Bitcoin Forum
December 05, 2016, 04:57:59 PM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Capital Gains Tax  (Read 737 times)
awigaxeh-443
Newbie
*
Offline Offline

Activity: 28


View Profile
March 17, 2012, 03:37:58 AM
 #1

Canada
Earnings X 50% X ordinary income tax bracket
$100 X 50% X 43% = $21

USA
Short term gains: ordinary income tax rate
Long term gains/Eligible Dividends: 15%
BITCOIN DOES NOT COUNT AS PER THE 15% therefore you are taxed the normal rate.
1480957079
Hero Member
*
Offline Offline

Posts: 1480957079

View Profile Personal Message (Offline)

Ignore
1480957079
Reply with quote  #2

1480957079
Report to moderator
1480957079
Hero Member
*
Offline Offline

Posts: 1480957079

View Profile Personal Message (Offline)

Ignore
1480957079
Reply with quote  #2

1480957079
Report to moderator
1480957079
Hero Member
*
Offline Offline

Posts: 1480957079

View Profile Personal Message (Offline)

Ignore
1480957079
Reply with quote  #2

1480957079
Report to moderator
There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin-Qt, but full nodes are more resource-heavy, and they must do a lengthy initial syncing process. As a result, lightweight clients with somewhat less security are commonly used.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1480957079
Hero Member
*
Offline Offline

Posts: 1480957079

View Profile Personal Message (Offline)

Ignore
1480957079
Reply with quote  #2

1480957079
Report to moderator
Gabi
Legendary
*
Offline Offline

Activity: 1050


View Profile
March 17, 2012, 01:01:42 PM
 #2

I suppose bitcoin is taxed only if you sell it for dollars. Otherwise it's just a virtual thing.

Or now they will tax also my EVE Online ISK? After all i could sell them for bitcoins...
awigaxeh-443
Newbie
*
Offline Offline

Activity: 28


View Profile
March 17, 2012, 01:20:18 PM
 #3

Look one way or the other, you're going to have to convert it to dollars, right? I mean you can't keep it virtual forever.

Unrealized tax gains cannot be taxed.
memvola
Hero Member
*****
Offline Offline

Activity: 896


View Profile
March 17, 2012, 02:54:39 PM
 #4

Look one way or the other, you're going to have to convert it to dollars, right? I mean you can't keep it virtual forever.

I for one don't have any plans to convert my "personal" bitcoins back to fiat money in the near or distant future, with the exception of acting as a middleman. However, when I spend coins, it us usually converted to fiat by the other party, and therefore taxed, so you are effectively right.

Or now they will tax also my EVE Online ISK?

I guess the question is, what if you accumulate all your profits as something that cannot be taxed, but can be exchanged?
Gabi
Legendary
*
Offline Offline

Activity: 1050


View Profile
March 17, 2012, 03:23:39 PM
 #5

I can exchange EVE Online isk for bitcoin, but this doesn't mean i have to report my isk as income. Same for wow gold and whatelse.
awigaxeh-443
Newbie
*
Offline Offline

Activity: 28


View Profile
March 17, 2012, 03:46:54 PM
 #6

I can exchange EVE Online isk for bitcoin, but this doesn't mean i have to report my isk as income. Same for wow gold and whatelse.

Tell me where I can do this?
Gabi
Legendary
*
Offline Offline

Activity: 1050


View Profile
March 17, 2012, 03:50:58 PM
 #7

Selling them for bitcoin for example?
awigaxeh-443
Newbie
*
Offline Offline

Activity: 28


View Profile
March 17, 2012, 03:56:40 PM
 #8

Exchanging... I play Eve Online as well.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!