Do Bitcoins have Tax?? - page 19. | Bitcointalksearch.org

Barbut

hero member

Activity: 1694

Merit: 502

★Bitvest.io★ Play Plinko or Invest!

Quote from: DOGE12321 on November 03, 2016, 03:07:35 AM

Actually, Bitcoin is does have a tax and according to the IRS Bitcoin is recognised as property rather than goods. It is just that when using Bitcoin for payment the taxing authorities may be less likely to be aware of the payments.

For more info, visit this site: https://en.bitcoin.it/wiki/Tax_compliance

On wiki is clearly written `That means, if you mow your neighbor’s lawn, it doesn’t matter if he pays you $20 in cash, or $20 worth of bitcoins. (Or $20 worth of tomatoes for that matter). In many jurisdictions, you are still legally required to report that as income.` We are always return on this very important part `in many jurisdictions`, that means depends from country to country. Bitcoin are not taxed in many countries, including mine. But again I think laws recognize difference between 20 dollar and 1 mil. dollars. And every country let this small works pass without tax, but big money is always poke in the eye.

DOGE12321

sr. member

Activity: 378

Merit: 250

Actually, Bitcoin is does have a tax and according to the IRS Bitcoin is recognised as property rather than goods. It is just that when using Bitcoin for payment the taxing authorities may be less likely to be aware of the payments.

For more info, visit this site: https://en.bitcoin.it/wiki/Tax_compliance

ashiqdey

full member

Activity: 154

Merit: 100

No there is no tax in bitcoin because it is decentralized money and no one can control this money. But it does have transaction fees which is normal and almost negligible as compared to transaction charge cut my banks. There is no limitation in bitcoin you could send as much as you want with only little transaction fees

ajun96

hero member

Activity: 658

Merit: 500

Quote from: abel1337 on November 02, 2016, 08:07:46 AM

I dont think so. Because yesterdag I withdrawn My bitcoin and converted into cash yesterday using bitcoin atm. And The fee is 5% that is quite big. I dont know where the 5% belongs is it for the transaction fee of blockchain or is it the tax of the bitcoin atm machine. It was my first time yesterday thats why I didnt know where my 5% goes.

Lol of course it is a fee that is used by the atm, ATM as like an exchange, when you tried to do withdraw surely you will be given a few percent fee. I think atm bitcoin also like that although I've never used it. but I'm pretty sure it is a fee of bitcoin ATM that you use instead of a government tax Lol

Skarner21

hero member

Activity: 700

Merit: 500

Massive price drop coming...

Quote from: knyolku123 on November 03, 2016, 01:09:18 AM

Quote from: Boss CJ on November 02, 2016, 08:09:40 AM

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 tax for now, but, bitcoin world is now spreading rapidly, in the next years it is not impossible that government will imposed tax on it. If it has tax already it would be alright with me, because it is for the benefit of all people.

im not agree with you because bitcoin is currency, so i think currency does not need tax. but if you using bitcoin to buy something overseas and shipped to your country maybe it get tax.

For bitcoin there is no tax since its not controlled by government. for shipped to your country that you mean.. i think there is no tax too just you pay for a fee and for transaction with rebate if you buy in purse.io..

knyolku123

member

Activity: 82

Merit: 10

Quote from: Boss CJ on November 02, 2016, 08:09:40 AM

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 tax for now, but, bitcoin world is now spreading rapidly, in the next years it is not impossible that government will imposed tax on it. If it has tax already it would be alright with me, because it is for the benefit of all people.

im not agree with you because bitcoin is currency, so i think currency does not need tax. but if you using bitcoin to buy something overseas and shipped to your country maybe it get tax.

BitcoinPC

hero member

Activity: 812

Merit: 500

No, In my country, bitcoin is total tax free, also i don't think that in any country want tax from bitcoin, because i never hear that bitcoin is a tax able things, It is a crypto currency, but only few charges we should pay when we transfer amount, but i think it is not a tax.
And in my country, we are paying tax only things, nothing in currency. But still we are paying very high tax in my country in all over the things luxury or non luxury.

Boss CJ

full member

Activity: 126

Merit: 100

Quote from: BitHodler on November 02, 2016, 08:33:01 AM

Quote from: Boss CJ on November 02, 2016, 08:09:40 AM

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 tax for now, but, bitcoin world is now spreading rapidly, in the next years it is not impossible that government will imposed tax on it. If it has tax already it would be alright with me, because it is for the benefit of all people.

Let me tell you something, governments from quite a number of countries are already taxing your Bitcoin activities.

With that I mean that it can be earnings through offered services, profit through trading, price that went up, and the list goes on. I personally don't see it as a bad thing.

It shows that governments take Bitcoin serious as they (some governments do) somewhat place Bitcoin in nearly the same category as fiat when it comes to earning and hodling.

