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Topic: Bitcoin tax software? (Read 2400 times)

hero member
Activity: 700
Merit: 501
May 02, 2015, 03:46:10 PM
#23
It's not hard in the U.S. Bitcoins are treated as capitol gains. You need to know:

What you paid for the coins.
What they are worth at the time you sell or spend them.

How much and what percent you will pay varies depending on your bracket and other things. It could be as low as zero but is very unlikely to be more than 20%. You will have to do your taxes to find out, but you will only be paying taxes on the profits and you don't need to say how many coins you own.
If you lost money then you can also claim a loss and reduce your taxes.

Few like to pay taxes, but the good news is that this will be less taxed than the money you work your ass off for. 



What if you legitimately forgot/lost said data? as some people has mentioned before, it is more than probable that a lot of your trades were done under exchanges that are now dead and there is no way to recover all the lost data... so in hell are you supposed to try to figure that out?
legendary
Activity: 1372
Merit: 1000
April 28, 2015, 01:18:14 PM
#22
Yep, if you held the coins that you sold for 1 year or more, it's long-term capital gains and you pay "only" 15% in tax.
legendary
Activity: 3066
Merit: 1147
The revolution will be monetized!
April 28, 2015, 12:35:32 PM
#21
It's not hard in the U.S. Bitcoins are treated as capitol gains. You need to know:

What you paid for the coins.
What they are worth at the time you sell or spend them.

How much and what percent you will pay varies depending on your bracket and other things. It could be as low as zero but is very unlikely to be more than 20%. You will have to do your taxes to find out, but you will only be paying taxes on the profits and you don't need to say how many coins you own.
If you lost money then you can also claim a loss and reduce your taxes.

Few like to pay taxes, but the good news is that this will be less taxed than the money you work your ass off for. 


legendary
Activity: 868
Merit: 1006
April 28, 2015, 12:26:02 PM
#20
You're an idiot.  The whole point of bitcoin to avoid the kikes in the IRS.  

Gotta pay your taxes so niggers and single moms can survive!
This made me laugh. But seriously I never heard about bitcoin.tax before and I am checking their site now. I found this: https://bitcoin.tax/blog/bitcoin-taxes-things-to-remember/ and I am dumbfounded.
What the hell is this? I live in EU and we DON'T have anything like that here. Why would I want even declare that I own bitcoin?! To pay more taxes? It is just stupid.

What if they discover that you own millions of BTC when you buy something? they could trace it back through the blockchain.

How to avoid this? Is mixing the coins you are going to use before you buy whatever enough?

Not that I have millions, in fact I only got 2 BTC, but who knows how much 2 BTC will be in 10 years.
legendary
Activity: 1372
Merit: 1000
April 18, 2015, 11:06:33 AM
#19
If you're hoping to avoid tax, it's going to depend on how you acquired your BTC.  It's a public ledger after all.
legendary
Activity: 1078
Merit: 1014
April 17, 2015, 02:23:32 PM
#18
no because avoiding tax is one of the reasons to use bitcoin
sr. member
Activity: 280
Merit: 250
Bro, you need to try http://dadice.com
April 17, 2015, 12:06:44 PM
#17
Seriously, bringing taxes to bitcoin is just stupid. How will the government even indentify us as a bitcoin holder/user.
They have no proof or whatsoever. Luckily, in my country, the government still doesnt know bitcoin very well and bitcoin is still not regulated Smiley
hero member
Activity: 1372
Merit: 783
better everyday ♥
April 15, 2015, 09:16:06 AM
#16
Looks like there is this service/software as well:

http://www.coindesk.com/libra-bitcoin-tax-service-irs-guidance/

http://www.libratax.com/

There should be no shortage of tools for Crypto users come tax season with all these startup ventures sprouting up.
hero member
Activity: 686
Merit: 500
fb.com/Bitky.shop | Bitcoin Merch!Premium Quality!
April 15, 2015, 09:11:38 AM
#15
This is legal ? Undecided its not available for my country, actually i will not use it Cheesy except this have a regulation and forced from the govs, but really.... i will not use it Grin


