Do Bitcoins have Tax?? - page 13. | Bitcointalksearch.org

rizkyhiw

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Quote from: CraigWrightBTC on December 01, 2016, 11:11:18 AM

Quote from: Selly Arumsari on December 01, 2016, 09:12:42 AM

there is not ! because bitcoin not real business like company or factory.. i feel bitcoin very profitable because many profit without tax

Yea, there is not taxes must be paid for users of bitcoins are not come from America or they are not costumers of coinbase, but the users from America especially costumers of coinbase, they must be ready for pay taxes to government and their indentity had been given to IRS. check out on this https://cointelegraph.com/news/us-federal-court-approves-irs-collection-of-coinbase-user-database

so if you are not US citizen then you don't have to worry about tax
for US bitcoiner just avoid to use coinbase as your exchanger service if you won't be taxed
IRS will never collect any info outside coinbase for tax
so basically bitcoin is free tax!

BossMacko

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Bitcoin has no tax , it only has transaction fee for miners for transaction speed purposes but it depends on you. That is the reason why many have their own Bitcoin business because they don't pay taxes.

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Quote from: bitbunnny on December 01, 2016, 09:23:08 AM

As far as I know Bitcoin itself doesn't have taxes, it's not regulated that way. But if you trade Bitcoin and exchange it to fiat, especialy if you are doing this through your bank account you should report that to your local tax authorities as a kind of the income and on that you should pay taxes.

yes i am also agree with you that still there is no tax on bitcoin, and in fact the reason is that bitcoin have not yet consider bitcoin as legal currency, but i think government must now thinking about bitcoin to turn it as legal currency.

HEWRA

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Depends on the country you live in.
For example, if you live in US you have to pay taxes from btc income, otherwise it would be considered as tax evasion.

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Quote from: Selly Arumsari on December 01, 2016, 09:12:42 AM

there is not ! because bitcoin not real business like company or factory.. i feel bitcoin very profitable because many profit without tax

Yea, there is not taxes must be paid for users of bitcoins are not come from America or they are not costumers of coinbase, but the users from America especially costumers of coinbase, they must be ready for pay taxes to government and their indentity had been given to IRS. check out on this https://cointelegraph.com/news/us-federal-court-approves-irs-collection-of-coinbase-user-database

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Quote from: iqlimasyadiqa on December 01, 2016, 10:02:43 AM

Quote from: bitbunnny on December 01, 2016, 09:23:08 AM

As far as I know Bitcoin itself doesn't have taxes, it's not regulated that way. But if you trade Bitcoin and exchange it to fiat, especialy if you are doing this through your bank account you should report that to your local tax authorities as a kind of the income and on that you should pay taxes.

it is one of the advantages. many people choose not to pay taxes because they want to get larger transactions and also without any deductions. of course it will help them to maintain their wealth.

but it is not justified. as a country will be very good when countries get a tax payment from the community. This will be controversial because there are negative and positive sides.

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Quote from: bitbunnny on December 01, 2016, 09:23:08 AM

As far as I know Bitcoin itself doesn't have taxes, it's not regulated that way. But if you trade Bitcoin and exchange it to fiat, especialy if you are doing this through your bank account you should report that to your local tax authorities as a kind of the income and on that you should pay taxes.

it is one of the advantages. many people choose not to pay taxes because they want to get larger transactions and also without any deductions. of course it will help them to maintain their wealth.

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Quote from: goldcoinminer on December 01, 2016, 09:39:53 AM

Quote from: bitbunnny on December 01, 2016, 09:23:08 AM

As far as I know Bitcoin itself doesn't have taxes, it's not regulated that way. But if you trade Bitcoin and exchange it to fiat, especialy if you are doing this through your bank account you should report that to your local tax authorities as a kind of the income and on that you should pay taxes.

There no tax regulation that requires us to report our income in the crypto world, the fact that it's not under the control of the government they do have the right to oblige us to pay taxes on our income online. It's not a legal tender what we are using and we are not known by the government and even our information in the exchange site are completely anonymous.

In the U.S. that is absolutely incorrect. You owe capitol gains based on your income. Failure to pay is punishable by jail time, but normally you can avoid by paying back the principal you owe plus late fees plus interest.

Read here: https://www.bitcoin.tax/

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Quote from: bitbunnny on December 01, 2016, 09:23:08 AM

As far as I know Bitcoin itself doesn't have taxes, it's not regulated that way. But if you trade Bitcoin and exchange it to fiat, especialy if you are doing this through your bank account you should report that to your local tax authorities as a kind of the income and on that you should pay taxes.

There no tax regulation that requires us to report our income in the crypto world, the fact that it's not under the control of the government they do have the right to oblige us to pay taxes on our income online. It's not a legal tender what we are using and we are not known by the government and even our information in the exchange site are completely anonymous.

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As far as I know Bitcoin itself doesn't have taxes, it's not regulated that way. But if you trade Bitcoin and exchange it to fiat, especialy if you are doing this through your bank account you should report that to your local tax authorities as a kind of the income and on that you should pay taxes.

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there is not ! because bitcoin not real business like company or factory.. i feel bitcoin very profitable because many profit without tax

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Quote from: jak3 on November 28, 2016, 02:43:04 PM

banks and government takes direct and indirect taxes from its citizens but bitcoin has only one type of direct taxation system which is the block miner fees which is also adjustable according to users priority on that transaction. a user can pay more tax if he wanted his transaction to get confirmed quickly or can give low tax for slower confirmations

Yeah, great point. As many are always asking if bitcoin has a tax. Well they do not have. Only the miner fees which fuels your transaction is the only fee we are paying and it is not that much like 0.0002 BTC for slow and about 0.001BTC If you want a faster transaction. I don't call it a tax because it is a fee that makes our transaction to have its way to the receiver. I can compare this like remittace Center that you need to pay certain amount before the product or the money you are sending to be processed.

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banks and government takes direct and indirect taxes from its citizens but bitcoin has only one type of direct taxation system which is the block miner fees which is also adjustable according to users priority on that transaction. a user can pay more tax if he wanted his transaction to get confirmed quickly or can give low tax for slower confirmations

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Get'em boys

If bitcoins were to be taxed it would mean a government earning in revenue but for the fact that it is a decentralized currency means its not taxable inspite of people earning an income from conducting different businesses with it.
So for now BITCOINS has no tax compliance Grin

ashiqdey

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Nope it doesn't have any tax but it does have transaction fees which is optional you can even transact without transaction fees but that transaction might not get verified by miners. Then more transaction feed we include the more faster our transaction takes place.

goldcoinminer

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Quote from: ufaiz50 on November 27, 2016, 11:37:57 PM

Quote from: Jemzx00 on February 11, 2016, 10:40:17 AM

Since bitcoin is an internet currency that can be turn into a actual money. And Bitcoin too is known on Government but still government can't observe bitcoin that good. So I'm thinking if Bitcoin has tax??

Edit:
Now I know that bitcoin doesn't have tax but Transaction does..
Where do these Tax go?Government? And what kind of tax is it??

bitcoin has no real shape as local currency if have tax how to government set it, many of us who do not want to pay taxes imposed by the government

Who does want to pay taxes, we are already required to pay taxes in our income in real world and now we still have to pay for our income in bitcoin, I guess it defeats the purpose on why bitcoin is created, how can a government tax an anonymous people?

It's hard to do and it's impossible.

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Quote from: boyptc on November 27, 2016, 11:53:15 PM

Quote from: Kabul on November 27, 2016, 07:54:08 AM

Quote from: Achargeturry78 on November 26, 2016, 10:00:31 AM

Yes bitcoin has a tax everytime you are going to make an transcation using pear to pear or person to person as you can see every time you are going to send bitcoin the tax are input in the transaction details or every time you are going to withdraw your money or exchange it into fiat currency. Hoping that goverment will not impose taxes soon.

Well that's not truly tax. You should know that tax is something Government charge to its people in order to build public building, road, improve medical, school, education, etc. And what you have to pay when you make a transaction is called fee. Fee is different from tax.

Yeah that is not even a tax, that is what we called 'fee' for every transaction we are making and the government is not benefiting with those fees. But the miners are the ones who are getting paid for their job for confirmation of our transaction. And bitcoin will be taxed if this is going to be accepted and advertised by our local government.

Yeah they wont just advertise something that will not benefit them. I think that will be coming soon considering they are seeing a lot of money in this infustry. They might be making some steps to how they can control it.

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Quote from: Kabul on November 27, 2016, 07:54:08 AM

Quote from: Achargeturry78 on November 26, 2016, 10:00:31 AM

Yes bitcoin has a tax everytime you are going to make an transcation using pear to pear or person to person as you can see every time you are going to send bitcoin the tax are input in the transaction details or every time you are going to withdraw your money or exchange it into fiat currency. Hoping that goverment will not impose taxes soon.

Well that's not truly tax. You should know that tax is something Government charge to its people in order to build public building, road, improve medical, school, education, etc. And what you have to pay when you make a transaction is called fee. Fee is different from tax.

Yeah that is not even a tax, that is what we called 'fee' for every transaction we are making and the government is not benefiting with those fees. But the miners are the ones who are getting paid for their job for confirmation of our transaction. And bitcoin will be taxed if this is going to be accepted and advertised by our local government.

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Quote from: Ryan Dugan on November 27, 2016, 11:03:05 PM

Right now there is not many places that tax bitcoin . since it is not regulated it would be very hard to do.
I guess this scares most governments.

Right now yes, but sooner or later, other countries could adopt the law in order to make it happen. It's not too hard for the government to do that, they have all the resources and all the brains they need to do it. Governments are not scared of bitcoin, I am sure of that, maybe they are not taxing or don't have interest in bitcoin because it is not affecting their economy or the use of it by the citizen becomes annoying or alarming(being used in illegal).

Topic: Do Bitcoins have Tax?? - page 13. (Read 40193 times)