Topic: Bitcoin vs Taxes - page 9. (Read 6968 times)
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.
I pay what I have to pay, but the extra income from the internet (Crypto-Currency) they don't have the right to charge me.
Because you probably just make a few dollars online. But the income earned from the internet is supposed to be reported for your taxs as well. Sometimes it is done automatically. Do you think freelancers never pay a cent with taxs? Of course, they do. No matter cryptocurrency or not an income needs to be reported and yes your gov. does have a right. Otherwise all the big firms would pay theirs workers in cryptocurrency so they could save millions dollars yearly
So you except to cheat your country and not to pay the taxs, but your country is supposed to give you great infrastructures, hospitals, etc without you giving a cents? Using the money of others people?
Paying taxes or income tax, it's mean bitcoin has legalized in our country. it's true, we all wishes not to pay income tax when using bitcoin as form of money but actually what's wrong by paying taxes as long we got benefit from that's and when we face a problem, i think we will got support from government, in case the exchanger have a problem or collapse.
Anything can be arranged, it's time there is a tax rule for bitcoin. Many people become millionaires because bitcoin and as good citizens we have to pay taxes. So it can be useful for many people.
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.
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.
True, and thats what bitcoin may encounter for the next few years , since it provides so much money it doesnt shock that sooner every tradings and investments may require tax and thats one of the condition when you are trying to deal with legalization of bitcoin worldwide, it may run with other currency and it will be use worldwide taxes will run over it.
But if bitcoin become currency , it will broke bitcoin as decentralized currency since it will being control by goverment
Bitcoin should not be a currency , it's unique and let it be as investation plus currency advantage
Bitcoin is already a currency it has been used as a currency for years , it has been used to buy and sell stuff and it hasn't been centralized.
And the only reason BTC has managed to attract attention was that people saw it as a currency in the first place , as a way to move funds and only in the latter stages as an investment.
Stop using it to buy stuff or to act as a way to transfer wealth across the globe and nobody will bother with it as an investment alone.
In order for people to pay taxes honestly they need to trust their government, love their country and to see for what purpose our money is spent. Now this is not why people don't want to pay taxes with bitcoins, not Fiat. The problem is not in currency, but in the mind.
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.
Taxes need to be paid in any case. You in everything are right. It would be desirable to add that it is better to pay, than to hide.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.
I also think the tax must be paid unconditionally. Taxes are the requirements coming from legit power of a country or state. So wtihout tax, we can't prove that our income is legit. Othwerwise, they could have said it's a crime sourced money
Well, there are different views on this
Indeed, if you think that the powers that be are legit, then you would obviously consider the taxes you have to pay as legitimate too ("the tax must be paid unconditionally"). It is your choice, after all. But what about those who doubt the legitimacy of the authorities? Should they also pay taxes unconditionally even if they disagree with that? If so, does it really matter if the power of the authorities is legitimate, or you just have to pay the taxes because they can force you to pay them under the threat of suffering some unpleasant consequences if you don't?
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.
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.
True, and thats what bitcoin may encounter for the next few years , since it provides so much money it doesnt shock that sooner every tradings and investments may require tax and thats one of the condition when you are trying to deal with legalization of bitcoin worldwide, it may run with other currency and it will be use worldwide taxes will run over it.
But if bitcoin become currency , it will broke bitcoin as decentralized currency since it will being control by goverment
Bitcoin should not be a currency , it's unique and let it be as investation plus currency advantage
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.
Taxes need to be paid in any case. You in everything are right. It would be desirable to add that it is better to pay, than to hide.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.
I also think the tax must be paid unconditionally. Taxes are the requirements coming from legit power of a country or state. So wtihout tax, we can't prove that our income is legit. Othwerwise, they could have said it's a crime sourced money.
When a country economy works in a fair way I could agree with you, but it's not what happen on many countries. The taxes are expensive, the services quality in return is low and the corruption is high. So why must we be fools to pay excessive taxes? People become poor or they are unable to develop their life's quality for this reason, Bitcoin can help us this way.
I pay what I have to pay, but the extra income from the internet (Crypto-Currency) they don't have the right to charge me.
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.
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.
True, and thats what bitcoin may encounter for the next few years , since it provides so much money it doesnt shock that sooner every tradings and investments may require tax and thats one of the condition when you are trying to deal with legalization of bitcoin worldwide, it may run with other currency and it will be use worldwide taxes will run over it.
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.
