Topic: Bitcoin vs Taxes - page 11. (Read 6968 times)
I like bitcon because it gives people in the hands of the mechanism of influence on politicians and government. Now we have the opportunity to vote taxes. If I don't trust the government I earn on the Internet and do not give any penalties. Let them come up with conditions under which it will be profitable to work officially.
Bitcoin transactions can provide benefits like investments, but in my country the government or authorities have not been able to clarify Bitcoin's status. If the central bank clarifies the existence status of Bitcoin then the government can already apply the tax on the Bitcoin.
Generally speaking, I would not like to work legally, but people are always strangled with taxes. I actually agree to pay taxes, because thanks to them, the state lives. But I do not agree when taxes turn into state robbery. That's why I would not want Bitcoin to be legalized, because the state will be able to control my income. 
Yes, we need to be get ready to pay taxes for bitcoins as approving bitcoin as a legal currency/asset will be opening enormous opportunities to us hence to enjoy those things, we must be prepared to pay taxes also. But saving/holding bitcoins will not attract taxes for ever, hopefully.
Of course, if your government accepts bitcoin, it means bitcoin becomes a legitimate currency, and the user has to pay taxes when using it. I do not like that, I like freedom when I use bitcoin.
Just to be clear, in the U.S. you absolutely owe tax on bitcoin gains. It has nothing at all to do with being a currency. You owe on ALL gains. If you find a diamond in your back yard you owe on that also. There is no free profit.
You say it as if it were the right thing
Or as though you were proud of it. Are you really? If I'm not mistaken capital gains tax means that you have to pay the tax only if you sell something and only if you book profits at that (profits being defined as income earned minus expenses incurred). In this way, if you were lucky to find a diamond about the size of a horse head in your backyard or elsewhere, you don't owe any taxes on it. At least, not until you decide to sell it, right? Further, if you keep this diamond long enough (say, for a few years), you may also not have to pay this tax at all
Bitcoin transactions can provide benefits like investments, but in my country the government or authorities have not been able to clarify Bitcoin's status. If the central bank clarifies the existence status of Bitcoin then the government can already apply the tax on the Bitcoin.
I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
I think this is really absurd, I believe there shouldn't be any taxes when one currency is exchanged for another, If on the other hand bitcoins is used to buy products and services then and only then should they become taxable. In my country i dont face that kind of situation.At one point of view bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
Government doesn't charge you but the banks do because they are kind of cheap people on the earth like we can say that cheap system toward bitcoin.
Yes, we need to be get ready to pay taxes for bitcoins as approving bitcoin as a legal currency/asset will be opening enormous opportunities to us hence to enjoy those things, we must be prepared to pay taxes also. But saving/holding bitcoins will not attract taxes for ever, hopefully.
Of course, if your government accepts bitcoin, it means bitcoin becomes a legitimate currency, and the user has to pay taxes when using it. I do not like that, I like freedom when I use bitcoin.
Just to be clear, in the U.S. you absolutely owe tax on bitcoin gains. It has nothing at all to do with being a currency. You owe on ALL gains. If you find a diamond in your back yard you owe on that also. There is no free profit.
I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
At one point of view bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
Of course, if your government accepts bitcoin, it means bitcoin becomes a legitimate currency, and the user has to pay taxes when using it. I do not like that, I like freedom when I use bitcoin.
I think when it will be legal then it taxes will be included here, I want to say about the benefit of the economy every government should impose the tax on every economic activity so Bitcoin is not out of these. so it doesn't matter if the tax is included in here. so it should take it easy...
Yes, we need to be get ready to pay taxes for bitcoins as approving bitcoin as a legal currency/asset will be opening enormous opportunities to us hence to enjoy those things, we must be prepared to pay taxes also. But saving/holding bitcoins will not attract taxes for ever, hopefully. 
I think when it will be legal then it taxes will be included here, I want to say about the benefit of the economy every government should impose the tax on every economic activity so Bitcoin is not out of these. so it doesn't matter if the tax is included in here. so it should take it easy...
bitcoin is not currency and it should not be taxed.
The good thing is that there is no taxes with bitcoin, no matter how much you earn. But the point to be noted is that in case if you convert your coins to Fiat through legal means, then govt can charge you taxes on the Fiat. 
