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Author Topic: Tax Free Bitcoins  (Read 1115 times)
lanternblue
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July 03, 2012, 12:23:47 PM
 #1

Just use this site: https://www.canadianbitcoins.com/
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Kazimir
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July 03, 2012, 02:44:01 PM
 #2

Tax Free? You sure? I mean, can I be certain that when I buy bitcoins this way, the government won't take 20% off my stack?

Oh, wait Grin

In theory, there's no difference between theory and practice. In practice, there is.
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DannyHamilton
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July 03, 2012, 03:54:39 PM
 #3

There is a tax on currency exchange?  Have the other exchanges been withholding taxes from anybody's transactions and sending it to their local government?  I wasn't aware of this.

The quality of posts has dropped to such a low level that all users who are participating in a paid signature campaign are added to my ignore list. If you'd like a copy of the list to improve your browsing experience, you can find it here: https://bitcointalk.org/index.php?topic=973843.0 (Updated 2016-1-4)
stevegee58
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July 03, 2012, 03:58:07 PM
 #4

Simple.  Never exchange BTC for fiat currencies.  Only exchange BTC for goods and services.

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July 03, 2012, 04:21:09 PM
 #5

Simple.  Never exchange BTC for fiat currencies.  Only exchange BTC for goods and services.

I'd like 400 pairs of Alpaca socks.
stevegee58
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July 03, 2012, 04:42:29 PM
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Simple.  Never exchange BTC for fiat currencies.  Only exchange BTC for goods and services.

I'd like 400 pairs of Alpaca socks.

I always insist that my Alpacas go barefoot at all times.

You are in a maze of twisty little passages, all alike.
DannyHamilton
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July 03, 2012, 04:49:18 PM
 #7

Simple.  Never exchange BTC for fiat currencies . . .
Why have I not yet been charged an exchange tax?  I didn't even realize there was one.  Does this only apply in certain countries?

The quality of posts has dropped to such a low level that all users who are participating in a paid signature campaign are added to my ignore list. If you'd like a copy of the list to improve your browsing experience, you can find it here: https://bitcointalk.org/index.php?topic=973843.0 (Updated 2016-1-4)
stevegee58
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July 03, 2012, 04:50:44 PM
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I smell some trolling going on.  I don't think any exchanges charge tax for exchanging BTC with fiat currencies.

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Kazimir
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July 03, 2012, 04:56:34 PM
 #9

Why have I not yet been charged an exchange tax?  I didn't even realize there was one.  Does this only apply in certain countries?
No, of course this doesn't happen.

Why would an exchange scare off their users with a policy like that. IF a user would be obliged at all to pay tax on the money he gained from an exchange, it his HIS responsibility.

Besides, an exchange is completely unable to determine how much tax someone would need to pay. It depends on a user's personal details (which you don't have to share with an exchange in order to buy/sell bitcoins), the user's total income (also non-bitcoin related, which the exchange can't know), assets, debts, other taxes already paid or still open, does the money consist of earnings or salary or profit from a company (which is taxed differently) or is it actually a payback from someone else for an outstanding loan, etc.

So, no. Smiley

In theory, there's no difference between theory and practice. In practice, there is.
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DannyHamilton
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July 03, 2012, 09:02:50 PM
 #10

So all exchanges are tax free.  Not sure what the OP was getting at then about using canadianbitcoins.com for tax free bitcoins.  Just straight up spam I suppose.

The quality of posts has dropped to such a low level that all users who are participating in a paid signature campaign are added to my ignore list. If you'd like a copy of the list to improve your browsing experience, you can find it here: https://bitcointalk.org/index.php?topic=973843.0 (Updated 2016-1-4)
lanternblue
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July 03, 2012, 09:42:13 PM
 #11

Income taxes loser what else, do you not pay taxes to the government?
DannyHamilton
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July 04, 2012, 01:41:42 AM
 #12

Income taxes loser what else, do you not pay taxes to the government?
Sure but the government doesn't accept bitcoin as payment yet, so I'm not sure what the canadian bitcoin exchange has to do with tax free bitcoins.  At least in the U.S., the law requires you to pay income tax on your income, it doesn't matter where you buy or sell your bitcoins. If you make an income, you are still obligated to report it.

The quality of posts has dropped to such a low level that all users who are participating in a paid signature campaign are added to my ignore list. If you'd like a copy of the list to improve your browsing experience, you can find it here: https://bitcointalk.org/index.php?topic=973843.0 (Updated 2016-1-4)
lanternblue
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July 04, 2012, 01:45:28 AM
 #13

OH I SEE

YOU ARE REFERRING TO UNREALIZED GAINS AS BTC

I AM TALKING ABOUT CONVERTING BTC TO USD THEN NOT REPORTING AT ALL, IT'S CASHHHH, that's how it is in Canada, if you get paid in cash you don't have to report it.
DannyHamilton
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July 04, 2012, 01:57:54 AM
 #14

OH I SEE

YOU ARE REFERRING TO UNREALIZED GAINS AS BTC

I AM TALKING ABOUT CONVERTING BTC TO USD THEN NOT REPORTING AT ALL, IT'S CASHHHH, that's how it is in Canada, if you get paid in cash you don't have to report it.
You might want to check with a Tax lawyer or and accountant to be sure that you understand your local tax laws correctly.  Here in the U.S., the law requires that you report all income, even if you are paid in cash.  Many people choose not to do so, and they get away with it.  That only makes it "tax free" in the same way that a candy bar is free if I steal it.  Using canadianbitcoins.com if you are a U.S. citizen doesn't make it tax free, although it might make it a little bit easier for you to get away with failing to report your income without getting caught.

The quality of posts has dropped to such a low level that all users who are participating in a paid signature campaign are added to my ignore list. If you'd like a copy of the list to improve your browsing experience, you can find it here: https://bitcointalk.org/index.php?topic=973843.0 (Updated 2016-1-4)
Bitcoin Oz
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July 04, 2012, 02:01:41 AM
 #15

The exchange only pays tax on its profit not on turnover.

If you keep a record of your profit and loss you then use that as your tax return, and at least in Australia financial services like banks dont pay transaction tax.

nusizu
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July 04, 2012, 09:34:36 AM
 #16

Simple.  Never exchange BTC for fiat currencies.  Only exchange BTC for goods and services.

is that really the case ?
IMHO, if you purchase goods with BTC this should trigger a tax debt, at least in some countries ?
Would love to see a comment from a professional tax advisor on this
BTW: are there some on the forum, who maybe do a FAQ on this ?

not that I care too much on this, but I want to know, what I am doing ...
macmotion
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December 29, 2012, 08:06:01 AM
 #17

Tax Free .. now this is an interesting concept .. I'm shocked I have not heard more about bitcoin.. but glad I found it..

bump for other people to learn..
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