If a country requires payment from bitcoin profits, then there is no way out. You have to pay tax or it will end badly.
It seems that government really wanting people who are currently holding bitcoin to declared it as an asset in order for them to pay taxes. But it could really hard for that, since believing no one will do that because taxes is just a worm for their income. And could also lead the government by controlling its market value once it goes into the hand of the authorities. 
Topic: Bitcoin and not Paying Taxes - page 12. (Read 1226 times)
Taxes are the only and main source of income for many governments of the world. One of the main reason for bitcoin`s popularity is avoiding government tax. Bitcoin is an autonomous currency, as no third-party is related to bitcoin, no one can trace your transactions except user and the receiver. You will face no problem until you are using bitcoin currency for trade or transaction purpose. But once you try to convert it in fiat currency you will come under income tax net. Income generated from bitcoin currency is taxable in USA, India and in many countries irrespective status of bitcoin. Bitcoin income is considered as capital gain and taxed thereupon. For your safety always pay taxes.
Soon the government can find ways how they can collect taxes from cryptocurrencies.
Maybe thru transaction. In every transaction there will taxes. Just my thoughts.
This will take longer as most of the country were not supported this currencies.
Maybe thru transaction. In every transaction there will taxes. Just my thoughts.
This will take longer as most of the country were not supported this currencies.
Bitcoin is not directly control by government, that's why it is non taxable and bitcoin is not legally endorse by government. It is free to use and access by bitcoiner and those people wants, a fastiest and direct transaction just only used cellphones and laptops. But there are some countries that government leaders are used bitcoin as a government transaction by selling and buying goods and product's.
bitcoin will not be taxed until whenever. although want it can happen in exchange just like bitcoin by making deductions in transaction fee. for transactions directly to the wallet in my opinion will never be. bitcoin has an anonymous system.
It's safe to pay your taxes on the gains you make on bitcoin. In the country that I live in, it is good to pay on the capital gains I make on bitcoin. It is treated like an asset although there is no official statement from the government or from the tax authorities.
That's Impoper for one not to pay their taxes, because they are indirectly been used to better the country and the citizen but as some point, if I am asked to pay taxes for every cryptocurrencies or digital coin I exchange to fiat, then I won't always exchange my coin to fiat or use them as an everyday transaction, its just the waste of it; nstead I do it ones in many months or a year.
I ran across this video a while ago on what can happen to you if you don't pay your taxes. At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.
https://www.youtube.com/watch?v=hf2fNEUPjQw
I think it is good for the crypto enthusiast like us to pay taxes or even fees in using bitcoin or any cryptocurrency. It is natural to pay our tax because we are part of the community and it is required for a citizen to pay taxes.https://www.youtube.com/watch?v=hf2fNEUPjQw
In my country, taxes are highly increasing in goods but the salary tax decreased. It is good to see that we are paying tax even in a low amount of our earning.
I'm not a big fan of taxes, but at the moment you put any fiat in your hands, they know it and you must pay the taxes. Or you could end up in one very unpleasant spot.
At least in most EU places taxes are still 10-12% like for forex trading profits.
At least in most EU places taxes are still 10-12% like for forex trading profits.
I ran across this video a while ago on what can happen to you if you don't pay your taxes. At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.
https://www.youtube.com/watch?v=hf2fNEUPjQw
I think it is good for the crypto enthusiast like us to pay taxes or even fees in using bitcoin or any cryptocurrency. It is natural to pay our tax because we are part of the community and it is required for a citizen to pay taxes.https://www.youtube.com/watch?v=hf2fNEUPjQw
In my country, taxes are highly increasing in goods but the salary tax decreased. It is good to see that we are paying tax even in a low amount of our earning.
I am unable to post links so google search the headline below.
Three bitcoin traders arrested in Florida on money-laundering charges
Three bitcoin traders arrested in Florida on money-laundering charges
Here you go: https://www.theverge.com/2014/2/7/5390782/three-bitcoin-traders-arrested-in-florida-on-money-laundering-charges
This is an old case from 2014, back when there was almost no regulations in place and one of those guys has sold over $100k worth of BTC, so he was obviously a major evader.
You have to pay first your taxes even small taxes you should pay it.
In our country all business man, government employee and even athletes are need to pay there taxes. How much more if your earned million and you have luxurious house and cars.
In our country all business man, government employee and even athletes are need to pay there taxes. How much more if your earned million and you have luxurious house and cars.
