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Author Topic: Are Bitcoins taxable?  (Read 4688 times)
rarkenin
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October 09, 2017, 04:56:04 PM
 #61

Capital profits are mainklt subhect to pay taxes but this rule can be changed depending on country. It is better to meet with lawyer and discuss this issues about crypto gains.


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fiulpro
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October 09, 2017, 05:03:55 PM
 #62

 Smiley Hey

Bitcoins are taxable or not this soley depends upon your country...
In many countries its not taxable..but In countries like India..they are taxable.. Cheesy unfortunately whatever you earn through bitcoins its taxable.

If its.. legal and officially accepted by the government the chances of them being taxable is quite high...

And ...then there are some countries too where... Bitcoin are not taxable ! BUT if you convert them into fiat.. it is taxable... Wink

Just go through google scoop through the internet and try to find according to your country.. Cheesy

Hope it isn't taxable in urs Wink
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October 09, 2017, 05:33:29 PM
 #63

Capital profits are mainklt subhect to pay taxes but this rule can be changed depending on country. It is better to meet with lawyer and discuss this issues about crypto gains.


Right. The lawyer costs, to the truth, but to die sure of his. For two places I would not risk this problem alone, because you can recalculate. Happy daughter who had a similar situation, I believe in you. Regards!


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October 09, 2017, 06:04:36 PM
 #64



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?




You are taking everything in wrong way I guess! If you can earn something then you should have proof for it, I mean some sort of documents, invoices, purchase bills, etc to show your income proof. Then that doesn't matter whether it was paid in the form of bitcoin, altcoin or even gold. Whatever it is, it has got value and that's taxable unless and until government has not listed it in the regulation. As far as I know to take the bitcoin into real life you have to convert it into fiat and that means it will come to bank for which you will have to submit those things which I listed in first statement as income tax proof. So yeah it's gonna be taxable in any way.

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October 09, 2017, 06:39:05 PM
 #65

Well, it depends on which country you are paying your taxes. Some countries have recognised bitcoin as a form of currency and have thus, made it taxable. Other countries, are still deciding how they want to take bitcoin as.
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October 09, 2017, 06:45:03 PM
 #66

no, bitcoin is not taxable and you can not collect any tax from bitcoin. Bitcoin is built on the blockchain and due to that reason, it is hard to identify who you are and who own the address on the blockchain network. That is why many people and hackers love to use bitcoin. In somehow, we can say that bitcoin is something that against the government and it can easily destroy the government if the government can not find any way to stop this. Therefore, there are many governments have accepted bitcoin so that they can easily to access the blockchain and control the people

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October 09, 2017, 06:50:03 PM
 #67

Capital profits are mainklt subhect to pay taxes but this rule can be changed depending on country. It is better to meet with lawyer and discuss this issues about crypto gains.
So basically this idea is only implied to those countries that have already legalized Bitcoin. If this happens then what of the concept of the cryptocurrencies, to be decentralized that is. You see if the government wants to have taxes in these cryptocurrencies then this only makes them centralized, and going to be manipulated in such a different way. I mean, the government can't have full control on this coins so, when they've legalized it, they took advantage of it and suddenly formed a bill to have a tax to this cryptos. A very smart move indeed.














 

 

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ace4549
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October 09, 2017, 06:58:39 PM
 #68

yeah ... i feel tax when i send bitcoin in my friends even that is fee only -_-

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darkangel11
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October 09, 2017, 07:01:12 PM
 #69



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?




You are taking everything in wrong way I guess! If you can earn something then you should have proof for it, I mean some sort of documents, invoices, purchase bills, etc to show your income proof. Then that doesn't matter whether it was paid in the form of bitcoin, altcoin or even gold. Whatever it is, it has got value and that's taxable unless and until government has not listed it in the regulation. As far as I know to take the bitcoin into real life you have to convert it into fiat and that means it will come to bank for which you will have to submit those things which I listed in first statement as income tax proof. So yeah it's gonna be taxable in any way.
No, you don't have to convert it into fiat. There are numerous physical things you can buy with BTC starting from a physical bitcoin and ending with land, cars and buildings. If you buy a physical item with it you are turning it into valuable objects that are not only easily taxable but also in many cases require paperwork. At some point you will have to pay taxes for your coins, unless you buy stuff on dark web.

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October 09, 2017, 07:03:53 PM
 #70

no, bitcoin is not taxable and you can not collect any tax from bitcoin. Bitcoin is built on the blockchain and due to that reason, it is hard to identify who you are and who own the address on the blockchain network. That is why many people and hackers love to use bitcoin. In somehow, we can say that bitcoin is something that against the government and it can easily destroy the government if the government can not find any way to stop this. Therefore, there are many governments have accepted bitcoin so that they can easily to access the blockchain and control the people

Ya true. Bitcoin is not at all taxable one.Many billionaire and millionaire inverse in bitcoin because to hide that money from the government. If you have in Btc means.No one know how much bitcoin you have in your wallet. Since 1 BTC = 4700$.You can easily keep your source in bitcoin.

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October 09, 2017, 07:13:10 PM
 #71

no, bitcoin is not taxable and you can not collect any tax from bitcoin. Bitcoin is built on the blockchain and due to that reason, it is hard to identify who you are and who own the address on the blockchain network. That is why many people and hackers love to use bitcoin. In somehow, we can say that bitcoin is something that against the government and it can easily destroy the government if the government can not find any way to stop this. Therefore, there are many governments have accepted bitcoin so that they can easily to access the blockchain and control the people

Ya true. Bitcoin is not at all taxable one.Many billionaire and millionaire inverse in bitcoin because to hide that money from the government. If you have in Btc means.No one know how much bitcoin you have in your wallet. Since 1 BTC = 4700$.You can easily keep your source in bitcoin.


