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Author Topic: Are Bitcoins taxable?  (Read 4647 times)
Rebellious
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October 21, 2017, 02:04:28 PM
 #141

BTC aren't any different from cash, you can avoid to pay taxes, but you're not allowed to.
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mustakforum
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October 21, 2017, 03:12:10 PM
 #142

I think bitcoin should be taxed, and this is what the government wants.
Sketztrophonic
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October 21, 2017, 03:19:51 PM
 #143

simply having tons isn't income,
if it's about income, BTC aren't any different from cash, you can avoid to pay taxes, but you're not allowed to.  Wink

I agree with this. Every transaction in bitcoin have taxes and so if you convert it to your local currency it depends on what legal wallet on your country. I qoute that "you can avoid but you have to." Smiley
cjinny
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October 21, 2017, 03:30:57 PM
 #144

I think the state does not have the right to take taxes from users who have bitcoins, because it is usually not a legitimate country. The state still prioritizes their currency, but does not recognize bitcoin as the official currency. So in conclusion, bitcoin is tax free.
dashbit
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October 21, 2017, 03:31:57 PM
 #145

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.
but even goverment make bitcoin leagal how they can make it taxable??we donot need a i card to have a bitcoin wallet and we can buy bitcoin by cash and also with physical things from may dealers ,its not just we have to do it with banks,there are several other options.So i donot think bitcoin is a taxable entity government cannot control it even if it legalize it...correct me if i am wrong
Ramsay555
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October 21, 2017, 04:10:34 PM
 #146

One question, how about tax in other country like Malaysia?
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October 21, 2017, 04:26:14 PM
 #147

Yes bitcoin is taxable. But I do not know if Bitcoin is paying any taxes to the government at this time.Because the government does not give any legitimacy to the government if it does not pay taxes to the government in this regard.For example, this problem is happening in my country.

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October 21, 2017, 04:32:11 PM
 #148

Yes Bitcoin is taxable but it depends on the legislation and the agency department rules of your country.

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giantrobot
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October 21, 2017, 04:37:52 PM
 #149

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.

Indeed, if they want to apply a tax on bitcoins, they must legalize it, however, in order to do so, they need to manage it well, and that is something that not every country can.

Sketztrophonic
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October 21, 2017, 04:46:56 PM
 #150

Let's Bitcoin takes off. Say you lived in the US and had an online service that dealt in the equivalent of ~20,000 USD or more income for you (personally). What are the laws for income tax on a currency like this? Can you get in trouble with the IRS by simply having tons of BTC that the market values at (currently) almost 5$ per BTC?

Hmmm.. Your topic name is not accurate of what's inside your comment. Bitcoin is always taxable when you withdraw it into your local currency. It depends on the wallet.
ramsdaj28
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November 20, 2017, 11:22:43 PM
 #151

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.
Very well said. People usually misunderstand the context of TAX. Most people think tax as the part of an amount of a good/service taken by the government for the improvement of government projects. When these people ask: IS BTC TAXABLE, I think what they mean is: IS GOVERNMENT GETTING A PART OF BITCOIN BEING USED BY PEOPLE?.

At some point, bitcoin is taxable in the sense that miners are being paid in processing the transactions done by people who use bitcoin.

And the reason why some countries/governments do not yet fully legalized bitcoin is that bitcoin is not taxable by them. Some banks have bad feelings about bitcoin because they are losing a lot of income. Most people prefer to use BTC than banking nowadays.
Walenedixi
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November 21, 2017, 12:12:59 AM
 #152

In the US, people pay tax with the income that bitcoin brings. This is the only country with such stringent laws
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November 21, 2017, 12:59:03 AM
 #153

it's all about governments who decided to give tax to their citizen. Bitcoin itself has no tax in fact it's decentralize governments won't control bitcoin. users are the only one who will control for it.

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November 21, 2017, 01:14:57 AM
 #154

No its not and that is one of the advantage of bitcoins, The only problem in bitcoins is the exchanger that has very expensive gas when you exchange into their sites but some of them are also fair enough to their fees.

SerioGiocatore
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November 21, 2017, 01:21:17 AM
 #155

This is a good article about How Bitcoins are Taxed: https://www.thebalance.com/how-bitcoins-are-taxed-3192871

Here is a preview of the article:

What is Virtual Currency from a Tax Perspective? Here's What the IRS Has to Say
Definitions:

- "Virtual currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value."
- Virtual currency "does not have legal tender status in any jurisdiction."
- "Virtual currency that has an equivalent value in real currency, or that acts as a substitute for real currency, is referred to as 'convertible' virtual currency."
- "Bitcoin is one example of a convertible virtual currency."
- "Bitcoin can be digitally traded between users and can be purchased for, or exchanged into, U.S. dollars, Euros, and other real or virtual currencies."

Tax Treatment:

- "For federal tax purposes, virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency."
- "A taxpayer who receives virtual currency as payment for goods or services must, in computing gross income, include the fair market value of the virtual currency, measured in U.S. dollars, as of the date that the virtual currency was received."
- "Transactions using virtual currency must be reported in U.S. dollars" on the tax return.
- "Taxpayers will be required to determine the fair market value of virtual currency in U.S. dollars as of the date of payment or receipt."
- "If a virtual currency is listed on an exchange and the exchange rate is established by market supply and demand, the fair market value of the virtual currency is determined by converting the virtual currency into U.S. dollars ... at the exchange rate, in a reasonable manner that is consistently applied."

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jassanpary
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November 21, 2017, 06:37:27 AM
 #156

it's all about governments who decided to give tax to their citizen. Bitcoin itself has no tax in fact it's decentralize governments won't control bitcoin. users are the only one who will control for it.
Many countries still not legalized bitcoin because they will not get tax money from bitcoins, so bitcoin is tax free. Generally  government expects to generate tax from different corners, if they do not get any profit from it,then how can they give permission for legalizing the digital money. 
Victoria Johnson
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December 26, 2017, 01:54:51 PM
 #157

Technically, it is hard to tax bitcoin. Because bitcoins are anonymous.

But when you convert bitcoins to euros or to USD, the capital gain can be taxed.

In France, for example, any income must be declared and will be taxed.

So if you bought bitcoins, then sell them for profits, you must tell it to the french IRS.
KingOfWinterfell01
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December 26, 2017, 01:57:38 PM
 #158

You can't just tax bitcoins. Bitcoins are just untaxable because no one owns all of the bitcoins in the world to impose such tax on each bitcoins. However, the earnings you get from bitcoins or the dollar value of each bitcoin can be taxed by some government since it is their country's currency.

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lasry
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December 26, 2017, 01:59:12 PM
 #159

Since bitcoin isn't controlled by anyone or the government, it's probably impossible to be taxable. Bitcoin is a self sustaining currency and isn't affiliated in the government by any means. Though if someone declare this in their itr or property for example it will become an asset and will be taxable.

Blossom15
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December 26, 2017, 02:02:14 PM
 #160

It defers with your jurisdiction, for my country bitcoin isn't taxable well not that I know of

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