Please DON'T pay any taxes on your crypto!

[Youghoor]

Why will you pay a tax for holding  cryptocurrency? Its like telling me to pay tax for the money in my wallet. This doesn't make sense and it is robbery to tax someone on the money he/she is having in his/her pocket or wallet. They are just trying to find a way to discourage people from owning a cryptocurrency using taxes as their element of scare.

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[Memminger]

Why will you pay a tax for holding  cryptocurrency? Its like telling me to pay tax for the money in my wallet. This doesn't make sense and it is robbery to tax someone on the money he/she is having in his/her pocket or wallet. They are just trying to find a way to discourage people from owning a cryptocurrency using taxes as their element of scare.

That’s exactly what’s on my mind right now after I read the OP. I don’t get it too. Maybe the taxes that he mentioned on those countries taxed those companies who are involved in cryptocurrencies. Also there should be a minimum amount of the earnings required for it to be taxed. Because if what you are saying is true then that’s messed up.

[sapnu]

For someone like me, I don't have any problem paying taxes actually. The government use tax payers money to construct roads and bridges for rural areas and build schools and hospitals.

Even if your government is not doing anything you are bound to pay your taxes and if not you will get into trouble, just follow the Federal tax rates and pay them without any delay, i got a notification from them about my trades i did a long back and i had to clear everything about the profits and the loss i made during those period and if you are not following the rule then you will get into trouble and i am not taking any risk regarding that.

I dont actually paying taxes on my cryptocurrency because the government in my country cannot regulate the cryptocurrency. The banks are the ones who can give taxes, if you want to withdraw your crypto you are converting your money into fiat and you are paying their service. It is not good if the government will give taxes to those who are earning cryptocurrency since there are no organization and group of people who are running crypto, we all know that it is decentralized, that is the reason maybe they cannot regulate it.

[mazdafunsun]

It is not completely understandable what are you talking about, are you talking about.
1. The tax on your gains?
2. Tax on your crypto in general?

If it is the second one, it is unacceptable but the first one is right thing to do. If it is the 2. one then, I would suggest not to use local crypto exchanges in the first place.

[Colt81]

For someone like me, I don't have any problem paying taxes actually. The government use tax payers money to construct roads and bridges for rural areas and build schools and hospitals.

Even if your government is not doing anything you are bound to pay your taxes and if not you will get into trouble, just follow the Federal tax rates and pay them without any delay, i got a notification from them about my trades i did a long back and i had to clear everything about the profits and the loss i made during those period and if you are not following the rule then you will get into trouble and i am not taking any risk regarding that.

I dont actually paying taxes on my cryptocurrency because the government in my country cannot regulate the cryptocurrency. The banks are the ones who can give taxes, if you want to withdraw your crypto you are converting your money into fiat and you are paying their service. It is not good if the government will give taxes to those who are earning cryptocurrency since there are no organization and group of people who are running crypto, we all know that it is decentralized, that is the reason maybe they cannot regulate it.

Governments can't really regulate bitcoin and cryptocurrencies because they can't control it, that is why they cannot put taxes in our every transactions. It's true that we are only paying taxes when we are about to withdraw our crypto in banks because in my country for you to be able to withdraw your crypto and convert it into cash there will be fees or it may be taxes, but it is a small amount of money.

[agentx44]

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

We cannot let this foolishness and abuse keep on going. We all know crypto is a decentralized currency, the government or any other organization doesn't have any control over it or any right to put a tax on it. The fees on exchages are already consuming some people's investment and adding up taxes would be another problem to many. Let us not stay blinded and know our rights. We should not let them steal the money we are working hard for and start making an action.

[darkangel11]

This might be one of the stupidest advises I ever come across

Why? He's not asking you to stop paying taxes at all but not pay taxes for holding. Some countries want you to check the value of your held crypto every year and pay taxes based on what it gained vs fiat. This is idiotic because it forces people to sell their precious crypto to cover taxes. Say you have 1 million dollars worth of bitcoin and aren't planning to sell at all. You also don't care what the value in fiat is. One year it triples in value and you have the same number of coins but worth 3 million which makes you owe something like 500k USD in taxes. Most people don't have that kind of money. Why would the government force people to trade vs their local fiat all the time even if they don't want to.

I agree it's best to keep your crypto in secret and pay taxes only when you sell.

[makolz26]

For someone like me, I don't have any problem paying taxes actually. The government use tax payers money to construct roads and bridges for rural areas and build schools and hospitals.

Even if your government is not doing anything you are bound to pay your taxes and if not you will get into trouble, just follow the Federal tax rates and pay them without any delay, i got a notification from them about my trades i did a long back and i had to clear everything about the profits and the loss i made during those period and if you are not following the rule then you will get into trouble and i am not taking any risk regarding that.

I dont actually paying taxes on my cryptocurrency because the government in my country cannot regulate the cryptocurrency. The banks are the ones who can give taxes, if you want to withdraw your crypto you are converting your money into fiat and you are paying their service. It is not good if the government will give taxes to those who are earning cryptocurrency since there are no organization and group of people who are running crypto, we all know that it is decentralized, that is the reason maybe they cannot regulate it.

For as long as it is not required by your government then it is fine, although income from crypto whether from trading or from any form of campaigns still part of our income that we should be declared, but as per me too, no need to declare yet as they will just question everything for now, so I am just declaring the income from my small business and from my small time lending company.

[wxxyrqa]

This might be one of the stupidest advises I ever come across

Why? He's not asking you to stop paying taxes at all but not pay taxes for holding. Some countries want you to check the value of your held crypto every year and pay taxes based on what it gained vs fiat. This is idiotic because it forces people to sell their precious crypto to cover taxes. Say you have 1 million dollars worth of bitcoin and aren't planning to sell at all. You also don't care what the value in fiat is. One year it triples in value and you have the same number of coins but worth 3 million which makes you owe something like 500k USD in taxes. Most people don't have that kind of money. Why would the government force people to trade vs their local fiat all the time even if they don't want to.

