Bitcoin and not Paying Taxes - page 2.

julius caesar

full member

Activity: 644

Merit: 127

★Bitvest.io★ Play Plinko or Invest!

Quote from: fachant on January 05, 2018, 12:27:37 PM

If a country requires payment from bitcoin profits, then there is no way out. You have to pay tax or it will end badly.

Yes thats true, but it will be abide the nature of this currency which is excuse from the taxes due to the fact that this is an example of decentralized currency , on the other hand , Bitcoin is a very profitable currency and if every people here will ble to give some part of their income I think it will definitely help our society, free education and so many opportunity for the less fortunated people, we just need cooperation and sharing our blessings.

NorihiroName

full member

Activity: 420

Merit: 101

Don't be scared to much - it firstly depends on the country in which you live - some are very strict, yes, but there are still ways.

neonshium

hero member

Activity: 1134

Merit: 515

Quote from: BigBos on March 30, 2018, 10:46:07 PM

Quote from: bangkit tri on March 30, 2018, 10:33:34 PM

Quote from: kobe24 on March 27, 2018, 05:37:46 AM

Is it possible not to pay my taxes? I'm earning like a government employee but there is a way that they can track my earning? I'm afraid they will accuse me tax evasion

in my country, although btc no taxes, but there is still personal tax. from there the government know what treasures we have by looking at proof of ownership. so I think our taxes will tracked as well

well in my country too, all bitcoin users are also not in tax increases. but of course when you exchange it with fiat, then the tax will apply. well, ultimately the use of fixed taxes will happen if you have a lot of money, or treasure.

So in other words, people will have to pay taxes. And if this is happening all around in your country, then definitely it will mark a good impact on your country’s economic health. Because as the bitcoins are fast and easy in transactions, whenever someone uses them, he will be automatically paying taxes or taxes would be detected as per law. This is seriously so amazing.

BigBos

sr. member

Activity: 1974

Merit: 450

Quote from: bangkit tri on March 30, 2018, 10:33:34 PM

Quote from: kobe24 on March 27, 2018, 05:37:46 AM

Is it possible not to pay my taxes? I'm earning like a government employee but there is a way that they can track my earning? I'm afraid they will accuse me tax evasion

in my country, although btc no taxes, but there is still personal tax. from there the government know what treasures we have by looking at proof of ownership. so I think our taxes will tracked as well

well in my country too, all bitcoin users are also not in tax increases. but of course when you exchange it with fiat, then the tax will apply. well, ultimately the use of fixed taxes will happen if you have a lot of money, or treasure.

rowel21

member

Activity: 182

Merit: 10

The legalization of btc is near we know that a lit of countrys shut the door for crypto cause they knew they won't gain something causes of decentralized system if they find out how able pput tax on evry bitcoin earner its SD thing for us we know that a lit of politician is greedy in terms of money the high profit for us will be divided and the sad part is government will get much more

bangkit tri

full member

Activity: 532

Merit: 101

Quote from: kobe24 on March 27, 2018, 05:37:46 AM

Is it possible not to pay my taxes? I'm earning like a government employee but there is a way that they can track my earning? I'm afraid they will accuse me tax evasion

in my country, although btc no taxes, but there is still personal tax. from there the government know what treasures we have by looking at proof of ownership. so I think our taxes will tracked as well

Xising

sr. member

Activity: 910

Merit: 257

Quote from: Bloomie on January 05, 2018, 12:07:59 PM

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.

That's right, taxes are a standard to those who are in the working class. It's the life blood of the government because it's where the bulk of their profit is coming from. Therefore, if the topic is paying taxes through Bitcoin, I think that many governments would not allow that because the values may change at any time, but taxes should be exact because they are precomputed based on several factors, and if you would pay for your tax dues believing that what you're payment is enough, only to find out that its value has lowered and what you gave is not enough, especially when the government is the one on the receiving end, would surely not be allowed.

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

Quote from: ged00u on March 24, 2018, 03:03:52 PM

Quote from: MrBigHang on January 05, 2018, 11:47:17 AM

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

It depends on which resident you live. In many places, it is easier to not pay tax because the government does not have enough power to control citizen. In someplace such as Spain, people are struggling about tax and you can see that many football players have to stand trial because they are found not paying enough tax

Those trials against well known people like soccer players are just a way to try to scare people, what they're trying to do is to try to make it seem as if there is no way to escape from them and the taxes that they want to charge you, your average person see that in thinks well I'm not going to risk it if that person with all those millions and all those lawyers is unable to escape from the tax authority then I don't have a chance.

kobe24

sr. member

Activity: 616

Merit: 250

www.cd3d.app

Is it possible not to pay my taxes? I'm earning like a government employee but there is a way that they can track my earning? I'm afraid they will accuse me tax evasion

nelmari

sr. member

Activity: 504

Merit: 250

I think it is our responsibility to really pay our taxes even if we are just earning theough cryptocurrencies. That’s how our economy in our country improves too. And it will be beneficial to us once we retire, so people must be informed properly on what is the reason why we have to pay our taxes.

tailwate07

full member

Activity: 368

Merit: 104

Quote from: acener on March 24, 2018, 11:52:36 AM

Quote from: MrBigHang on January 05, 2018, 11:47:17 AM

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

It is our responsibility to pay taxes so we should know the importance of it. We must do our duties for us to help our community. We should know the the taxes that we are paying usually goes to our government's necessities. Our government's expenses and budget lies on our hands so we better do our duties and responsibility in our society.

