Bitcoin vs Taxes - page 6. | Bitcointalksearch.org

cotton ball

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Quote from: Ilegendph on November 16, 2017, 02:59:06 AM

Quote from: Beerwizzard on July 15, 2017, 02:32:44 AM

Quote from: Emoclaw on July 15, 2017, 02:11:08 AM

If you sell Bitcoin for Fiat, then you have to pay taxes.
While Bitcoin is a currency, it is considered a commodity and therefore by selling it you're 'making money'.
It's illegal if you don't pay taxes.

Applying the same logic: I'm expecting inflation and buying USD for my EUR. Then EUR lose 1% and at the same time USD is getting 1%. If i exchange it back i will get 2% income (1% counting the inflation cut). So should i normaly pay tax for this income after i tried to save my money in another currency?

It depends on the amount you are receiving. If the amount you received is taxable then you should declare it to your income tax return but I doubt that the government can track digital assets like bitcoin because its anonymous. The only way is when you put this money into your bank account.

there is no other way besides that and the government must make new regulations about bitcoin wealth assets, but also not fully capable because peer to peer technology can not be detected totally and users are free to create many accounts that can not be traced, This becomes controversial but also a way out to increase wealth, but I still support whatever the government implies about taxes.

Ilegendph

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Quote from: Beerwizzard on July 15, 2017, 02:32:44 AM

Quote from: Emoclaw on July 15, 2017, 02:11:08 AM

If you sell Bitcoin for Fiat, then you have to pay taxes.
While Bitcoin is a currency, it is considered a commodity and therefore by selling it you're 'making money'.
It's illegal if you don't pay taxes.

Applying the same logic: I'm expecting inflation and buying USD for my EUR. Then EUR lose 1% and at the same time USD is getting 1%. If i exchange it back i will get 2% income (1% counting the inflation cut). So should i normaly pay tax for this income after i tried to save my money in another currency?

It depends on the amount you are receiving. If the amount you received is taxable then you should declare it to your income tax return but I doubt that the government can track digital assets like bitcoin because its anonymous. The only way is when you put this money into your bank account.

barefield22

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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.

Chrisjay29

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Quote from: Beerwizzard on July 15, 2017, 02:08:15 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.

For me its ok to have a taxes as long its not too big. Country need a taxes so they can buy or build a better country...they cant build a school, hospital without taxes eventhough they got many taxes from other bigtime bussiness..
But they still need taxe even its penny..

Kiweikoo

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Quote from: gabmen on October 21, 2017, 08:11:44 AM

Quote from: justspare on October 21, 2017, 03:51:38 AM

Quote from: chickenfried12 on October 20, 2017, 05:45:56 AM

our government has even begun to make preparations for it. I estimate 20% tax on all transactions related to my estimated bitcoin, but I am curious to know how to do this.

I think it can taxed if it reaches companies' wallets .) so you must be anonym Cheesy

for now

Without taxes no development can be done in the region as we all know that BTC is upcoming currency, according to that governments are preparing themselves for this and taxation up to 20% is very high and this will surely effect the investor minimum percentage must be captured so that more people will prefer to use this coin and this will help country to boost the economy and also a way to development.

Well as long as the taxes really go to development and betterment of a country,.i don't think many will oppose that bitcoin will be taxed. Though i can imagine how they'll do it since it most likely will change the way we see bitcoin now. If it will be taxed, it may take time to make way for thorough studies first

Yup that’s the true thing that taxes are for the sake of development and if there will be no tax in region no development will be man and collection of tax through bitcoin will be great because there will be no worry for the taxation on a single click one will pay his taxes and for this ting taxation department must have to adopt bitcoin technology so that they can generate revenue in the most profitable coin.

gabmen

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Quote from: justspare on October 21, 2017, 03:51:38 AM

Quote from: chickenfried12 on October 20, 2017, 05:45:56 AM

our government has even begun to make preparations for it. I estimate 20% tax on all transactions related to my estimated bitcoin, but I am curious to know how to do this.

I think it can taxed if it reaches companies' wallets .) so you must be anonym Cheesy

for now

Without taxes no development can be done in the region as we all know that BTC is upcoming currency, according to that governments are preparing themselves for this and taxation up to 20% is very high and this will surely effect the investor minimum percentage must be captured so that more people will prefer to use this coin and this will help country to boost the economy and also a way to development.