While converting our bitcoins to fiat currency, we have to pay 2 tax amount. One for exchange site they will charge some amount to exchange our bitcoins to fiat. And next to that amount will deposit in our bank account. Here we have to pay income tax to our governament. Those are not taxes.
Those are the fees of the service you're asking for.
The fee of the exchange and the fee of the bank.
You're going to pay income tax to your government only after you file for income tax from your trading.
The good thing is that there is no taxes with bitcoin, no matter how much you earn. But the point to be noted is that in case if you convert your coins to Fiat through legal means, then govt can charge you taxes on the Fiat.
While converting our bitcoins to fiat currency, we have to pay 2 tax amount. One for exchange site they will charge some amount to exchange our bitcoins to fiat. And next to that amount will deposit in our bank account. Here we have to pay income tax to our governament. I pay my income tax after bitcoin withdraws. This is forced with law and not paying this tax in unlawful. It would be great if there is zero tax, but we pay tax everywhere on the world.
The good thing is that there is no taxes with bitcoin, no matter how much you earn. But the point to be noted is that in case if you convert your coins to Fiat through legal means, then govt can charge you taxes on the Fiat.
While converting our bitcoins to fiat currency, we have to pay 2 tax amount. One for exchange site they will charge some amount to exchange our bitcoins to fiat. And next to that amount will deposit in our bank account. Here we have to pay income tax to our governament.
In the beginning when bitcoin was gaining popularity little by little most of the bitcoin users were high volume fiat holders who use bitcoin to escape tax and for high volume transactions. Now this has decreased a lot, as people has started to give importance as a investment which too is taxable.
The good thing is that there is no taxes with bitcoin, no matter how much you earn. But the point to be noted is that in case if you convert your coins to Fiat through legal means, then govt can charge you taxes on the Fiat.
Tax on bitcoin is not a problem for now as countries still plan to legalize bitcoin and until they don't legalize it in front of the tax department bitcoin is nothing for them so how can charge tax on something which isn't legal yet. And even if they try to charge taxes there are many ways to escape
I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
I think this is really absurd, I believe there shouldn't be any taxes when one currency is exchanged for another, If on the other hand bitcoins is used to buy products and services then and only then should they become taxable. In my country i dont face that kind of situation.At one point of view bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
In my country, I also did not encounter the fact that taxes were taken from transactions with bitcoins. But this is due only to the fact that the government has not adopted such a law. As soon as the government turns attention to bitcoin, operations with it will be taxed.
I've heared that in some countries people have to pay the income tax after buying fiat for their bitcoins. Anyone faced such problem? If yes then how you deal with it in your country?
At one point of view bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
I think this is really absurd, I believe there shouldn't be any taxes when one currency is exchanged for another, If on the other hand bitcoins is used to buy products and services then and only then should they become taxable. In my country i dont face that kind of situation. At one point of view bitcoin is an instrument for investment so ppl buy it willing to get income in their currency.
At the other point it is a currency and it might be used with a purpose of saving. In this case the tax would be stupid.
I think as long as you can still do bitcoin transactions and there is never a problem in the transaction, legality is certainly not very necessary. And probably still have a good chance because it is not obliged to pay income tax from bitcoin.
I think legalization is not so important if at this time you can still make transactions easily and without any hindrance, Besides with legalization of course the government will give some conditions such as paying tax for bitcoin users for their earnings in bitcoinAs we pay high fees through internet is not enough that government is also taking taxes from us. I would recommend to government stop taking taxes when we transfer our bitcoin to banks then yes we will ready to pay taxes after that.
If bitcoin has been inaugurated in my country then the government will issue tax on each user, As we know that bitcoin does have properties that do not materialize so bitcoin only serves as property only but its value is so valuable that bitcoin users of course burdened with the existence of separate taxes not from Government because its existence can not be inaugurated.
Honestly I have no clue what you just said here.
Can you enlighten us in a proper earthling language?
As far as I understand, Bitcoin users will still suffer from what they want to legalize Bitcoin. The point is that the entire government as soon as the process of implementation begins, will be in other ways to control financial matters. Therefore, there is no question of anonymous crypto currency world. And you will have to pay taxes like that already by itself.
You understand wrong:)
There will be no taxes on bitcoin.The taxes are on earnings made from bitcoins.
Just like stocks and forex.
Nobody will tax you if you buy bitcoins and spend them with no earnings in between.
Jump to: