Are Bitcoins taxable?

[Dimanman113]

I think that in the near future in all countries, crypto-currencies will be recognized as an asset and will be taxed. It is right. Those who make a profit on trade or with long-term investments must pay tax on profits, because this is entrepreneurship! As in the securities market and shares! Personally, I will pay the tax when I withdraw money from Bitcoin.

[zwiggel]

Bitcoin is not subject to any taxes. Bitcoin is programmed for transaction and direct billing. The bitcoin system extends all over the world. This is an advantage of bitcoin that everyone agrees.

[russella31]

I guess one of the nice feature of bitcoin is it is not taxable. That's why it was created as a digital currency. But if the time comes that the government impose tax on bitcoin then that would affect the bitcoin community.

[laryillary]

Bitcoin (Bitcoin), the most popular crypto currency, replaces conventional money and has real value (for example, bitcoins can be exchanged for US dollars, euros and other classical and virtual currencies). Usually operations with bitcoins are conducted anonymously through the Internet. This unregulated virtual currency is not dependent on any central bank or government.

[Thardz07]

For me, bitcoin is taxable. Because the transactions by using virtual currency must be reported in U.S. dollars. Taxpayers will be required to determine the fair market value of virtual currency in U.S. dollars as of the date of payment or receipt. If a virtual currency is listed on an exchange and the exchange rate is established by market supply and demand, the fair market value of the virtual currency is determined by converting the virtual currency into U.S. dollars at the exchange rate, in a reasonable manner that is consistently applied.

[anas2909]

what i know about this, in some country until now there is no tax for bitcoin, only there is transfer fee. For the transfer fee, it depends on the traditional bank itself, usually 2-5 % per transaction.

[Nellayar]

When I started here in cryptocurrency, I gathered some information about bitcoin and one I proud of it is that, bitcoin is decentralized. Government can't imposed tax or even a regulation about bitcoin. However, due to the banning of government in cryptocurrency, bitcoin loses its decentralization. As of now, bitcoin is taxable.

[dimiinx]

I guess one of the nice feature of bitcoin is it is not taxable. That's why it was created as a digital currency. But if the time comes that the government impose tax on bitcoin then that would affect the bitcoin community.

a good or service used for a transaction would be taxed as bitcoin. Because bitcoin is treated as an asset or an unrealized property and not a currency issued by the bank.

[DonTsTop]

Bitcoin is a virtual currency that uses cryptographic encryption system to facilitate secure transfers and storage. Unlike a fiat currency, bitcoin is not printed by a central bank, nor is it backed by any government. Bitcoins are generated by a process called mining, that is wherein high-powered computers, on a distributed network, use an open source mathematical formula to produce bitcoins.

[dirham99]

Yes bitcoin is taxable. Not by means of the government is taxing but I guess that the miners were the one who are asking for taxes. The confirmation is dependable on how much btc you spend. If you will spend the high amount in sending then the confirmation of your transaction will be fast.

yes I agree, bitcoin is taxable..every income from investing must be taxes.

[Lodipetmalu]

Many people now were asking questions if bitcoin is taxable, it will depends on the country where you live. Like us, in country, bitcoin is not yet taxable hence many people now were enjoying profit without even deducted tax.

[Boknoyz]

I think its not worldwide accepted yet.So the countries who had accepted it as a currency take tax from BITCOIN holders whereas it is still tax free in the countries where it is not legalised by the government of that country.

[Dudeperfect]

I can see that this post is from 2011 and even after 7 years, we don't have any concrete laws or guidelines from the government to deal with gains from the crypto in most of the counties.

As I had discussion with the Vice president of one domestic Bitcoin exchange, he advice me to pay tax like regular income on the realized amount (the amount which is en-cashed in fiat currency). As today is the last day of the accounting year in my country, I have to consult accountant to deal with it.

[alexmuro]

Yes bitcoin is taxable. Not by means of the government is taxing but I guess that the miners were the one who are asking for taxes. The confirmation is dependable on how much btc you spend. If you will spend the high amount in sending then the confirmation of your transaction will be fast.

As far as I know, bitcoin cannot be taxed because there's no law can be applied to it since transactions made are hidden. That is why some other countries are banning crypto-currencies. But many countries are infavor of the adoption due to the benefits that btc brings.

[aishyoo17]

In my country those who are earning bitcoin are not paying tax because there is no law that says so, what I know is that whenever we convert our bitcoin in fiat the exchange charges.But I think in the future when everything is clear with crypto government will start implementing strict law about paying taxes and as a citezen I will politely follow the rules even if we all know that bitcoin is created to illiminate this kind of scheme.

[pimacoin]

This I seriously dont believe is taxable

[MWesterweele]

Yes bitcoin is taxable. Not by means of the government is taxing but I guess that the miners were the one who are asking for taxes. The confirmation is dependable on how much btc you spend. If you will spend the high amount in sending then the confirmation of your transaction will be fast.

yes I agree, bitcoin is taxable..every income from investing must be taxes.

Bitcoin is not taxable. As you can see, no banks and government can manipulate it. And as what i know is that any things that cant be manipulated by government dont have taxes. And i think that bitcoin is impossible to be tax because bitcoin is volatile, unpredictable, the value is changing, dont have constant value. How can you tax something you cant determine the value?

[adjudicator]

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?

Bitcoin is not a taxable thing and it is not under the government they cannot handle it because it is online and they cannot manage it daily or weekly because internet is a very complicated thing and anyone can access it so it is hard to give it a tax.

[wewe123]

No bitcoin is decentralize cryptocurrency very independent from any government offices which are the one who ask taxes from any business running, for bitcoin in the digital world the government can not impose taxes ,that is why government do not like bitcoin and cryptocurrency in their program.

[andregunawan1]

in my opinion it is natural that btc in taxable, btc is very popular in the eyes of the world and btc tax is very obligatory for the country, btc is future investment for me and i am sure btc will make me success