crypto earnings - page 2. | Bitcointalksearch.org

sapnu

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Quote from: Meowth05 on December 04, 2019, 02:48:38 PM

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Quote from: Zeke_23 on December 03, 2019, 10:53:26 PM

Quote from: mostkey on March 04, 2018, 07:47:28 AM

Quote from: rantastic4 on March 04, 2018, 04:49:42 AM

guys how to get around local tax laws and convert crypto earnings into legal fiat?

actually it's easy to solve this problem. we live to register the results of our income to the taxation agency and register the job as IT or internet marketing. register the amount of monthly income so that we will still pay us even though the actual income through crypto

It is one thing, if you really don't want to avoid paying tax then you can put to your record that you are working online or freelance.
Actually there is still no taxation law saying that crypto users are subject to paying tax. As of now, it is still under the consideration of the government (depends on the country you reside in). If crypto is legal in your country, then sooner or later, paying tax is necessary.

Expect that to happen once the government will impose taxations once the rules for crypto already being ordered. There's no way that you can avoid
as it required by the laws that every individuals who are getting salaries inside the jurisdictions of the government is subjected to pay tax to help
the country, it's an obligation that citizens need to follow.

There's no doubt. After the cryptocurrencies been added to the constitution of one country you can guarantee that they will impose taxation. Fortunately, we have no law regarding this matter so I can freely spend some of my coins without paying any taxes. Cryptocurrency and blockchain is very promising technology indeed and I have no issue about getting a tax on it because I do believe this will have an impact on the improvement of one place especially on third world countries.

We are earning a lot of money without paying any taxes that is why I think the government wants to regulate or give tax to us crypto traders or bounty hunters but how do they do that if they do not know who are earning, maybe the banks can give taxes but not the government because they do not know who are the group of people organizing cryptocurrency since cryptocurrency are decentralized, meaning there are no people involved managing every transaction we are making.

Meowth05

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Quote from: matchi2011 on December 04, 2019, 12:31:05 AM

Quote from: Zeke_23 on December 03, 2019, 10:53:26 PM

Quote from: mostkey on March 04, 2018, 07:47:28 AM

Quote from: rantastic4 on March 04, 2018, 04:49:42 AM

guys how to get around local tax laws and convert crypto earnings into legal fiat?

actually it's easy to solve this problem. we live to register the results of our income to the taxation agency and register the job as IT or internet marketing. register the amount of monthly income so that we will still pay us even though the actual income through crypto

It is one thing, if you really don't want to avoid paying tax then you can put to your record that you are working online or freelance.
Actually there are still no taxation law saying that crypto users are subject to paying tax. As of now, it is still under the consideration of the government (depends on the country you reside in). If crypto is legal in your country, then sooner or later, paying tax is necessary.

Expect that to happen once the government will impose taxations once the rules for crypto already being ordered. There's no way that you can avoid
as it required by the laws that every individuals who are getting salaries inside the jurisdictions of the government is subjected to pay tax to help
the country, it's an obligations that citizens needs to follow.

There's no doubt. After the cryptocurrencies been added to the constitution of one country you can guarantee that they will impose taxation. Fortunately, we have no law regarding this matter so I can freely spend some of my coins without paying any taxes. Cryptocurrency and blockchain is very promising technology indeed and I have no issue about getting a tax on it because I do believe this will have an impact on the improvement of one place especially on third world countries.

Arkann

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Quote from: pakhitheboss on December 04, 2019, 06:20:40 AM

In my country whatever you earn through crypto will fall u need the tax bracket. As soon you convert crypto to fiat you are under the lens of the tax department. I do not know what exactly happens in your country as you never wrote about the country you are referring to.

I believe that the simple cryptocurrency user who stores his assets for the long term or trades his coins on the cryptocurrency exchange cannot fall under the lens of tax structures. It seems to me that, first of all, the tax inspectorate should work with cryptocurrency exchanges and cryptocurrency exchangers, which will be taxed. But in turn, each cryptocurrency exchange will charge interest on the transactions of each trader. In this way, it is possible to organize the payment of tax for the state from the cryptocurrency market.

Danne87

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What I love about cryptocurrencies is where you can learn how to generate money from anywhere. Do you like to watch a movie, here write reviews or do not forbid advertising. Do you like walking, here are the rewards for the steps. If you want to blog, here you can get recognition and money. It is exciting to try everything.

I am still studying cryptocurrencies, but I am amazed that you can find passive income without really worrying whether you have a lot of knowledge or not. But of course, expectations are not always met. I tried to mine Monero on a laptop. I’ll tell you, this method is good and does not require special attention, but it suits those who have a powerful graphics card. otherwise, you can get less than $ 50 per month. And it turns out that even walking and using applications that will support you financially for physical activity are more profitable.

