Are Bitcoins taxable?

[Pansamantala]

I don't think there is no way that bitcoin could be subject to taxation. I mean, a number of its features were to make sure that bitcoin in no way could be taxed by any government. Just like its Decentralization and complete anonymity that it provides its users. so i don't think bitcoin could be taxed.

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[futuristic18]

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?

Income tax will be applicable on income whether its from cash or from crypto. If you trade your Bitcoin and get money in your account then definitely this is going to be taxed. But if your Bitcoins are on your wallet it not taxable as these are not reflecting in their actual values. Bitcoin in your wallet even if they are in N numbers are not counted in Income anywhere.

[RodeoX]

I don't think there is no way that bitcoin could be subject to taxation. I mean, a number of its features were to make sure that bitcoin in no way could be taxed by any government. Just like its Decentralization and complete anonymity that it provides its users. so i don't think bitcoin could be taxed.

When did Satoshi say that? Bitcoin was not designed to evade taxes, it was designed to give the user full control of their money. It is fair money, not magical tax free money. And the IRS has found that bitcoin solves their biggest problems with taxation by creating a perfect record of all transactions.  Bitcoin is taxed and in court the judge is not going to entertain your defense that "a guy on the internet said...".

[CarnagexD]

If government really wants to tax you they will come up with some excuse

Government can't manipulate Bitcoin transaction however they could  definitely manage it's or set a limitation within transaction with the used of it. And in some part of the country there is a specific regualrt that government used to somehow control Bitcoin and tax as a form of fee is established.

[gaurav82]

First question is where you live at time of get and sell coins. Every country has different law.
If u gain profit by investing. This will be your capital gain.
If u get coin after job work that will be your income.
Different countries has different law on income tax. If it is taxable according to law then tax will apply.

[Palma_Laura]

No,it impossible

[lani123lani]

I really do not know if the bitcoin is taxed in my country.

[Toden1379]

From what i geathered from coinbase, they can give you a calculation of your bitcoin earnings and what is taxable. It is up to you if to pay your taxes after that. I don't live in the US but I know that tax-evasion by filing incorrect data is a criminal offense punishable by fines and/or jail time.

[carlisle1]

I think when the government has heard enough of this cryptocurrency and the people are really into it and somehow able to measure the magnitude of the population using it, then, that will be the time they will propose law to regulate it and the tax that will be impose....

everything that make profit must have tax and this is our obligation being a people of nation and a followers of law,and besides its just small parts of the earning so why not give it for the government.

[RodeoX]

You might want to read this now rather than reading it in your prison cell.

https://www.investopedia.com/university/definitive-bitcoin-tax-guide-dont-let-irs-snow-you/

[Vendetta666]

In the Philippines tax is not yet taxed on bitcoin but in other countries it has tax and we do not know how much tax it imposes. because maybe they know bitcoin as a business and they have it taxed. 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.

[jak3]

Yes, you are going to face the IRS taxation everywhere in the world no matter whatever you do. I think everyone should play safe as because if you pay some tax to IRS and keep all the transaction in a well-documented manner then you can avoid many milestones in your life many of them are legal and illegal problems and IRS will handle them for you. I live in India and the income tax department has made some taxation rules so everyone who uses Bitcoin or any other altcoins has to pay some amount of tax and maybe the IRS too.

[Marrionbitcoin]

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 can possibly taxable because we have earnings from trading until our coins were realised. In the Philippines, it is not yet taxable as the Government not yet know how to tax and what kind of rules and regulations should be implemented that does not violate the law of the state and to its people so I think until now they need to conduct further studies about it. The Government should implement taxable income to our earnings in trading in crypto currencies. But of course the investor will get affected on this tax however it will help them for their investments protection and safety so I think that would be ok if that's the case.

[Estreal]

Bitcoin investments can be taxed as a capital asset, to properly pay taxes on an investment in bitcoin, you'll need to wrangle some information from each sale you conducted over the last fiscal year. This includes the basis for each amount of bitcoin you sold, the date you bought it, the date you sold it, and the price at which you sold it.So its possible if it's allowed to stay,but it's at the disposition of the investor.

[Bitcoin_Delivery]

Bitcoin is taxed if we dilute our funds into the usd currency or else the exchangers usually withdraw fees and this is included with the tax. so bitcoin transactions have been taxed so far

[Irvinn]

If we consider bitcoin to be a currency that will bring us revenue, then it should be subject to taxation. I do not see anything unusual in this. Soon all states that will recognize bitcoin as a means of payment, regulating the crypto currency, will necessarily set a tax on income in the crypto currency. Even Japan, the most loyal to the crypto-currency, recently established such income for its citizens at a rate of 15 to 55 percent.

[peterthegreat]

Bitcoins are taxable and you have to pay taxes when you convert it to cash. If you don't pay taxes then you can get caught and you have to pay taxes then.
But most people don't pay taxes on Bitcoin.

[Gracechen17]

Everything is taxable if you declare its yours. The government will not refuse tax if you are going to pay it. . But because bitcoin is anonymous no one can charge tax to the holders and i hope it will be kept anonymous forever so the crocodile government officials will not be able to taste  taxes of it.

[Stingray1970]

In our country the tax on gains with bitcoin is 33%. I rather keep them than paying that.

[decano]

Some investors prefer not to pay the income tax they earn through Bitcoin trading. Bitcoin investment is very difficult to determine by state. But honest citizens must pay their taxes.