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Author Topic: bitcoin and taxes buying goods and items with btc tax free  (Read 346 times)
worldofcoins
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October 13, 2020, 05:51:57 AM
 #41

so how about taxes you have to pay from btc ?

and is buying goods and items with btc is to way to cash out your crypto tax free?


If you're paying taxes, it means you're getting traced by the government, and they're following you. I never heard of bitcoin's customers covering charges.
Bitcoin is unstable and decentralized, which plainly means it's unpredictable and nobody can trace or track or take it. I never pay any charges/taxes in my career.
I don't know about other countries/regions. But in my nation, there are no taxes applied on bitcoin or in any cryptocurrencies.
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GeorgeJohn
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October 13, 2020, 08:05:58 AM
 #42

so how about taxes you have to pay from btc ?

Btc is not a companies or manual businesses that pay taxes, see looking btc and its regulations I don't think it's necessary to pay taxes in cryptocurrency in general because it's decentralized currency not centralized.



and is buying goods and items with btc is to way to cash out your crypto tax free?

 
This particular text is complicated because it's not obvious that purchasing or buying goods with Bitcoin really means that we are tax free in Bitcoin, because I have no seem atoms of tax in Bitcoin except charge's during Bitcoin transaction that's equivalent for normal banking  fees during some transaction.

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October 13, 2020, 08:39:23 AM
 #43

and is buying goods and items with btc is to way to cash out your crypto tax free?

 
This particular text is complicated because it's not obvious that purchasing or buying goods with Bitcoin really means that we are tax free in Bitcoin, because I have no seem atoms of tax in Bitcoin except charge's during Bitcoin transaction that's equivalent for normal banking  fees during some transaction.

Have you ever bought anything using bitcoin? You are going to pay taxes for the goods no matter how you are paying but this way you can reduce the tax which will be higher if you are reporting the crypto income as income tax but if you are a tax payer then you also should report the source of income and every expensive purchases also will be traced if you are doing it more often and there will be a question arise how you are paying them when there is no record for it on your bank.

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October 13, 2020, 12:56:39 PM
 #44

and is buying goods and items with btc is to way to cash out your crypto tax free?

 
This particular text is complicated because it's not obvious that purchasing or buying goods with Bitcoin really means that we are tax free in Bitcoin, because I have no seem atoms of tax in Bitcoin except charge's during Bitcoin transaction that's equivalent for normal banking  fees during some transaction.

Have you ever bought anything using bitcoin? You are going to pay taxes for the goods no matter how you are paying but this way you can reduce the tax which will be higher if you are reporting the crypto income as income tax but if you are a tax payer then you also should report the source of income and every expensive purchases also will be traced if you are doing it more often and there will be a question arise how you are paying them when there is no record for it on your bank.

the goods can be gift from others what you mean paying taxes from goods? 
if i pay for goods with crypto i get goods where do i have to show how did i payed for goods???
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October 13, 2020, 01:24:16 PM
 #45

In 2019, we as crypto users in Indonesia are starting to prepare to accept new regulations regarding crypto taxes that we must pay to the government. Since the government has legalized crypto trading in the futures market, they will also tax crypto businesses (exchange). I'm not sure how much tax we have to pay the government for every sale and purchase transaction we make on an exchange operating in Indonesia. The idea is that the government will set a 0.01% tax on each transaction. We don't pay taxes directly to the government, but the exchange takes care of this. If it is true that tax regulation have been enforced on every stock exchange operating in Indonesia, then we have paid indirectly during the buying and selling transaction on the exchange.

