Topic: Bitcoin and not Paying Taxes - page 13. (Read 1213 times)
This is the great thing about bitcoin it's decentralization. No one controls it, no one owns it and no third party can trace your transactions or how many bitcoin's you own. But if you want to exchange it to fiat of course there are some fees to pay depends on the amount that your converting you might pay a lot. If bitcoin gets legalized then the government could implement some rules about this, if they could.
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.
The matter is still very unclear, and - at least in Europe - we're waiting for Bruxelles decisions.
Btw, bitcoin itself it's not "money" (it's just as points in a videogame) so it can't be taxed.
When you convert it in fiat money, sure governments will find a way to steal something, but for now there is a lot of space for... uh... creative movement :-)
Btw, bitcoin itself it's not "money" (it's just as points in a videogame) so it can't be taxed.
When you convert it in fiat money, sure governments will find a way to steal something, but for now there is a lot of space for... uh... creative movement :-)
When you convert it to fiat, you pay tax on what you convert it. You don't have to pay on the Bitcoins you have.
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
You should always pay your taxes, especially if you're in a country that cracks down on that sort of thing (US for example). That kind of thing is no joke. That's how they got Capone.https://www.youtube.com/watch?v=hf2fNEUPjQw
I would say you should handle it like any other investment. Treat it as either a capital gain or a capital loss. Offset the gain against your basis and pay the taxes on that whenever it's due. Some of the exchanges like Coinbase give you a history log of all your transactions. I would take that log at the end of each year and do the math on your profit or loss, and that's your taxable gain.
If you love your country pay your tax, period!
Some guys here are even lucky their government is doing something good to help them. You should be thanking God for that.
He looks like he is living quite well 
but nonetheless it begs to reason you gotta play the game that is setup because if you don't you will have a hard time accessing funds and that is the name of the game nowadays! I once thought about skipping too but it makes more sense to give and then make your noise after the fact, legally.
but nonetheless it begs to reason you gotta play the game that is setup because if you don't you will have a hard time accessing funds and that is the name of the game nowadays! I once thought about skipping too but it makes more sense to give and then make your noise after the fact, legally. That's correct. The guy looks like he's sleeping on money. He even said in the video that he had spent 100k USD on that year. If you're running a business that is bringing you over 100k USD a year and all that money goes through your bank account you simply can't avoid paying taxes. Either you go the legal way through banks or you use cryptocurrencies, gift cards and cash and make sure there's very little money being moved the traceable route.
He looks like he is living quite well but nonetheless it begs to reason you gotta play the game that is setup because if you don't you will have a hard time accessing funds and that is the name of the game nowadays! I once thought about skipping too but it makes more sense to give and then make your noise after the fact, legally.
but nonetheless it begs to reason you gotta play the game that is setup because if you don't you will have a hard time accessing funds and that is the name of the game nowadays! I once thought about skipping too but it makes more sense to give and then make your noise after the fact, legally.
Since their is no third-party related to bitcoin no one can trace your transactions but the user and the receiver only, therefore they cannot apply tax. However if we change our bitcoin to fiat money to spend, its the time tax comes in. Maybe in future if bitcoin can be legalized then government might implement tax for every use of it.
If a country requires payment from bitcoin profits, then there is no way out. You have to pay tax or it will end badly.
You should always pay your taxes, especially if you're in a country that cracks down on that sort of thing (US for example). That kind of thing is no joke. That's how they got Capone.
I would say you should handle it like any other investment. Treat it as either a capital gain or a capital loss. Offset the gain against your basis and pay the taxes on that whenever it's due. Some of the exchanges like Coinbase give you a history log of all your transactions. I would take that log at the end of each year and do the math on your profit or loss, and that's your taxable gain.
I would say you should handle it like any other investment. Treat it as either a capital gain or a capital loss. Offset the gain against your basis and pay the taxes on that whenever it's due. Some of the exchanges like Coinbase give you a history log of all your transactions. I would take that log at the end of each year and do the math on your profit or loss, and that's your taxable gain.
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
https://www.youtube.com/watch?v=hf2fNEUPjQw
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