Bitcoin and not Paying Taxes - page 5.

Indai24

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Quote from: IndzheborgC on March 16, 2018, 04:27:27 AM

When you buy a product or service, they can (more often than not) already have taxes embedded. For example, profit tax, VAT, customs fees and many others.

For now we don't have any option not to pay our taxes because even the jobless ones do pay taxes. They put our tax obligation on top of our daily needs and wants, so we don't have any escape this time. And I understand that this is for our own good inorder to promote equality. Before those who work so hard and those who earned a lot have higher taxes but now everybody are obliged.

IndzheborgC

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When you buy a product or service, they can (more often than not) already have taxes embedded. For example, profit tax, VAT, customs fees and many others.

carodupuis

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Quote from: Topaz72 on March 03, 2018, 04:20:01 PM

Quote from: carlbreezy on March 03, 2018, 10:17:47 AM

Quote from: bib24 on January 05, 2018, 02:10:38 PM

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 you are honest enough, you can even declare it in your annual personal income tax. And as quoted above, only cryptos that converted to fiat must be subjected to tax.

There is no bad if you are paying tax mate, it is making sure that government is involved your bitcoin so it will increase the interest of people so they will invest in bitcoin and they will try buy bitcoin, it is very easy to pay the tax if the income tax department has the bitcoin service and they will help people to pay for the taxes without going out of home, having high amount of bitcoin will fix the tax that people will have to pay so I think government should fix the reasonable tax that people will pay happily to make safe and fast transaction.

Really, I do not see any reason why anyone should be evading tax. Sure, some may have their own personal reasons for that, but the fact is law is law and going against the laws of the country you are in, would definitely have some repercussions attached to it. As long as it is reasonable, and the government is not trying to impose some exorbitant level of task on the cryptocurrency holders, I am sure it would be a win-win scenario for everyone.

torch2121

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Yes they will catch you if you don't pay taxes that is implies to all company, all that are using fiat and if you're going to convert your BTC to fiat their would be tax on it because you're exchanging it. That's why if I don't want to pay taxes, peer to peer transaction. Grin

justdimin

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Quote from: rsbriggs on March 03, 2018, 11:13:32 AM

Actually, tax avoidance or evasion is against the law and regulation of any country. We are all aware. But is this the fault of anybody for not paying tax in Bitcoin? When Bitcoin itself is shortfall of Tax payment based on its characteristics in Blockchain. I do not for any reason takes this for a crime at all, when it is not that the Tax authority served me any Tax payment Demand Notice that I shunned. However, when the time ripe for that, we must follow and shall obey suit.

I would not say every country but generally, it is something that should be done in most places where it is very important and necessary. If the laws on it are strict, then anyone evading it will have themselves to blame. Some may consider not wanting to pay tax on their bitcoin, but I guess they would rather have to do a P2P transaction, and never convert to fiat.

Quote from: carlbreezy on March 03, 2018, 10:17:47 AM

If you are honest enough, you can even declare it in your annual personal income tax. And as quoted above, only cryptos that converted to fiat must be subjected to tax.

That is how I see it playing out in the long run anyway, and for those who would still prefer to leave whatever they have in cryptocurrency as it is, I do not see why I will have to pay tax on that. There is no point in the way OP putting it that I will be caught, as normal sense should make me realize that not paying tax in conversion to fiat is more like going against the tax laws since that may be considered as a capital gain tax.

Sled

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With bitcoin you don't need to pay taxes because the government doesn't tax bitcoin because of there low knowledge about it and we should maximize it right now that we are not paying tax but in the future, i think that the government will require the bitcoin or crypto users to pay taxes because they will not allow the profit to miss to their hands.

0t3p0t

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Quote from: MrBigHang on January 05, 2018, 12:47:17 PM

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

Sad reality where we are obliged to pay taxes but on the other side it is also has a positive outcome to our economy and improvements of every projects by the government. Here in my country local exchanges we're regulated by central bank so either we like it or not we have to follow the rules and regulations and the agreement of having a KYC/AML which was implemented by them and that is how they get access or exploit to our privacy though some people don't like it but has no choice.

musharaf

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As i am the user of the digital money from last two years and i have to say that if i receive any amount in the form of bitcoin then i have to use this for my daily needs like the consumer goods for which the governments and corporation have paid taxes so i am also paying that taxes from my bitcoin money and it is also applicable in the other side as well like if we earn bitcoin we must pay some transaction charges then at the time of withdrawing we pay taxes and if we do some transaction with this money we are also paying taxes.

carlisle1

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Quote from: MrBigHang on January 05, 2018, 12:47:17 PM

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 your not paying obligations in taxes,meaning your a law offender and your an offender jail is what fits you,every people requires to pay taxes and no one has pardon on that ,what i mean all whos making profit..and most specially USA whos having a hard rules about cryptocurrency,then he must pay the debt

cr_liev

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Bitcoin can be only taxable if you decide to cash it out. But in the conditions of nowadays this is almost always the case as there are not so many points where you can pay with bitcoin! That is why you are always required to pay taxes. Hope the things will change soon with the mass adoption.

katarin2030

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Quote from: Naughty Princess on March 07, 2018, 05:46:10 PM

Quote from: carlbreezy on March 03, 2018, 10:17:47 AM

Quote from: bib24 on January 05, 2018, 02:10:38 PM

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 you are honest enough, you can even declare it in your annual personal income tax. And as quoted above, only cryptos that converted to fiat must be subjected to tax.

Paying transaction fees considered that you already pay tax. We just cannot see because it is indirect paying. The private offices who handle that transaction is responsible to pay for the whole tax of it.

