Bitcoin vs Taxes - page 5. | Bitcointalksearch.org

noictib

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Quote from: Beerwizzard on July 15, 2017, 03:08:15 AM

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.

To pay tax with the use of bitcoin is a better option to show your honesty to the government Because most of the people in this field are making many thousands of dollars per month but still they are not paying tax honestly and showing that they are not making the use of the bitcoin perfectly.
Here in some countries bitcoin is regualated so people are using bitcoin with the pay of the tax smoothly but in those countries where bitcoin have no official approval to use or not to use is having a big confusion that why we should pay tax if no rule or law made by the government of the country and also why they are not decalres bitcoin as legal way of use Because they want tax .
Well here if in your country no rule made for the bitcoin then surely you should pay monthly with the option of the other category tax ( one of my friend paying tax much to use other category of the tax section

Sled

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Quote from: Yamifoud on November 21, 2017, 08:31:52 AM

Quote from: A Feeder on November 21, 2017, 07:52:44 AM

Bitcoin is not taxable because no one is controlling it. Taxes are created by the government to corrupt at many times.

Bitcoin is not being taxed but if you convert it into fiat currency, then that's the time the government will ask for your tax. This is the most commonly problem with other countries, that's why they are preferred to ban crypto(probably bitcoin) because they can't benefit from here.

You can avoid from being taxed of your profits in bitcoin by selling it to a person which he will give you the whole amount of profit without cutting some amount for taxes like the government were doing ever since then. I always do that because i don't want to pay tax and i just want the whole amount of profit because for me it is just a good idea since when i am buying stuff i am paying tax too.

Yamifoud

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Quote from: A Feeder on November 21, 2017, 07:52:44 AM

Bitcoin is not taxable because no one is controlling it. Taxes are created by the government to corrupt at many times.

Bitcoin is not being taxed but if you convert it into fiat currency, then that's the time the government will ask for your tax. This is the most commonly problem with other countries, that's why they are preferred to ban crypto(probably bitcoin) because they can't benefit from here.

A Feeder

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Bitcoin is not taxable because no one is controlling it. Taxes are created by the government to corrupt at many times.

haroldtee

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Quote from: BitcoinLoan on November 21, 2017, 06:55:09 AM

Paying tax for buying bitcoins have no sens because country want earn money from this but do no want legalize coins.

Whatever would make them to include the payment of tax obviously shows they are not making it illegal, even if they are not stating the legalization to be official. The thing is as long as you are going to be converting your bitcoin into fiat, you are still being regulated by the fiat rules and government's monetary policies. No one will hold you or monitor you if you do a P2P transaction, but until then, you just have to stay in lane with their rules as long as you are making profit from your holdings and converting it to fiat most especially.

Harlot

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Quote from: Factmine on November 21, 2017, 06:42:42 AM

To be honest, everything can be taxed even your bitcoin earnings. For example you bought bitcoins in 2013 for $300 and sold it today at $8,000. That $7,700 is taxable as income, the classification and how much it should be taxed will depend on your local laws. So you better check if how much tax you should pay. However, if you are holding bitcoins as it and profited because of the increase, unless you cash that out and sell it then there is no profit to speak off. Right now that is the only way they can tax the use of bitcoins for regular users, but it may be different for bitcoin exchanges.

That is where you are wrong because the income gained from trading or investing is not taxable under income tax but it is taxable under capital gains tax. Imagine buying a piece of land for 100,000$ and later on you sold it for 250,000$ the 150,000$ is taxable to capital gains tax. Some countries even exempt them from capital gains tax if they bought another land with that 250,000$ they earned.

Happichfun

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Bitcoin is coin for free so you only need to pay fee and not need

you can use your mind and find other way to exchange better than government way

BitcoinLoan

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Paying tax for buying bitcoins have no sens because country want earn money from this but do no want legalize coins.

Factmine

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To be honest, everything can be taxed even your bitcoin earnings. For example you bought bitcoins in 2013 for $300 and sold it today at $8,000. That $7,700 is taxable as income, the classification and how much it should be taxed will depend on your local laws. So you better check if how much tax you should pay. However, if you are holding bitcoins as it and profited because of the increase, unless you cash that out and sell it then there is no profit to speak off. Right now that is the only way they can tax the use of bitcoins for regular users, but it may be different for bitcoin exchanges.

mOgliE

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Hey,

Consider your wage. You may receive it monthly in dollars, euros, yens or whatever other currency. You are going to spend a part of it on your rent, food, clothes, and so on. But you may not spend all of it. Either because you want to buy a car, go in holidays or just make some savings for your old days.

For the government, the purpose you use your money for is completely uninteresting. If you save 100% of your wage, you still have to pay taxes on it.