~iki
legendary
Activity: 3066
Merit: 1047
Your country may be your worst enemy
April 15, 2015, 06:59:50 AM
#14
I've never used any tax software in my life, and I never will.
legendary
Activity: 3248
Merit: 1070
April 15, 2015, 01:55:46 AM
#13
I don't know if the service is good or not, but the point is that even if you ask to some governments they don't know bitcoin and they don't how to tax it, so how does this service know how to tax your bitcoins depending on the country where you are?

i think that if this program is legit(which probably isn't) it work for USA only, where bitcoin are regulated and taxable already

but you can apply it for other country if you need to declare your increased income due to bitcoin
hero member
Activity: 854
Merit: 1000
April 14, 2015, 08:58:18 PM
#12
 I don't know if the service is good or not, but the point is that even if you ask to some governments they don't know bitcoin and they don't how to tax it, so how does this service know how to tax your bitcoins depending on the country where you are?
jr. member
Activity: 57
Merit: 10
April 14, 2015, 08:50:46 PM
#11
This made me laugh. But seriously I never heard about bitcoin.tax before and I am checking their site now. I found this: https://bitcoin.tax/blog/bitcoin-taxes-things-to-remember/ and I am dumbfounded.
What the hell is this? I live in EU and we DON'T have anything like that here. Why would I want even declare that I own bitcoin?! To pay more taxes? It is just stupid.

Depends where you live in EU. Many countries tax capital gains, and Bitcoin is treated in the same way. You don't pay taxes on Bitcoins, but you pay taxes on profits you make from selling them.

sgk
legendary
Activity: 1470
Merit: 1002
!! HODL !!
April 14, 2015, 04:35:30 AM
#10
why sould i pay tax i mean where does that money go to and what will be done with it, i can not think of anything .

Reduce inequality (welfare payments like unemployment benefit).
Provide public goods (fire, police, national defence)
Provide important public services like education and health (merit goods)
Debt interest payments.
Transport
Military spending

At least they're supposed to.
sgk
legendary
Activity: 1470
Merit: 1002
!! HODL !!
April 14, 2015, 02:18:41 AM
#9
Can you explain why to use any software to tax on Bitcoins? I do not understand reason why. May be I missed something important. Can I be part of tax office then? Smiley

Maybe some people love paying tax more than others. How do I apply to be part of the tax office as well?  Roll Eyes

If you have been using an exchange which requires strict KYC policies, your trades might be linked to your bank account activities. Unless you have found a way to create fake bank account that doesn't link your identity to it.

Different countries have different setup. Sometimes the tax authority does not have any information about your bank accounts and sometime that have been watching your accounts.

In the end it all comes down to how well you have covered your ass which carrying out your Fiat-Bitcoin-Fiat trades.
hero member
Activity: 815
Merit: 1000
April 14, 2015, 02:10:42 AM
#8
If I were to trade bitcoins I would just attach my bank account to my accounting document and gains/losses would be determined by what I put in the exchange and what I got out.

A - B = C

Things are only complicated if you make them so Wink
hero member
Activity: 699
Merit: 501
April 14, 2015, 02:06:05 AM
#7
Can you explain why to use any software to tax on Bitcoins? I do not understand reason why. May be I missed something important. Can I be part of tax office then? Smiley

Maybe some people love paying tax more than others. How do I apply to be part of the tax office as well?  Roll Eyes
sgk
legendary
Activity: 1470
Merit: 1002
!! HODL !!
April 14, 2015, 01:53:12 AM
#6
I'm confused...
what is bitcoin tax software.?
Is it right or wrong?
can anyone tell me ?

Can you explain why to use any software to tax on Bitcoins? I do not understand reason why. May be I missed something important. Can I be part of tax office then? Smiley

When you trade Bitcoins for fiat or vice versa, you earn some money. Some countries require you to pay taxes on these earnings.
However it is difficult to track your trades and calculate correct amount of tax to report, so there exist some softwares that can do this for you.
legendary
Activity: 924
Merit: 1002
April 14, 2015, 01:38:22 AM
#5
Can you explain why to use any software to tax on Bitcoins? I do not understand reason why. May be I missed something important. Can I be part of tax office then? Smiley
legendary
Activity: 3248
Merit: 1070
April 14, 2015, 01:12:53 AM
#4
i'm interested in this if it ever exist, can you point us to this software? i would like to see how it work
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