Bitcoin is not controlled by the governments that's why they cannot collect tax from the bitcoin, precisely bitcoin is a decentralized currency known to all so paying tax is not compulsory here. Some countries are mulling to collect tax from bitcoin.

sana54210

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Quote from: cybersofts on January 05, 2018, 04:15:15 PM

Quote from: Bloomie on January 05, 2018, 01:07:59 PM

Quote from: MrBigHang on January 05, 2018, 12:47:17 PM

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.

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 see no reason why people don't like paying their taxes. it is always very good to pay your taxes because it helps a lot in building your country's economy. In some countries government use tax money to do new projects such as building new schools, roads, and hospitals. I don't know about you but for me, i see nothing wrong with paying tax at all. I think it's good to pay your tax if you love your country because that way you can help your country move forward.

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. Cool

Not all people think as we do. People try to find as many ways as they can to save the tax they pay. This case if with most of the people. No one wants to give their 1/3rd of hard earned money especially when there is no seen development in the country by government.

Usually many government officials are corrupted thus preventing the development of the country. People consider investment in crypto as a secure way of getting away from paying taxes, but government will surely find a way to crack down this and make people pay the taxes the owe.

Bitcotalk

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Quote from: CyberKuro on January 05, 2018, 06:11:54 PM

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.

Most of the countries have already started regulating cryptocurrencies and setting up rules such as India, South Korea and many others. Government officials are raiding the people that have known to invest in cryptos and are known to have not been paying taxes on it. South korea has already implemented strict rules with respect to crypto assets. Its in the favour of government as well as locals if people just pay their taxes on the yearly profit they earn.

By paying taxes faith can be maintained between government and public therefore possessing no threat towards banning of crypto or announcing them illegal. Cooperation with government is only way one can grow in crypto business.

Naughty Princess

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Quote from: carlbreezy on March 03, 2018, 10:17:47 AM

Quote from: bib24 on January 05, 2018, 02:10:38 PM

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 you are honest enough, you can even declare it in your annual personal income tax. And as quoted above, only cryptos that converted to fiat must be subjected to tax.

Paying transaction fees considered that you already pay tax. We just cannot see because it is indirect paying. The private offices who handle that transaction is responsible to pay for the whole tax of it.

hammerhart

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i am fine paying taxes on my bitcoin/crypto winnings...i recently did my taxes for last year and realised i also should consider my bitcoin winnings... For me honestly the biggest problem is to report them properly- i mean there are tools like https://cointracking.info?ref=H662021. But as a small trader (~800 trades) on 4-5 plattforms it is just hell to do it properly in a reasonable amount of time...
So to be honest i can imagine a lot of people not going down the road not paying taxes...However i just hope there will be made an adjustment soon - at least where I live Tongue

- to simplify the procedure includuing ICO, Airdrops, Referal stuff...because otherwise it will be hell- esp with plattforms like coinsmarkets- which do not allow export data but support staking....So lets hope the government is taking care of important things in life Wink

Techie5879

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Quote from: fachant on January 05, 2018, 01:27:37 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.

Definitely agreed. However it seems a bit disheartening to put taxes even on something that is not owned/controlled by the government, that is completely decentralized in nature. Really, there is no way out, cuz atleast once you will have to convert your money into fiat, and if a large amount of money is done so, it would end up you getting some pretty serious charges in some countries.

In my country, India, the finance minister reported that the government will be looking into it but haven't finalized anything yet so that's that, we don't have to pay taxes, YET, but they are discouraging people from using bitcoin, specially as they can't control it, I reckon.

el kaka22

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Quote from: turagsoy123456 on March 03, 2018, 11:02:14 AM

Quote from: bib24 on January 05, 2018, 02:10:38 PM

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.

Most of the country did not collect tax from bitcoin.Because they have not yet a guidelines that mandated to bitcoin user to contribute their taxes. They have no rule yet bieng implemented about collecting tax from bitcoin. But their are also other country are now start collecting tax from bitcoin. Because they accept bitcoin as legal tender in their country.

Personally, my country is really not strict with tax laws anyway and I really do not care and except for those working for the government, or the big companies, I can decide to keep my crypto, or convert it to fiat and go ahead with my daily activities. I am not against paying taxes, but for a country that is really not bothered about me, not giving me all I need even if I pay tax despite the huge amount being generated from all the natural resources daily, most especially oil and gas, why on earth should I want to go pay tax ? I would rather give it to a charity organization.

neonshium

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Quote from: MrBigHang on January 05, 2018, 12:47:17 PM

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 you are trading in cryptocurrencies or investing in them, you must pay your taxes. Its better to pay certain amount every year rather than losing all your profits and investments later after getting caught.

Though, if one sells crypto locally and convert it into cash, the government wont be able to track it but if you convert your cryptos into fiats at exchange, government will get to know. So always pay to taxes to maintain faith between locals and the government so that cryptos are not banned or made illegal.

rocketbits

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Quote from: inlovewith on January 05, 2018, 04:25:59 PM

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.

Now you will have to pay taxes even on the cryptocurrencies you hold. Governments have started regulating the cryptocurrencies all over the world. The exchanges now will record each and every transactions that occur and will make it all transparent to government thus it will make people pay taxes for holding cryptocurrencies beyond a particular time period. Therefore people will no longer be able to hide their black money, sooner or later it will all come out.

toygama

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Quote from: intoy_victor on January 05, 2018, 09:39:56 PM

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.

Cryptocurrencies are decentralized government has no full control in any income derived from it. But if you use your income to purchase anything still the government earned taxes from your money, the more people engaged bitcoin the more money also back to the government.

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