If we will think about the present situation, then Bitcoin is not yet taxable. But in the long run, if this will be considered as a means of payment in different transactions, it is possible. We all know that as of this time bitcoin is not known to many countries as legit, that's why the government of almost all countries didn't consider bitcoin as a real income. But in the future, when they will know and accept bitcoin as one of the means of payment just like fiat, then they will consider it as taxable income.

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October 09, 2017, 07:15:45 PM
 #72

no, bitcoin is not taxable and you can not collect any tax from bitcoin. Bitcoin is built on the blockchain and due to that reason, it is hard to identify who you are and who own the address on the blockchain network. That is why many people and hackers love to use bitcoin. In somehow, we can say that bitcoin is something that against the government and it can easily destroy the government if the government can not find any way to stop this. Therefore, there are many governments have accepted bitcoin so that they can easily to access the blockchain and control the people

Ya true. Bitcoin is not at all taxable one.Many billionaire and millionaire inverse in bitcoin because to hide that money from the government. If you have in Btc means.No one know how much bitcoin you have in your wallet. Since 1 BTC = 4700$.You can easily keep your source in bitcoin.
Not really. It depends where you bought those coins. Hiding money you have on your bank account in BTC is not really an option nowadays, when all exchanges require you to  register before moving large sums of money. Your banks are also tracking you, if you take a million USD and wire it to an exchange to buy BTC you won't be able to hide it. Also,  blockchain tracking software is already being used, so it's not like you can hide your coins by moving them around between addresses. I'm not sure if professional mixing services are still able to confuse the tracking software, but you have to take into account that Bitcoin was not made to keep your transactions anonymous and make you hide from the IRS.

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Irvinn
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October 09, 2017, 07:53:44 PM
 #73

Each state has the right to establish taxes and fees on its territory from any activity of its citizens, including income from transactions with the crypto currency. The procedure and amount of charging of such a tax should also be detailed by clarified state bodies. If a certain tax is not established by the state, the citizens have no obligations to pay it.

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DaftAjax
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October 09, 2017, 11:29:06 PM
 #74

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.
I think somehow the idea is to have it taxed once it will be converted into fiat in that specific area or country. I mean yeah how can the government control Bitcoin if they didn't even have it to get cracked. Bitcoin is taxable in a way that as I said, will be first converted and then use that specific amount based on the total Bitcoin you've earned.














 

 

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Vaculin
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October 09, 2017, 11:38:32 PM
 #75

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.
I think somehow the idea is to have it taxed once it will be converted into fiat in that specific area or country. I mean yeah how can the government control Bitcoin if they didn't even have it to get cracked. Bitcoin is taxable in a way that as I said, will be first converted and then use that specific amount based on the total Bitcoin you've earned.
I agree.Bitcoin is not yet acknowledged by the government so we won't have to pay taxes yet,and we are never really obliged to do it.Maybe once bitcoin would be adopted and would be globally use,then for sure all bitcoin users are required to pay taxes depending on our income.


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btccashacc
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October 09, 2017, 11:59:43 PM
 #76

As long as you keep your bitcoin on your wallet then your bitcoin can't be taxed by the government but once you move your bitcoin to the exchanger then your bitcoin will be taxed, simple as that. The point is income are taxable so if you earned profit by sold or bought bitcoin then it can be taxed, although by holding bitcoin you can earn profit i think you have a choice to pay taxes or not, as long as you keep them on wallet or something that government can't catch you.
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October 10, 2017, 12:15:14 AM
 #77

As long as you keep your bitcoin on your wallet then your bitcoin can't be taxed by the government but once you move your bitcoin to the exchanger then your bitcoin will be taxed, simple as that. The point is income are taxable so if you earned profit by sold or bought bitcoin then it can be taxed, although by holding bitcoin you can earn profit i think you have a choice to pay taxes or not, as long as you keep them on wallet or something that government can't catch you.

I guess the business law and taxation should be amended first.  The reason behind the excuse of bitcoins not taxable is because we do not have a clear definition yet as to its existence.  Remember, China has banned the exchange for ICO because maybe they find difficulties in tracing transactions using bitcoins.  And one thing is that, in order for us to be trace, we should somehow register to them our BTC wallet address.  That is the only way I think they can regulate or control the use of bitcoins.

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October 10, 2017, 01:07:05 AM
 #78

Actually in the essence of income bitcoin is qualified to be taxable but the problem is how to trace the ownership and is the person accountable in bitcoin will declare his earnings? The government need to study this first before imposing such tax

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October 10, 2017, 09:20:04 AM
 #79

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:
https://www.chainalysis.com/

Does it mean Everything you have in bitcoin will be taxed? as what? INCOME TAX? it really sounds wrong for me. Sorry for my opinion. But i think they must have enough proof if the bitcoin was a "SALARY" and how about those people who just purchased bitcoin, will they be taxed also? If yes then this is a big problem and i don't think a lot of people will love this law/policy.
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October 13, 2017, 09:31:56 PM
 #80

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:
https://www.chainalysis.com/

Does it mean Everything you have in bitcoin will be taxed? as what? INCOME TAX? it really sounds wrong for me. Sorry for my opinion. But i think they must have enough proof if the bitcoin was a "SALARY" and how about those people who just purchased bitcoin, will they be taxed also? If yes then this is a big problem and i don't think a lot of people will love this law/policy.
To the government it's all really simple.
If you have Bitcoins and convert them you subtract the amounts and what you are left with are your gains. These gains have a tax on them (usually something between 10 and 20%).
If there is a law in the USA that makes you pay gains even when you aren't converting it's a ripoff. People must be crazy if they are paying taxes based on the current value of their coins, even though they aren't converting them.

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