Topic: Bitcoin is tax free! (Read 11646 times)
Taxi?
Do you pay taxes when you buy a gift card with fiat? No.
You pay taxes(VAT) when you purchase something with your gift card.
And where's the capital gains tax? Noone denied VAT.
I think, that is one of this question, where there is no definite ruling, yet, and if there would be, than it would differ from country to country.
Do you pay taxes when you buy a gift card with fiat? No.
You pay taxes(VAT) when you purchase something with your gift card.
And where's the capital gains tax? Noone denied VAT.
Has the IRS upgraded all of its protocols to include Bitcoin, or are there still a few loopholes?
I'm pretty sure the IRS has got that covered. They don't like to lose revenue.
Tax-free is in the eye of the beholder of Bitcoins! Does the law really come into play here?
The wealthiest 50% certainly don't pay their share of taxes. Why should we be so concerned?
The wealthiest 50% certainly don't pay their share of taxes. Why should we be so concerned?
Bitcoin is taxed with 10% a year with indirect tax via the inflation.
The tax is paid to the miners.
The tax is paid to the miners.
That is the transaction cost. If you use fiat, you need to pay your bank.
Capital gains may be applicable when you sell BTC.
OK, example: You buy a gift card or some gadget with BTC. You pay VAT (or not). Where is the tax on capital gains here?
You go to localbitcoins and transfer some BTC for a wad of cash in your hand. Where's the tax?
I think that's what people mean when they say BTC is tax-free.
You pay taxes(VAT) when you purchase something with your gift card.
TAX FREE!! I don't think so.. When you buy something you must be taxed by any process if it is bitcoin or convert it into USD.
Bitcoin is tax free, but life is not 
I do not get your points.
I do not get your points.
condoms should be tax deductible, or tax free at lease.
Try not to think like a good citizen for a moment and imagine that, yes, you owe this tax, but you don't pay it. How would anyone get the idea that you owe it? I mean how would anyone know you even own BTC?
This is actually not correct. Anyone who uses their bitcoin to purchase any kind of good or service will owe taxes on capital gains they have on their bitcoin. It does not matter if they never convert their bitcoin to fiat
Capital gains may be applicable when you sell BTC.
OK, example: You buy a gift card or some gadget with BTC. You pay VAT (or not). Where is the tax on capital gains here?
You go to localbitcoins and transfer some BTC for a wad of cash in your hand. Where's the tax?
I think that's what people mean when they say BTC is tax-free.
Yeah, you pay VAT if you buy stuff with BTC, but do you pay income tax if you amass BTC? How would anyone know?
VAT doesn't exist in all jurisdictions.
Capital gains may be applicable when you sell BTC. If you buy and hold, I don't see any problems.
Yeah, you pay VAT if you buy stuff with BTC, but do you pay income tax if you amass BTC? How would anyone know?
Most of the merchants using bitcoin as a currency do convert it to fiat as it can be a risk, and they do eventually end up paying taxes.
Ever heard of fee in transaction?
Easy there
Easy there
Tax is different from transaction fee.
Plus if your coins have high priority, transactions may be free.
Bitcoin has always been tax free that is why IRS get tickled by Bitcoins
Ever heard of fee in transaction?
Easy there
Easy there
Has the IRS upgraded all of its protocols to include Bitcoin, or are there still a few loopholes?
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