Bitcoin and not Paying Taxes - page 3.

themughni

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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

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.

Betheng10

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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

why sould you evade taxation in the first place? It where government projects and developments get their funds from. Aside from it's your obligation, the benefit of it returns to you. So unless you don't trust or badly hate your government you should pay your taxes.

You don't wanna grow old knowing that funds alloted for your retirement goes to zero right?

WolkGold

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As far as I know, with bitcoin trading features, bitcoin can become the focus of unauthorized purchases and tax evasion. This problem has been resolved with the good plan put forward by Japan, Germany by law. Their government will introduce control measures by imposing taxes to create accountability and fairness for their citizens.

tylerderden

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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 the reason that I always cash out my bitcoins in a different account than my usual account which I use regularly so as to keep track of the money that I have made in INR with bitcoins, if it goes above the non taxable limit then I pay whatever the tax applies so as to not get into any legal trouble, as getting into a legal trouble like tax issue will hamper my reputation in my community which I respect the most even more than the money I make as money can be earned again, but if reputation get tarnished then it's pretty hard to earn it back.

cahbagus555

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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

If government want taxes from bitcoin, they can get it from bitcoin trade. In my opinion, its better bitcoin trade get taxes and government issueing regulation on bitcoin trade, thats make bitcoin investor more confident

akishang

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It is our obligation to pay taxes in all of our earnings. It just so happen that bitcoin earnings are not taxable automatically so we need to declare it. If everyone is doing the same (paying taxes on bitcoin earnings), I think the others will also follow and it will be easier to track those who are not paying. I hope that they won't automatically apply tax on btc transfers. This will make our life a bit harder than it is now.

Viyamore

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Quote from: Ishiro5 on March 22, 2018, 04:57:56 PM

I think it would only be fair for governments to collect taxes on bitcoin earnings if they have invested in contributing to the technology, otherwise, it would not be fully justified. You cannot make my business difficult and still want to be a beneficiary of the same business, it does not sound right.

And I believe so. If the government invests in bitcoin, such as making sure that there is faster internet connection or better gadgets or systems to improve the use of bitcoin, and requiring companies and stores or any other businesses to use bitcoin, then I would be so glad to pay future tax.
But then, if they fail to do so and tries to interefer without us, having any advantage or benefit, then, I would disagree.

0t3p0t

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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

Yeah once we convert Bitcoin into fiat money taxes will automatically applied. Our local exchanges here in my country are regulated and that is how they tax our funds. I am not against tax and to be honest we cannot evade from it though it will also be helpful to our economy too. Tax is everywhere and that is how we live life from now on.

yoseph

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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

That's one of the reasons why the recent G20 meeting called for regulations into BTC and they declared that it shuld be considered as an asset just like Gold and when this regulation happens every bitcoin sold will attract a tax just like people pay taxes when they are selling their Gold.

zarados

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well, it becomes a problem for investors, as long as bitcoin cannot be said as a global digital currency of course movement and access to a transaction of sale and purchase of goods still very limited. We still need an exchange in which we will pay a fee when withdrawing. If in the future, bitcoin can replace the whole Fiat function, we may not need to pay taxes anymore, although the possibility is very small, because a tax is one of the main income of the government.

y_stars

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I saw that video before, basically it can cause you big time in potential. Lesson is don't leave thing for a later time or to chance.

Lyne1982

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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.

Somewhat agree on you, it depends on how much you are earning, if you earn maximum or in the limit that it should be taxable then you are require to pay taxes accordingly. But since bitcoin is not legalized yet in our country there's no requirement to pay taxes,

Janinjo11

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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.

Ishiro5

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I think it would only be fair for governments to collect taxes on bitcoin earnings if they have invested in contributing to the technology, otherwise, it would not be fully justified. You cannot make my business difficult and still want to be a beneficiary of the same business, it does not sound right.

flower1024

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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.

South Park

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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.

RodeoX

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Quote from: algerianimminent5 on March 18, 2018, 07:49:03 PM

I think if we are to pay taxes then whats the difference between the fiats and the btcs anyway??

That is a central question. Bitcoin is "fair" money, not magical money. It is the only system in the world that anyone can use in any place. It is a math algorithm and not a business or person. It does not need to take profits. No one can stop me or compel me to use it. It is trustworthy open source code that operates on a peer-to peer network that can't be hacked or "taken over". No one can control the supply or decide who gets coins from mining. It is unassailable money that does not require trust. The opposite of fiat.

Taxes have nothing to do with it. Taxes are the business of governments and they can tax whatever they like. If you have a problem with taxes you are wasting your time here. You need to speak with your government.

carlisle1

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Quote from: PalindromemordnilaP on March 17, 2018, 11:16:23 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

Well, that only perfectly applies to a country that imposes rules and regulations on cryptocurrency. Of course, if your country is requiring you to pay tax for your crypto earnings, then you have to or else you will be liable to tax evasion.

and i really dont know what would be the problem just because the country is implementing collections on taxations upon crypto will be big issue,just like in regular work wasnt we obliged to be collected by tax and were not complaining right?but why in crypto when most of the times were earning much higher than regular work we still not complying,if thats the case we have our own problem and not a governments or this forum

mahilchii

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Yeap. Paying tax for your profit is nothing harm and that is a duty of a good citizen. There is no tax law implemented as of now for any countries until now but some countries imposing heavy tax on cryptocurrency profit when converted to fiat. There will be stable regulations in future but different countries tax people in different tax slab.

jakoylantern

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For me, that is the real aim of bitcoin they don’t want to pay some taxes or control by the central bank. That is the main reason for some country why they ban bitcoin because they can’t control it, and it is very demanding to recognize or to track how is the user behind that code. But I read some article that they will put a tax on bitcoin I don’t know if they can do that all over the globe.

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