Are you going to pay taxes? - page 19.

Cling18

full member

Activity: 1708

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Quote from: Lynzoi on June 06, 2011, 07:02:22 PM

Are you going to pay taxes on your Bitcoin profits?

Suppose you make a million dollars. Suppose you have already made a million dollars. Are you going to hand half of that cash over to the government? Of course, this is assuming you convert your coins into federally recognized cash. If your only intention is to amass a huge supply of Bitcoins, the question does not apply to you.

You're supposed to pay income taxes. It seems rather easy to get away with not doing it, though... at least in this case.

Taxes are burdens to be honest. It is really hard to earn money these days so paying taxes a burden to everyone. If I wouldn't have any chances not to pay taxes then I wouldn't but if it's abided by the law, I will follow the rule. It is part of our duty as citizens of our country.

candy69

member

Activity: 392

Merit: 12

I think every capable person should pay taxes. It is not only good for the economy but also good for the country.

coolcoinz

legendary

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Merit: 1174

Quote from: spasmadness on December 20, 2017, 09:23:02 AM

No, Bitcoin is anonymous and if i do a transaction then noone can know that is me . Taxes is only for the identify transaction and bitcoin isn't it.

That's as long as the transaction doesn't concern any real life goods. Try buying a house or a car and you'll see how fast the authorities come knocking on your door.
Bitcoin isn't anonymous! It's one of the most common wrong assumptions that people have.
You can be anonymous if you mine the coins and trade them for altcoins or cash. If you bought the coins from someone on an exchange the anonymity is no longer there.

thet

full member

Activity: 322

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elysian.finance

Quote from: Lynzoi on June 06, 2011, 07:02:22 PM

Are you going to pay taxes on your Bitcoin profits?

Suppose you make a million dollars. Suppose you have already made a million dollars. Are you going to hand half of that cash over to the government? Of course, this is assuming you convert your coins into federally recognized cash. If your only intention is to amass a huge supply of Bitcoins, the question does not apply to you.

You're supposed to pay income taxes. It seems rather easy to get away with not doing it, though... at least in this case.

I don't think so. To be honest, i don't want to pay some tax if i do have a choice. But since it is the main concern in our country, i have to pay taxes.

spasmadness

jr. member

Activity: 55

Merit: 10

No, Bitcoin is anonymous and if i do a transaction then noone can know that is me . Taxes is only for the identify transaction and bitcoin isn't it.

DamianGod

newbie

Activity: 32

Merit: 0

Quote from: Lynzoi on June 06, 2011, 07:02:22 PM

Are you going to pay taxes on your Bitcoin profits?

Suppose you make a million dollars. Suppose you have already made a million dollars. Are you going to hand half of that cash over to the government? Of course, this is assuming you convert your coins into federally recognized cash. If your only intention is to amass a huge supply of Bitcoins, the question does not apply to you.

You're supposed to pay income taxes. It seems rather easy to get away with not doing it, though... at least in this case.

Yes, but to the business that I built through my earnings in bitcoin. It's good to our heart that we can help our country by contributing small amount of our money. And I'm still trusting my government to used it in a productive and very faithful project to enhance and help our economy.

Sutters Mill

hero member

Activity: 976

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Cryptophile at large

Quote from: teo220 on December 20, 2017, 08:05:17 AM

I dont recommend anyone to pay tax for btc or mining earnings.

Guys, the governments and zionist bankers are still stealing our money thanks to banks and taxes.

No Tax.

Lol. Are you going to bail people out of jail after they take your advice? Everyone is free to try evade their taxes if they so wish, but don't complain when you feel the consequences of your actions because merely protesting the so called 'zionist bankers' by not paying taxes really wont stand up in court. If you want to protest them then do it from a country that doesn't support them instead of trying to break the law of the country you're in whilst reaping all the benefits the society of that country offers you for paying taxes into it.

teo220

member

Activity: 84

Merit: 11

I dont recommend anyone to pay tax for btc or mining earnings.

Guys, the governments and zionist bankers are still stealing our money thanks to banks and taxes.

No Tax.

