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Author Topic: Are Bitcoins taxable?  (Read 4671 times)
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January 12, 2018, 11:26:00 AM
 #281

You will not get in trouble as long as you don't declare your bitcoin. The very nature of the crypto industry especially in bitcoin is that we are all anonymous. They don't have the right to claim on bitcoin because it is decentralized.

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January 12, 2018, 11:43:48 AM
 #282

I don't know what type of tax bitcoin will be taxed, but it does come from a country's point of view, which is a huge market, and taxes can bring good revenue to the country.

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January 12, 2018, 12:08:10 PM
 #283

You will not get in trouble as long as you don't declare your bitcoin. The very nature of the crypto industry especially in bitcoin is that we are all anonymous. They don't have the right to claim on bitcoin because it is decentralized.
even if you declare you are a bitcoin user though. the government will not be able to ask taxes to you. bitcoins have decentralized facilities so they will not know which bitcoin address yours is. and how many bitcoin addresses do you have. so arguably bitcoin is a great way to hide wealth and your income and avoid government taxes

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January 12, 2018, 12:16:16 PM
 #284

If government really wants to tax you they will come up with some excuse
Yes, I hope that day appeared later.

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January 12, 2018, 12:28:10 PM
 #285

In countries that bitcoins that bitcoins are being regulated, bitcoins are being taxed when they are sometimes bought and being sold and when you are buying things at retailers with bitcoins, you are going to need to pay tax on the product that you are buying.



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January 12, 2018, 12:38:19 PM
 #286

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.
I have also thougt about that idea. The government couldnt manage bitcoin so i think there still are people who are asking for taxes for them to be able to have their profit and for the system to function well. This idea really helped me to understand more the system and I couldnt agree more about it. It is true that sending high amount has a quick process of confirmation of transaction.

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January 12, 2018, 12:43:07 PM
 #287

until today there is still many countries does not recognise bitcoin as legal currency, so how bitcoin became taxable. but, it is still not imposible because there is tax base on pernonal income. so, as long as bitcoin not converted to (real) currency like dinar, dolar, riyal, euro etc... it still possible to avoid the tax.

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January 12, 2018, 12:53:26 PM
 #288

No. And this is the beauty of the product. You pay for electricity (gas) to make transfers and then get paid. Just because I use the internet and get funds should not make it taxable.
It is like saying because I watch the television, I should be taxed for getting a benefit for it.
If however, I buy a car or house then that car or house can then be taxed and not the funds.....

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January 12, 2018, 01:18:01 PM
 #289

For some countries where bitcoin is not yet legal, bitcoin is not taxable yet. But for some other reason, withdrawing bitcoin or in order for you to use your bitcoin in other country, you need to convert it first.

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January 12, 2018, 01:18:20 PM
 #290

In our country, bitcoin is not taxable when doing transaction like btc to btc transactions, but converting it to our fiat and our fiat converting into a bitcoin , then it is another story. Bitcoin in our country is being regulated by the government, groups or companies that are converting bitcoin into our fiat is taxed ( i don't know if it is heavily because banks in our country are heavily against bitcoin usage) by our government at a certain level. That is why when buying a bitcoin there is a huge gap with regards to selling one.

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January 12, 2018, 01:44:38 PM
 #291

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?
Bitcoin is not invented to be taxable because it a digital currency.
But I think people should pay taxes for trading cryptocurrency if their country instead on that, I see nothing wrong with it.

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January 12, 2018, 01:46:09 PM
 #292

No. And this is the beauty of the product. You pay for electricity (gas) to make transfers and then get paid. Just because I use the internet and get funds should not make it taxable.
It is like saying because I watch the television, I should be taxed for getting a benefit for it.
If however, I buy a car or house then that car or house can then be taxed and not the funds.....

When you are watching the TV it is hard to estimate how much pleasure you get or how long you are watching it. This is not the case with bitcoins, where it is possible to see how much profit you made with them and how long you kept the coins. I mean it is not very difficult to calculate your income in dollars. And this income is taxable in many countries.
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January 12, 2018, 02:02:33 PM
 #293

It is taxable. Individuals pay taxes at rate lower than an ordinary taxable income if they have held bitcoins more than a year.
No. And this is the beauty of the product. You pay for electricity (gas) to make transfers and then get paid. Just because I use the internet and get funds should not make it taxable.
It is like saying because I watch the television, I should be taxed for getting a benefit for it.
If however, I buy a car or house then that car or house can then be taxed and not the funds.....

When you are watching the TV it is hard to estimate how much pleasure you get or how long you are watching it. This is not the case with bitcoins, where it is possible to see how much profit you made with them and how long you kept the coins. I mean it is not very difficult to calculate your income in dollars. And this income is taxable in many countries.
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January 12, 2018, 02:14:03 PM
 #294

If government really wants to tax you they will come up with some excuse
Yes, I agree if the Government wants to regulate taxation of Bitcoin. The main requirement is Bitcoin should be legalized in advance. In order that the Government had the right to this.

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January 12, 2018, 02:18:26 PM
 #295

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?
Bitcoin is not invented to be taxable because it a digital currency.
But I think people should pay taxes for trading cryptocurrency if their country instead on that, I see nothing wrong with it.

If bitcoin is to be launched in the public and be taught to colleges, i think the government will give taxes to bitcoin. But for me, i dont want bitcoin to have tax. It's better on how bitcoin is working now. As bitcoin is a digital currency, i think we cannot avoid having tax here.

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January 12, 2018, 02:27:39 PM
 #296

if I do not think because the government has not legalized bitcoin as a valid payment instrument in Indonesia, but if the government legalize the bitcoin it can be taxed by the government and I hope in the future the government will make bitcoin as a legal means of payment

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January 12, 2018, 02:30:35 PM
 #297

It all depends on the particular national laws.
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January 12, 2018, 02:33:29 PM
 #298

Bitcoin is made using decentralized system so theres no method on how to regulate taxes, but there are so called fees for every transactions. Maybe some organizations or institutions that legalized bitcoin as a payment method they have such thing as taxes but not the national government of a country.
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January 12, 2018, 02:41:30 PM
 #299

It all depends on the particular national laws.

Well technically, it really depends on the country's laws that you are staying in. Normally, bitcoin itself is not taxable but mining is. A lawyer at our BSP (Central Bank) told us that bitcoin mining falls under the 'other income' bracket thus making it taxable. But I am pretty sure that most people earn their bitcoins through investments, trading, campaign signature or even gambling.
Also do note that the government will only tax something that they can control. Bitcoin in itself is decentralized, meaning no government entity can regulate it.

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January 12, 2018, 05:54:32 PM
 #300

Whether tax applies to cryptocurrency depends on the way it is considered in such a country or region. In the USA for example, bitcoin is considered a commodity rather than currency. Tax may only apply when it is being converted into fiat money.
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