Are You Paying Your Crypto Taxes? A Recent Study Suggests Otherwise - page 3.

adzino

copper member

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www.Crypto.Games: Multiple coins, multiple games

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 would say everyone should file their crypto currency tax report. Else they will be suffering more than they would have to spend. Read it somewhere that the worst case would be paying up to $250,000 USD fine and some time in prison. Why risk it?
Glad that tax season is almost over. We are about to see some rise on the price.

BrewMaster

legendary

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There is trouble abrewing

well that is only in US!
where i live there are to taxes on cryptocurrency trading and i am doing all my trades in a decentralized face to face way or i am only trading altcoins with my bitcoin which is keeping my privacy so i don't have to pay any taxes to begin with!

badakjawa

member

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I think the regulation about the crypto in the US still weak and have not the strong law decision. the reason is that the US government is too quick make the crypto regulations tax, and the government has not yet done the maximum socialization about crypto taxes to the public.

however, the US government will soon respond to this matter well, I'm sure everything will be back to normal, and the tax crypto will go well in USA .

St4yInTh3D4rk

sr. member

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"STAY IN THE DARK"

Quote from: tegarp90 on April 14, 2018, 09:50:03 AM

Since our bitcoin wealth is not tracked by the government, i wouldn't pay any tax from it because in my country tax money is usually corrupted by the government Cheesy

But that corruption only starts from you,if everyone think the same then country will be filled with corruption only,we no need to pay any taxes to the government as long as we are using bitcoin as bitcoin if we use it to buy something or when convert into fiat we need to pay taxes because it will be recorded on your bank records.

tegarp90

full member

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Since our bitcoin wealth is not tracked by the government, i wouldn't pay any tax from it because in my country tax money is usually corrupted by the government Cheesy

Dudeperfect

hero member

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Yes, I am in the process of filing my income tax return and I am discussing with my taxation consultant about my financial transactions in the last financial year and he also asked me to provide information about gains from crypto industry. I have paid preliminary tax while cashing out my Bitcoins and now it is time to pay income tax according to the profits. However, it is something that I am doing for the first time as I was not eligible for minimum tax criteria until this year.

Roukawa

member

Activity: 546

Merit: 10

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.

Tenderino

full member

Activity: 336

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I have never ever declared or paid any taxes on crypto earnings and honestly can not see why I should? The idea of the crypto currencies is for example that we can get away from the tax system that takes a huge part of our work. To avoid misunderstoods, I am not against paying taxes at all, but I am against paying too much and 25 or even more percent income tax is too much as we also have to pay many other taxes. On top of it, our money loses its value every year caused by inflation!

krishnaverma

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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/

Many people are trying to cheat the system and I think this is kind of protest against the harsh ruling of various countries. However, in my opinion the risk is not worth taking as governments are very powerful and a common man can get in huge trouble for tax evasion on crypto investments .

coin163

sr. member

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dApps Development Automation Platform

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/

It depend where you live, how about law there. Many countries don't or can't track crypto assets to charge taxes.
even in place where law very strong like US they also can't tracking crypto assets or very hard to do. So in my opinion most of crypto people don't pay taxes but 30% will do taxes to avoid issued from law

Divinityxd

jr. member

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Quote from: Xester on April 14, 2018, 09:38:40 AM

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 the reason possibly is the amount of bitcoin at their disposal. Those who have a huge amount of bitcoin at their possession would likely to pay their taxes while those who have small amount would not even dare to declare it. Eventually for us in Asia we cannot escape taxation since the moment we buy bitcoin and we convert bitcoin into our local fiat currency we are paying already the service fee which part of it goes to the government.

that can be the reason, but expectations was high

Xester

hero member

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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 the reason possibly is the amount of bitcoin at their disposal. Those who have a huge amount of bitcoin at their possession would likely to pay their taxes while those who have small amount would not even dare to declare it. Eventually for us in Asia we cannot escape taxation since the moment we buy bitcoin and we convert bitcoin into our local fiat currency we are paying already the service fee which part of it goes to the government.

Dilemmaremma

member

Activity: 103

Merit: 35

Many people don't know that you need to report capital gains and losses on like to like trades because cryptocurrency is labeled as property with the IRS.

Even fewer believe it has an impact because as a US citizen who isn't buying in from coinbase, how will the IRS know about their trades/fork gains/mining profits? Short term, they won't. But when you go to transfer crypto to fiat, the IRS will question how you got so much damn money if you haven't been reporting. Not to mention the IRS / Coinbase audit happened for the previous few years so they may change laws in the future that can be retroactively applied.

Unless you have plans to earn enough to move to an entirely different country, it would be in your best interest to swallow this pill now so it's not more difficult for you in the near to mid future.

Divinityxd

jr. member

Activity: 140

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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/

Topic: Are You Paying Your Crypto Taxes? A Recent Study Suggests Otherwise - page 3. (Read 320 times)