Bitcoin vs Taxes - page 7. | Bitcointalksearch.org

cryptojac17

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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.

Iantot08

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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.

fiulpro

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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.

Hey

Bitcoins are taxable in India.
Infact the earnings through bitcoins was taxable even before the bitcoins were officially accepted by the government.
Well every earning through any source if recognized by the government is considered taxable.
Well we can't deal with this in any way..it is anyways legit.
Paying taxes is what everyone is supposed to do if they are super duper rich.
Also besides India there are many countries where people don't have to pay taxes if the money they have had earned is through bitcoins.
Anyways lets let the government decide Wink

valentine401

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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.

In my own opinion placing a tax in bitcoin is very stupid because bitcoin is the only way to earn more income for those who does not earn money so much in their life. Some of the rich people does not really know how hard to earn money so the government just place tax wherever they want or maybe the government of the country is corrupted that's why it happens.

calandra78

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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.

rachelia13

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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

Sled

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I don't think that there is a tax in our country if we are going to buy a bitcoin because all the process that we do is to just cash in some money into our online wallet account then we can easily convert it into bitcoin and i think the only thing that we pay is the fee in cashing in because the place that we are cashing in charge at least 1% of the total amount that need to be cash in.

Tynovten_

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Tax is actually another word of alms, only sometimes through an intermediary, but some individuals abuse the tax, it has to be from the people by the people to the people. But that rule change into from people by the people but for higher people.

Tax is using for infrastructure, green park, sport yard, and others as the function for citizens.

tengek37

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I am still confused about bitcoin vs taxes. because in my country bitcoin itself not legalized by the government, so the taxes imposed on bitcoin can not be determined but in fact when we make a transaction either sell or buy bitcoin will be deducted in accordance with the provisions of bitcoin exchange company. Is it tax? tq

MiF

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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 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.

rtinedal

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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.

If bitcoin is taxable I think the government can handle bitcoin in the short term we are bitcoins also want to be handled by the government or government cheats that are money.

Flor1982

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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.

Government Tax is natural if we are earning in legal ways we should pay the income taxes in order for our government to survive of handling the nation. We need to show the bitcoin as gaining advantage for the government as it will counter the China and JP Morgan claim of critism that bitcoin must be proclaim illegal because bitcoin cannot help the nations.

Fireblade

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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.

arikassuja

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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.

In my country there is no tax system in the profit of investing in bitcoin, I feel only pay taxes on exchange, because bitcoin is not recognized in my country, of course I will not want to pay taxes because of this

_Dawid_

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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.

batang_bitcoin

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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.

There's a need to pay income tax but I'm not aware that there is a taxation that's happening when you had sold your bitcoins. The thing here is when you have fiat, you'll are taxable for the goods that you are consuming and other stuffs. But to relate tax to bitcoin, that's not appropriate already as bitcoin is a decentralized cryptocurrency and that's why many starts to adopt it because it's not taxable.

darkangel11

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Quote from: deisik on September 01, 2017, 03:25:46 PM

Quote from: RodeoX on August 31, 2017, 03:11:27 PM

Quote from: Kava on August 30, 2017, 11:10:13 AM

Bitcoin was created as an anonymous uncontrolled currency, and taxes would deprive it of such an opportunity. I think that you do not need to pay taxes for using crypto-currencies.

That will make a poor legal defense at your trial. In the USA it is this simple:
Did you make money? YES
Then you owe tax on it. No exceptions.

Sad but true

On the other hand, you could pretend that you didn't make any money. Yes, you cashed out some coins but you can claim that you had to cash out at a loss (due to emergency or something to that tune). I guess with Bitcoin it is a lot easier to get away with that than if you bought, say, stocks or bonds, and where all your transactions can be easily traced and verified. This is not the case with crypto

Unfortunately, if they claim you've tried to avoid paying them you will have to provide proof of cashing out with a loss. With the government it's always a shitty situation. They claim something and you have to prove them wrong, otherwise they will assume they were right and fine you. It's their way of making money on people who can't afford good lawyers or are simply lost in the financial system.