Perhaps you should pay attention not to mining but to the proof of stakes. Of course, this requires an initial investment. But I think if you are a supporter of the idea of buying and saving crypto this idea fits perfectly. Getting rewards for content is really easy. publish0c is known to many who want to earn money through approval, likes, typing systems. But an interesting proposal for a more professional approach is provided by the taklimakan platform where I can choose my price for articles and build an expert reputation. To try the POS when I collect a little money from the content.

You forgot to mention the costs. Such as electricity and equipment. and $ 50 is definitely not worth it

pakhitheboss

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In my country whatever you earn through crypto will fall u need the tax bracket. As soon you convert crypto to fiat you are under the lens of the tax department. I do not know what exactly happens in your country as you never wrote about the country you are referring to.

Darooghe

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The government has seen people make very large sums of fiat buying crypto and selling it at a later date. They want their cut. I think the CGT event on spending is a misguided way of closing the loophole "I didn't sell it for fiat when I bought that $15,000 item directly with BTC that I bought for $150, so no CGT". It also has the bonus effect of reducing the chance BTC will become a widely used Currency and pose any real threat to the government Dollar.

DabsPoorVersion

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Quote from: matchi2011 on December 04, 2019, 12:31:05 AM

Quote from: Zeke_23 on December 03, 2019, 10:53:26 PM

Quote from: mostkey on March 04, 2018, 07:47:28 AM

Quote from: rantastic4 on March 04, 2018, 04:49:42 AM

guys how to get around local tax laws and convert crypto earnings into legal fiat?

actually it's easy to solve this problem. we live to register the results of our income to the taxation agency and register the job as IT or internet marketing. register the amount of monthly income so that we will still pay us even though the actual income through crypto

It is one thing, if you really don't want to avoid paying tax then you can put to your record that you are working online or freelance.
Actually there are still no taxation law saying that crypto users are subject to paying tax. As of now, it is still under the consideration of the government (depends on the country you reside in). If crypto is legal in your country, then sooner or later, paying tax is necessary.

Expect that to happen once the government will impose taxations once the rules for crypto already being ordered. There's no way that you can avoid
as it required by the laws that every individuals who are getting salaries inside the jurisdictions of the government is subjected to pay tax to help
the country, it's an obligations that citizens needs to follow.

It is really expected but it will take a lot of time before it happens. Maybe around 5 years or more if crypto achieves popularity than it never has before. There are consequences you might face if you avoid paying tax, it is also correct that it is every individual's obligation to pay tax since our money is the one that is being used for the development of the country.

peter0425

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Quote from: southafricadude on December 03, 2019, 04:58:51 PM

In the future, hopefully you will not need to change bitcoin to fiat

of course because why need to convert in Fiat when Bitcoin and other cryptocurrency can be use as payments for everything?
when cashless society comes this problem will never occur again instead the main problem is how to have bitcoin/cryptocurrency than how to get a fiat.

for OP it depends on your country because in my location it is easy to convert Bitcoin to fiat using only wallet.

Murat

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When a country imposes a tax on Bitcoin then it might not be a fruitful issue for those people who're dealing with Bitcoin, because when we already pay tax when it turns into any local money so it would be double-counted if the government again impose a tax on Bitcoin, I think it's high time for every country to consider about Bitcoin because blockchain system is being a popular system, not only that but also China has taken an initiative to develop blockchain system within the country for their own purpose. so Bitcoin should be the legal currency around the world and in this way, the crisis will get solved.

matchi2011

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Quote from: Zeke_23 on December 03, 2019, 10:53:26 PM

Quote from: mostkey on March 04, 2018, 07:47:28 AM

Quote from: rantastic4 on March 04, 2018, 04:49:42 AM

guys how to get around local tax laws and convert crypto earnings into legal fiat?

actually it's easy to solve this problem. we live to register the results of our income to the taxation agency and register the job as IT or internet marketing. register the amount of monthly income so that we will still pay us even though the actual income through crypto

It is one thing, if you really don't want to avoid paying tax then you can put to your record that you are working online or freelance.
Actually there are still no taxation law saying that crypto users are subject to paying tax. As of now, it is still under the consideration of the government (depends on the country you reside in). If crypto is legal in your country, then sooner or later, paying tax is necessary.

Expect that to happen once the government will impose taxations once the rules for crypto already being ordered. There's no way that you can avoid
as it required by the laws that every individuals who are getting salaries inside the jurisdictions of the government is subjected to pay tax to help
the country, it's an obligations that citizens needs to follow.

DreamStage

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First of you need to know how much your country is asking for a tax on the virtual currency.

You can also tax it after you send to bank or receiving your fiat from the virtual currency.
You should contact your local government instead asking here as it's difference for so many countries that we would have to make a complete page knowledge about them.

