Are Bitcoins taxable?

[DanWagner]

They are but it is hard to check for the government. I think it is smarter to just pay it because else it will bite you in the ass.

[ipanks]

From what i geathered from coinbase, they can give you a calculation of your bitcoin earnings and what is taxable. It is up to you if to pay your taxes after that. I don't live in the US but I know that tax-evasion by filing incorrect data is a criminal offense punishable by fines and/or jail time.

I think this is why I don't use coinbase from a long time ago, I don't want to pay tax on the money that I got from bitcoin. I only want to pay the tax for what I buy or I think I will make a report for the money I have or something like that. I think until bitcoin is not approve by the government, then they cannot apply the tax for bitcoin user.

[RodeoX]

From what i geathered from coinbase, they can give you a calculation of your bitcoin earnings and what is taxable. It is up to you if to pay your taxes after that. I don't live in the US but I know that tax-evasion by filing incorrect data is a criminal offense punishable by fines and/or jail time.

I think this is why I don't use coinbase from a long time ago, I don't want to pay tax on the money that I got from bitcoin. I only want to pay the tax for what I buy or I think I will make a report for the money I have or something like that. I think until bitcoin is not approve by the government, then they cannot apply the tax for bitcoin user.

You are going to turn the best investment of your life into a jail sentence.

[l0uisStanley]

right now bitcoins are not taxable but governments are weird and they can come up with something if they want to

[SteinsGate]

Yes, it is stated by US Internal Revenue Service that bitcoins should be taxable because it is considered as an intangible asset and not a currency.

https://www.investopedia.com/articles/investing/040515/are-there-taxes-bitcoins.asp

[katarin2030]

right now bitcoins are not taxable but governments are weird and they can come up with something if they want to

It depends upon the country, but I think bitcoin in many countries is not taxable that's the reason why many governments denying official status to the bitcoin they will not get any revenue from it so they are up against the use of bitcoin, once if it taxable then may agree to use the bitcoin.

[hibiscus]

According to my concept Bitcoin is so far not taxable bitcoin was introduced by an anonymous person or company named Satoshi Nakamoto. Bitcoin transaction is done without a third party interference it is a digital,decentralized, online transaction.the fund can be transferred quickly and low fees to send all over the world. the identity of the person is not revealed and it cannot be traced and so no tax can be levied for Bitcoin transactions.

[lautantepi]

Bitcoin can be taxed and will be immediately taken by the government. You can avoid taxes because of investments, because in some countries, what income you leave behind after investment is the tax you have to pay, then Again I'm not sure if all countries follow this. This is totally different from tax evasion. Tax evasion is that you are not paying any illegal taxes in a country where there is a tax.

[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.

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

Thanks man for the info. That was very helpful. I was not aware of that. Sorry but I don't have sMerits, you deserved it.
I guess I will need to read more about taxation as I gain more coins and value.

[flippener]

For the UK, I've put the tax situation into a blog post here, as I understand it: https://bitcoin-investors.co.uk/2018/03/uk-tax-on-bitcoin-and-other-cryptocurrencies/

[bncbnc]

According to my concept Bitcoin is so far not taxable bitcoin was introduced by an anonymous person or company named Satoshi Nakamoto. Bitcoin transaction is done without a third party interference it is a digital,decentralized, online transaction.the fund can be transferred quickly and low fees to send all over the world. the identity of the person is not revealed and it cannot be traced and so no tax can be levied for Bitcoin transactions.

Yes currently bitcoin is not taxable but in future when bitcoin will become legal currency and when government will turn bitcoin legal then it will become taxable and then government will even start collecting tax on bitcoin income, but currently i do not think that bitcoin is taxable in any corner of the world.

[Ethan Manson]

It all comes down to the price when you hit the sell button. If you sell at a profit you have to pay capital gains. This percentage depends on your tax bracket

[Euphonic]

In my country Bitcoin is taxable and the tax is like ~40 %, so my state is literally stealing money from us bitcoiners.

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[amaterazu]

They cannot be taxed, I think the most realistic way to be taxed is the income. If you got the income then it will be counted as income tax, they have specific percentage for income tax.

[pelipurlara]

If a country accepts bitcoin, that country will set the tax system, after all, bitcoin transactions are large amounts.

I do not think that people want to tell the government that they are saving bitcoin for their own purposes. But I still think that the government will use all means to know this and they still want to make taxes in the future. Even if the government wants to check every citizen bank account, they can not find people using bitcoin and we are still hiding behind the wall.

[ipanks]

From what i geathered from coinbase, they can give you a calculation of your bitcoin earnings and what is taxable. It is up to you if to pay your taxes after that. I don't live in the US but I know that tax-evasion by filing incorrect data is a criminal offense punishable by fines and/or jail time.

I think this is why I don't use coinbase from a long time ago, I don't want to pay tax on the money that I got from bitcoin. I only want to pay the tax for what I buy or I think I will make a report for the money I have or something like that. I think until bitcoin is not approve by the government, then they cannot apply the tax for bitcoin user.

You are going to turn the best investment of your life into a jail sentence.

because in my country, bitcoin is not accepting and the government only said that people still need to be careful when they want to invest their money in cryptocurrency. but if somehow in my country bitcoin is accepted, I will obey the rule and I will pay the tax on bitcoin and until that time, I think I will use third-party services to help me to withdraw my bitcoin.

[DenisenkoMaria3571]

The exchange rate is unofficial, so it is not taxed, but for the transfers a rather large commission is taken.

[Cryptogid]

Bitcoin is not taxable, There's no word like tax as long cryptocurrency is concerned,though tax is percentage of certain amount, so the transactions charge can be called a tax, same applies to mining,..

[killerfrost]

As far as I know bitcoin is not taxable. Bitcoin is independently operated by any government. Bitcoin is programmed to pay directly through any agency.