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Author Topic: Are Bitcoins taxable?  (Read 3231 times)
grermezter
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October 09, 2017, 02:06:01 PM
 #41

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.
I believe I have read somewhere on this forum where people say they are being taxed when they are either buying or selling their bitcoins. And I also know that lots of online merchants tax those who use bitcoins to purchase their goods and services.

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October 09, 2017, 02:08:32 PM
 #42

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.
I believe I have read somewhere on this forum where people say they are being taxed when they are either buying or selling their bitcoins. And I also know that lots of online merchants tax those who use bitcoins to purchase their goods and services.

You have to look at your country's laws. Some countries have laws that say you must report the BTC you own at any time on a yearly basis, and you must also report all of your trades, including fiat trades, which is just insane.

Some countries only need you to report entry point and then pay capital gains tax once when you cash out.

I don't want to be no one's guinea pig risking my BTC in the process so since this is still so new, im simply going to keep holding it and not selling anything.

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October 09, 2017, 02:09:05 PM
 #43

Bitcoin if realised to fiat money then yes they are absolutely taxable. I am not sure about converting to other assets. For instance, I buy bitcoin with Fiat money, earn profit in bitcoin and then buy equities (or any other asset) for the entire amount of bitcoin. The difficult part is how do you declare losses (if any) with bitcoins

India also imposes sales tax on bitcoin which the buyer pays, so it means you are taxed on buying as well

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October 09, 2017, 02:18:11 PM
 #44

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?
I think bitcoin is not taxable yet.  my country. The government has yet to decide on a tax  bitcoin

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October 09, 2017, 02:24:22 PM
 #45

This guy asked like 6-7 years ago and people still have not gotten it. In most of the world you will owe some kind of tax. In the U.S. you will owe capitol gains on all profits you made. No exceptions.

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October 09, 2017, 02:33:26 PM
 #46

Even though BTC is Decentralized, it depends upon the rules of your Country, some ask for all of your BTC transaction but I don't think they can trace your transactions so it's up to you if you will report it or not. I've read some articles regarding the countries that implemented/developed BTC taxation but I don't know if it's true or not, anyway here are the following countries: The United States of America, The European Union, The United Kingdom, Germany, Japan, and Australia. The taxation of BTC differ significantly depending on the jurisdictions.

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October 09, 2017, 02:40:41 PM
 #47

This guy asked like 6-7 years ago and people still have not gotten it. In most of the world you will owe some kind of tax. In the U.S. you will owe capitol gains on all profits you made. No exceptions.
If you keep your savings in bitcoin even in the US, it is not subject to taxation. Only when you exchange bitcoin for Fiat money and money will be deposited into your Bank account you must pay taxes. So you couldn't claim it is better to look for opportunities to purchase goods with bitcoin.

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October 09, 2017, 02:41:28 PM
 #48

Not every country regulates that question the same way. For example in my country Bitcoin as currency isn't taxed but exchanging transactions to fiat or vice versa could be.

In my country that is not the rule but more the exception because only if transactions exceed some value they could catch some authorities eye.
I can tell for the Europe and in majority european countries Bitcoin is not taxed.

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October 09, 2017, 02:51:47 PM
 #49

It will be a very difficult and complicated process for government to be able to collect tax from bitcoin  because bitcoin was meant to be decentralized without government ability to control. In conclusion bitcoin is not taxable.

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October 09, 2017, 02:55:15 PM
 #50

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.
I believe I have read somewhere on this forum where people say they are being taxed when they are either buying or selling their bitcoins. And I also know that lots of online merchants tax those who use bitcoins to purchase their goods and services.

How are you getting taxed when buying bitcoins?
You are buying them from a vending machine and you pay V.A.T ?

You are going to be taxed only when you sell your coins.
Nobody is able to tax anything unless you transform that in fiat and you (presumably) get some profit by doing so.
And even then if you are able to prove you bought at 4900 and sold at 3700 you might avoid taxation.

Let's not mistake fees that are imposed by exchanges or web wallet with taxes from the government.