Peter Murr

member

Activity: 112

Merit: 10

I am going to be paying taxes on what I cash out. However, I'm attempting to cash as little out as possible. So far I haven't cashed out any.

zombie6

sr. member

Activity: 438

Merit: 250

everything in our country is very poorly regulated and I do not think that this will happen in the financial sector in the near future, and so if they squeeze me then nothing will remain!

Sutters Mill

hero member

Activity: 976

Merit: 575

Cryptophile at large

Quote from: Stegobit on December 19, 2017, 10:55:59 PM

Quote from: Sutters Mill on December 19, 2017, 08:16:17 AM

As I said, just make sure that all your taxes are in order because if they can fine you for not paying the correct amount they will

They won't if you apply at least small effort to hide your Bitcoin income. Vast majority of people in the world don't live in countries with fair and transparent governments like Scandinavia. I think nobody wants to buy another yacht or jet for the corrupt politician! Grin

You might be able to hide your income fairly well but good luck trying to explain where you got all the money from to fund your own lavish lifestyle when you're clearly living well beyond your means. It's no good having a load of money just hidden when you can't even spend it but if you try to buy a house or start buying yachts for yourself etc you'll soon catch the eyes of the law and you'll have a lot of explaining to do when they ask you how you can afford all this nice stuff. Bottom line is if your country requires you to pay taxes then you should. If people don't like them then there are plenty of countries that have no taxes or very little that you can emigrate to. I don't think the threat of prison, fines or criminal records is worth the hassle personally and I don't mind paying reasonable - reasonable being the keyword here - taxes as long as they're spent on benefiting society and not wasted on needless wars and bailing out corrupt banks when they fuck up after gambling with other people's money.

swordling143

full member

Activity: 360

Merit: 100

Quote from: Lynzoi on June 06, 2011, 07:02:22 PM

Are you going to pay taxes on your Bitcoin profits?

Suppose you make a million dollars. Suppose you have already made a million dollars. Are you going to hand half of that cash over to the government? Of course, this is assuming you convert your coins into federally recognized cash. If your only intention is to amass a huge supply of Bitcoins, the question does not apply to you.

You're supposed to pay income taxes. It seems rather easy to get away with not doing it, though... at least in this case.

If the government requires it to, then I guess I have nothing to do but to submit to their demands. It would be illegal to not pay taxes if the government declares it necessary. I don't want to stop doing what I am doing that's why I will just abide to their rules. The way I see it we don't really have a choice after all.

SamboNZ

sr. member

Activity: 1064

Merit: 253

I dont mind paying taxes when i can see improvements in my country. For the past years and administration here in the philippines i dont see outcomes from the taxes i pay that it makes me want to skip taxes. But now that the president and the country's leaders are doing their job well in building and making use of the taxe well makes me trust my government again and start paying taxes sincerly.

Ravenangel

member

Activity: 448

Merit: 10

Of course, we should pay our taxes accordingly for our country to survive also. Government rely on the taxes the people remit in order to have infrastructures and other projects for our own good also.

xena2

full member

Activity: 210

Merit: 100

Quote from: Bazil on June 06, 2011, 07:05:34 PM

Quote from: Lynzoi on June 06, 2011, 07:02:22 PM

Are you going to pay taxes on your Bitcoin profits?

Suppose you make a million dollars. Suppose you have already made a million dollars. Are you going to hand half of that cash over to the government? Of course, this is assuming you convert your coins into federally recognized cash. If your only intention is to amass a huge supply of Bitcoins, the question does not apply to you.

You're supposed to pay income taxes. It seems rather easy to get away with not doing it, though... at least in this case.

If I convert any to dollars sure. In the US any profit over $200 for the year is federally taxable I believe. Of course profit is how much you sold the coins for minus the price you bought them for.

Yes. If i have to why not. It is not a problem especially if it is implemented by the law. It is never wrong to follow it as long as it does not harm anyone.

Sithara007

legendary

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Leading Crypto Sports Betting & Casino Platform

Quote from: harleyquinne5018 on December 19, 2017, 11:13:37 PM

Each of us have different thought and different ways in earning money but i think i dont need to pay taxes because im here in bitcoin and I am not going to pay taxes from all the profits I get from Bitcoin operations cause i dont work in company i just work myself in surfing bitcoin and dont have any connection to my community.