The simple solution is: Get your fiat converted from virtual currency -> declare to financial services and pay the tax.

Zeke_23

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Quote from: mostkey on March 04, 2018, 07:47:28 AM

Quote from: rantastic4 on March 04, 2018, 04:49:42 AM

guys how to get around local tax laws and convert crypto earnings into legal fiat?

actually it's easy to solve this problem. we live to register the results of our income to the taxation agency and register the job as IT or internet marketing. register the amount of monthly income so that we will still pay us even though the actual income through crypto

It is one thing, if you really don't want to avoid paying tax then you can put to your record that you are working online or freelance.
Actually there are still no taxation law saying that crypto users are subject to paying tax. As of now, it is still under the consideration of the government (depends on the country you reside in). If crypto is legal in your country, then sooner or later, paying tax is necessary.

diahsw

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don't you avoid, you just obey .. !! because it's a regulation that is created by the government ... !!

Pearls Before Swine

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Try joining the cryptotalk signature campaign if you're interested in this topic. They haven't paid their participants in 6 days and may never. If you don't get paid, you don't have to worry about taxes. Or you can just rely on income from ico bounties which also don't pay you anything. Let the tax officials waste their time trying to figure out how much you didn't earn in the campaign or bounty that didn't pay and what the value of the worthless token or coin was at the time you didn't get paid.

Go yobit for not paying their participants for 6 days!

Mike Mayor

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Here basically you only pay tax on fiat if you earn over a certain amount so I keep under that amount and buy everything else with bitcoin or other crypto.

Quote from: BeManga on December 03, 2019, 11:28:42 AM

Quote from: rantastic4 on March 04, 2018, 04:49:42 AM

guys how to get around local tax laws and convert crypto earnings into legal fiat?

as of now, there is no bitcoin tax law in our country
in my opinion its ok not to report it if your only converting small amount of bitcoin to fiat
but still, ask for some legal advice in your country
because in some country, if you sell some Bitcoin at a profit that you purchased in the last few years
you will have to report short term capital gains on your tax return and pay ordinary income tax rates.

Even with short term capital gains, it becomes difficult. How do you know what it was worth when bought? Or received? Do you take a recording of the value for a website and screenshot it or what? Or would they look it up? I don't think they know about crypto and will just take your word for it. It's not so easy. There are also many other things to consider. Also, capital gains are not income tax it's taxed differently.

ntsdm1

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Quote from: rantastic4 on March 04, 2018, 04:49:42 AM

guys how to get around local tax laws and convert crypto earnings into legal fiat?

Basically, such transactions are carried out by exchange offices with the help of OTC deal.But before you do this, assess the risks.

southafricadude

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In the future, hopefully you will not need to change bitcoin to fiat

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Quote from: rantastic4 on March 04, 2018, 04:49:42 AM

guys how to get around local tax laws and convert crypto earnings into legal fiat?

I don't think that there is a "get around" for taxes, period. You either pay what's owed of you, or don't, and risk being audited and all of the other consequences that follow such course of actions. To convert your cryptocurrency into fiat, you have to go through a medium, usually in the form of an exchange. Which may require KYC/AML compliance.

And more of the exchange that want to widraw large balance need to make that KYC. I dont think tax will be a problem if the government ask you for your tax then give them the right amount for taxes, if you have enough money to pay why will you be affraid.

It's alright for me to have tax with my crypto earnings too for as long as this if for the benefit of my own country, why not, for as long as it is reasonable enough and not just like what most of them are implementing that they wanted to earn with our income of 20-30% which for a normal person like me is a big sum of money. So, right now, i am still enjoying the freedom for not obliging to pay tax on my crypto earnings.

I keep continue earning with bitcoin and crypto because have easy way to get earning and can start investing with less risk for other investment kind, with crypto we can manage how much profit we want depend with price up, many people like for investing with crypto and get much profit with bitcoin and altcoin very easy to get much profit.

ilovealtcoins

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Quote from: rantastic4 on March 04, 2018, 04:49:42 AM

guys how to get around local tax laws and convert crypto earnings into legal fiat?

In my hometown where I'm living, converting is super easy, I just have to find a local dealer, then all the trading stuff will be executed directly between 2 people.
you'll get money right away when he received the bitcoin.
nothing to do with tax and legal paper. most of local dealer can handle every money amount that under 50k$.
I think yours might be the same, get some local dealer, or online but trusted dealer. good luck.

seoincorporation

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You can sell your bitcoins for fiat, that way you will get cash without the banks. For sure you have people interested in bitcoin close to you and they could be the ones who will easily pay fiat for the cryptos.

Another way is to use Paypal and change your bitcoins to Paypal in an exchange or in the forum. But this way I don't think you can avoid paying taxes.

Topic: crypto earnings - page 2. (Read 770 times)