Are Bitcoins taxable?

[crypto.cr]

2011 post ... OMG ... if i go back on that time ... bitcoin price only 5 usd ..

i don't know how govt make the rules bcz their is now way to monitoring transaction and for whole worlds its same

[rumexx]

Bitcoin is decentralized and only answerable to the market forces and being this way government has no hand in Bitcoin control and not taxable. You as a citizen may be asked to pay tax by the government if they know that you have a job doing. But as a trader in cryptocurrency and even forex nobody is asking you for tax.

[Luckylegs]

Yes here we would need to declare any altcoins profits. I have just contacted an accountant to advise of paying income and/or capital gains tax. I'm happy to pay tax rather than get caught out down the line. I would advise anyone to do the same really.

[symmetry.fund]

http://www.chicagotribune.com/g00/business/ct-biz-bitcoin-gop-tax-bill-20171221-story.html?i10c.encReferrer=aHR0cHM6Ly93d3cuZ29vZ2xlLnJ1Lw%3D%3D&i10c.ua=1

[Chakitot]

They can not put tax in bitcoin directly...
But some countries charge tax for some transactions in cashing bitcoins....

[furry04]

I don`t think that the income from btc is taxable at the moment because as I know the main thing of it that brings profit is to be non taxable, but If they see that your bank account has increased suddenly without a reason than there would be a profit.

[shellsshells]

If government wants to tax it i am pretty sure they will find a way to do so but currently it is not taxable unless converted to fiat.

[AVAMONEY]

USA has been accepting Bitcoin as legal currency for trading in market stock. So if there were in USA which regulating it about trading using Bitcoin in any platform include market and personal profit are both charged tax which need to input taxed income in IRS, we should commit to obey it. We need making some good example by community which Bitcoin are acceptable and can be comfort with regulation tax.

[dhka]

No and Yes
No because it will be very difficult for the government to track our asset online, it is possible but too much works to be done even for a single person, so my answer according to this reason alone is no
Yes, because when we withdraw our digital asset to fiat, it will be automatically taxed by the exchange. I am not sure it this applies to other countries, but our local currency this rule applies, which is 1% for every withdrawal, considered quite a big amount in here.

[cherryscarlett]

Now there are a lot of countries have begun to for COINS formulated relevant tax laws, it clearly for the currency the player is not a good news, if the tax, the income will be greatly reduced.

[seanskie18]

Nope. Bitcoins aren't taxable. Remember that some countries make bitcoin as an illegal but bitcoin is not an illegal. They say so because government wants to get taxes from people but in bitcoin, they don't get any taxes from people whose supporting bitcoin.

[Gogochen]

Bitcoin is decentralized and only answerable to the market forces and being this way government has no hand in Bitcoin control and not taxable. You as a citizen may be asked to pay tax by the government if they know that you have a job doing. But as a trader in cryptocurrency and even forex nobody is asking you for tax.

If the government imposed a tax, then what kind of tax should bitcoin be taxed? If investment loses money, still need to pay duty? That sounds unreasonable.

[odranoel]

I dont think soo, but for me its better for us in the bitcoinworld that bitcoin is taxable because if government does it, it means government are supporting bitcoin and it became acceptable in that said country

[Predator25]

i would think they do not count as income until realized (converted to USD/other currency), and capital gains/losses also assessed at that point on the difference between acquisition and realization value. 

that is, no tax until you sell them, then you have to pay tax on the market value when you received them plus the capital gains tax on any value they gained between when you got them and when you sold them.


but i believe (if US state's sales tax is like it is in Canada) you would need to withhold sales tax on that 20k of sales if appropriate.  i'm basing this off the tax effect of community currencies, like canadian tire money, which i consider bitcoin to be the same as in a legal sense.  you have to pay sales tax on sales paid in CTM, but you can also pay that tax in CTM.

Yes it is actually taxable. Why can i say that? Because in other country bitcoin are already legalized and the government recognizes bitcoin also and i think that the oportunity for the government to exert a particular tax to any bitcoin earners or any incomes coming from bitcoin.

[malvinlee]

Bitcoin will be not taxable bcos bitcoin is not as a reg job so government will not to tax bitcoin now.

[Marry Finch]

In the United States, as far as I know, the tax on profits from operations with crypto currency is levied only on transactions equivalent to more than $ 600. However, most likely, this is voluntary taxation, since it is rather difficult to control such operations.

[GreatArkansas]

For some country it is not still taxable, that's why there are some countries that don't want bitcoin because there is no tax there. Bitcoin is decentralized, it is really volatile. So some governments don't want to legalize bitcoin.

[kidoseagle0312]

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?

If you know that Bitcoin is Decentralize it can't be happen that this virtual currency was taxable.  Because it means, none of the government in each country have the power to control bitcoin, of course they don't have any authority to do it due to all government are  centralized categories.

[Sarastiche]

itcoin is indirectly  taxable overtime, when you convert you BTC to fiat, government tend to tax your earning one it is in the tons of millions you gat to  register as an investor, from that you tax will be calculated base on what you earn.

[deppil]

Bitcoin is decentralized and only answerable to the market forces and being this way government has no hand in Bitcoin control and not taxable. You as a citizen may be asked to pay tax by the government if they know that you have a job doing. But as a trader in cryptocurrency and even forex nobody is asking you for tax.

yeah the key is on decentralization. bitcoin will not be controlled by anyone including the government. so the government will not know who are the people of their country who use bitcoin, so the government will not be able to give you taxes? after all, bitcoin is anonymous. so bitcoin will not support to be given tax to its users. that is the logic