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Author Topic: If you get paid in Bitcoin do you have to pay taxes?  (Read 4503 times)
charliemaggot
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October 14, 2014, 03:13:53 AM
 #21

How about the UK? I think there are no BTC taxes.

Yes, the UK, like every other country I can think of, requires you to pay income tax on items of value you received to the value of your own currency. Whilst this may considered a barter, it is still taxed as income.

Quote
As with any other activity, whether the treatment of income received from, and charges made in connection with, activities involving Bitcoin and other similar cryptocurrencies will be subject to CT, IT or CGT depends on the activities and the parties involved.
https://www.gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies
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Michel28
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October 14, 2014, 01:44:56 PM
 #22

If the government is asking to pay taxes for the exchangers then you need to pay tax for selling or buying coins.
vicemayor
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October 25, 2014, 01:12:28 AM
 #23

I know it varies with jurisdiction but for almost all tax regimes, don't make the simple mistake of thinking "oh, since bitcoin isn't officially recognized as a 'currency', then they (the gov't) can't tax it. How they tax something that isn't cash?!"   In fact, there are many non-cash assets that are taxed all the time ... the easiest example being real estate or property. Also, under IRS Form 1099 MISC for miscellaneous income, they cite both products and services as well. While it's unlikely the gov't or IRS will go after people for bartering things like eggs, milk & farm goods - even if well over the $600 of value mark - they'll certain go after larger items or services, if they somehow become aware of it.  And, in the case of bitcoin, I'd imagine if the person or company that paid you was 1) in the same tax regime as you  2) declared it or indicated the details of the transaction on their books ... there is only a fair chance (especially if they got an audit etc) that something might lead back to you (if you failed to declare it).
bitnanigans
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October 25, 2014, 10:29:12 AM
 #24

Logically, I think capital gains tax would apply to Bitcoin, but I'm not a lawyer nor an expert in these matters. Maybe you won't have to pay taxes if you don't convert to fiat, since Bitcoin values themselves aren't taxable.
zyzzbrah
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October 25, 2014, 11:19:27 PM
 #25

Of course you dont. Do you think people here are paying "ad signature campaing" taxes? lol. You only need to pay if you are going to cash out. If you hold, you are free.
M8
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October 28, 2014, 09:15:46 AM
 #26

Logically, I think capital gains tax would apply to Bitcoin, but I'm not a lawyer nor an expert in these matters. Maybe you won't have to pay taxes if you don't convert to fiat, since Bitcoin values themselves aren't taxable.

Capital gains tax would probably normally apply and like you said usually only if you cash them out, but it all depends on the laws of your specific country so I'd check before anyone takes advice from anyone on here.
RodeoX
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October 28, 2014, 03:33:18 PM
 #27

And is this going to be an issue in the future?  moving money around to keep the govt. off your backs, etc..
No.  It is not necessary to pay taxes if you earn in bitcoin only.  Besides, how can your employer send a W9 form to the government?  That form has no place for bitcoin.

Bitcoin earnings are to be considered tax free.



This lady said it best: "Taxes are only for little people"  She had 5.4 billion - so she knows a lot about taxes

Um, I hope no one is taking your advice here. You do owe taxes on your bitcoin earnings. You are quoting Leona Helmsley as evidence that you do not. Perhaps you are aware that she was imprisoned for tax evasion? She is not the person you want advising you on taxes.

It is as simple as this: There is no such thing as tax free money in the United states.
Don't be stupid and end up loosing your money from fines, or your freedom. 

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