Are Bitcoins taxable?

[kerjakuat]

bitcoin are not but when you change bitcoin to fiat then you will taxable. but if in a small amount i think you will safe. i dont think bitcoin can be taxable as i know. maybe in us it might be. not very sure but my country is still safe from tax.

[busua]

Temporarily do not need to pay taxes, but also legal. In most countries, Bitcoin is not defined as a currency and is therefore not subject to the relevant tax laws.

[Godric-Gryffindor]

No it is not and never really will happen as no one is really in control over bitcoin, bitcoin is decentralized and therefore cannot be taxed by more centralized government and other institution like banks.

[malia tring]

I hope someday Bitcoin will be taxed due to the tax Bitcoin on illegal right in the country that have implemented taxes on bitcoin, and we also do not need to fear again if bitcoin in forbid in the country again, with the tax Bitcoin would be better.

[ngefek berat]

Until now the country where I live has not made a regulation on bitcoin tax but if in the future the government starts to make my new rules I obey them To keep harmony between government and society always in its best condition.

[bryant.coleman]

Yes, they are , but it depends on where are you located at the time that you want to withdraw your bitcoins. In the US, if i am not wrong ,you need to pay 15% of all your earnings, maybe a little bit more if you are not paying your full taxes.

The topmost tax slab in the United States is 39.6% and you need to pay at that level if your total income exceeds that level. The American tax laws regarding crypto-currency have become more strict and cumbersome. Perhaps it will be a better idea to travel to some other country (such as Bermuda or Canada) to sell your coins.

[owengtam09]

Bitcoin is not taxable because it is not owned by the government, it is maybe that's why some country banned bitcoin and altcoins for this reasons. I don't really exactly know if that is their reason but maybe one of the reasons why they need to banned it to their country.

[Rollesto]

As far as I know in today's generation bitcoin is not taxable because we know the fact that it is a type of currency and no such currency needs to pay a certain tax.

[boruto99]

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

This is so true, not to mention other tax from almost everything our money goes into, even though it is not taxable whenever you earn bitcoins the tax from basic commodities and services from day to day is enough for me to feel drained.

how we know we must pay tax from profit our tax? well i am not happy pay tax. but  we can avoid paying taxes in a legal way. if we use illegal ways we will go to jail.

[RodeoX]

This year is going to be a rude wake-up for a lot of Americans. The IRS has plans to begin sending enforcement letters to cryptocurrency holders. The rules are in the link below. And yes, they apply to all Americans.


https://www.irs.gov/pub/irs-drop/n-14-21.pdf

https://www.chainalysis.com/

[crypto_the_river]

If you are USA citizen, listen to Laura Shin podcast from Jan 23. It's named as 'The Tax Rules That Have Crypto Users Aghast'. You'll find out a lot of interesting facts about cryptocurrency regulation in U.S.

[v_Harley]

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 my opinion, bitcoin should be paid tax. After tax payment, bitcoin can be officially recognized. Tax payment proves that the state recognizes the existence of bitcoin and can develop for a long time.

[Perseusallen]

In the eyes of the IRS, cryptocurrency is property like shares or physical assets. That means you pay the long-term capital rate (typically 20%) if you sold it after a year, or the ordinary income rate if you sold it before then.

[Benkortan]

This is an old thread, but it's still going on.
How can I prove IRS my income if I have staked (POS) my coins in my wallet.
Bank and exchange statements maybe would be ok, but what about transactions in my wallet.

[paulo29]

Are bitcoin taxable? I think its hard to impost taxes (if by chance), since it is volatile, value is not permanent and steady that make it difficult to determine its value and possible income.

[pxo.011]

bitcoin are mostly like having a tax because of very expensive fee when you withdrawing and gas when you deposit but bitcoin never have a taxes but a miscellaneous

[VeganNation]

Basically no unless you volunteer it up to get taxed. So if you can keep more of it to yourself do it!

[corpice]

Please let me know,.
I have not quite understood ,.
whether the bitcoin is taxable what not ...?!
I am new to bitcoin.
thank you,.

[crypto_the_river]

Please let me know,.
I have not quite understood ,.
whether the bitcoin is taxable what not ...?!
I am new to bitcoin.
thank you,.

What country are you a citizen of?

[RodeoX]

This is an old thread, but it's still going on.
How can I prove IRS my income if I have staked (POS) my coins in my wallet.
Bank and exchange statements maybe would be ok, but what about transactions in my wallet.

The IRS is able to see your transactions, so can anyone via the blockchain. They use advance chain analysis tools to figure out who is who. However the bank statements, credit card transactions, etc. is what they will use to prove tax evasion. Not a penny goes through a bank without accounting for it.
Basically if you make any profit in America, ANY PROFIT AT ALL OF ANY KIND, you owe taxes. In bitcoin it is capitol gains you owe on the appreciation of value. There is no question about this. It is clearly defined by the IRS.

READ: https://www.irs.gov/newsroom/irs-virtual-currency-guidance