Are You Paying Your Crypto Taxes? A Recent Study Suggests Otherwise

hardtime

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This is like anything else, people feel that they're not going to get caught and that they're above the law. Yes, some of you may be able to make it out and not have to pay any taxes -- but you're not going to be able to show this money ever. So, if you don't pay taxes on the capital gains that you incurred with Bitcoin you're going to be screwed if you want to buy a house with the money, or a car, (and so on and so forth) While it does suck to have to pay your taxes, you're going to have to or you're going to risk an audit that could really screw you with penalties.

Quote from: zoeylee on July 10, 2018, 12:20:01 AM

In my opinion, it depends on a country if they are regulating crypto. As far as i know, the government has not regulating it yet. They have no rights to to ask for any tax payment. Even in our country, the government has no power over crypto. If time would come that cryto would be centralized then people are oblige to pay taxes.

Not true, most (if not all countries) have capital gains tax that Crypto gains are going to apply too.

Quote from: Bitdressa on July 09, 2018, 11:47:17 PM

I would agree that there is no such thing as tax in bitcoin, if this is taxed then other users will be disturbed in terms of payment and also in the case of good and true business.

This makes no sense, just because there is no specific tax doesn't mean former taxes (such as capital gains) don't apply.

zoeylee

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In my opinion, it depends on a country if they are regulating crypto. As far as i know, the government has not regulating it yet. They have no rights to to ask for any tax payment. Even in our country, the government has no power over crypto. If time would come that cryto would be centralized then people are oblige to pay taxes.

Bitdressa

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I would agree that there is no such thing as tax in bitcoin, if this is taxed then other users will be disturbed in terms of payment and also in the case of good and true business.

toreserve

newbie

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I', paying my Crypto Taxes but It's depends on your country's law that you should give the decision

taxmanmt5

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Quote from: Divinityxd on April 14, 2018, 09:32:06 AM

The last date of tax filing in the US is April 17, 2018, which is just a few days away. However, reports suggest that Americans aren’t really feeling paying their crypto taxes as being just 3 days away from the end of tax season and only a small fraction of American residents have actually filed their cryptocurrency tax reports.

Continue Reading: https://coingape.com/are-you-paying-your-crypto-taxes/

This is only for the people living in the US and i am sure most of them will pay this crypto tax. Experts are of the view that bitcoin price is also down because of this tax which was due on US citizens on 17 April. Once that is gone, people now are heavily buying bitcoins and price will again begin to rise sharply.

jonathancool220

newbie

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maybe they have Bitcoin less 0.1 satoshi, so it looks like it's very small for taxable.

but I also know less about taxes for Cryptocurrency, because in my country there is no tax for crypto

hopefully in the future his government can better review again to better about Bitcoin and its other Altcoins.

Veterock

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I'm very glad that in my country there are no laws that regulate crypto-currencies)

ajochems

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Upto now,I had not payed any taxes for cryptocurrency. Because Bitcoin is used as a asset in my country.Even I had my saving in bitcoin, I know the price of bitcoin will reach 30,000$ by this year end.Who say No to the additional dollars. If you have a habit of holding the bitcoin, you will get more dollars in one day.

LeGaulois

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Like any income, Bitcoin should also be reported as an income. What most people didn't keep is a record of bank transaction they used to buy crypto (fiat>>crypto) Depending on the country it can be a huge error. I keep track of everything, I can't afford to have a problem with the taxes dept.

Veterock

member

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Thank God in my country there is no legislation that regulates crypto currency !! No taxes! Grin

bitbunnny

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This is depending on the country you live. Not every country has the regulations regarding cryptocurrencies and how they treat them. But in most countries that regulate Bitcoin you don't have to pay taxes on Bitcoin itself, so if you just keep it in your wallet but you have to pay taxes on transactions, so when you exchange it for fiat or if you are registered trader like on localbitcoins.
In fact you have to pay the taxes only if you are doing some kind of business with Bitcoin.

meanwords

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Depending on the country you live in, you either have to pay your taxes or not. Most part of the Asia like the Philippines is still doesn't that much regulations to tax Bitcoin. Actually, stores here accept Bitcoin as payment now, there are even actually stores that exchange Bitcoin to real fiat not in the internet. But I think one day cryptocurrency would be regulated and taxed because more people are more likely to use it in the future. I hope it wasn't harsh though.

jcarlo

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Quote from: Divinityxd on April 14, 2018, 09:32:06 AM

The last date of tax filing in the US is April 17, 2018, which is just a few days away. However, reports suggest that Americans aren’t really feeling paying their crypto taxes as being just 3 days away from the end of tax season and only a small fraction of American residents have actually filed their cryptocurrency tax reports.

Continue Reading: https://coingape.com/are-you-paying-your-crypto-taxes/

I think if we want to regulate bitcoin trade, we should paying taxes for our bitcoin. Bitcoin right now is like an assets and regulation said that assets should pay taxes. I think paying taxes will be good for cryptomarket in the future because thats mean government recognize bitcoin trading

ylnar123

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Quote from: Divinityxd on April 14, 2018, 09:32:06 AM

The last date of tax filing in the US is April 17, 2018, which is just a few days away. However, reports suggest that Americans aren’t really feeling paying their crypto taxes as being just 3 days away from the end of tax season and only a small fraction of American residents have actually filed their cryptocurrency tax reports.

Continue Reading: https://coingape.com/are-you-paying-your-crypto-taxes/

Well as the government only take taxes to those announced taxable goods and belongings. So some citizens tend to be anonymous than announce they have crypto earnings. As crypto has a feature of anonymity which they can use to avoid tax without even known.

bolbau

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until now I have never reported and paid my income tax from cryptocurrency, and I do not feel that it is necessary. in my country, cryptocurrency is still a very strange thing, even the government has not been able to provide regulation-related policies and future cryptocurrency in this country. the results of the G20 meeting yesterday also proved that my country is still in a neutral position. I will not pay any cryptocurrency tax until there is a clear statement or regulation and law from the government

cryptorTUX

member

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Of course not what sis you expect? If there is the way to go around taxes I don't see any reason why wouldn't I use this way and thus escape paying taxes. To pay taxes to government which already has enough is ludicrous, specially with using crypto. Don't remember that they can only try to make you to pay taxes but they surley can't find out the exact amount if you are good with hiding. I love crypto because with it it is relatively easy to evade taxes which is great. More money for us, no one is stealing more and I am not obligated to pay and go to jail if I don't pay. Where's the freedom.

Ausgewielt

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There is no certain bitcoin tax regulations in my country, bitcoin is not banned or accepted as currency or asset, my country let's their citizens to use bitcoin but if there is any problems then my country will not get involved.

neerajimittal

newbie

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I would say everyone should file their crypto currency tax report. But in Russia, poor monitoring the completeness of tax payment and it's easier to hide them.

superstarbtc

jr. member

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yes in india we are paying crypto taxes on time to avoid penalty we cant avoid taxes in india

badem

newbie

Activity: 15

Merit: 0

In Austria you dont pay taxes if you hold them longer than 1 year. As I dont plan to trade but hold, I dont need to pay any special taxes for it

I believe its the same for germany.

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