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October 09, 2017, 02:56:25 PM
 #51

It will be difficult to tax bitcoins with his technology... I will never pay a tax for bitcoin I think.
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October 09, 2017, 03:08:39 PM
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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?
i don't really know about taxes in my country or in your country, but what i think is when you have tons of btc when the price is 5$ per btc it's not your fault if the price rise and make your rich. because you buy btc in just 5$. and when you not withdrawal you bitcoin to cash you just have BTC with cash value 5$.

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October 09, 2017, 04:02:09 PM
 #53

It will be difficult to tax bitcoins with his technology... I will never pay a tax for bitcoin I think.
That is simply not true. Since 2015 the IRS has been tracking ALL transactions. The tools for doing this get better every day and soon the U.S. will be in a position to start demanding the tax you owe. That includes back taxes and fines as well as any penalties, such as jail time. So many people are going to be hurt by this because they believe in whatever fairy tale they like from the internet. Make no mistake, you are being watched. You do owe capitol gains on your profits.

They will start with the biggest offenders then work their way down. Because of the blockchain it will be easy to scale up once they are competent with the software. Pay your tax or risk turning the investment of a lifetime into a prison sentence. 

READ:
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October 09, 2017, 04:11:50 PM
 #54

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?
I think all of your income sources must be public and have a clear proof of its origin. Bitcoin is different, however, and almost all Bitcoin account information is not real, so it's hard for the government to check and tax the right people, the right organization.


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sana gull
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October 09, 2017, 04:30:28 PM
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This guy asked like 6-7 years ago and people still have not gotten it. In most of the world you will owe some kind of tax. In the U.S. you will owe capitol gains on all profits you made. No exceptions.
If you keep your savings in bitcoin even in the US, it is not subject to taxation. Only when you exchange bitcoin for Fiat money and money will be deposited into your Bank account you must pay taxes. So you couldn't claim it is better to look for opportunities to purchase goods with bitcoin.
I think yes that still therer is not any tax on bitcoin, but I think that those countries who have consider bitcoin as legal currency I think they can put tax on bitcoin.
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October 09, 2017, 04:32:24 PM
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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?

Simply no. Bitcoin cannot be taxed for the reason being its nature being decentralized, thus any government institution or entity cannot ever control its regulation. Though way of taxing bitcoin is by implementing transaction fees when converting one's bitcoin to fiat, no less than that.

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October 09, 2017, 04:35:56 PM
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They want to make it legit money for that purpose.
They see a lot of tax being evaded while money is circulating.
Governments. They want to take over and gain something from this crypto currency which is valued with a large amount of money.
Crocodiles will always come and steps are being made for that purpose. It wont be long before that happens. News have been spread and perhaps a little more push with the price upward could make them decide faster.

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October 09, 2017, 04:36:24 PM
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If the government wants taxes then they will make laws.

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October 09, 2017, 04:42:06 PM
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If you kept the Bitcoin as bitcoin they should not be able to be taxed as this is a decentralized currency, meaning the government does not control its distribution and regulation.  Will that stop the government from trying to regulate it?  I doubt it.  However it will be difficult for the government to truly understand what they are dealing with a regulate it until they create their own cryptocurrency.

If however you change the bitcoin back into US dollars or any other form of government regulated currency they with for sure without a doubt deem that as something to be taxed.

It is crazy how much is taxed nowadays.
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October 09, 2017, 04:54:08 PM
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This guy asked like 6-7 years ago and people still have not gotten it. In most of the world you will owe some kind of tax. In the U.S. you will owe capitol gains on all profits you made. No exceptions.
If you keep your savings in bitcoin even in the US, it is not subject to taxation. Only when you exchange bitcoin for Fiat money and money will be deposited into your Bank account you must pay taxes. So you couldn't claim it is better to look for opportunities to purchase goods with bitcoin.
I think yes that still therer is not any tax on bitcoin, but I think that those countries who have consider bitcoin as legal currency I think they can put tax on bitcoin.
Nope. There is a tax in the US on ALL PROFITS. Bitcoin's legal status as a currency is absolutely irrelevant. Even something you profit from that is specifically illegal is subject to tax. The IRS did not create a bitcoin tax because it has always been taxable.

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