When we know that taxes that we are paying are used in wars and killing of innocent people, still we should pay the taxes? The taxes we pay are not always use for the welfare and betterment of the society. Some insane governments use it in wars and making atomic bombs for bringing mass destruction in the world. People should be properly informed about taxes that they are paying and their utilization.

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

Quote from: acener on March 24, 2018, 11:52:36 AM

Quote from: MrBigHang on January 05, 2018, 11:47:17 AM

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

It is our responsibility to pay taxes so we should know the importance of it. We must do our duties for us to help our community. We should know the the taxes that we are paying usually goes to our government's necessities. Our government's expenses and budget lies on our hands so we better do our duties and responsibility in our society.

If this were true people will not be angry at paying their taxes but we know that is false, we know that the government does not spend the money as they say they do in some cases they spend that money in something else and in the worst case scenario they just steal that money for themselves and keep it in secret accounts in offshore bank accounts.

JohnWick_Bitcoin

member

Activity: 308

Merit: 10

Quote from: MrBigHang on January 05, 2018, 11:47:17 AM

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

Actually we are paying electricity bills while we are running our mining hardwares and if you are transferring your coins then you also need to pay your transaction fee's so taxes are just bullshit and government just want to get money from people.

pixie85

hero member

Activity: 2184

Merit: 531

Quote from: Janinjo11 on March 22, 2018, 05:03:55 PM

This issue also worries me a little. But, I'm sure if we withdraw small amounts every now and then maybe taxmen wouldn't be so suspicious and tax could be avoided. Of course, it depends from country to county. But if cryptocurrencies continue to rise I'm sure they will find a way to tax even the smallest transaction.

If you use your bank account you have to watch the amount. While nobody will ask you about that $500 you got from an exchange, they might ask about $5000.
It's also much worse in the US than other countries. They have some really tough tax laws.

ged00u

hero member

Activity: 770

Merit: 500

Quote from: MrBigHang on January 05, 2018, 11:47:17 AM

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

It depends on which resident you live. In many places, it is easier to not pay tax because the government does not have enough power to control citizen. In someplace such as Spain, people are struggling about tax and you can see that many football players have to stand trial because they are found not paying enough tax

acener

full member

Activity: 1274

Merit: 115

★Bitvest.io★ Play Plinko or Invest!

Quote from: MrBigHang on January 05, 2018, 11:47:17 AM

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

It is our responsibility to pay taxes so we should know the importance of it. We must do our duties for us to help our community. We should know the the taxes that we are paying usually goes to our government's necessities. Our government's expenses and budget lies on our hands so we better do our duties and responsibility in our society.

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

Quote from: flower1024 on March 22, 2018, 01:12:52 PM

Quote from: South Park on March 22, 2018, 01:07:44 PM

Quote from: MrBigHang on January 05, 2018, 11:47:17 AM

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

This is easy pay your taxes, I know that no one likes to do it, every time the government raises taxes no one is happy about it but if you like your freedom you need to do it especially since in my country jails are really not places where you want to be, so forget about trying to beat the system if at some point you're going to cash out then declare your profits and pay your taxes.

Exactly if you really don't like to pay tax to your government then don't convert your coins to fiat. use your coins directly to buy your needs that are the only option you left or else find a local buyer and sell your coins for direct cash. If you convert your coins into fiat using any exchange you must pay tax you don't any option.

Correct, if you ever exchange your bitcoin for fiat then you are at the mercy of the system established by banks and governments and you must follow the rules, we don't like it and in fact that is one of the biggest reasons of why bitcoin was created in the first place but you need to follow the rules, pay your taxes and be free and without any worry especially if you have a big amount of bitcoin.

uozer

full member

Activity: 381

Merit: 100

PRiVCY

I don't think there is any cause for Alarm with respect to payment of taxes at all since there is no how taxes can currently be calculated based on each members encrypted wallets that is inaccessible for anybody saved you alone. So, how can your accumulated Bitcoin in your wallets be calculated by Governments Revenue Services especially in those Economies shortfall of Government support for the unregulated on line currencies. However, it shall become mandatory on all of us that are Holders of Bitcoin whenever this cryptocurrency becomes acceptable in each of our economy unless you are a Tax Avoider or Evader which does not portray a good dignity/image of a respectable Bitcoinner.

glavos

sr. member

Activity: 547

Merit: 250

Well depends on a lot of factors. There are ways where you can avoid taxes tho. Google it.

darkangel11

legendary

Activity: 2478

Merit: 1360

Don't let others control your BTC -> self custody

Quote from: themughni on March 23, 2018, 12:31:15 PM

i think,
Tax payment is a necessity and No one should ignore that.
Doesn't matter whether you are earning from your job or from Cryptocurrency. you will end badly.

No, it's an obligation. You're required by law to do it, but it's not necessary, unless you feel the need to do it and your conscience would kill you if you didn't. A necessity is something you can't do without. An obligation is something you are made to do.

While some taxes should be paid (for instance i'm paying my property tax which pays for the roads around me to be maintained and lit, my garbage to be collected and disposed, things of that sort) some like the income tax shouldn't. They are nothing but a robbery.

Topic: Bitcoin and not Paying Taxes - page 2. (Read 1226 times)