Bitcoin and paying Tax - page 2. | Bitcointalksearch.org

Babayega31

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Quote from: mirakal on November 08, 2016, 03:10:28 AM

Quote from: arseaboy on November 07, 2016, 11:34:20 PM

Quote from: MONKEYJUNK on November 07, 2016, 12:37:49 PM

You can hide money using bitcoin or other cryptocurrency but when you buy a house for example, you will have to tell from where this money comes from, so government will tax you, there's no way to run.

Indeed mate. We are tax free here in bitcoin community. But if we're going to convert it into cash and purchase something then it will be taxable. And I'm really not hoping that soon there will be a tax already in bitcoin community.

Honestly, I earn more money here compared to my day job.. In my day job I need to comply with the rules of the company as they deducted tax directly to my salary and I am just like receiving 75% of my gross pay, while in here, my earnings is 100% given to me. I don't mind the transfer fee it's cheap.

That' true we earned money with our daily job but government obliged us to shar taxes to them on our payroll salary. Compared with bitcoin earnings government has no regulations to collect taxes from it we earned full with it without any deductions and we enjoyed in full. Bitcoin is really an advantage for me as well as parallel earning together with my current job.

Rmaqks

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I think if the government decides to levy taxes on Bitcoin, for many it will be a very bad news. In addition, it lost part of Bitcoin, even under the threat of such operations will be anonymous

deisik

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Quote from: MONKEYJUNK on November 07, 2016, 12:37:49 PM

You can hide money using bitcoin or other cryptocurrency but when you buy a house for example, you will have to tell from where this money comes from, so government will tax you, there's no way to run.

While I certainly agree that spending heaps of money on expensive items such as condos or houses will likely cause suspicion and questions from the tax collecting agencies, especially if you don't have a handsome official income, but the taxes themselves might not be your primary concern then. Since you will have to prove first that you didn't receive the money through some criminal activity, before you come to pay the taxes. And with Bitcoin you will have a hard time proving that...

Even if Bitcoin itself is perfectly legal in your jurisdiction

planfox

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I am convinced that we should not pay tax on income from this forum. Firstly, it is not so big to be taxed, and secondly Bitcoin and other cryptocurrency, which is on the forum is not regulated by the government.

mirakal

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Quote from: arseaboy on November 07, 2016, 11:34:20 PM

Quote from: MONKEYJUNK on November 07, 2016, 12:37:49 PM

You can hide money using bitcoin or other cryptocurrency but when you buy a house for example, you will have to tell from where this money comes from, so government will tax you, there's no way to run.

Indeed mate. We are tax free here in bitcoin community. But if we're going to convert it into cash and purchase something then it will be taxable. And I'm really not hoping that soon there will be a tax already in bitcoin community.

Honestly, I earn more money here compared to my day job.. In my day job I need to comply with the rules of the company as they deducted tax directly to my salary and I am just like receiving 75% of my gross pay, while in here, my earnings is 100% given to me. I don't mind the transfer fee it's cheap.

arseaboy

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Quote from: MONKEYJUNK on November 07, 2016, 12:37:49 PM

You can hide money using bitcoin or other cryptocurrency but when you buy a house for example, you will have to tell from where this money comes from, so government will tax you, there's no way to run.

Indeed mate. We are tax free here in bitcoin community. But if we're going to convert it into cash and purchase something then it will be taxable. And I'm really not hoping that soon there will be a tax already in bitcoin community.

MONKEYJUNK

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You can hide money using bitcoin or other cryptocurrency but when you buy a house for example, you will have to tell from where this money comes from, so government will tax you, there's no way to run.

Sanekavg13

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Quote from: Oceat on November 07, 2016, 10:10:42 AM

Quote from: skyway1 on November 06, 2016, 06:18:16 PM

bitcoin no paying tax any tax because bitcoin is not recognised by any government and i think we will be pay tax on bitcoin if bitcoin approve by any government and i think then they apply the tax on bitcoin.

That is right. When the bitcoin is allowed to pay the tax, the bitcoin can be regarded as official currency.

that's for sure, if the government sets taxes on Bitcoin, he will be as uninteresting to many as the rest of the currency. And many people want to be anonymous when using Bitcoins

Oceat

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Quote from: skyway1 on November 06, 2016, 06:18:16 PM

bitcoin no paying tax any tax because bitcoin is not recognised by any government and i think we will be pay tax on bitcoin if bitcoin approve by any government and i think then they apply the tax on bitcoin.

That is right. When the bitcoin is allowed to pay the tax, the bitcoin can be regarded as official currency.

deisik

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Quote from: gabmen on November 07, 2016, 06:17:13 AM

Quote from: tabas on November 07, 2016, 06:03:56 AM

Quote from: Bugor2 on November 06, 2016, 02:28:13 PM

the government has no right to tax that is not provided by their laws. Cryptocurrency has an indefinite status in the state. It is therefore not subject to tax

They have the rights since they are the one who is controlling the society of a country and they can just simply create a law that can shape out and regulate the usage of bitcoin and even put tax with it. And for sure, if the government will see that they have a chance to get some profit from taxing crypto currency, they will.

