Topic: Bitcoin being taxed? - page 3. (Read 1729 times)
Yeah bitcoin is treated as property according to the IRS and it is taxes as such. Any profits from bitcoin or any altcoins are considered gains and those gains are taxed. I would report any gains from bitcoins on your tax form because the IRS has contracted a company to develop software to monitor and track any bitcoin/altcoin transactions.
In the State of New York, you need to have a license to trade and store more than a certain number of bitcoins, and the rest of the country is not ready for the legislative base! If it is taxed, it means that it is legal) and its price then will not exactly be 10,000 $ 
Bitcoin itself is not being taxed because it is decentralized currency. The goods and services offers in the industry and interprises where we spend bitcoin is the one being taxed by the government
Actually i read somewhere that when one is either exchanging their cash into bitcoins or the other way round, the government in some countries actually tax the bitcoins and after that when they use it buy goods and services, they are again taxed again. 
Bitcoin itself is not being taxed because it is decentralized currency. The goods and services offers in the industry and interprises where we spend bitcoin is the one being taxed by the government
Attempting to tax BTC and other cryptocurrencies in the "general western world" in the same top down fashion would be an act of folly, besides perhaps for fiat purchased or derived coin, unless you have a complete iron curtain over your nations communications, ect - which is what Putin et al are certainly going for by criminalizing VPN use, ect, but they too won't be completely effective. Smart people will have coins socked away (with differing levels of utility depending on what you can do with them), as long as the internet still has provisions for encrypted communication, and it will as long as the is one.
Just happened across this one: https://motherboard.vice.com/en_us/article/7x4vad/putin-cryptocurrency-russia-mining-regulations-ico-bitcoin-ethereum?utm_source=mbfb
It sounds like a good idea from a government's perspective but wouldn't miners just move to locations where they don't have to register?
It sounds like a good idea from a government's perspective but wouldn't miners just move to locations where they don't have to register?
I'm really against taxing bitcoins because it defeats the main feature of bitcoins which is its decentralization. If it gets taxed, the goverment takes over bitcoins one by one. Imagine that you have to pay a percentage of the bitcoins for transaction fees and then pay for tax. That's too much if you ask me.
Taxing bitcoins would be the biggest confidence booster cryptocurrency would get from governments. This would make convincing other people to invest a lot easier. Right now, it's difficult to encourage someone to invest in something that isn't legal or regulated.
Just happened across this one: https://motherboard.vice.com/en_us/article/7x4vad/putin-cryptocurrency-russia-mining-regulations-ico-bitcoin-ethereum?utm_source=mbfb
It sounds like a good idea from a government's perspective but wouldn't miners just move to locations where they don't have to register?
it's very possible that the bitcoin is taxed when it's all in government control, and I'm sure if bitcoin is controlled by the government there will be a prolonged controversy It sounds like a good idea from a government's perspective but wouldn't miners just move to locations where they don't have to register?
It would be tax if the government regulates it. It seems like unfair to other taxpayers that they pay tax but more effort than those who earn bitcoin. But if we apply the rules, we don't really pay tax unless we convert the bitcoin in fiat. Also, in the first place the government can not ban it since they do not own it.
I, like other Bitcoin miner, would not like to pay taxes. But it would very well help the country.
Just happened across this one: https://motherboard.vice.com/en_us/article/7x4vad/putin-cryptocurrency-russia-mining-regulations-ico-bitcoin-ethereum?utm_source=mbfb
It sounds like a good idea from a government's perspective but wouldn't miners just move to locations where they don't have to register?
Its not at all a sound strategy by government. We have to accept the fact that we will have to pay taxes even if we shift to bitcoin. Without tax no one is going to take responsibility of providing public welfare services. So unless you we are planning to live in complete overshadowing without ever revealing our real identities there are low chances that we can evade tax. If every country adopts such policy miners would surely have to find some no man's land. It sounds like a good idea from a government's perspective but wouldn't miners just move to locations where they don't have to register?
move to a tax haven when you have enough profits to make it worthwhile
It alright by me because the government surely make bitcoin legitimate.
Bitcoin is a tax free currency and people are used to it because they know that if government are in to bitcoin they will add a taxes and it will cost you more . You're saying that government will reduce the little charge of sending bitcoins, i think it's impossible.
No Bitcoin isn't taxes free. You are supposed to pay taxes related to the profits you made and mining as well. No matter if the governments are in Bitcoin or not. This is a misconception from people thinking there is no need to pay any tax with Bitcoin. In some years they will maybe regret it for not having reported this income (like it can happen with any income that you don't report)
This should not be an issue to take seriously because it is only right and just to imposed tax for whatever income we get even thru digital currencies and I think this may probably help for bitcoin so that government will finally declare the legality and acceptance of bitcoin as a legal tender. In my country so far there's no tax when converting bitcoin but when you purchase good there is automatic VAT
Having cryptocurrency transactions taxed is a good source for a refill of governmental treasury but who knows how this money is going to be allocated further.
Well if the miners are being taxed but the energy price is low, or they have decided the deal with the government in order to get the power with a very low cost. Taxes can be something small and a huge mining operation and still live around if it is profitable enough for them to do this. Even if it does not, and it will hurt their business and stop people from just moving their miners, buying new places, and setting up shops in other areas that are more profitable to them. But this is a big gray area with Bitcoin, because the government can basically kill your entire operation very quickly.
If you buy bitcoin or any other virtual currency and sell it for more than you paid, you have to pay taxes.
I think Bitcoin is going to be prohibited in Russia as Putin wants to create a Russian cryptocurrency called 'CryptoRuble'
If bitcoin gets taxed it will only be bad for us bitcoin users..
Taxing bitcoin would make mining less profitable which would lead to higher transaction fees in order to compensate for the increased mining cost, and guess who's going to pay for those fees?
Taxing bitcoin would make mining less profitable which would lead to higher transaction fees in order to compensate for the increased mining cost, and guess who's going to pay for those fees?
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