Bitcoin holders will have to pay their tax? - page 31.

orions.belt19

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Quote from: vibingpositively on June 22, 2018, 12:58:12 PM

What do you mean "if"? Most governments are already beginning to tax it, and given the fact Bitcoin won't go away and "die" the others will join as well it is only a matter of time. To your second point, I don't think that hinders the growth of the community, if anything I believe it helps it in an indirect way. You see the biggest sharks and sharps in the world won't enter the market because it is unregulated and they don't want to put millions on unregulated exchanges. If all the exchanges become regulated, sure it may stifle growth a little in the short term, but in the long term I think it is in all our best interests because the sharks will enter knowing the exchanges are 100% regulated and secure from fraud.

That’s true. I’m not sure why people think that you do not have to pay any taxes for bitcoin. In fact, the IRS has expounded on how you still have to pay taxes for every bitcoin transaction you make and even just for holding. More details here from CNBC crypto:

https://www.facebook.com/cnbccrypto/videos/1612209732195600/

This may not discourage the holders though. It only legitimizes holding btc so this won’t scare them anyway so long as they still get profit. I would honestly prefer to pay taxes rather than having to deal with a crypto ban in my country. It’s likely, however, that most hodlers are just evading.

batang_bitcoin

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Quote from: kenlyresuello08 on June 22, 2018, 12:29:06 PM

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

It's an approval that the government is totally hands on with bitcoin if they making it's holders to pay their tax. But it doesn't mean that because you are holding, you are accountable for taxation.
You have to sell first and declare your income before getting taxed. There will be a misunderstanding if by just holding bitcoin you're already taxable, not yet until you sell.
But that's how it goes, you'll still be taxed anyway.

Ridwan Fauzi

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It will never be a problem with me, I will stick to it. But before that, I want to know
what the government functions and what is the role of government against bitcoin users?
will they provide comfort in terms of investing or trading in bitcoin?
Providing the decision to require taxation should be coupled with the effect on bitcoin price developments, so the government not only earns income, but they work and contribute to the wider development of cryptocurreny.

bhadz

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Quote from: kenlyresuello08 on June 22, 2018, 12:29:06 PM

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??

There will be more adoption to come if the government shows support and gives signal that they are already supporting bitcoin / cryptocurrencies.

Quote from: kenlyresuello08 on June 22, 2018, 12:29:06 PM

Maybe the expansion of BTC community will get low than usual.

No it won't get low. Just because we are oblige to pay tax? there's more people that are skeptic about bitcoin because it is not supported by the government. And if this happens, do you think there will be lesser people to like it? it is unlikely.

samcrypto

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Quote from: 2beAmillionaire on June 23, 2018, 12:49:22 AM

Speaking of taxes implemented by the one government,it will be a mandatory order that everyone will be forced to pay,but the question is,how to implement it by the government?they can trace someone who have stored bitcoins on their wallets?how?

Definitely they cannot track it for now but in time they will make a strong regulations on that. Exchanges are already paying taxes and soon invetors around the world will oblige to pay taxes. I have no problem with this kind of regulations my only worry is about the corrupt government.

sirenmoon

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Quote from: Maveth13 on June 22, 2018, 01:08:53 PM

Quote from: kenlyresuello08 on June 22, 2018, 12:29:06 PM

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

Trade profits are already being taxed. Crypto tax already exist. It's part of a needed regulation that could actually help increase adoption contrary to your statement. You can't expect to make profit and not pay taxes.

Every country has the tax system that is unavoidable. Every citizen of the specific country is obligated to pay taxes. The countries would fall apart if this system would fail. At the beginning of the crypto revelation, the taxes were avoidable because the government wasn't instructed, and had a lot to learn about newly values. Today there isn't a man which isn't acquainted with the cryptosystem and its capabilities. There are ways of avoiding the taxes but that is also questionable. Everything that you want to hide is revealed sooner or later. The problem with the tax system is not in the system itself but in the specific countries which have higher tax rates than other. When that will be solved I think that everyone will be satisfied with a little loss they are making on the taxable crypto.

Slash61

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Of course the application of taxes on every Bitcoin user is as the main capital to acknowledge Bitcoin thoroughly, all acts of crime on behalf of Bitcoin can be resolved in the absence of any harm, then anything related to the government there must be an obligation to pay taxes, for me the rules are not off track and still can be received it will not harm at all, but government greed is sure to happen.

leonair

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As far as I know all of the trading platforms that is currently available in the whole world and operating legally are paying taxes to their respective governments to be eligible to operate to the public so with that Bitcoin holders are already has been taxed ever since by paying trading fees to those exchanges. In case you are buying something online using Bitcoin as a payment there are already taxed right before it is posted by the seller. Almost all the things in this world are taxed though.