Taxes need to be paid in any case. You in everything are right. It would be desirable to add that it is better to pay, than to hide.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.
I also think the tax must be paid unconditionally. Taxes are the requirements coming from legit power of a country or state. So wtihout tax, we can't prove that our income is legit. Othwerwise, they could have said it's a crime sourced money.
In countries where bitcoin has not been legalized or regulated yet,there is no need to pay taxes when we convert bitcoins in to fiat.Even in our india,bitcoin has not been yet legalized or regulated and so i'm enjoying a tax free income from bitcoins.But,for countries which has legalized or regulated and which has created laws for taxing bitcoin earnings,there is no other option other than paying taxes.But i think if we sell our bitcoins for cash to a person directly,then we need not have to pay taxes for our bitcoins.
Ahan! Few weeks back I heard news that India has legalized bitcoins but here you saying that you are not paying any taxes for your bitcoins income. I guess no one wants to pay taxes for their bitcoin earnings. People switched to bitcoins just to avoid bloody taxes. I am myself not interested in paying for wars. In countries where bitcoin has not been legalized or regulated yet,there is no need to pay taxes when we convert bitcoins in to fiat.Even in our india,bitcoin has not been yet legalized or regulated and so i'm enjoying a tax free income from bitcoins.But,for countries which has legalized or regulated and which has created laws for taxing bitcoin earnings,there is no other option other than paying taxes.But i think if we sell our bitcoins for cash to a person directly,then we need not have to pay taxes for our bitcoins.
Ahan! Few weeks back I heard news that India has legalized bitcoins but here you saying that you are not paying any taxes for your bitcoins income. I guess no one wants to pay taxes for their bitcoin earnings. People switched to bitcoins just to avoid bloody taxes. I am myself not interested in paying for wars. 
In countries where bitcoin has not been legalized or regulated yet,there is no need to pay taxes when we convert bitcoins in to fiat.Even in our india,bitcoin has not been yet legalized or regulated and so i'm enjoying a tax free income from bitcoins.But,for countries which has legalized or regulated and which has created laws for taxing bitcoin earnings,there is no other option other than paying taxes.But i think if we sell our bitcoins for cash to a person directly,then we need not have to pay taxes for our bitcoins.
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.
Taxes need to be paid in any case. You in everything are right. It would be desirable to add that it is better to pay, than to hide.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.
The Bible says that people must give 10% to God. I'm not a believer, but I think that this amount is time-tested. All that the government extorts taxes more than 10% of people will hide. And bitcoin is no exception. Tax evasion is a kind of protest of the people against robbery.
It's impossible to avoid from taxes, there are middleman services that make the fees necessary to pay these people. When you transact Bitcoins the fees income go to miners, when you use exchanges the fees are used to pay the exchange service and when you turn Crypto-Currency into fiat the same...
I just think the fees should be lower than they are now, especially when we talk about governments. They are smart and use the fees income not only to pay the middleman who assist this kind of deal, but to steal also or to use on another areas where this money shouldn't be used.
I do not pay taxes for Bitcoin yet, but I think when it will be accepted in our country, the taxation will become mandatory. I hope they can not check how long I have not paid taxes
I don't know where you live
Since things may differ between jurisdictions significantly, but typically most laws don't have retroactive force or retrospective action. That basically means if Bitcoin is accepted or legalized in some shape or form (say, Bitcoin taxes are introduced), you won't have to pay taxes on income earned before the day when such a law would be enacted. The particular details may be different in various jurisdictions but the so-called ex post facto laws are not generally very common. In fact, in many jurisdictions and constitutions they are expressly prohibited. For example, such laws are explicitly forbidden by the US Constitution on both federal and state levels
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.
Actually it isn't since bitcoin can somehow considered as an asset income tax is necessary, but it was only for income tax if you're about to save it then there will be no tax for that since you didn't gain any actual profit from doing that, the tax is only applicable with trading and other things that can gain actual profit from so tax is not as bad as you though.
I do not pay taxes for Bitcoin yet, but I think when it will be accepted in our country, the taxation will become mandatory. I hope they can not check how long I have not paid taxes.
The blockchain is a permanent record. And as far as the government is concerned, they can go back as long as they want, if they would like to collect taxes from you. On top of that, they will impose penalties and interest.
I do not pay taxes for Bitcoin yet, but I think when it will be accepted in our country, the taxation will become mandatory. I hope they can not check how long I have not paid taxes.
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