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Author Topic: Are Bitcoins taxable?  (Read 4671 times)
levvv
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December 26, 2017, 02:08:04 PM
 #161

For now bitcoin is not taxed. However bitcoin and other crypto has a tx fee only.
If in the future bitcoin is considered as a legal asset, maybe it can be taxed.

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bitcoinewman
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December 26, 2017, 02:10:46 PM
 #162

Well it depends on the country, in most places bitcoin isn't regarded as currency so it's never paid to tax it
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December 26, 2017, 02:12:55 PM
 #163

Well it depends on the country, in most places bitcoin isn't regarded as currency so it's never paid to tax it

How's that? If Bitcoin is not a currency, you may still have to pay taxes on it. It can be considered as property or commodity, and then you will have to pay the property tax when you sell your bitcoins.

For now bitcoin is not taxed. However bitcoin and other crypto has a tx fee only.
If in the future bitcoin is considered as a legal asset, maybe it can be taxed.

In many areas you still have to pay income tax.
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December 26, 2017, 03:52:35 PM
 #164

In my opinion, bitcoin is not taxable, because it is only krpto currency

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December 26, 2017, 07:05:35 PM
 #165

Well it depends on the country, in most places bitcoin isn't regarded as currency so it's never paid to tax it
hi and welcome to bitcoin Smiley

if the bitcoins were held for more than a year, long-term capital gains tax rates are applied. ... Thus, individuals pay taxes at a rate lower than the ordinary income tax rate if they have held the bitcoins for more than a year.

thankyou Smiley
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December 26, 2017, 07:07:29 PM
 #166

Yes bitcoins can be taxable

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December 26, 2017, 07:07:45 PM
 #167

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?
Currently united states don't have any specific tax on bitcoin or doesn't declare BTC to be taxable separate from other income. So you can pay a combined tax on it. I mean you can club the btc income along with your other incomes and calculate normal tax as per the slab rates on it.
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December 26, 2017, 07:32:26 PM
 #168

As long as the government of your country of residence does not know that you have little food then it will not be taxed. If the government wants to take taxes from bitcoin ownership, the government must make flexible and complicated regulations, because bitcoin prices fluctuate.

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December 26, 2017, 07:56:00 PM
 #169

I think there is no tax on bitcoin because it's an online job but what others say is there. Whenever bitcoin is bought, sold, or traded, there are tax impacts. We'll discuss how bitcoins and other forms of virtual currency are taxed, and point out record keeping requirements and tax planning techniques that can be utilized.
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December 26, 2017, 08:07:21 PM
 #170

Bitcoin are not taxable because it is decentralized and processing cannot relationship bitcoin unless the people that uses bitcoin in their country in motivated to pay taxes by having a be responsive that will accustom people that they mannerism to evaluate their pension in bitcoin and pay taxes for it. bitcoin as of now are not taxable and it is a pleasant advantage because we acquire our allowance in full.

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December 26, 2017, 08:13:47 PM
 #171

Yes bitcoins can be taxable

Technically saying the answer is "No", bitcoin works on a algorithm which is excluded from the tax system. We generally need to pay fees for processing our transactions to support the working of the system, leaving that there are no extra expenses like taxes on bitcoin which is a perfect example of a decentralized system. But in the recent days government are trying to tax bitcoin, and is misconception that bitcoin is also taxable, but one should realize that they are only imposing taxes when bitcoin will be converted into local currency otherwise they cannot track the transactions of particular user.

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December 26, 2017, 10:51:34 PM
 #172

Bitcoin can't be taxed because you need to track or spot the guy made the transaction to tax him . But in Bitcoin you can't do that suck as thing.
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December 26, 2017, 10:56:38 PM
 #173

As far as I know if you have a business where you use Bitcoin as a form of cash then it is taxable. What I know also is that if you are exchanging it via exchangers and withdrawing it through your bank accounts then it is not taxable.

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December 26, 2017, 11:02:05 PM
 #174

NOPE.
it will be hard for any government to introduce tax to bitcoin.
since they will have to pinpoint whose the owner of it first before they can charge anything.
but whenever a bitcoin owner turns converts his coin to cash then this will be the time that the government can impose taxes.
through the exchanges.

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December 26, 2017, 11:09:17 PM
 #175

The IRS said that the bitcoin should be treated as an asset or an intangible property and not a currency, as it is not issued by central bank of a country. Bitcoin's treatment as an asset makes the tax implication clear.
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December 26, 2017, 11:12:50 PM
 #176

Of the gov wana change something they will find an excuse to tax bitcoin. At the moment is not.
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December 26, 2017, 11:59:00 PM
 #177

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?

Well yes if you lived in the USA you would be in a bunch of trouble. Last week congress is trying to or successfully passed a law that makes it illegal to conceal bitcoin in the US which means you would be in hot water. But it does depend on where you live because taxation is 4% in the Netherlands I believe 0% in some weird island nations but in most 1st world countries you should pay 15-20% tax as it is capital gains.

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December 27, 2017, 12:45:20 AM
 #178

https://www.thebalance.com/how-bitcoins-are-taxed-3192871

Bitcoins are not considered as a form of currency but a property. And yes it is taxable. Any business transactions in bitcoin are subjected to tax.
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December 27, 2017, 12:47:50 AM
 #179

Every country has its own rules on what and how to levy taxes. I do have to smile at the OP when BTC was $5. If we knew then, we could have put a few bucks aside.

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GDragon
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December 27, 2017, 01:19:31 AM
 #180

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?

It's your choice because today the world is alarmed for the pump of bitcoin and it has a possibility to ruin the circulation of money in your country also can affect the economics so they allow tax like that.

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