Are Bitcoins taxable?

[Chiggins]

Are bitcoin taxable? I think its hard to impost taxes (if by chance), since it is volatile, value is not permanent and steady that make it difficult to determine its value and possible income.

Yes currently it is not taxable but in future when bitcoin bitcoin will turn as legal currency then government may impose tax on it. for example Japan has turn bitcoin as legal currency therefore i think that they may also have impose tax on bitcoin income.

[RodeoX]

Are bitcoin taxable? I think its hard to impost taxes (if by chance), since it is volatile, value is not permanent and steady that make it difficult to determine its value and possible income.

Yes currently it is not taxable but in future when bitcoin bitcoin will turn as legal currency then government may impose tax on it. for example Japan has turn bitcoin as legal currency therefore i think that they may also have impose tax on bitcoin income.

Dammit man! LOL. Can't you read the post just above this nonsense.? It is absolutely taxable and has ALWAYS been taxable in the U.S. Since day 1. Don't just spout off about things you have no clue about.

[cpkozak]

US taxpayers selling Bit[Suspicious link removed]ds must add the value Bitcoin receives to the annual income tax return. This value is calculated at the exchange rate at the time the taxpayer receives the payment, or at the time of printing the invoice.

If Bitcoin is stored in the form of capital (similar to stocks, bonds, and other investment assets), US taxpayers must report full profit or loss.

If the investment is profitable, the tax will be the same as income from stocks, bonds and other types of investment assets.
Taxpayers who fail to fulfill their tax obligations with Bitcoin will be fined under US law. The US Department of Commerce requires Bitcoin transactions to be recorded in order to serve tax administration.

[deepakg2m]

Its not worldwide accepted yet.So the countries who had accepted it as a currency take tax from BITCOIN holders whereas it is still tax free in the countries where it is not legalised by the government of that country.

[buhchain]

If a country accepts bitcoin, that country will set the tax system, after all, bitcoin transactions are large amounts.

[jeronimosuykens]

If a country accepts bitcoin, that country will set the tax system, after all, bitcoin transactions are large amounts.

Certainly bitcoin transactions are not taxable by the government because bitcoin is anonymous and highly secure so it is not possible to track the owner of the transaction so there is no way to levy taxes for the Bitcoin trading. This is also the reason why bitcoin is banned by many countries.

[Zyborg]

Yup BTC is taxable,BTC is basically your asset as well as your currency.Lets take it in different scenario,if you realized your BTC to cash there may be net capital gain/Loss upon which tax is levied depend upon country to country.You invested in BTC at low price and sold your BTC at high price,so you get teturn,which comes under tax net.If you use BTC as for barter trade then there would be no taxes.When BTC would be regulated it will be certainly come under tax.In a nutshell i can say that when you sell your BTC at profit that income come under tax..

[Angela567]

In fact, I think mainly the currency transactions accepted by the state, the national government should formulate the relevant tax policy.

[RodeoX]

If a country accepts bitcoin, that country will set the tax system, after all, bitcoin transactions are large amounts.

Certainly bitcoin transactions are not taxable by the government because bitcoin is anonymous and highly secure so it is not possible to track the owner of the transaction so there is no way to levy taxes for the Bitcoin trading. This is also the reason why bitcoin is banned by many countries.

Transactions? What do you mean by that? Any sale or trade of cryptocurrency is taxable. If you sell some bitcoin for dollars or another cryptocoin, any spend to purchase something for crypto. Those are taxable events because you made a profit. It does not matter whether or not a government recognizes bitcoin. It is taxable. If you are just transferring bitcoin between your wallets that is not taxable. But all profits are.

And bitcoin is not anonymous. It is "private". But the IRS has the tools now to determine who is who in most cases. Do some homework and check out (https://www.chainalysis.com/).

[okchain]

Now many countries ban because tax system is not good, I think it should be taxable, after all, only by the national recognition, Bitcoin can develop more in the long run.

[trickyriky]

Are bitcoin taxable? I think its hard to impost taxes (if by chance), since it is volatile, value is not permanent and steady that make it difficult to determine its value and possible income.

Yes currently it is not taxable but in future when bitcoin bitcoin will turn as legal currency then government may impose tax on it. for example Japan has turn bitcoin as legal currency therefore i think that they may also have impose tax on bitcoin income.

You see — the post appeared 7 years ago and the question is still being discussed! Until Bitcoin is not controlled by government it is not taxable. Russia said they will start controlling crypto and tax it starting this September.

[Blondy12]

As far as i know bitcoin is not taxable but when you converted it into fiat then there goes the taxes because it can be declared as your income already. As long as it stays on your ewallet then definitely nobody can own it but just you. And government is out of control of your investment.

[xapwxrm5742]

Are bitcoin taxable? I think its hard to impost taxes (if by chance), since it is volatile, value is not permanent and steady that make it difficult to determine its value and possible income.

Yes currently it is not taxable but in future when bitcoin bitcoin will turn as legal currency then government may impose tax on it. for example Japan has turn bitcoin as legal currency therefore i think that they may also have impose tax on bitcoin income.

Most Bitcoin holders make money by Bitcoin, and I think your bitcoin holdings are not taxable (at least for now), but whenever you sell bitcoin or use bitcoin Buying things, are in the accumulation of taxable income.

[cryptokingmaker]

in some country they are taxable but some country they are banned

[Jessica2009]

 
        Bitcoins are taxable for purchasing we are taxed, Bitcoin is an asset it is a virtual currency and also a digital decentralized one it is used to purchase goods and services. Bitcoin is generated by  mining it is mined by high powered computers  it is difficult for an individual to mine  since it takes more  electricity which is not affordable for an individual. Tax authorities have tried to bring regulations to Bitcoin.The value  received by giving Bitcoin is taxed professionals takes different opinions about Bitcoins.

[Coinlover9]

Bitcoin comes under the umbrella of money and money is taxable.

[imoet]

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 bitcoin is taxable. When we talk about bitcoin, we will talk it as money. Everything that connected with it, it will be taxable. Your opinion about the miners were the one who are asking for taxes is acceptable. Maybe the tax will came up when you sell or buy it. It will not occur when we still hold it.

[Lyd]

The bitcoin money are not money for tax purposes so I don't see why they should consider it taxable. Anyway the taxation wouldn't bee simple as long as they can not determine the real value of bitcoin

[edengolo]

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?

According today as long you only holding bitcoin or any other cryptocurrency you don't need to pay.
Only if you sell them you need to report it.

[lananh1997]

marinecoin is back.
Marinecoin is building its community with 20000 members.
Come to the community. When you register your f1 account successfully you will receive 450000 MTC.
Goodluck !!!
https://marineco.in/