Topic: Are You Paying Your Crypto Taxes? A Recent Study Suggests Otherwise - page 2. (Read 320 times)
April 27, 2018, 09:16:23 PM
I am paying taxes on my crypto earnings. There is no way to avoid it as government is especially after defaulters in my country and sending them legal notices.
April 27, 2018, 08:40:14 PM
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/
In my personal opinion, I think this is a correct view. Because the US government has not intervened in any illegal activities involving the Crypto market, so they will not receive any taxes from investors.Continue Reading: https://coingape.com/are-you-paying-your-crypto-taxes/
Unless they protect investors by law and handle fraud, they can be taxed.
April 27, 2018, 06:32:36 PM
I would if we have such kind of laws, but in the meantime, the government is focused on eliminating fraudulent activities that uses the word "cryptocurrency" on their advertised services. Frankly, our BIR would not know for certain who evades taxes in an instant, but once they noticed that your lifestyle changed vastly and you managed to buy expensive things, they would soon start to conduct an investigation and your local bank provider would likely cooperate and send red flags if they see any. The best thing to do is just comply so as not to face life behind bars once you get caught.
April 27, 2018, 05:35:43 PM
My country doesn't have cryptocurrency tax regulations yet, but they do have taxes for investments, etc. Since I haven't reached the bracket to report I have not reported them yet, but when / if I get there I will be sure to do so because if I ever want to convert those earnings to fiat and transfer them to a bank account here there will be a lot of questioning.
April 27, 2018, 11:58:07 AM
It is illegal to trade in cryptocurrency without paying the taxes. suggestion to pay taxes on income from this trade.
April 27, 2018, 11:43:04 AM
If you buy from big exchanges like coinbase and binance then one day you will have a hefty tax bill. Better off looking at decentralised exchanges and focus on privacy coins. Look at BISQ and pick out some anonymous coins to stay under the radar
April 27, 2018, 11:32:13 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/
Continue Reading: https://coingape.com/are-you-paying-your-crypto-taxes/
I had a decent tax bill this year due to crypto however I rather pay my taxes for piece of mind. Greed doesn't payoff.
April 22, 2018, 07:47:00 AM
well no, and bitcoin user here in the philippines is not issuing to pay taxes in their income profit in bitcoin but i may pay some charges to block chain i thought that is enough how ever we are not paying taxes yet and i hope that we dont need to do that
Exactly. The transactions are sometimes very heavy especially when bitcoin was soaring in December so why not tax the miners because that is where all the costs of transactions go to.
April 22, 2018, 05:10:17 AM
well no, and bitcoin user here in the philippines is not issuing to pay taxes in their income profit in bitcoin but i may pay some charges to block chain i thought that is enough how ever we are not paying taxes yet and i hope that we dont need to do that
April 22, 2018, 05:05:56 AM
The tax law in my country is quite complex and many people have not idea how much tax they should pay for their crypto. Some people think that they have to pay for every crypto transaction they have ever made which is something ridiculous. Since I didn't sell any of my BTC, I am not going to pay any tax for it. It's simple, isn't it? It's a good thing that it's impossible for the government to tell have much exactly money I own in cryptocurrencies. I am a bit afraid that they might try to discourage investors from buying Bitcoin by applying huge taxes.
April 22, 2018, 04:45:04 AM
It seems that people are either for or against paying taxes on their crypto if their government considers it as a taxable asset. The latter may be for a few different reasons. For one some believe that if your BTC wealth cannot be tracked unless it is then converted to fiat for cash or a physical good that is then expected to be reported as an asset. Others are riding the wave of BTC liberating us from the confines of controlled currency, against further supporting them by paying taxes. For those for promoting the payment of tax, they only seem support the idea of keeping a vital country through tax payments. And some have made the intelligent remark that we are being overtaxed (as Americans) and our tax money is misspent.
April 15, 2018, 02:05:03 AM
If you are holding, and not cashing out your bitcoin, then you cannot be taxed on it right?
What happens if you are paid in bitcoin, and spend bitcoin?
The way I understand it, the government wants to tax you on the fiat money you get from crypto, so if you do not cash out, surely that means no tax?
What happens if you have a bitcoin debit card for every day transactions in the real world?
I have a bitcoin debit card that is not even issued in the country that I live in. How does tax work in this case?