I ran across this video a while ago on what can happen to you if you don't pay your taxes. At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.
https://www.youtube.com/watch?v=hf2fNEUPjQw
Just simple.We could just sell our bitcoins with persons face to face in cash instead of using bank transfers.https://www.youtube.com/watch?v=hf2fNEUPjQw
No way, you go to jail for that. You need a money transit license to buy or sell American dollars. FBI has jailed multiple people over this already. One example is below. Google search and you will find more.
I am unable to post links so google search the headline below.
Three bitcoin traders arrested in Florida on money-laundering charges
It already has occurred to me that one way or another the exchanges that we're using to exchange cash for bitcoin would likely be our mortal enemies since they'd be the ones who would submit all our transaction history with them if in case the government pressures them to. Also, the government would always have their way to peep into your account details and spending history even though you are using bitcoins.
Not paying taxes only becomes illegal if the government declared that any gains made from bitcoin should be declared and are subject to tax. However if there are no rulings or law regarding that matter, you are safe even if they sniff into your private accounts with the exchanges.
Not paying taxes only becomes illegal if the government declared that any gains made from bitcoin should be declared and are subject to tax. However if there are no rulings or law regarding that matter, you are safe even if they sniff into your private accounts with the exchanges.
We don't have to worry about taxes for the cryptocurrency, at least for now. Because most countries do not have regulation about paying taxes if citizens convert bitcoin to fiat currency, unless you live in the US then you have to pay tax for capital gains because IRS said so.
There is plenty of room to avoid bitcoin taxes for Americans such as send bitcoin to your family or friend in Europe to convert bitcoin and then transfer the money through banks or remittance, but no need to avoid taxes obviously, just pay it.
There is plenty of room to avoid bitcoin taxes for Americans such as send bitcoin to your family or friend in Europe to convert bitcoin and then transfer the money through banks or remittance, but no need to avoid taxes obviously, just pay it.
Depends how much you move that way, but if it's high enough you still have to pay gift tax. If say you receive 15 or 20k from a relative for no reason, that's taxable money. One way or another you will pay tax. This is why people hire accountants, they try to minimize the tax you pay, but you still pay.
In my country government proposes that those who earn $300 and below per month will be exempt from income tax and as far as I know majority of our people who join bitcoin here do not meet this standard amount of income so whether we earn additional amount from bitcoin we are still exempted from paying tax and besides there is VAT on our purchases so government still gets taxes out of our earnings
I ran across this video a while ago on what can happen to you if you don't pay your taxes. At some point during your Bitcoin career, the cryptocoin will be converted to fiat and that's how they will catch you.
https://www.youtube.com/watch?v=hf2fNEUPjQw
Just simple.We could just sell our bitcoins with persons face to face in cash instead of using bank transfers.Until you use counter sales of bitcoins,there is no fear of being taxed.https://www.youtube.com/watch?v=hf2fNEUPjQw
Even i have an idea of selling my bitcoins to my friend in abrad and ask him to send cash directly to my bank account.By this way also,we could avoid our bitcoin earnings getting taxed.
Yes, this happens. In specific bitcoin has been taxed over different countries adding it to the commodities list or as an asset similar to that of gold. Nowadays taxation is done at some point of converting to real cash, there are people who make trade and keep hold in terms of bitcoin. Uses the same finding people accepting bitcoin for what is required to avoid taxation.
Tax payment is a necessity and No one should ignore that. Doesn't matter whether you are earning from your job or from Cryptocurrency. I always include my earning from Cryptocurrency in to my tax information sheet and pay appropriate taxes. If you have done that, at least you will have the ground ready for talking with the tax authorities if they come looking for you. I always keep my tax records updated with my crypto earnings so that my tax authority can't call me a tax evader. At least I will have something to counter them.
I'm new to this as I just started last year. Do we have to convert all of our cryptos to dollar value and report? Do I have to declare how much crypto I own? Do I only take taxes out when I sell? I've sold a lot on Coinbase base but always bought back in. Do I pay tax on each sale or the total I've made?
We don't have to worry about taxes for the cryptocurrency, at least for now. Because most countries do not have regulation about paying taxes if citizens convert bitcoin to fiat currency, unless you live in the US then you have to pay tax for capital gains because IRS said so.
There is plenty of room to avoid bitcoin taxes for Americans such as send bitcoin to your family or friend in Europe to convert bitcoin and then transfer the money through banks or remittance, but no need to avoid taxes obviously, just pay it.
There is plenty of room to avoid bitcoin taxes for Americans such as send bitcoin to your family or friend in Europe to convert bitcoin and then transfer the money through banks or remittance, but no need to avoid taxes obviously, just pay it.
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