The government is not going to compensate us if we suffer a loss from our Bitcoin investments. It is a great risk to invest in Bitcoins or any other crypto-currency. But even after all this, if we get profits from our Bitcoin holdings, then the tax authorities will demand that we pay up. It is simply not fair.

purangko

member

Activity: 112

Merit: 10

Quote from: Lynzoi on June 06, 2011, 07:02:22 PM

Are you going to pay taxes on your Bitcoin profits?

Suppose you make a million dollars. Suppose you have already made a million dollars. Are you going to hand half of that cash over to the government? Of course, this is assuming you convert your coins into federally recognized cash. If your only intention is to amass a huge supply of Bitcoins, the question does not apply to you.

You're supposed to pay income taxes. It seems rather easy to get away with not doing it, though... at least in this case.

Yes, I will pay my tax to help not only the poor individual but the country as a whole. I believe that even my micro contribution can still contribute allot to have a macro solution to the success of my country.

harleyquinne5018

newbie

Activity: 5

Merit: 0

Each of us have different thought and different ways in earning money but i think i dont need to pay taxes because im here in bitcoin and I am not going to pay taxes from all the profits I get from Bitcoin operations cause i dont work in company i just work myself in surfing bitcoin and dont have any connection to my community.

Stegobit

jr. member

Activity: 154

Merit: 1

Quote from: coolcoinz on December 19, 2017, 11:03:28 PM

So, you're willing to bet on the assumption that the government will want your revenue, not your coins? If they see you earning 500k a year from Bitcoin they might want to knock on your door and see what it is that you're doing exactly. They can take your computers for examination and we all know how hard it is to get anything back from the police, especially if those things are valuable. Usually when it comes back half of it is missing and nobody can find out who and when had access to it.

Therefore good idea is to keep your crypto assets in a steganographic VeraCrypt file container (or at least 7-zip encrypted archive) with it's backup in the cloud.

coolcoinz

legendary

Activity: 2744

Merit: 1174

Quote from: Sutters Mill on December 19, 2017, 08:16:17 AM

Quote from: Stegobit on December 18, 2017, 10:48:10 PM

Quote from: coolcoinz on December 18, 2017, 12:58:04 PM

It's even better than that. The prison system works because people in general want to avoid it and are easy to scare. When 100 people protest against taxes you can beat half of them into submission and throw the other half in jail. Things start to change when it's 1000 people as you can't just put that many people in jail. Most jails are already overcrowded and are forced to release the smallest offenders early. We can change things if we want to but we need to work together on this.

+1. Prison system has the same vulnerability as any website against DDoS attack. People just don't understand it now. Because prisons are government's most severe argument against it's opposition, prison system's collapse can mean collapse of the whole govt also.

To people who want to pay taxes from Bitcoin: are you sure the govt won't confiscate your earnings or apply large fine along with taxes because they can consider your Bitcoin earnings as illegal business? If so, don't be so trustful - there were already precedents, in Russian and Ukraine many times.

Most countries aren't Nazi Germany, though. Most Western governments will have no legal right to even try to attempt to ban bitcoin, and they'd be foolish to even try, because ONE It won't work, and TWO they'd just be missing out on millions upon millions in taxes. Most Western governments will be more than happy for you to use bitcoin if you're going to be paying your taxes and if you do pay your taxes correctly you should have nothing to worry about. Bitcoin has made thousands of people millionaires who wouldn't have been otherwise so if you're paying all your capital gains taxes this is money out of nothing for you and the government so they'll be more than happy to accept your bitcoin gains. As I said, just make sure that all your taxes are in order because if they can fine you for not paying the correct amount they will, but you likely wont be thrown in jail for this unless they can prove you have been deceptive and even then in my country at least it would still just be a fine not prison time.

So, you're willing to bet on the assumption that the government will want your revenue, not your coins? If they see you earning 500k a year from Bitcoin they might want to knock on your door and see what it is that you're doing exactly. They can take your computers for examination and we all know how hard it is to get anything back from the police, especially if those things are valuable. Usually when it comes back half of it is missing and nobody can find out who and when had access to it.

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