I have heard that at the moment you do a trade, and your bitcoin is converted to fiat, there is a tax that then needs to be paid, so how does that work with a debit card that is issued in a foreign country?
What happens if you are a miner earning bitcoin. If you invested dollars to buy X amount of bitcoin, and have a loss due to the price decline, can you claim your losses?
What happens if you are paid in bitcoin, and spend bitcoin?
The way I understand it, the government wants to tax you on the fiat money you get from crypto, so if you do not cash out, surely that means no tax?
What happens if you have a bitcoin debit card for every day transactions in the real world?
I have a bitcoin debit card that is not even issued in the country that I live in. How does tax work in this case?
I have heard that at the moment you do a trade, and your bitcoin is converted to fiat, there is a tax that then needs to be paid, so how does that work with a debit card that is issued in a foreign country?
What happens if you are a miner earning bitcoin. If you invested dollars to buy X amount of bitcoin, and have a loss due to the price decline, can you claim your losses?
April 15, 2018, 01:55:05 AM
Don't pay taxes on Crypto! Government doesn't own bitcoin, they pay you if you lose money on Crypto? No! So why should you pay if you earn? This is a no sense story.
April 15, 2018, 01:48:05 AM
Sorry, I am from Serbia and I do not understand the tax system in the US. Here we have a tax cut on our salaries directly, so I do not have any dead line or something to pay taxes from my official profit. And towards crypto profit the government still did not decided what exactly to do with that here, as usual they are waiting what EU will say and what strategy EU will take about crypto profit taxation.
So here is my question: if there were people who paid taxes from their crypto profit, then they must be calculated the price for crypto in that concrete moment and paid in dollars, right? or how?
So here is my question: if there were people who paid taxes from their crypto profit, then they must be calculated the price for crypto in that concrete moment and paid in dollars, right? or how?
April 15, 2018, 01:30:32 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/
No , I am not paying tax for the earnings in cryptourrency because here nothing is clear in India about these things and also government of my country is not in favour to use cryptourrency and they made any rule to not to use bitcoin buy sell with the use of banking sector industries , so here it much complicated for us to use cryptourrency and legal and prope way .Continue Reading: https://coingape.com/are-you-paying-your-crypto-taxes/
Well here before the new rule in my country I was paying everything honestly but now I don't think it will be better for me to pay tax
Because at one side they restricted to use cryptourrency and at another side they are asking for the tax , so here a type of contraction is happening so why I will pay :/
April 14, 2018, 12:05:47 PM
And the issue is considered tax when transferring? Or do you mean any taxation of currencies? It seems to me virtual money or virtual currency, it is for that and virtual, so as not to be taxed.
April 14, 2018, 10:39:04 AM
I am from Pakistan and at this time there are no rules made by government about bitcoin earning taxes so at this time I am not paying but I am sure when the next Annual Budget will come there will be some laws created on bitcoin and other cryptocurrency and I am hoping they will add tax on all cryptocurrency earnings.
First of all, I want to say you're wrong. In Russia, as in other countries, there is an income tax. If you change bitcoin to Fiat you are obliged to include this amount in taxes. But in Russia, poor monitoring the completeness of tax payment and it's easier to hide them. In America, everything is much more complicated. But I support Americans not to pay the state only for what it is. Taxes must be earned. I don't pay taxes either. April 14, 2018, 10:33:49 AM
For now I have never paid taxes from my earnings to work in Cryptocurrency, because our country has not yet applied the rules to pay income tax from Cryptocurrency. and if there is any regulation from the government to pay income tax from Cryptocurrency of course I will pay it.
April 14, 2018, 10:29:30 AM
I am from Pakistan and at this time there are no rules made by government about bitcoin earning taxes so at this time I am not paying but I am sure when the next Annual Budget will come there will be some laws created on bitcoin and other cryptocurrency and I am hoping they will add tax on all cryptocurrency earnings.
April 14, 2018, 10:27:18 AM
In my country, crypto taxes are not yet implemented by the government. But our constitution says that anything that used as an asset or income generation must be applied a tax, So, I think it is necessary to pay tax because cryptocurrency is a source of income for me.
The US is definitely double dipping by labeling crypto as property. Trades are taxed AND withdrawing is taxed, but I think when crypto becomes more mainstream, they will revisit the idea. Those who hold the money make the rules, and in a world where crypto owners hold the money, taxation rules will inevitably change.
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