Well, when you sell bitcoin for fiat currency, what governmental institutions see is that you have earned money. And such money is subjected to taxes, whatever its purpose! Wink

Gudhal Untu

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I think this is a difficult thing, if the government wants to levy a tax from bitcoin then it should be legalize bitcoin, but look funny if bitcoin is banned but wants to levy a tax from bitcoin.

davinchi

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Quote from: barefield22 on November 16, 2017, 03:35:41 AM

When it comes to taxes, the Internal Revenue Service has ruled that bitcoins and other "convertible virtual currencies" are "treated as property" and not treated as currency.

Well, that’s true, Bitcoin should be treated as a property. I don’t even see it as a Currency, and it will never be, it’s just something that we can invest our currency into just for us to make extra money. Taxing Bitcoin won’t really be easy for the government, but if they manage to do so, then it will lead to the destruction and end of bitcoin.

Think of it, nobody would like to be paying tax for bitcoin, just ordinary transaction fees were implemented and people felt like killing themselves, talk more of adding taxes to it lol.

The Alchemlst

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Quote from: Beerwizzard on July 15, 2017, 03:08:15 AM

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.

Whenever I need to convert my bitcoins to cash different services available to our countries offers fees at a reasonable price. I think its ok for me to have bitcoins tax at a reasonable price just to help bitcoins acceptance and make it more legit to other people and hopefully the government. Another one most bitcoins are being hoarded and on hold by different investors so practically they don't have to worry until they need to sell all of those.

Juliedarwin

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Quote from: onrise on July 15, 2017, 10:42:04 AM

Wanted to know if there is any country which has Zero tax on Btc . Well rest in the tax paying nations I think they will have to pay as per their category under which they fall in the tax bracket . Well if Btc is treated as separate entity then it's a different story .

As far as I know.. All transactions are all need have to payed a tax.. Wherever I go I think there is a tax fee. That we need to pay. It Depends on the amount that you want to transact.

Sled

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Quote from: Lagduf on November 16, 2017, 05:49:02 AM

Quote from: ask on November 16, 2017, 05:00:32 AM

I don't see a reason to pay taxes for my crypto coin investment incomes.
Nobody know how much i earn and no need to pay taxes. Until i turn to cash there is no reason to pay tax.

But majority of people who uses cryptocurrencies ended up converting their coins to their local currency and it's actually will be included as their income or additional income, therefore
it can be included or taxed to your bills.
However if you're citizen of a country, you should obey their rules and one of them is paying taxes. even if it's like robbing your income.

Bitcoin is decentralized and it doesn't have any organization that will control it and that is why the bitcoin will not be taxed by the government and that is the best for bitcoin because even though you will earn a million of dollar in bitcoin then you don't need to worry for the tax because you will get as a whole and that is the best way to earn money by not paying the tax since most of the government official in my country are just corrupt.

Nanot

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Quote from: Beerwizzard on July 15, 2017, 03:08:15 AM

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.

Yes bitcoin would be able to used when tax may stupid because a bitcoin is an investment that assure to save and provide the assurance of your future to success in able to deal in your country economy. Still the currency of bitcoin is high even time passes by.

plaintiff77

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Two different concept yet both are accumulating money. In bitcoin a lot of people are earning, while in taxes those people are paying. If people would think about taxes they will not be happy because they spend much for it although its purpose is for the many. While in bitcoin if they hear it they will be happy because they earn more than they expect to get. Bitcoin serves as a blessing to many because its exchange rate is very high even at present we can notice it. It is such a prestigious chance having known bitcoin. If we earn a lot from bitcoin we can also pay taxes for the government. Meaning, bitcoin is one best way to earn and at the same time learn then it makes us capable in paying taxes for our own country.

Lagduf

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Quote from: ask on November 16, 2017, 05:00:32 AM

I don't see a reason to pay taxes for my crypto coin investment incomes.
Nobody know how much i earn and no need to pay taxes. Until i turn to cash there is no reason to pay tax.

But majority of people who uses cryptocurrencies ended up converting their coins to their local currency and it's actually will be included as their income or additional income, therefore
it can be included or taxed to your bills.
However if you're citizen of a country, you should obey their rules and one of them is paying taxes. even if it's like robbing your income.

0t3p0t

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Quote from: Beerwizzard on July 15, 2017, 03:08:15 AM

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.

Tax existed thousands of years ago it even stated in the bible. The only problem with tax is a corrupt collector or government. We can never escape from it with our centralized assets. For me tax is okay as long as it is in the hands of good guys or it is used for the good of the country and community. Here in my country tax is really bad for small businesses and consumers but in term of Bitcoins tax is not that high and is deducted once every cashout that is why I only convert my coins if I really need it the most just to make it worthy. I think people should start using Bitcoins now for better income and less tax than the fiat money they have invested in their businesses. Bitcoin has changed the game of tax and gives us financial freedom.

ask

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I don't see a reason to pay taxes for my crypto coin investment incomes.
Nobody know how much i earn and no need to pay taxes. Until i turn to cash there is no reason to pay tax.

Topic: Bitcoin vs Taxes - page 5. (Read 6965 times)