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

Ilegendph

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Thinking on the higher plane of existence.

Quote from: JacLuck on December 01, 2017, 05:09:41 AM

As far as I know, Anything that is a form of investment is not taxable,
bank institutions and trading platform owners are the one who is responsible for paying of taxes, remember when you trade fiat to forex or bitcoin to an exchange a part of it goes to the trading platform owners for employees salary and yeah for tax and other dues.

Hi there, if this is true how you gonna explain real estate taxes and income tax return. As far as I know government will tax you if what you earn and properties you have is over their set limit to be exempted.

DoublerHunter

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The tax will come in bitcoin for sure because if the government will make the bitcoin as a legal currency then they will make additional changes for sure like they will add some orders to tax the people who are earning in bitcoin and also the other businesses that are accepting bitcoin too. So we should not be confident that things will work and the tax will not be in bitcoin because either we like it or not, bitcoin will have tax in the future.

Rupok365

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Bitcoin and tax are two different things. Bitcoin is an online currency coin and tax is the government's rent. Which is provided to the government.

degaga15

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I think the bitcoin and tax deal is on the cut when we exchange or pull our bitcoin into genuine money, I think the piece is already private property tax.

roshanfious

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i dont think bitcoin can be taxed, it is anonymous and untraceable to all of us, so it is not gonna easy for any one and government to tax bitcoin, if the government can file the way to tax bitcoin, i can sure our privacy will be in governments control.

Amanda Krause

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I'm pretty convinced it depends on the country. For instance, the system of paying taxes is so strict in the USA that's why you will not avoid paying them. It's obvious.

JacLuck

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Bitcoin|||Altscoin

As far as I know, Anything that is a form of investment is not taxable,
bank institutions and trading platform owners are the one who is responsible for paying of taxes, remember when you trade fiat to forex or bitcoin to an exchange a part of it goes to the trading platform owners for employees salary and yeah for tax and other dues.

squatter

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STOP SNITCHIN'

Quote from: audrey12 on December 01, 2017, 04:27:49 AM

Bitcoin should not be taxed if the government will not consider bitcoin as a legal tender

Does not compute. Gold, oil, stocks -- these are not legal tender either. But capital gains taxes apply to trading them, at least in the US. In fact, legal tender tends to be stable in price, so it doesn't make sense to tax its gains. Governments want tax revenue, which is why they are going after bitcoiners now (see the IRS/Coinbase decision).

Quote from: Astvile on November 30, 2017, 11:18:46 PM

Taxing bitcoin will not be good i think.Exclude the fees in each and every bitcoin transactions you send and add the tax in each transactions that would be a hell of a cost specially for small users

It's hard to escape the tax man if you ever want to cash out to fiat. I don't think many countries (if any) tax transactions themselves, although any trade to another currency/commodity will trigger capital gains taxes.

Barulock

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BitCoin is a new currency in the 4.0 era, I think it is difficult to control and collect BitCoin. This is why the governments have issued a ban on BitCoin

Cofee.BLUE

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You know that many countries doesnt let bitcoin to have tax but now the bitcoin is getting larger, having many supporters and investors surely people are having very big femand about btc because people are looking btc in markets and they are not controled because they too many countries that planted btc, and now btc is used in crimes in cheating and in robbery thats why the governments wanted to secure it, and some countries puts tax.

futureofeth

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Every country should pay tax in their respective country we cant escape tax why because govt are aware of bitcoin price so they can demand capital gain tax from their citizens

audrey12

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Bitcoin should not be taxed if the government will not consider bitcoin as a legal tender besides whenever we used our earnings there is already taxed imposed to the product and services we acquire. Government does not have any control in bitcoin so they don't deserve to collect tax out of our earnings unless they can have their own coin in the market.

DannaWonder

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Quote from: MIT2K on November 26, 2017, 11:39:02 AM

Whats the deal with Bitcoin and paying tax? How does it work?

Same rule on how your government is taxing your trading stocks investments. Taxes will be applied once you converted it into your fiat currency. I just don't know how exactly are they going to compute your exact earnings if they don't know how much you spent to get that coin.

balacklava666

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to tax the bitcoin I think is impossible, because it is very difficult to know who is using bitcoin

dipok07

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Bitcoin is now popular in many countries of the world. Tax and Bitcoin are two separate issues. The government does not have any rights to these coins. Many countries have not got the legitimacy of Bitcoin. The government's tax evasion also plays a major role. In this case.

wjchong

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It's simply depends upon your country and your country's law.

stompix

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Blackjack.fun

Quote from: jack8989 on November 30, 2017, 11:08:35 AM

i really dont think bitcoin can be taxed by governments, how can they tax us without any information or address about us because bitcoin is anonymous to all of us, bitcoin is untraceable so many governments can not control bitcoin or charge taxes on us.

Bitcoin is not untraceable.

And the governments will not tax bitcoin as property, you are not taxed for your computer or for your laptop.
BTC is considered in most countries a commodity and when you exchange a commodity for fiat you have to pay income tax.
Simple as that.

Quote from: Astvile on November 30, 2017, 11:18:46 PM

Taxing bitcoin will not be good i think.Exclude the fees in each and every bitcoin transactions you send and add the tax in each transactions that would be a hell of a cost specially for small users

Again, is not about taxation at tx level.
You are getting taxed when you pay for a product in most countries (that's VAT) whatever you choose to pay with cash/cc/bitcoin/paypal.

No government (as far as I know) is taxing transaction between people that don't involve exchange of goods or property.

Quote from: dasdo on November 30, 2017, 10:53:56 AM

Quote from: MIT2K on November 26, 2017, 11:39:02 AM

Whats the deal with Bitcoin and paying tax? How does it work?

It does not work. Bitcoin is not taxed, because it is decentralized technology. To tax bitcoin taxes, the government must release its exchange platform, on which no one will carry out transactions.

You have no clue what you're talking about.
Ever bought something with bitcoin? Surprise surprise, you have been taxed!!!
Also, check the news about Coinbase and the IRS. Wink

Astvile

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Taxing bitcoin will not be good i think.Exclude the fees in each and every bitcoin transactions you send and add the tax in each transactions that would be a hell of a cost specially for small users

riskarcher

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in my country bitcoin there is no law including tax. because our government believes if bitcoin is not a safe investment and the government is not responsible for what will happen to bitcoin owners

irienoodles

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every country has a different tax rate and procedure, hence, taxing policies regarding bitcoins depend on what country they are being transacted.

Topic: Bitcoin and Tax? - page 2. (Read 1155 times)