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Author Topic: Are Bitcoins taxable?  (Read 3390 times)
rube08
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October 20, 2017, 01:55:05 AM
 #121

I believe any profits made from bitcoin converted to fiat money is taxable.  Lets say you pay 50 dollars worth of bitcoin and cash out at 100 dollars, you would only be taxed at 50 dollars. I am not a tax lawyer but it should be profit made from bitcoin.

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October 20, 2017, 01:58:49 AM
 #122

Different countries have different laws, in the USA you have to pay taxes on your crypto currency in the form of capital gains

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October 20, 2017, 03:11:58 AM
 #123

If not mentioned in your country's tax law, It will be treated as income. Still contact tax persons from your country.

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October 20, 2017, 03:49:23 AM
 #124

Any activity in the country that brings profits to individuals and legal entities is taxed by the state on a tax basis. No exception is the crypto currency. It is necessary to get used to the idea that eventually all states will impose a profit tax on financial transactions with the crypto currency. Crypto currency for an indefinitely long time can lie in a purse and it will not be taxed until it is exchanged for fiat or for it will not be made the purchase of goods or services. However, if such a tax is not directly established by the state, it is not necessary to pay it.


         
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October 20, 2017, 07:51:19 AM
 #125

In our country bitcoin is treated like a commodity mrkt. but because they not given bitcoin legal acceptance so they cannot charge tax till we convert bitcoin into FIAT. otherwise if we deal only bitcoin to bitcoin  it is not taxable
Yes; you are right that bit coin will taxable after the legalization and declaration of the regular and permanent currency of a country otherwise it will be taxable if anybody convert it into fiat. So according to present situation bit coin is not taxable at the moment.

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October 20, 2017, 07:52:53 AM
 #126

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October 20, 2017, 01:21:50 PM
 #127

In our country bitcoin is treated like a commodity mrkt. but because they not given bitcoin legal acceptance so they cannot charge tax till we convert bitcoin into FIAT. otherwise if we deal only bitcoin to bitcoin  it is not taxable
Yes; you are right that bit coin will taxable after the legalization and declaration of the regular and permanent currency of a country otherwise it will be taxable if anybody convert it into fiat. So according to present situation bit coin is not taxable at the moment.
Taxation is the only way for the government to make money in bitcoin and if they will legalized bitcoin then it will be easy for them to control it because the bitcoin will be under to their law and they can charge taxes in a cryptocurrency exchange which is a big fish for them and they can get lot of profit by doing that so it is just like give and take for bitcoin.

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October 20, 2017, 01:59:50 PM
 #128

Yes bitcoin is taxable. Not by means of the government is taxing but I guess that the miners were the one who are asking for taxes. The confirmation is dependable on how much btc you spend. If you will spend the high amount in sending then the confirmation of your transaction will be fast.
Of course miner reward or transaction fee is the same as tax. In the case of government asking for tax for bitcoin holders. The easiest way to tax is via exchangers. Every transaction in exchangers is taxed. The bitcoin users may not complain about that policy if the tax applied is rational to the profit. Bitcoin merchants alse should be taxed. When the govt charges tax to bitcoin , it means that govt legalizes bitcoin. for some countries tax is  not applied in every transaction of exchangers but tax is applied in the volume of fiat currency in the country.

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Rooster101
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October 20, 2017, 02:38:36 PM
 #129

It difficult to impose tax on the bitcoin because it is not money for tax purposes. The IRS of the US once considered it as personal property like gold or stock. But when you are in business in buying and selling of the cryptocurrency, your gains can be taxed like capital gain rates. Taxation on bitcoin transactions may not be simple as it seems because it is difficult to determine the fair value of the bitcoin.

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October 20, 2017, 03:33:45 PM
 #130

Not righy now. Maybe  in  a few years.

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October 20, 2017, 04:24:50 PM
 #131

For develoing countries it migth be difficult to tax bitcoin transactions,but it easier for devloed country where every fiat transaction can be monitored.the possibility migth be difficult globally as transaction cannot be determined if it crytocurrency relted or not.

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October 20, 2017, 05:48:57 PM
 #132

Unless bitcoin gets legalized and regulated in a country,citizens of those countries could enjoy tax free earnings from bitcoins even if it is of very huge amount.Just in india,we all still enjoy tax free bitcoin earnings as it has not yet been legalized in india so far.But once,it gets legalized,then we have no other way than paying taxes.Very soon,it is to be legalized in india and we would have to loose the tax free benefit.
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October 20, 2017, 06:05:42 PM
 #133

In the us Bitcoin is approached Concerning illustration An product What's more will be accordingly not burdened unless you need to money out should fiat. It may be just that point that you are compelled with announce your wage Also a chance to be burdened on it Bitcoins themselves are not burdened or taxed.
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October 20, 2017, 06:08:26 PM
 #134

If it will be taxable it will loose anonymity.
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October 20, 2017, 06:10:51 PM
 #135

Bitcoins are not taxable in my country  yet but Bitcoin  started to attract attention because of hight price  and so many people started to talk about bitcoin in my country , i think my country may ask for tax soon , i think it will not be only my country and all countries will except bitcoin legal and they will want to get tax from bitcoin soon .

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October 20, 2017, 06:34:01 PM
 #136

This, most likely, depends on the government of your country. Therefore, better find out the legislation of your country

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October 20, 2017, 08:21:28 PM
 #137

Yes bitcoin is taxable. Not by means of the government is taxing but I guess that the miners were the one who are asking for taxes. The confirmation is dependable on how much btc you spend. If you will spend the high amount in sending then the confirmation of your transaction will be fast.
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October 21, 2017, 07:42:49 AM
 #138

bitcoin is not subject to tax yet. but Russians and many other governments are trying to find ways to tax, even license the mining... https://www.bitcoinmarketinsider.com/russian-regulators-found-way-to-identify-tax-and-license-crypto-miners/
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October 21, 2017, 10:03:04 AM
 #139

No, bitcoin is not taxable because it is decentralized. no one can know that you are using bitcoin or not. However, some exchange such as poloniex, collect fee from customer and they also collect information from customers, too. Well, in the future, if they want to work in the US religion, they have to reveal information to the government. I believe that the US will soon make poloniex to do this



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October 21, 2017, 10:22:33 AM
 #140

No, bitcoin is not subjected to tax. The government will not be able to get any tax from bitcoin not unless they will be legalizing it which I don't think will be favorable to us users because that will be meaning that there will be other fees aside from the transaction fees that we already are paying.

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