Topic: America is at it again.... (Read 252 times)

This is not how taxes work in America. You owe capitol gains. It is not a question, it is a fact.

Sorry all. I think I was probably not making sense and some misunderstood what I was saying.

AND YES I PAY SALES TAX/VAT you have to. I probably should have been more clear. There probably a few other things I pay tax for that I might just not know about. I was talking about income and capital gains as in. You don't have to pay tax on crypto that you get paid for.

For example, I earn 0.1btc a month designing websites or whatever it is it doesn't matter. You can keep that 0.1btc you dont have to pay tax and only get like 0.06 bitcoin. If you convert the bitcoin to local currency and it exceeds the minimum amount before taxation happened then you will pay capital gains tax. So if I sell half of it to cover my costs of basical stuff I can't use bitcoin for then I pay tax because I have to convert it to fiat first. If I buy something online, gaming console, chairs, fans, pc hardware, games, smoking equipment, make-up, plushie toys, cell phones and things like that I pay directly with bitcoin no need for tax because there is no convertion to fiat.

I said that I use it for everything excluding food water electricity and fuel. The places accepting bitcoin do so through a payment processor just like bitpay does.
Yes, obviously I am paying sales tax you can't get away from that. I am talking about capital gains tax or income tax. You do not pay any tax on that. Only if you convert to fiat. Crypto is run by the people the government.
Only if you use government currency you will have to pay tax. Though you might have to explain where your new sports car and house comes from. I am not sure how that will happen. Maybe crypto will have its's own tax structure. Right now you don't pay tax. Unless your government has a bitcoin address?


I meant because first the bring KYC now this. Too many scammers asking for it. You don't need KYC unless you making an investment over a certain amount, the reason is simple. People don't launder for less then say $10k ?? Why? Risk vs reward. Asking KYC for a $500 investment is ridiculous and that is not what it is there for. I KYC has been around for a long time. I fill it when I opened my bank account and when I made a big fiat investment. Both are trusted so I don't mind. If I buy $10k of centralized coin and they ask for KYC I will give it to them if they organized and go through the correct channels. If someone wants my KYCfor $500 I will get suspicious. I said America is at it again because first it is KYC now dumping for taxes. If I am wrong then correct me but I am pretty sure it is for taxes I read about it and it makes sense.


I agree with you.



Are you absolutely sure you have looked properly? Some don't say they accept bitcoin but the have a payment processor that does.

Pretty ironic that one of the countries we could get away with no direct tax payments was actually the US.
But since almost all of the rest of the world has some kind of VAT or sales TAX he is just living in an illusion or he (actually in a post claimed she is female)  is simply lying.

There are a few exceptions that might make this possible and one would be Hong Kong but...again, you don't pay your bills there with coins.  And even in the place, you can pay you there is a 3rd party that is doing the exchange and transfer for you.
So, you'll be liable for taxation unless you find a pretty believable story on how you found those coins sitting in your pocket.


The US is the best target when you try to blame somebody, the perfect scapegoat, for any event anywhere in this world.
This bear market is seriously making people losing their sanity, don't try to reason with it, there is a desperate need for an enemy to blame for all this.

In ohio you can pay with bitcoin so it is likely that other states will follow. Kyc is not required by everyone so it is up to the hodler to cash out at a kyc place or launder it elsewhere

in our country, there are no payment services available that all of you mention, how we do that, whereas services don't exist yet, in our country bitcoin is just a virtual investment tool that brings together sellers and buyers in the internet world as stock exchangers with each other

The IRS has been around since 1862.

The KYC laws have been around since 2002.

What exactly is America doing now that is new that would satisfy you comment about "America at it again..."?

You do you, friend. But taxes aren't something you can escape from very easily, at least not in the US. You sound like someone who might live outside of America, if so why do you care what America does to its people?

Ok,
I kind a think you're making shit up, but hey some details would make you more believable.

What utility company is accepting bitcoin from you?
Utility bills usually includes taxes, so how are you not paying it?

Where are you buying food for btc?
Restaurants or Grocery Store?
Also their bills usually include taxes, so how are you not paying it?

Or are you just buying gift cards and then paying for the other stuff?

Exactly what 3rd world country is this btc heaven you speak of?

 

The American market is currently one of the strongest markets for Bitcoin, so I think it is a bit harsh to bash them, because they need to pay their taxes. People should consider the bigger picture, which is the fact that Bitcoin's value has been pushed up by the contribution of Billions of US Dollar that are invested into this technology.

We also have some very large US companies that are heavily invested into making Bitcoin a stronger technology, like Coinbase and Overstock etc... 

We should stop looking for excuses on why the price drop and just blame ourselves for not doing enough to support it. 

first you are confusing two things:
- a legitimate company that is actually regulated and registered and is a company in real meaning of the word  that asks for KYC to protect themselves from fraud such as people using stolen credit cards,...
- a random scammer running an ICO which is always a scam and then asking for KYC documents only to pretend they are legit.

the next, every year people say the same thing about taxes and the thing is sometimes price goes down sometimes it doesn't even move because like always it is an irrelevant thing. if tax date was a real thing then most of the markets should have tanked hard. so what is your explanation about that?
and in case you have missed it, bitcoin does not belong to "America" it is global.

>  Pay with bitcoin = no tax. Only pay tax when you convert to fiat.

One good point. Why pay tax upon gains you didn't do anything with?  This just cracks me up. The downfall of 2018 is almost the downfall of new investors that came in and then came out. No matter what happens right after this, the credibility of crypto is tarnished, not because of scams but with these small people who kept dumping because of ideas like this.

I'm also not sure that the American country will return to the world of cryiptocurrency. because they always sounded ways to take advantage of themselves. without thinking about the development and future of the bitcoin world ..

First, we get BS KYC which is actually more dangerous then it is safe and if you willing to risk the safety of you and your loved ones to some random who will sell your info good for you. KYC is just an exploit right now.
Here the government says not to give KYC to unknown entities and to be vigilant since there have btc scams here. When dealing with crypto the responsibility is on you. Basically they saying of you lose your money dont cry to them. It should be like that everywhere.

The next thing that happens from our delightful American friends is the wonder of the IRS % the incredible selfishness of American BTC holders. The main reason BTC is taking a beating is because the taxes needed to be in on the 4th Dec for the IRS. These idiots dumped their BTC instead of planning like an adult. They destroyed the value so much. What can't the take the fiat they earn working at their job and pay their capital gains with that.
These are the people wanting to make a quick buck that do not believe in btc and just use it as an investment to make more fiat. Utterly pathetic. This type of person must gtfo of the cryptro world and never ever return.
Go play with your fiat money some place. I really hope all these dumpers stay away from crtypto and don't come back. They not welcome. Bitcoin is for believers in crypto and the use of crypto.

BTW!!! Besides internet, electricity, food, fuel, I use btc to pay for everything else. TAX FREE GUYS WAKE UP!!! Pay with bitcoin = no tax. Only pay tax when you convert to fiat. Oh and I am from a third world country so I am not sure what excuses other people have for not spending their bitcoins....

Thoughts?