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October 13, 2020, 01:33:06 PM
 #46

I haven't paid the tax when using bitcoin so far, agree with almost user above me who says that is depend on the country regulation. You have to know first your country regulation against bitcoin and crypto currency as a whole and how they see crypto currency. Like in my country, they only accept bitcoin as mean of investment and they include it to comodity. But until now, I don't know their way to charge the fee for someone who use it, maybe they charge to the exchange that have legalized by the government and we spend money for the tax when we cash out to our money fiat.
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October 13, 2020, 01:33:48 PM
 #47

cashing out means to withdraw , you dont cashout when you buy goods  . cashing out in crypto do have a fee and do have a tax depending on the place or on the provider that you use , same with buying goods but i believe that there is more tax paid when buying  thats why i never buy using a crypto but what im doing is i cashout first then purchase using the regular currency  . we need to be wise to save from the expense of tax , if you can cash out at bigger amount and from a designated time why not ? than cashing out every day and paying more tax .
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October 13, 2020, 02:00:12 PM
 #48

so how about taxes you have to pay from btc ?

and is buying goods and items with btc is to way to cash out your crypto tax free?

Fortunately, even though my country was crypto-friendly our government still not impose any regulations upon using it. Hence, I am not paying any taxes for using it and I think that is a good thing for me.
I only pay taxes if I converted it into fiat and buy some stuff. I also wonder how our government cannot think of something to get benefit out from it.

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jrrsparkles
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October 13, 2020, 06:20:04 PM
 #49

and is buying goods and items with btc is to way to cash out your crypto tax free?

 
This particular text is complicated because it's not obvious that purchasing or buying goods with Bitcoin really means that we are tax free in Bitcoin, because I have no seem atoms of tax in Bitcoin except charge's during Bitcoin transaction that's equivalent for normal banking  fees during some transaction.

Have you ever bought anything using bitcoin? You are going to pay taxes for the goods no matter how you are paying but this way you can reduce the tax which will be higher if you are reporting the crypto income as income tax but if you are a tax payer then you also should report the source of income and every expensive purchases also will be traced if you are doing it more often and there will be a question arise how you are paying them when there is no record for it on your bank.

the goods can be gift from others what you mean paying taxes from goods? 
if i pay for goods with crypto i get goods where do i have to show how did i payed for goods???
What goods you are talking about? Imagine you are buying an expensive watch or a car or something which needs your identity to get the invoice so you are linking that tax to your name.Even if you are buying something like groceries or foods, you are paying for it which included all the taxes and the manufacturing cost so you are paying the final price.

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October 13, 2020, 06:35:20 PM
 #50

and is buying goods and items with btc is to way to cash out your crypto tax free?

 
This particular text is complicated because it's not obvious that purchasing or buying goods with Bitcoin really means that we are tax free in Bitcoin, because I have no seem atoms of tax in Bitcoin except charge's during Bitcoin transaction that's equivalent for normal banking  fees during some transaction.

Have you ever bought anything using bitcoin? You are going to pay taxes for the goods no matter how you are paying but this way you can reduce the tax which will be higher if you are reporting the crypto income as income tax but if you are a tax payer then you also should report the source of income and every expensive purchases also will be traced if you are doing it more often and there will be a question arise how you are paying them when there is no record for it on your bank.

the goods can be gift from others what you mean paying taxes from goods? 
if i pay for goods with crypto i get goods where do i have to show how did i payed for goods???
What goods you are talking about? Imagine you are buying an expensive watch or a car or something which needs your identity to get the invoice so you are linking that tax to your name.Even if you are buying something like groceries or foods, you are paying for it which included all the taxes and the manufacturing cost so you are paying the final price.

but you can online goods with cryptocurrency right?
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October 13, 2020, 06:38:34 PM
 #51

so how about taxes you have to pay from btc ?

and is buying goods and items with btc is to way to cash out your crypto tax free?

I don't understand at all what you mean. If you officially get salary in Bitcoin, then you have to pay taxes and buying goods have nothing to do with it. Also, if you live in a country where income from other countries doesn't get tax, then you can feel free. In any way, there is no need to be that official in everything. You got bitcoin, how will someone come with you and ask, why don't you pay taxes? I mean if you are just an individual person. But if you are a company or really get salary in bitcoin, then you have to pay taxes. In some countries this tax subject is very complex but in some - you have to pay % of bitcoin converted into USD from the moment you received it.


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