Well as long as the taxes really go to development and betterment of a country,.i don't think many will oppose that bitcoin will be taxed. Though i can imagine how they'll do it since it most likely will change the way we see bitcoin now. If it will be taxed, it may take time to make way for thorough studies first

justspare

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Quote from: chickenfried12 on October 20, 2017, 05:45:56 AM

our government has even begun to make preparations for it. I estimate 20% tax on all transactions related to my estimated bitcoin, but I am curious to know how to do this.

I think it can taxed if it reaches companies' wallets .) so you must be anonym Cheesy

for now

Without taxes no development can be done in the region as we all know that BTC is upcoming currency, according to that governments are preparing themselves for this and taxation up to 20% is very high and this will surely effect the investor minimum percentage must be captured so that more people will prefer to use this coin and this will help country to boost the economy and also a way to development.

chickenfried12

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our government has even begun to make preparations for it. I estimate 20% tax on all transactions related to my estimated bitcoin, but I am curious to know how to do this.

I think it can taxed if it reaches companies' wallets .) so you must be anonym Cheesy

for now

BitcoinCommodor

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Quote from: rachelia13 on September 24, 2017, 02:02:53 AM

In my country for people who already have an income have to pay tax on their income and property owned, but not for bitcoin because as i know bitcoin still illegal in my country

I know that there is no tax on bitcoin but you will have to pay tax while exchanging and transfer to your local bank account. I have the same situation in my country. When there is income there will be a tax, because paying tax means the revenue of governments and we should not be panic to pay taxes, because all the governments spend these tax generated revenue back for the betterment of their people.

ask

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In my country nobody can track bitcoin transactions so there is no need to pay taxes.
If goverment tracking your transactions yes there will be a big tax problem.

Finestream

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Quote from: gunungkembar on October 17, 2017, 06:19:23 AM

Quote from: Beerwizzard on July 15, 2017, 02:08:15 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.

the higher the bitcoin price the greater the shipping taxes issued, in my country the bitcoin shipping tax has already reached more than $ 5 once sending bitcoin.but if buy bitcoin does not require taxes.

Well in my country it's not that strict because the government has not released yet a guidelines and policy about bitcoin so we are enjoying our income without paying taxes and doing transaction online. This is just temporary IMO as eventually our government will come up with a policy and everyone who earn income will be required to pay taxes or whatever policy they will impose. If there is a chance to hide then I will surely do it as long as it has no serious penalty when caught.

gunungkembar

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Quote from: Beerwizzard on July 15, 2017, 02:08:15 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.

the higher the bitcoin price the greater the shipping taxes issued, in my country the bitcoin shipping tax has already reached more than $ 5 once sending bitcoin.but if buy bitcoin does not require taxes.

plaintiff77

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Quote from: Fireblade on September 23, 2017, 06:15:43 PM

Quote from: _Dawid_ on September 23, 2017, 05:35:00 PM

It depends on country and your exchange, in my when I send fiat due to change into BTC i must write that it is investment. So after "successful" investment I will must pay some taxes. So for example the first part of paying is when u exchange FIAT into BTC, and then propably if you get an income from your investment. But all depends on your counrty and law.

yes but i think that it also depend on the item where you want to put tax, in fact countries only put tax on legal item, so bitcoin is still not legal in most of the areas therefore to me i think there is no tax on bitcoin, but when countries will turn bitcoin as legal currency then they will also prepare a policy to put tax on bitcoin but currently bitcoin is free of taxes in most area.

In my own point of view, there is really a big difference between bitcoin and taxes. In bitcoin all the people i mean each individuals are benefited through earning while in taxes i can say it benefit everyone but as a whole. IF the bitcoin increases, we will all be happy and blessed. But if the tax goes high, i think almost everyone will complain.

pinoyden

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Quote from: Beerwizzard on July 15, 2017, 02:08:15 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.

i guess theres already a hidden tax when you convert your coins and when you withdrew it because youll paying for a processing fee or a transaction fee and also no one can put a tax on bitcoin because no one hold and controls bitcoin , not even governments or banks. but if they still do it then it will be a loose for us because we are already paying for transaction fees and other fees plus they also charged us extra for the tax.

