Are Bitcoins taxable?

[Taskford]

It really depends on the country where you are living because sometimes the country has a law for bitcoin that they are requiring tax for you to pay so you can legally transact with bitcoin but most of the countries are still not taxing bitcoin because they still not paying attention to bitcoin because of its risk that is caused by the volatility.

[crypto_the_river]

It really depends on the country where you are living because sometimes the country has a law for bitcoin that they are requiring tax for you to pay so you can legally transact with bitcoin but most of the countries are still not taxing bitcoin because they still not paying attention to bitcoin because of its risk that is caused by the volatility.

For example in Belarus soon individuals legally will not have to pay taxes for their bitcoin activities. But for legal entity it would be an asset and who knows? Everything will depend on your accountant))

[zentdex]

To the extent I know it difficult to force tax to bitcoin alone uncommonly on the off chance that you are simply mining it on you claim. What I imagine that could be assessable is the benefit you create from exchanging bitcoins. You could see some exchange that reminds individuals to pay tax, some even request your tax reference number. This demonstrates the exchanges is at present or will gather a specific sum that will go through as a tax. There could be some organization that will take after this means however at this point, I seen none, and expectation some don't take after.

[removebeforeflight]

Still the governments is thinking of how to tax bitcoin and in what category to tax. As of now there's no tax laws implemented for bitcoin and there's no tax imposed to any bitcoin users I think. May be we need to have a thorough research on Japan tax law on bitcoin, since Japan have legalization it. Digital money is normally considered in law as property in some countries.

[kryptorian]

If your morals allow you to not pay taxes then no bitcoin is not taxable, since its not traceable unless you put your information to the public and even then, the law can't persecute you since they cant be sure if that wallet might be yours or not. And that's in my opinion why most countries are hesitant about bitcoin knowing it would cause a tax evasion chaos.

I think we should draw the distinction between property taxes and income taxes. Bitcoin may be taxable as property but you should sell it for fiat to be taxable as income. And this is where you can easily get caught if you aim at tax evasion. They will see that your living standards don't match your official income, then they come after you and start asking questions. Not something that you would be eagerly looking for, especially in case of IRS.

[danielleZ]

It depends on what you do with it, but the general answer is yes

[JennetCK]

No. Bitcoin is not taxable. First of all, it is not owned by the government. This is decentralized, the government do not own any cryptocurrency or virtual currency. If they want to implement tax, they should have a reasonable excuse.

[Coin12]

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?

In the US, Bitcoin is treated as a commodity and is thus not taxed unless you want to cash out to FIAT.
It is only then that you're forced to declare your income and be taxed on it. Bitcoins themselves are not (and cannot be) taxed.

I think this is what the topic host ask. So the anwer for tje question is the income is taxable.
I am not us citizens bu i am interest to know how it could be if we have imcome from bitcoin. And maybe it will applied to my country too.

[barabut]

Crypto money has not yet had a legal basis and the transactions carried out within this scope are not under the authority of any official authority.
Some business models based on crypto money, big profits are structured in the form of vacations, misrepresenting the lack of information and causing significant financial loss.

[crypto_the_river]

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?

In the US, Bitcoin is treated as a commodity and is thus not taxed unless you want to cash out to FIAT.
It is only then that you're forced to declare your income and be taxed on it. Bitcoins themselves are not (and cannot be) taxed.

I think this is what the topic host ask. So the anwer for tje question is the income is taxable.
I am not us citizens bu i am interest to know how it could be if we have imcome from bitcoin. And maybe it will applied to my country too.

And then pension in crypto. Heh, some seniors  are already in it🤣

[zebii memon]

in bitcoin there is no tax you easily get full money and take profit

[xiaowu55]

I think if the currency tax can help governments to accept the position of the currency, which will be conducive to the currency of the promotion, can raise public awareness of it, more easily accepted by governments, it is conducive to the COINS

[giogio0504]

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

yes but it is difficult to manage and bring into practice, and maybe there is not enough will from the side of governments to tax cryptos.

[wendelKray]

They are taxable in some countries but just like any other taxable good you do not have to pay tax for it if you know what i mean.

[lyn1031]

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?

As of the moment, I really don't think that bitcoin is taxable. In my country, whenever there is a bitcoin transaction, the reduction falls on the people who manage the wallet and not for tax. So, I don't think that bitcoin is taxable yet. In addition, the government didn't really made it legal yet.

[teejaymuna]

If you transact directly with BTC, it is not taxable but when you convert to fiat, then it is taxable.

[Nabilog]

There is law drafted to direct tax the btc. So by default btc is a multimillion business without tax that’s many government anxous about it.
Some of the government apply the existing law on the payment.
 

[stormivy14]

That is the reason why people love bitcoin, they earn income without paying taxes. The very nature of blockchain technology is to cut off all intermediaries including government. Some people even consider that cryptocurrency might destroy the flow of economy. We still are not sure how are they going to tax it but they are entitled to tax our income since we earn privileges from the government. But personally, I dont want to be taxed.

[lunaalthea]

You will not get in trouble as long as you don't declare your bitcoin. The very nature of the crypto industry especially in bitcoin is that we are all anonymous. They don't have the right to claim on bitcoin because it is decentralized.

[sarfwr]

I don't know what type of tax bitcoin will be taxed, but it does come from a country's point of view, which is a huge market, and taxes can bring good revenue to the country.