KroFly

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Quote from: beerlover on September 23, 2017, 02:07:19 PM

Quote from: avikz on July 17, 2017, 05:45:16 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 believe bitcoin's legal status is not clear in majority of the countries and that creates a lot of confusion on taxing part. People are unsure about how to pay tax on bitcoin. My country is having the same status So I am disclosing my bitcoin incomes in my tax filing every year since last two years.

having said that, I only disclose what I have cashed out in fiat. So my actual bitcoin holding I am not disclosing as I am not getting any income from it. I am disclosing only the amount I have converted in to fiat. I hope I am doing the right thing.

Yes. There is so much confusing regarding payment of tax on bitcoin. However with what you are disclosing, which depends on your country's law and policy apparently on tax laws … I do not really see any issue with what you are doing. After all, since you are disclosing what you have cashed out in fiat and paying tax on that. I see no reason why I should disclose the bitcoin I have anyway but everyone have what works for them as what may be right in my own eyes may be wrong in someone else.

I would also not disclose information about my coins to the government. It has nothing to do with this. I earned the coins honestly and I have the right to use them

stomachgrowls

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Quote from: Harlot on September 11, 2017, 09:45:00 AM

Quote from: Collinslevi on September 11, 2017, 09:17:58 AM

Quote from: Koadharber on August 23, 2017, 08:12:32 AM

Quote from: sukamasoto on August 23, 2017, 05:54:33 AM

Quote from: Cult on August 23, 2017, 05:01:36 AM

If one could declare it as normal income that would be great, tax rate is low, but bitcoin gains most likely qualify as capital gains, same as forex trading or stocks trading and tax rate is much higher.

Don't really know how someone would declare Bitcoin Cash, it can be qualified as dividends from bitcoin or even as a donation or gift.

Luckily my goverment still forbid bitcoin usage so I can use bitcoin without pay any tax
IMO, even if my goverment one day legalize bitcoin usage, they must not applied tax on bitcoin since bitcoin basically is not a currency but it's a virtual currency

Government cant tax bitcoin directly but they can able to impose taxes on the service which do accepts bitcoin in short even if they would accept or adopt bitcoin they cant directly impose taxes to its users thats why other government do really have this kind of restriction when it comes on bitcoins adoption to their place. Its a decentralized thing and no one can able to control it.

Let's think for a moment about what this means. Bitcoin and similar convertible virtual currencies are property for tax purposes. As with other types of property, first one acquires property, often by exchanging cash for the property. Then one owns the property for a period of time. And then eventually one might sell or give away or trade or otherwise dispose of the property. So with any type of property we have three moments in time: acquiring the property, holding the property, and disposing of the property.

What are you talking about the tax rate being lower if you declare Bitcoin as your normal income? As far as I know tax income rates vary from how much your earnings are (on most countries), not depending on what kind you earn. And yes Bitcoin cannot be tax by the government directly but it is still the obligation of the tax payer to reflect it into their annual tax report in its current Fiat equivalent to avoid being audited by the government, remember it is how much your earn not what kind of money you gain it from.

Government would always seek out on the money you do earn on your job which they would really base and this is how normally works on taxation but speaking already on bitcoin.It cant be taxed since even government wont really have any idea if that certain person is earning other sources of money knowing that we can able to hide our earnings on bitcoin form.

beerlover

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Quote from: avikz on July 17, 2017, 05:45:16 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 believe bitcoin's legal status is not clear in majority of the countries and that creates a lot of confusion on taxing part. People are unsure about how to pay tax on bitcoin. My country is having the same status So I am disclosing my bitcoin incomes in my tax filing every year since last two years.

having said that, I only disclose what I have cashed out in fiat. So my actual bitcoin holding I am not disclosing as I am not getting any income from it. I am disclosing only the amount I have converted in to fiat. I hope I am doing the right thing.

Yes. There is so much confusing regarding payment of tax on bitcoin. However with what you are disclosing, which depends on your country's law and policy apparently on tax laws … I do not really see any issue with what you are doing. After all, since you are disclosing what you have cashed out in fiat and paying tax on that. I see no reason why I should disclose the bitcoin I have anyway but everyone have what works for them as what may be right in my own eyes may be wrong in someone else.

Topic: Bitcoin vs Taxes - page 7. (Read 6965 times)