Are Bitcoins taxable?

[sandybindra]

Can be answered in two situations

1. Countries where Bitcoin is legal they take direct tax on the earning of bitcoin.

2. Countries where Bitcoin is not legal, have to pay tax as a business profit tax in short term or long term bases, so it's purely depends upon country to country.

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[Zabrielle]

No. I think in some countries it is taxable already. Until now in my country we don't heard any threat that bitcoin will be taxable anytime soon. I don't know when it will be applied but im hoping not to..hehehe But as of the moment its no.

[Allura74]

No. I think is some countries it is taxable already. Until now in my country we don't heard any threat that bitcoin will be taxable anytime soon. I don't when it will be applied but im hoping not too..hehehe But as of the mome

I don't know how the government can collect tax since bitcoin transaction is decentralized and no other party can trace your identity in a P2P transaction, but maybe   they can tap on every exchanges so that they can collect every transaction but i doubt on how KYC truly identified the legitimacy of an individual for each transaction.

[dexterbit]

The tax that may potentially be collected by the BIR depends on how it will classify bitcoins. If bitcoins are classified as properties, then capital gains tax may be imposed on bitcoin transactions. If bitcoin transactions are taxed similarly as stocks, a fixed percentage tax may also be imposed. Income from bitcoin (or other cryptocurrency) mining can also be subject to regular income tax and other business taxes.

[Merugu]

as we know bitcoin in my country no taxes, even though we have a lot of btc, for my country there will be no taxes, I think most likely bitcoin will be taxed in the next few years but if taxed to us also no problem, with bitcoin adaya with tax payments, bitcoin future will also be brighter again.

[Ailmand]

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.

I think it depends on the territory or country where you do business. I think some countries have already made plans or are implementing regulations to control and impose laws upon cryptocurrency transactions, and part of those imposed laws is taxation. I think this is inevitable since many countries have began to see the cryptocurrency market's real advantage, and as a legit market, it will not be surprising for government and countries to find ways to use it to their advantage.

[tonyja2017]

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?

Of course you need to pay taxes for the state, but you can avoid that in a lot of different ways. But I think you should not avoid that, you will regret when discovered by the government.
Being a good citizen and honest, contributing to the country is an honor. Think positively and you will avoid more risk.

[yecats]

Hi! here's  a  related  article for your question  Are Bitcoin is  Taxable?  I hope it will help. this will  tackle how bitcoin is being taxed. https://www.thebalance.com/how-bitcoins-are-taxed-3192871

[Wipangga]

bitcoin there is no such thing as tax payment, because at this time the government has not acknowledged the existence of the legitimate bitcoin, I think some time to come the government will also recognize the existence of bitcoin, because for bitcoin government can also help  economy them, so for our government one day will later recognize the existence of a legitimate bitcoin.

[Mr.John19]

Bitcoin is not taxable because no one possessed it and not been controlled by anybody. Not me, Not you, Not government. The government won't know who the people who utilize bitcoin are. This some reason of nation restricted the bitcoin and altcoin. The government cannot get an advantage on utilizing the digital currency on that place. Still, the administrations are considering how to tax bitcoin and in what category to tax.

[satecream]

hemm it still being matter in any country
but i hear that bitcoin in USA is now must paying tax because 40% people are bitcoin holder in USA so the goverment making some new rule to paying tax with it or every bitcoin asset that they have
it needs to be taxed i think to helping country with bitcoin profit

[bitfocus]

Yes, why not? Bitcoin income is just as cash income or profit - any good citizen will pay the taxes.

[Yeahnoh]

Income from bitcoin is just like bitcoin from anything else so it can be taxed and government can take a portion of it, they are just trying to figure out a way to tax it all.

[icemantaurus]

Yes it is taxable. In our country every time we convert it into fiat currency the agency that we go into collect a processing fee. And they'll collect tax for that fee. The bigger the value we convert the bigger the fee and also the tax. Yet our country is planning to legalize the cryptocurrency so that they collect more tax.

[magickmayo]

If the government wants to tax bitcoin, then I think they will put the tax on the people who verify the transactions(miners) and in turn the transaction fee will now include those taxes.

[RodeoX]

If the government wants to tax bitcoin, then I think they will put the tax on the people who verify the transactions(miners) and in turn the transaction fee will now include those taxes.

That is not in the protocol and not going to happen. In the U.S. taxes are, and have always been, an obligation of anyone who profits from bitcoin. In fact ANY PROFIT YOU MAKE FOR ANY REASON IS TAXABLE.  It is not on the miners, it is on you if you made a profit.

[eelectrick]

I think yes they are, if governments are really serious with the whole regulation thing, we might get taxed in the coming future.
But I think that is still a very long way to go. Would you like to be taxed with the rate bitcoins are in now? it's a lose if I were
to say it. As soon as the government gets involved we can expect taxes from earnings and transaction fees will be a normal
convenience by then. I think it's really only a matter of time, a year or two to say the least.. there maybe delays but it's an
undeniable outcome, we will get to that point and we better prepare for it.

[lani123lani]

Bitcoin is a non-taxable asset but directly without changing to fiat. bitcoin taxable if used as fiat for sale and purchase of goods, sipenjual taxable and sipembeli also taxable.

[imking]

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?

Bitcoins have decentralized design, so they will not distinguish which bitcoin address. It means because of the decentralized the government can’t identify and recognize which bitcoin address is yours. I have read an article regarding this; some countries are being taxes but how they did it. They added income taxes when someone bought stuff or product if they paid it bitcoin.

[thevlox]

Bitcoin taxable na.I mean so far bitcointaxable but world is going to change Many new discoveries are being made. It's changing the world. so We can not suply say that bitcoin is not taxable. The future does not have to be said that future software like this can be found. In country no bitcoin is  tax now.