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Author Topic: Are Bitcoins taxable?  (Read 3105 times)
rcoins0720
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October 09, 2017, 08:04:58 AM
 #21

it depends on the fee of a certain website changer in the internet
if you got higher amount of coins or crypto they will charge you big and bitcoin will not have a tax because of technology it has blockchain
it will hard to have taxes especially in internet based currency

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Ranly123
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October 09, 2017, 08:22:58 AM
 #22

It is all up to the government whether they take tax on bitcoin or not. Have bitcoin is like having an income meaning we are obliged to pay taxes but its up to you to pay and merit bitcoin as a source of income.

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October 09, 2017, 10:07:14 AM
 #23

Bitcoin in its own state is not taxable as if you were having 1 bitcoin in this year the same in next year then there is no tax applied to it, but suppose you sell those coin for capital gains then yes it is taxable,but for this trade also there is another route in which you don't have to pay taxes on capital gains, all you have to do is skip the exchange and do the trade in person for cash and there will not be any official record of that transaction taking place so you don't have to pay any tax on this but it will become your black money and you would have to find a way to make it legitimate on your own.


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kriticko29
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October 09, 2017, 10:30:32 AM
 #24

Well since bitcoin is a way of earning for everyone of us the government can give taxes on our earnings. But as long us our government don't know bitcoin that well we can say that we are safe  Grin
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October 09, 2017, 11:02:24 AM
 #25

Bitcoins in many places has no taxation implemented so far. Maybe they find difficulties to manipulate the circulation of bitcoin due to its highly secured and  encrypted, Or maybe they are out of control on online jobs so far, It was advantageous to our part as bitcoin holders whom we are exempted with taxes. But for safety precautions like scammers and hackers its a big threat for us . If ever we are victims of that kind of crime, We took hardly find ways to recover because of its not legally secured.

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October 09, 2017, 11:23:16 AM
 #26

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?
as of now there are no law and tax that pass in the government about taxing bitcoin in my country. but i think if the government know about the bitcoin and the good benefits and advantage of bitcoin they it will put an tax in this . but as of now the government in this don't know more about bitcoin. they just ignore it .so as long the government doesn't know about the bitcoin it safe to tax. people used it for their earnings and if they have put an tax on it. its all up to the government. its they're choice

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October 09, 2017, 12:01:19 PM
 #27

I hope the taxable bitcoin, so this becomes the first door to legalized by the state, it is time for the tax council to think about this so that it can increase the state income from bitcoin.

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October 09, 2017, 12:17:45 PM
 #28

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.

Don't even know what you, nor most people on this thread are trying to say but I'll sum it up fast for you bud.

When you earn bitcoins, you're going to have to state that you've earned this -- easiest way is going to be convert these Bitcoins to cash and then file it on your taxes as earned income, as you wouldn't want a fluctuating price present on their as it would fuck with your taxes.

Don't believe what anyone says when they say no, you're going to have to pay taxes on any earned income. Plain and Simple.
Bitcoin as an asset is not taxable. As mentioned in the above quote if the user make use of it directly without converting to fiat the transaction value doesn't get taxed. The same when converted to fiat, based on the value the user will be taxed. Several countries have been making plans to tax even for every transaction same as with gold storage.
This is what we all should understand that the bitcoins in your wallets are not taxable until you convert them in fiat because to tax over the bitcoin network on transactions and savings is somehow a difficult task, and still now it is a challenge for government to implement tax over there.



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October 09, 2017, 12:22:37 PM
 #29

when your country hasn't allowed it as a legal currency then it should not be taxable. how can you pay the tax if that is not any registered? so I think Bitcoin is not taxable, but when you are going to withdraw your cash from Bitcoin then you have to pay the least amount of fee. that's it.

Morgann
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October 09, 2017, 12:24:21 PM
 #30

I dont think so, but the transaction fees is not tax i think it is not taxable goverment dont know what bitcoin is thats why they dont give taxes.

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October 09, 2017, 12:26:19 PM
 #31

in my country BTC is not Taxable dont know about other countries

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October 09, 2017, 12:26:31 PM
 #32

I read about it, its says if you earn an income  from it then its taxable. Its subject to income tax or self employment tax. So bitcoin is taxable.
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October 09, 2017, 12:27:08 PM
 #33

I can see that when Bitcoin etc becomes more widely accepted and mainstream that governments will jump on the chance to tax it. Not seen any real ways that they would do this and implement it but i can see it happening

edit: i am in the uk and just came across this https://www.gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies
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October 09, 2017, 12:30:56 PM
 #34

What I understand is Bitcoin is not accountable as income to impose tax on it.
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October 09, 2017, 01:19:36 PM
 #35

Although Bitcoin may be used like fiat currency is used, Bitcoin and digital currency in general, aren’t considered to be money (legal tender) by most countries' taxation systems. In fact, they are considered to be personal property, like gold, silver or corporate stock.
Unless your business is buying or selling Bitcoin, they are a capital asset. In the US, profits are taxed at capital gains rates. Losses are deductible only if Bitcoin is used for business or investment purposes (with investment losses being limited to $3000 annually).
When it comes to other countries of course, it is down to local policy. Keep in mind that cryptocurrency is relatively new to most economies with governments scrambling to regulate it as well as trying to tax it. Policies are bound to keep changing, so it’s best to complete a thorough investigation locally before jumping to conclusions or proceeding with a business plan or an investment.
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October 09, 2017, 01:28:43 PM
 #36

Bitcoin are not taxable no matter how or where you use it if the country you are living in haven't regulated bitcoin yet. But if you convert your bitcoins to fiat and withdraw it on banks that will be the only time where you will be taxed.

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October 09, 2017, 01:37:23 PM
 #37

Bitcoin is taxable and is taxavoidable in the same time. As long as your have your bitcoins in the wallet, or if you pay with bitcoins you are safe from the taxes. As long as you pay out from the exchange and transfer it to the bank you could be fined for not paying your income tax that you have gained on speculating activities.

That is so in most countries at least. Btw... most income taxes are actually illegal in the international law. But that is the subject for whole another issue.


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October 09, 2017, 01:41:27 PM
 #38

You can't get taxed for owning or earning Bitcoin, it's not that the government can know if you do, it's out of their control. However, let's suppose you are withdrawing cash from exchanges to your bank account, then yes you may have to declare where the money is coming from.

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October 09, 2017, 01:57:50 PM
 #39

As of now, in the case of my country, Bitcoins are not YET taxable. I said "yet" because I consider this is one of the risks of Bitcoin, that sooner or later the government will butt in and impose regulations and tax in Bitcoin trading.

I know this because the government will never let itself be left behind especially if they will see the potential return on investment that Bitcoins can give to the investors. But actually, imposing tax will be the least they can do. Because there is also a worst scenario that instead of imposing tax, they might ban Bitcoin totally.


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October 09, 2017, 02:01:37 PM
 #40

If the country creates a rule about bitcoin transactions, then bitcoin may be taxed on each transaction, and that could be an additional income for the country.

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