I agree it's best to keep your crypto in secret and pay taxes only when you sell.

It seems to me that every cryptocurrency user could quite rightly pay taxes in the form of interest for cashing cryptocurrency in Fiat funds.  But when it comes to cryptocurrency trading, then every legal cryptocurrency exchange will pay its taxes to its state, and each user will pay a percentage to the exchange from each transaction, as is happening now.  Cryptocurrency is a valuable asset that users store in wallets and no one should demand taxes for these assets, because only a real business that receives daily, monthly profits must pay taxes.

[ReiMomo]

It seems to me that every cryptocurrency user could quite rightly pay taxes in the form of interest for cashing cryptocurrency in Fiat funds.  But when it comes to cryptocurrency trading, then every legal cryptocurrency exchange will pay its taxes to its state, and each user will pay a percentage to the exchange from each transaction, as is happening now.  Cryptocurrency is a valuable asset that users store in wallets and no one should demand taxes for these assets, because only a real business that receives daily, monthly profits must pay taxes.

I think we can't pay tax on our side when we have to hold our cryptocurrency in our portfolio. To pay tax when we are going to cash out fiat that comes to form our crypto asset. The government will not enforce us to pay tax because Bitcoin or the entire crypto was anonymous. I won't and I will never pay taxes on it unless if there is still on exchange. They will never know that I am earning bitcoin so there's no need for me to pay tax and they don't have any access to bitcoin so they won't track me if I do have a bitcoin or not.

[BartS]

For as long as it is not required by your government then it is fine, although income from crypto whether from trading or from any form of campaigns still part of our income that we should be declared, but as per me too, no need to declare yet as they will just question everything for now, so I am just declaring the income from my small business and from my small time lending company.

It seems there are many holders that do not want to pay their taxes when they exchange their bitcoin to fiat but if you want to sleep well knowing that nothing will happen to you then it is better to pay your taxes and forget about it.

In some countries without a regulation in place then you could even be able to not pay any taxes in a legal way but in order to be completely sure about this consult a lawyer that specializes in such topics, after all you do not want to be told you do not have to pay taxes only to discover this is not the case.

[btc78]

There are many ways to hide our wealth in crypto so we don't have to pay taxes on it. And of course there should be other sources of income so that the authorities do not investigate us because of our questionable wealth from which we obtain it. So they don't pay attention to us anymore because we can answer their questions. And they can't blame us.

so what are those "MANY WAYS"? how to hide our wealth for us not to pay taxes?Mind sharing it with us here?

i was just thinking about why need not to pay taxes?because we don't want to lessen our profit?does not paying tax will help our economy?if yes then lets not pay taxes,but if not then please care for your country and help the government by paying taxes

[Meowth05]

For someone like me, I don't have any problem paying taxes actually. The government use tax payers money to construct roads and bridges for rural areas and build schools and hospitals.

Even if your government is not doing anything you are bound to pay your taxes and if not you will get into trouble, just follow the Federal tax rates and pay them without any delay, i got a notification from them about my trades i did a long back and i had to clear everything about the profits and the loss i made during those period and if you are not following the rule then you will get into trouble and i am not taking any risk regarding that.

I dont actually paying taxes on my cryptocurrency because the government in my country cannot regulate the cryptocurrency. The banks are the ones who can give taxes, if you want to withdraw your crypto you are converting your money into fiat and you are paying their service. It is not good if the government will give taxes to those who are earning cryptocurrency since there are no organization and group of people who are running crypto, we all know that it is decentralized, that is the reason maybe they cannot regulate it.

For as long as it is not required by your government then it is fine, although income from crypto whether from trading or from any form of campaigns still part of our income that we should be declared, but as per me too, no need to declare yet as they will just question everything for now, so I am just declaring the income from my small business and from my small time lending company.

If your government charges a tax for using or storing a Cryptocurrencies then that means this technology is already allowed in your constitution and I thinks it is reasonable for them to charge taxes. These collected taxes could help to improve the economic status of one country so your payments will not in put in vain. Luckily, I'm on the country that doesn't charge any tax with regards on my crypto funds but it doesn't mean its illegal in my place, perhaps they don't have an issue upon using this technology.

[djefes]

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

You should pay taxes if you have earned money from bitcoin. Such as you bought it from 10k and sold it for 14k. You have earned 4k and it should be taxed. Nothing more

[dadach]

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

You should pay taxes if you have earned money from bitcoin. Such as you bought it from 10k and sold it for 14k. You have earned 4k and it should be taxed. Nothing more

so if I lose 4k, the taxing company will reimburse part of the loss?

[Asmonist]

I think there are no regulations about it that taxes are being imposed. There are people that may take advantage to those who have no knowledge but its so stupid to let them take taxes without even permission to do so. It should only be the government who can collect taxes. But in cases like that they will check your account etc. is beyond their limits or trespassing your privacy.

[vapourminer]

I think we can't pay tax on our side when we have to hold our cryptocurrency in our portfolio. To pay tax when we are going to cash out fiat that comes to form our crypto asset. The government will not enforce us to pay tax because Bitcoin or the entire crypto was anonymous. I won't and I will never pay taxes on it unless if there is still on exchange. They will never know that I am earning bitcoin so there's no need for me to pay tax and they don't have any access to bitcoin so they won't track me if I do have a bitcoin or not.

im sure thats a very comforting thought. perhaps you may even get away with it.

but several years from now, when blockchain analysis will show even the smallest mistake  that can link addys and transactions to you... well, if they allow you internet access from jail while youre serving time for tax evasion, let us know what happened.