Well it will be very hard to regulate and impliment this as well because we all know that what separates crypto from other currencies is it's anonymity and privacy. It may take a very long time before governments can manipulate crypto like fiat

This doesn't change a thing in the end. They can just make it taxable, and voila, you are obliged to pay the tax. If you don't and don't intend, then you are going for deliberate tax evasion, which may be a criminal offense in many countries. If you got caught red-handed, you will be penalized and most likely made into a criminal with all ensuing consequences...

And someone will surely end up exactly like that

dunfida

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Quote from: skyway1 on November 06, 2016, 06:18:16 PM

bitcoin no paying tax any tax because bitcoin is not recognised by any government and i think we will be pay tax on bitcoin if bitcoin approve by any government and i think then they apply the tax on bitcoin.

They cant really get tax from bitcoin because its not regulated by the government and hence they cant considered bitcoin because it cant be controlled by anyone thats why they didnt recognize it. Thats the goodness of bitcoin because we do have full control of our money without the notice of the government and they cant impose tax from us.

gabmen

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Quote from: tabas on November 07, 2016, 06:03:56 AM

Quote from: Bugor2 on November 06, 2016, 02:28:13 PM

the government has no right to tax that is not provided by their laws. Cryptocurrency has an indefinite status in the state. It is therefore not subject to tax

They have the rights since they are the one who is controlling the society of a country and they can just simply create a law that can shape out and regulate the usage of bitcoin and even put tax with it. And for sure, if the government will see that they have a chance to get some profit from taxing crypto currency, they will.

Well it will be very hard to regulate and impliment this as well because we all know that what separates crypto from other currencies is it's anonymity and privacy. It may take a very long time before governments can manipulate crypto like fiat

tabas

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Quote from: Bugor2 on November 06, 2016, 02:28:13 PM

the government has no right to tax that is not provided by their laws. Cryptocurrency has an indefinite status in the state. It is therefore not subject to tax

They have the rights since they are the one who is controlling the society of a country and they can just simply create a law that can shape out and regulate the usage of bitcoin and even put tax with it. And for sure, if the government will see that they have a chance to get some profit from taxing crypto currency, they will.

skyway1

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bitcoin no paying tax any tax because bitcoin is not recognised by any government and i think we will be pay tax on bitcoin if bitcoin approve by any government and i think then they apply the tax on bitcoin.

deisik

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Quote from: Bugor2 on November 06, 2016, 02:28:13 PM

the government has no right to tax that is not provided by their laws. Cryptocurrency has an indefinite status in the state. It is therefore not subject to tax

Which state do you refer to?

For example, in the US Bitcoin has been classified as "a convertible decentralized virtual currency" in 2013, which is considered as property and should be taxed as such. In the EU it is also classified as a decentralized virtual currency, though it is exempt from taxes because of its similarity with cash, i.e. it is considered as a means of payment (in other words, money). In China, it seems to be thought of as a so called Civil Rights Object (something like a property right), and it is legal for private use and ownership

Bugor2

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the government has no right to tax that is not provided by their laws. Cryptocurrency has an indefinite status in the state. It is therefore not subject to tax

mbuk81

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if the uk get it way it would tax bitcoins and the people buy selling them but at the moment there cant and here is the
uk government brief 2014 on the subject

https://www.gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies

so lets hope that there cant and don't start but I guess most of places in the world might have the same idea.

Caladonian

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Quote from: UnknownEye on October 06, 2016, 03:34:01 AM

Quote from: tabas on October 05, 2016, 12:42:05 AM

And I don't think is the government will regulate and implement taxing bitcoins. Because they are not able to control it and every transaction there is already miners fee and we, bitcoin users are already treating those fee already as the tax that are automatically deducted everytime we are transacting or sending bitcoins.

Ya just like you said,we already pay the miner fee,so why we need to pay tax for the government ? And one more thing,this is the one solid reason why government not like bitcoin become daily payment between seller and buyer.This is because government cannot take any fee or tax from the transaction with bitcoin.

which we enjoyed as of this moment not having taxes for the transaction is so cool but if establishment will deal with their business i guess they need to pay taxes its the government right and im not against it but the btc transaction should not be change and not be taxable.

1Referee

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Quote from: Darmo Gandoel on October 06, 2016, 01:49:52 AM

If we pay tax for bitcoin, I thing this is a good news because government accept bitcoin and make bitcoin is legal alternative investment.

People having to pax tax over their Bitcoins doesn't mean that the governments accept Bitcoin in any form or shape. They don't care what you do with it. You have Bitcoins? You must pay tax, that's all they care about. Incoming money.

UnknownEye

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Quote from: tabas on October 05, 2016, 12:42:05 AM

And I don't think is the government will regulate and implement taxing bitcoins. Because they are not able to control it and every transaction there is already miners fee and we, bitcoin users are already treating those fee already as the tax that are automatically deducted everytime we are transacting or sending bitcoins.

Ya just like you said,we already pay the miner fee,so why we need to pay tax for the government ? And one more thing,this is the one solid reason why government not like bitcoin become daily payment between seller and buyer.This is because government cannot take any fee or tax from the transaction with bitcoin.

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