I am planning to declare and pay taxes on my profits when I cash out. Generally as long as the value is crypto you do not have to pay taxes. The regulation is country specific so you should do some research on your country's investment taxation rules and figure out how many you should pay if you cash out.
This is a great way to do this, you are taking a serious look at investing in the cryptocurrency market. Make sure the transactions in the cryptocurrency market will not be taxed because it's anonymous and very confidential, no one can verify the identity of the investment account holder. You spend tax on the conversion from crypto to cash is very reasonable and proper. 
Topic: Bitcoin and not Paying Taxes - page 8. (Read 1213 times)
I think that with a little attention, it's not so easy to catch us. Of course, mistakes are not allowed.
because by paying taxes, could build the country we dwell in, in order for the more advanced countries, and be able to compete with other countries, ...
Agree Taxes are somehow important to run a country in a more effective way. But the fact is how much and how smartly the leaders uses this money in order to develop the nation.
Soon, central authorities of most the countries will came out with the taxes norms on Bitcoin and other crypto-currency. So its better that we should accept this fact in a positive way and prepare ourself to pay taxes on it.
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 not being converted to fiat but yes it might end up being taxable but the truth is that we have to pay taxes at the end no matter how much we revolt against the fact. Taxes are the necessity of any economy and without taxes its hard to think of any govt. too so govts. will surely collect taxes from you in one way or the other. https://www.youtube.com/watch?v=hf2fNEUPjQw
Taxes are bad in front but good inside sometimes. The government using these money to improve infrastructure and all the nation facilities of a country.
Do you really believe that? That's what it's supposed to do, but in reality in most cases it doesn't. Your taxes are funding mansions of the politicians and all their coworkers, pensions for those unwilling to work and so on.
The infrastructure can and is usually being paid from the taxes you pay when owning a vehicle. Road tax, fuel tax, excise, and so on. None of the taxes you pay on your crypto income will end up in your local infrastructure.
Quote
Bitcoin withdrawal always incur taxes and that is the processing fee in the banks or remittance center you wanted to receive your fiat cash.
Don't withdraw then. Use it to buy the things you need. There will be taxes in there that you'll be unable to avoid anyway, VAT for instance.Quote
Regardless of countries on what I'm talking about, we shouldn't evade taxes because it poses a good thing for us.
If you believe your government and support the way they're spending your money, sure. What if you don't?Quote
Now I won't go far by talking about the political corruption going on in some country, but assume that when you pay taxes is like paying the good for your Bitcoins like the internet facility we need to use Bitcoin.
And what if your government doesn't support BTC? It had no part in helping you earn it, it's doing what it can to make it more difficult for you to use it, why would you want to share your profits with them? I'm not saying you shouldn't and i'm not going to discuss the law, but you should at least be unwilling to do it, instead of clapping and smiling while they're ripping you off.
I am planning to declare and pay taxes on my profits when I cash out. Generally as long as the value is crypto you do not have to pay taxes. The regulation is country specific so you should do some research on your country's investment taxation rules and figure out how many you should pay if you cash out.
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
the video was not available... in my country paying tax from bitcoin earning is not yet implemented... on my own if my government implement that law then there's no reason not to pay taxes. it will help to benefits my country and everyone need to follow the law to prevent being penalies so no problem on my part. https://www.youtube.com/watch?v=hf2fNEUPjQw
Yes, that's a real problem with cryptocurrencies as well. You may be rich judging from your wallet, but you will not be able to cash out your money quickly because you know they will catch you and accuse you of sponsoring terrorism or something (like they do in Ukraine).
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
Bitcoin was introduced to me as a source of income without paying tax. My friends told my college professor about it being not taxable and my professor reacts like it can not be. He said it is a fraud and illegal,they told him that money can be claimed in banks so it is not illegal, it has an authority from the government but I personally think it needs to be taxed. I guess there is a tax involved when converting it to fiat, correct me if i am wrong. https://www.youtube.com/watch?v=hf2fNEUPjQw
only death and taxes bro
or move somewhere where it's untaxed
or move somewhere where it's untaxed
Well, until bitcoin are only online, a taxation is a nonsense (bitcoin are just some points of a strange videogame)
When you convert them in fiat money, they become a value and government can do something.
But if you act smart, there is a lot you can do to not be caught...
When you convert them in fiat money, they become a value and government can do something.