Kiweikoo

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Quote from: paparexon0414 on October 13, 2017, 08:51:44 AM

If its legalize in one's country you should pay tax. Some of the exchanger included it when you change to cash. It applies when i change it to cash. It is just the right thing to because bitcoin is considered a electronic currency

As if bitcoin is accepted in one region taxation department will automatically get eases and on top of it paying and collecting taxes through the bitcoin is easy as compare to the conventional manual taxation system this will reduce HR as well and there will be more economic stability to the region where this system is implemented and there will be more development through this.

paparexon0414

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If its legalize in one's country you should pay tax. Some of the exchanger included it when you change to cash. It applies when i change it to cash. It is just the right thing to because bitcoin is considered a electronic currency

Afnan_faizah

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Quote from: Iantot08 on October 08, 2017, 04:00:06 AM

I think bitcoin is taxable, it is because it produce an income, which all income was subject to be taxable. Bitcoin is virtual currency like an asset which treated for tax purposes. In term of tax, bitcoin not treated as currency but as property so why its subject to in tax. It convertible in cash.

You right, even the IRS was regulate the bitcoin taxation, the government still can get the tax from bitcoin users through the merchants who accept bitcoin as payment option.

Osarman

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Quote from: calandra78 on September 24, 2017, 02:03:22 AM

Quote from: zulkarnaen on July 16, 2017, 09:00:25 AM

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.

Yes it's true until today there is no certainty about the existence of the specified tax on the income of the bitcoin. better you focus and think about to collect the bitcoin as much as possible and releasing it when you get a good price. that way you'll get great benefits. When we sell it we definitely will be charged a small fee. Maybe it is them with taxes but we can think positively as a service to sell bitcoin. because if the Government regulating the taxes it will be determined how large the percentage is.

I will have to pay taxes while working in this forum because my earnings is in bitcoin, and if want to withdraw, I will have to change in dollars and then to my local currency. All the money ex changers cut their commissions and the government also takes his tax while receiving my money in local bank account. But I have no problem with that because as a citizen it is my duty to pay taxes.

bestluck

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Quote from: Sled on October 08, 2017, 07:09:36 AM

Quote from: cryptojac17 on October 08, 2017, 05:01:18 AM

Quote from: MiF on September 23, 2017, 08:04:37 PM

Quote from: Beerwizzard on July 15, 2017, 02:08:15 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.

I see nothing wrong with taxex as long as the government will use our money for the welfare and common good of our people not to corrupt it. We should counter the other claim of China that they ban the bitcoin because the government cant imposed tax due to crpto currencies is volatile.

I really appreciate your idea mate being a good citizen our obligation to pay proper taxes as what is mandated by law but, since BTC is a crypto currency and being decentralized I don’t know how to imposed taxes type of currency how accounting play their role to imposed taxes, because transaction Of BTC Is peer to peer meaning computer to computer, as a holder Of BTC you are just having ledger that would determine how BTC you have and its anonymous.

As of now, it is impossible for bitcoin to get taxed because it is decentralized but as soon as the government will make a move like building their own exchange and that can be a way for bitcoin to get tax because they can increase the fee of withdrawal in that exchange and that is how they are going to imposed tax and get profit by that way.

Transaction fees are the sort of tax we pay on each one, and also governments are taking serious to this issue they want to implement taxation on this also and if this is done then there is much ease for them as well as for the citizens on the clicks tax will be payed, and bitcoin will reduce tax amount also because of its decentralization and it will help the user in all ways.

Sled

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Quote from: cryptojac17 on October 08, 2017, 05:01:18 AM

Quote from: MiF on September 23, 2017, 08:04:37 PM

Quote from: Beerwizzard on July 15, 2017, 02:08:15 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.

I see nothing wrong with taxex as long as the government will use our money for the welfare and common good of our people not to corrupt it. We should counter the other claim of China that they ban the bitcoin because the government cant imposed tax due to crpto currencies is volatile.

I really appreciate your idea mate being a good citizen our obligation to pay proper taxes as what is mandated by law but, since BTC is a crypto currency and being decentralized I don’t know how to imposed taxes type of currency how accounting play their role to imposed taxes, because transaction Of BTC Is peer to peer meaning computer to computer, as a holder Of BTC you are just having ledger that would determine how BTC you have and its anonymous.

As of now, it is impossible for bitcoin to get taxed because it is decentralized but as soon as the government will make a move like building their own exchange and that can be a way for bitcoin to get tax because they can increase the fee of withdrawal in that exchange and that is how they are going to imposed tax and get profit by that way.

Topic: Bitcoin vs Taxes - page 6. (Read 6968 times)