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oblivi
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January 21, 2015, 06:14:04 PM |
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tax to exchanges 0.25% for every transaction + withdrawal fees
then tax for tx
and then like mentioned above indirect tax by inflating it
- so there is a lot of tax and fees associated with btc too - It's not tax. It's processing fee. Taxes are fees too for using the infrastructure and being protected by the military. But fees are not taxes. You pay fee for a (private) service, not for (public) government. It's neiter a tax or a fee, it's a joke! It's so cheap it's just ridiculous (unless you want fast ass transactions so you have to up your fee tho). |
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coinz19
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January 21, 2015, 06:18:01 PM |
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Has the IRS upgraded all of its protocols to include Bitcoin, or are there still a few loopholes?
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dmugetsu
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January 21, 2015, 07:23:40 PM |
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Ever heard of fee in transaction? Easy there  |
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demonicsheikh
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January 21, 2015, 07:32:53 PM |
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Bitcoin has always been tax free that is why IRS get tickled by Bitcoins
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botany
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January 24, 2015, 08:57:27 AM |
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Ever heard of fee in transaction? Easy there Tax is different from transaction fee. Plus if your coins have high priority, transactions may be free. |
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Tdowns
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January 24, 2015, 09:17:34 AM |
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Most of the merchants using bitcoin as a currency do convert it to fiat as it can be a risk, and they do eventually end up paying taxes.
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TCM
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January 25, 2015, 01:57:12 AM |
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Yeah, you pay VAT if you buy stuff with BTC, but do you pay income tax if you amass BTC? How would anyone know?
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botany
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January 26, 2015, 02:24:36 AM |
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Yeah, you pay VAT if you buy stuff with BTC, but do you pay income tax if you amass BTC? How would anyone know?
VAT doesn't exist in all jurisdictions. Capital gains may be applicable when you sell BTC. If you buy and hold, I don't see any problems. |
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TCM
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January 26, 2015, 03:20:23 AM |
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Capital gains may be applicable when you sell BTC.
OK, example: You buy a gift card or some gadget with BTC. You pay VAT (or not). Where is the tax on capital gains here? You go to localbitcoins and transfer some BTC for a wad of cash in your hand. Where's the tax? I think that's what people mean when they say BTC is tax-free. |
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wunkbone
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January 26, 2015, 05:15:44 AM |
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This is actually not correct. Anyone who uses their bitcoin to purchase any kind of good or service will owe taxes on capital gains they have on their bitcoin. It does not matter if they never convert their bitcoin to fiat
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TCM
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January 26, 2015, 05:17:51 AM |
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Try not to think like a good citizen for a moment and imagine that, yes, you owe this tax, but you don't pay it. How would anyone get the idea that you owe it? I mean how would anyone know you even own BTC?
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Gumbork
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January 26, 2015, 05:19:50 AM |
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condoms should be tax deductible, or tax free at lease.
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kpitti
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January 26, 2015, 11:00:51 AM |
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Bitcoin is tax free, but life is not  I do not get your points. |
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bornil267645
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January 26, 2015, 06:14:33 PM |
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TAX FREE!! I don't think so.. When you buy something you must be taxed by any process if it is bitcoin or convert it into USD.
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turvarya
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January 26, 2015, 06:25:26 PM |
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Capital gains may be applicable when you sell BTC.
OK, example: You buy a gift card or some gadget with BTC. You pay VAT (or not). Where is the tax on capital gains here? You go to localbitcoins and transfer some BTC for a wad of cash in your hand. Where's the tax? I think that's what people mean when they say BTC is tax-free. Do you pay taxes when you buy a gift card with fiat? No. You pay taxes(VAT) when you purchase something with your gift card. |
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OrientA
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January 26, 2015, 06:50:49 PM |
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Bitcoin is taxed with 10% a year with indirect tax via the inflation.
The tax is paid to the miners.
That is the transaction cost. If you use fiat, you need to pay your bank. |
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bigkahuna
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January 26, 2015, 07:05:40 PM |
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Tax-free is in the eye of the beholder of Bitcoins! Does the law really come into play here?
The wealthiest 50% certainly don't pay their share of taxes. Why should we be so concerned?
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dyalldough
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January 26, 2015, 07:13:33 PM |
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Has the IRS upgraded all of its protocols to include Bitcoin, or are there still a few loopholes?
I'm pretty sure the IRS has got that covered. They don't like to lose revenue. |
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TCM
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January 27, 2015, 02:34:30 AM |
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Do you pay taxes when you buy a gift card with fiat? No.
You pay taxes(VAT) when you purchase something with your gift card.
And where's the capital gains tax? Noone denied VAT. |
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turvarya
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January 27, 2015, 09:47:33 AM |
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Do you pay taxes when you buy a gift card with fiat? No.
You pay taxes(VAT) when you purchase something with your gift card.
And where's the capital gains tax? Noone denied VAT. Oh sorry, my bad. I think, that is one of this question, where there is no definite ruling, yet, and if there would be, than it would differ from country to country. |
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