2beAmillionaire

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Speaking of taxes implemented by the one government,it will be a mandatory order that everyone will be forced to pay,but the question is,how to implement it by the government?they can trace someone who have stored bitcoins on their wallets?how?

iv4n

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How will government send a bill to me, or someone else? It will be interesting to see how will they track down all bitcoin holders. Will they force us on some kind of registration, will they make a bank and force us to keep bitcoins in that bank?
What ever they do, there will always be a way for us to skip all od their regulations. For me crypto is already regulated, we are paying transaction fees, and if governments wish to earn from bitcoin they should start with mining, or they can open exchange site and they will earn from commission.

Theb

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The real question is if Bitcoin or cryptocurrency earnings are tax exempted in the first place? The simple answer is no, I don't even know where the misconception of cryptocurrencies being tax exempted started. The only problem the government is facing now is their respective classification of taxes. Should cryptocurrency trading gains be counted as capital gains or should cryptocurrencies earned via mining be considered as income and be taxed via income tax? Remember our earnings from something is not just for ourselves the tax burden is our contribution to both our country and the government. Being a cryptocurrency earner does not exempt us from anything.

cleygaux

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Are you saying that if I found a money in a certain place and luckily its worth $1000 and if I stored it in my house then I should pay a tax for holding it? Just like holding a bitcoin if you win in a betting site and won worth 1 btc and you want to store it in your btc wallet for a long time then you have to pay a tax for it?

rutherford

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I think it's fine. As long as the government legalized bitcoin into their country. I would rather pay taxes but i'm allowed to use bitcoin for transaction rather than do it secretly. It is hard enough to convince the government to accept bitcoin, and if by paying taxes can make them legalize it then why not.

Maveth13

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Quote from: bocyaj on June 22, 2018, 03:36:06 PM

Quote from: kenlyresuello08 on June 22, 2018, 12:29:06 PM

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

I don't want to pay any tax for my bitcoin holding.I had earn that bitcoin from my investments.I had started Mining with some investments.My most of holding is from mining.I strongly disagree to pay tax for my investments in bitcoin and profit from it.

Some countries only make you pay taxes when you trade or withdraw it to the local currency. If you use bitcoin as it is in the internet, then you won't he taxed.

As for saying that you don't want to pay any tax, you don't really have a choice if your country demands that.

danivan7

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Quote from: kenlyresuello08 on June 22, 2018, 12:29:06 PM

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

if it could be, I think is good news,,
if the government want tax from btc holder, btc holder must get service from government.
government must give big support for btc.
if u give some u must get some

boblets243

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Quote from: kenlyresuello08 on June 22, 2018, 12:29:06 PM

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

Tax for bitcoin is not yet implemented in our country. But if government requires us to pay taxes then we have no choice but to comply with the law. I think paying taxes is preferable than totally banning bitcoin in a country.

cryptoaddictchie

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This is decentralized and not govern by any government. Now SEC really want that close to secure taxes but using crypto is like peer to peer operation that should not be restricted strictly with taxes. On the other hand they already impose charges fee, taxes on exchanger where bitcoin and other coins are being transacted. Only the equivalent charges should be checked if imposed properly by Government by any chance they have sovereign power on crypto hopefully never. This will result to chaos and bias decision.

Johnyz

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Quote from: Maveth13 on June 22, 2018, 01:08:53 PM

Quote from: kenlyresuello08 on June 22, 2018, 12:29:06 PM

What will happen on BTC if the government will said that all the bitcoin holder have to pay their tax??
Maybe the expansion of BTC community will get low than usual.

Trade profits are already being taxed. Crypto tax already exist. It's part of a needed regulation that could actually help increase adoption contrary to your statement. You can't expect to make profit and not pay taxes.

Exchanges are the one who are paying taxes for us, But in U.S if you have profit through cryptocurrency you still need to declare it and pay the tax. Its ok to pay taxes because its really mandatory if there is already a regulations, no way to escape it but to follow.

Quote from: Febo on June 22, 2018, 04:45:34 PM

a). people will just pay taxes.

We really have no choice if its already a law.

Quote from: Febo on June 22, 2018, 04:45:34 PM

b). people will move to other country.

Quiet expensive especially when you only have small value of bitcoin or any cryptocurrency.

Quote from: Febo on June 22, 2018, 04:45:34 PM

c). people will exchange their Bitcoins fro something else that will not make them pay taxes.

Mostly they will spend their bitcoin so the profit they will declared is quiet small.

zakariajaki

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I think personally responding to issues related to btc holders have to pay taxes? I agree, it does not matter but how much and the tax details to be issued for eg people who have 0.001 BTC to 1BTC up to 100BTC of course the amount of taxes that must be issued by different users, then how when sipenguna BTC buy and sell? My opinion is simple when I have to issue taxes to the government what I get from the government? security of working comfort, or other form and then tax should be differentiated when I just sell and buy and I as an investor, like a bank deposit and savers in the bank different interest earned, I hope the government should be wise to see it all and workers at once citizens are more comfortable in life and work, may be useful and successful for all of us

Rossy Akbar

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Well, it doesn't matter I think if the government say like that, and also as long as the taxes aren't too high. Because if the government saying like that we need to follow it.

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