But if you act smart, there is a lot you can do to not be caught...
because by paying taxes, could build the country we dwell in, in order for the more advanced countries, and be able to compete with other countries, ...
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
Bitcoin was introduced to me as a source of income without paying tax. My friends told my college professor about it being not taxable and my professor reacts like it can not be. He said it is a fraud and illegal,they told him that money can be claimed in banks so it is not illegal, it has an authority from the government but I personally think it needs to be taxed. I guess there is a tax involved when converting it to fiat, correct me if i am wrong. https://www.youtube.com/watch?v=hf2fNEUPjQw
not all countries are getting part of this tax evasion to catch you up. like in US they are very strict about that tax evasion and money laundering so you will possibly imprisoned if you don't pay any tax related in. but on the other country there is no tax implement about in crypto so they are just sitting pretty and continue growing their wealth in crypto.
Don't ever think the government won't catch up, despite them needing USD / Local payment. Eventually taxation could be linked into service features or by direct mailing. Stop thinking taxes hurt people and wonder about benefits gained on staying loyal.
Even though you can evade now, try and use some services to establish ways to better your citizen reward if sticking to the system with want.
Even though you can evade now, try and use some services to establish ways to better your citizen reward if sticking to the system with want.
If a country requires payment from bitcoin profits, then there is no way out. You have to pay tax or it will end badly.
Yup that's true! However, where I come from they haven't exactly established or formed something with regards to the handling and taxing of Bitcoin that is why when we convert our Bitcoin to fiat, we don't have to pay any tax yet. We do not have any laws pertaining to it as illegal and no regulations as well that says it is legal, so I guess we are also in a confused and just go with the flow situation. Due to this, we don't know where to declare our earnings from Bitcoin so we don't know how much of the tax we owe.
In some countries you can not pay tax on BTC even if you want,there are no rules and regulations regarding BTC.In some countries like Germany you do not need to pay tax if you sold BTC one year + after purchase,also Denmark is completely free from paying taxes regarding cryptocurrency.
There is always way to avoid paying tax when convert BTC to fiat,but if you want to sleep peacefully and your government is pretty strict on this issue then it is better to give them their share.
Actually in my region the government is strict enough and on finding huge amount of bitcoins. The income tax departments files a raid on the particular person so it is safe to first pay taxes and than sleep peacefully. I guess some tax will be applied by the government and we do hence indirectly pay taxes for the government for cashing out bitcoins. That might be hence not be risky and also their are a number of chartered accountants who can help you to properly audit your transactions and pay taxes legally.There is always way to avoid paying tax when convert BTC to fiat,but if you want to sleep peacefully and your government is pretty strict on this issue then it is better to give them their share.
Bitcoins have the potential to be legal and it than depends on us about how we use bitcoins. If we are willingly paying taxes for bitcoins the probably government will not have much issue in legalizing bitcoins.
i think most of bitcoiners has not paying taxes during use bitcoin because bitcoin still not regulated by the government even in my view very difficult to catch people to paying taxes if they still use bitcoin and indeed this is the biggest fear government to cryptocurrencies that some people had buy a lot of bitcoin as their asset and hold it for tax evasion purppose
The fact is that the crypto currency is not realized and the government does not control. I fully agree with you. But if you take the law on taxation of citizens of any state, illegal enrichment or any income should be taxed or levied in the treasury of the state. It depends on what income. Thus, it is still crypto currency and earnings from it, is illegal. I think this is the reason why government impose regulations to cryptocurrency, to avoid tax evasions.
That, and to have some sort of control in the way that they know who owns what in crypto. If you know who owns what number of coins, and even till the extent of the addresses connected to these funds, the government can basically track everything you do without much effort. I think we have come to a time where exchanges behind the scenes might be handing over all our data to the government. It has made me a whole lot more suspicious, and for that reason I trade with far lower amounts than I used to in the past. I even started to look at some decentralized exchanges to see how they operate, and whether or not it offers me the convenience centralized exchanges offer me, but thus far there haven't been any decentralized exchange offering that, and probably never will find it.
It is risky to do not pay taxes, in fact, i am not on the US and i am paying taxes for my gains.
And that is a great move if you do not want to have complications in a near future, and came on, the taxes are not high, only a ten percent or less.
And that is a great move if you do not want to have complications in a near future, and came on, the taxes are not high, only a ten percent or less.
Jump to: