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Author Topic: Are Bitcoins taxable?  (Read 4671 times)
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April 05, 2018, 07:32:49 AM
 #421

There will be huge revolution on taxing Cryptos. BTC

yes absolutely, now we're at the stage where the regulation is being set which means also taxes will need to be paid from crypto trading profits. I believe it's a good thing though

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April 05, 2018, 07:33:23 AM
 #422

As good citizens, we should be taxable. So my question to date is whether the bitcoin user may be taxed while the bitcoin user identity can not be traced.

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April 05, 2018, 07:36:50 AM
 #423

I know today countries have adjusted the taxes for bitcoin. but I have not yet clarified which countries it is
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April 05, 2018, 07:38:47 AM
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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 think that is also one of the major reason and factor why countries are getting a double take when acceting bitcoin on their border because they still do not know how to regulate or tax cryptocurrency. I agree with some of the post here that says that you cannot tax something that is still in the market or in the network but once you change it into cash then I would think that there is where the regulation would take place and the taxation would be applied to money changed from cryptocurrency

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April 05, 2018, 07:51:03 AM
 #425

Can be answered in two situations

1. Countries where Bitcoin is legal they take direct tax on the earning of bitcoin.

2. Countries where Bitcoin is not legal, have to pay tax as a business profit tax in short term or long term bases, so it's purely depends upon country to country.

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April 05, 2018, 08:15:46 AM
 #426

No. I think in some countries it is taxable already. Until now in my country we don't heard any threat that bitcoin will be taxable anytime soon. I don't know when it will be applied but im hoping not to..hehehe But as of the moment its no.
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April 05, 2018, 08:28:33 AM
 #427

No. I think is some countries it is taxable already. Until now in my country we don't heard any threat that bitcoin will be taxable anytime soon. I don't when it will be applied but im hoping not too..hehehe But as of the mome
I don't know how the government can collect tax since bitcoin transaction is decentralized and no other party can trace your identity in a P2P transaction, but maybe   they can tap on every exchanges so that they can collect every transaction but i doubt on how KYC truly identified the legitimacy of an individual for each transaction.

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April 05, 2018, 09:15:56 AM
 #428

The tax that may potentially be collected by the BIR depends on how it will classify bitcoins. If bitcoins are classified as properties, then capital gains tax may be imposed on bitcoin transactions. If bitcoin transactions are taxed similarly as stocks, a fixed percentage tax may also be imposed. Income from bitcoin (or other cryptocurrency) mining can also be subject to regular income tax and other business taxes.


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April 05, 2018, 09:24:12 AM
 #429

as we know bitcoin in my country no taxes, even though we have a lot of btc, for my country there will be no taxes, I think most likely bitcoin will be taxed in the next few years but if taxed to us also no problem, with bitcoin adaya with tax payments, bitcoin future will also be brighter again.

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April 05, 2018, 09:25:47 AM
 #430

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 think it depends on the territory or country where you do business. I think some countries have already made plans or are implementing regulations to control and impose laws upon cryptocurrency transactions, and part of those imposed laws is taxation. I think this is inevitable since many countries have began to see the cryptocurrency market's real advantage, and as a legit market, it will not be surprising for government and countries to find ways to use it to their advantage.

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April 05, 2018, 09:28:45 AM
 #431

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?
Of course you need to pay taxes for the state, but you can avoid that in a lot of different ways. But I think you should not avoid that, you will regret when discovered by the government.
Being a good citizen and honest, contributing to the country is an honor. Think positively and you will avoid more risk.

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April 05, 2018, 09:38:27 AM
 #432

Hi! here's  a  related  article for your question  Are Bitcoin is  Taxable?  I hope it will help. Wink this will  tackle how bitcoin is being taxed. https://www.thebalance.com/how-bitcoins-are-taxed-3192871


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April 05, 2018, 09:40:14 AM
 #433

bitcoin there is no such thing as tax payment, because at this time the government has not acknowledged the existence of the legitimate bitcoin, I think some time to come the government will also recognize the existence of bitcoin, because for bitcoin government can also help  economy them, so for our government one day will later recognize the existence of a legitimate bitcoin.

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April 05, 2018, 09:42:47 AM
 #434

Bitcoin is not taxable because no one possessed it and not been controlled by anybody. Not me, Not you, Not government. The government won't know who the people who utilize bitcoin are. This some reason of nation restricted the bitcoin and altcoin. The government cannot get an advantage on utilizing the digital currency on that place. Still, the administrations are considering how to tax bitcoin and in what category to tax.

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April 05, 2018, 10:13:25 AM
 #435

hemm it still being matter in any country
but i hear that bitcoin in USA is now must paying tax because 40% people are bitcoin holder in USA so the goverment making some new rule to paying tax with it or every bitcoin asset that they have
it needs to be taxed i think to helping country with bitcoin profit
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April 05, 2018, 10:17:44 AM
 #436

Yes, why not? Bitcoin income is just as cash income or profit - any good citizen will pay the taxes.

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April 05, 2018, 10:42:47 AM
 #437

Income from bitcoin is just like bitcoin from anything else so it can be taxed and government can take a portion of it, they are just trying to figure out a way to tax it all.

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April 05, 2018, 10:42:59 AM
 #438

Yes it is taxable. In our country every time we convert it into fiat currency the agency that we go into collect a processing fee. And they'll collect tax for that fee. The bigger the value we convert the bigger the fee and also the tax. Yet our country is planning to legalize the cryptocurrency so that they collect more tax.

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April 05, 2018, 12:10:05 PM
 #439

If the government wants to tax bitcoin, then I think they will put the tax on the people who verify the transactions(miners) and in turn the transaction fee will now include those taxes.
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April 05, 2018, 04:27:09 PM
 #440

If the government wants to tax bitcoin, then I think they will put the tax on the people who verify the transactions(miners) and in turn the transaction fee will now include those taxes.
That is not in the protocol and not going to happen. In the U.S. taxes are, and have always been, an obligation of anyone who profits from bitcoin. In fact ANY PROFIT YOU MAKE FOR ANY REASON IS TAXABLE.  It is not on the miners, it is on you if you made a profit.

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin in AFRICA - https://bitcointalk.org/index.php?topic=2710325.msg27720734
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