tax for crypto if only hold crypto and not have any profit.

The same thing applies for my country but one thing I don't understand here is how they can be sure on how much profit I am making from my investments? I mean, I have to pay taxes for the whole amount of bitcoin/crypto I am exchanging and that's because they think all of it its a profit. I think they should have waited a little longer until they could figure everything out and not create stupid laws just to get more money from people's pockets.

[Twinkledoe]

It's hard to say that publicly, man
If taxes are imposed by law, we must be complied with
Unless you want to discredit btc trade

If taxes are imposed by state on btc trade, it means that the state recognizes this trade and that is positive
The percentage of taxes and how to prepare its law in terms of technical
it must be subject to community dialogue
We do not want to repeat Japan's experience.

And also, the tax that he might be talking about is when such government impose the tax regulations to those local exchanges. You have nothing to do with that but comply. How can you exchange your crypto to fiat without them? Unless, you have your local exchange running illegal operations and not bound by the Central Bank. But I won't deal with this exchange in case. You won't know if your money is safe with them.

[0t3p0t]

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.

Agree. Here in my country cryptocurrencies are regulated through local exchanges that is why we can do nothing about tax as it was I think automatically be deducted during transactions but there is also a positive side in terms of regulation like our funds safety from exchanges. Most traders are hesitant to store their funds on exchanges but now governments are taking part into this industry.

[teejayrichard2]

It is absolutely wrong for you to encouarge law abiding citizens to shy away from payment of tax. Even if the government has no means in knowing who owns bitcoin for now, that does not mean one should not do the needful. Taxes are used for the development of our society, payment for security and so many other things. The tax is needed for the growth of the nation so it is not cool asking people to avoid paying tax.

[DreamStage]

It should be ok to have taxes since there are money transactions between 2 partners.
Take for example Coinbase or any other exchanger: you pay fees for bank transactions (a.k.a taxes where some of the fee you pay goes as tax)

If you don't want fees for those transactions just use Stellar.

[Japinat]

It should be ok to have taxes since there are money transactions between 2 partners.
Take for example Coinbase or any other exchanger: you pay fees for bank transactions (a.k.a taxes where some of the fee you pay goes as tax)

If you don't want fees for those transactions just use Stellar.

I wish it was that easy, paying fees considered for taxes is quite very convenient to our part.
My interpretation on the fees we pay is that it includes blockchain fee and the rest is the income of the company or exchanges, and they will
pay taxes for the income they earn, so where are our taxes on that scenario? There was non IMO, we also have to pay taxes if we have income, just like exchanges, but fees are not taxes automatically.