Yes you are right. There is no bad thing giving tax to it. As long as it is fair and just, (I'm sure it will). It is the duty as earners to give part our earnings for the benefit of us.

May all of us see the positive side once tax imposed on it.

croutonhexagon

full member

Activity: 238

Merit: 100

No there is no taxes in bitcoin because it is decentralized and no one can impose taxes on it. In other way you can take it as private assets used by public. But it does have transaction fees which is normal because bank also cuts transaction fees. But bitcoin have Less transaction fees almost negligible fees.

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: Boss CJ on November 02, 2016, 08:09:40 AM

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 tax for now, but, bitcoin world is now spreading rapidly, in the next years it is not impossible that government will imposed tax on it. If it has tax already it would be alright with me, because it is for the benefit of all people.

Let me tell you something, governments from quite a number of countries are already taxing your Bitcoin activities.

With that I mean that it can be earnings through offered services, profit through trading, price that went up, and the list goes on. I personally don't see it as a bad thing.

It shows that governments take Bitcoin serious as they (some governments do) somewhat place Bitcoin in nearly the same category as fiat when it comes to earning and hodling.

Boss CJ

full member

Activity: 126

Merit: 100

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 tax for now, but, bitcoin world is now spreading rapidly, in the next years it is not impossible that government will imposed tax on it. If it has tax already it would be alright with me, because it is for the benefit of all people.

abel1337

legendary

Activity: 2492

Merit: 1145

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

I dont think so. Because yesterdag I withdrawn My bitcoin and converted into cash yesterday using bitcoin atm. And The fee is 5% that is quite big. I dont know where the 5% belongs is it for the transaction fee of blockchain or is it the tax of the bitcoin atm machine. It was my first time yesterday thats why I didnt know where my 5% goes.

Harlot

hero member

Activity: 1806

Merit: 672

I don't think the government can even track your transactions, they can't even associate you with a bitcoin address. Also it is impossible for you to be tax with owning a bitcoin if it is not properly regulated in your country. And even I don't think that a government will take the time of tracking all the transaction you have with your address as millions of transactions happen per day. Also you don't know if that bitcoin sent to you is a way of earning or just by your relatives or love ones sending money which is not a form of income.

Clement Kaliyar

hero member

Activity: 1302

Merit: 532

Quote from: klopcoin on November 02, 2016, 05:35:15 AM

Bitcoin didn't has a tax ,because although the government take tax from bitcoin but bitcoin can used anonimously , so the government can't trace history of bitcoin .so they can't do anything. I think we do not have to worry.

i am not sure whether this statement is completely true,bitcoin is an open source ledger,hope you have heard the case about Ross William Ulbricht and
Atrem Vaulin they were not that anonimous and were involved in illegal activities but they are caught and all of their coins are Confiscated

TastyChillySauce00

legendary

Activity: 3010

Merit: 1028

Leading Crypto Sports Betting & Casino Platform

Quote from: klopcoin on November 02, 2016, 05:35:15 AM

Bitcoin didn't has a tax ,because although the government take tax from bitcoin but bitcoin can used anonimously , so the government can't trace history of bitcoin .so they can't do anything. I think we do not have to worry.

as had been spoken by so many people repeatedly and very often,bitcoin is not fully anonymous,each transaction you have made can be traced by using blockchain explorer, therefore it's usually called pseudo-anonymous,and if bitcoin can't tax you directly,they can tax you while buying stuff through the merchants

klopcoin

newbie

Activity: 56

Merit: 0

Bitcoin didn't has a tax ,because although the government take tax from bitcoin but bitcoin can used anonimously , so the government can't trace history of bitcoin .so they can't do anything. I think we do not have to worry.

1Referee

legendary

Activity: 2170

Merit: 1427

Quote from: delliaerd on November 02, 2016, 05:02:39 AM

Quote from: Yuuto on November 02, 2016, 12:45:20 AM

Definitely not! Bitcoin is a decentralized ecosystem and all transactions except for a small miner transaction fee no taxes or extra fees are charged on your transaction. This is why many people prefer bitcoin over fiat. But it's up to the government to decide currently whether gains made from your bitcoin investment is subject to their taxes or not.

I couldn't agree more with you, because bitcoin work decentralized, no one or company that have authority to put tax for your bitcoin or for your bitcoin transactions, it is heard so good.

Do you guys even take the effort to think further than your own limited "knowledge"? I'll try to keep it very simple. Bitcoin being decentralized plays no role here. Bitcoin is money. Whatever you do to earn Bitcoins or money (fiat), you are (officially) obliged to pay tax over that amount. Whether or not you fairly declare everything is up to you, but that's how it should be. There may of course be some exceptions in certain cases, but that's different per government. But the main points of declaring your earnings and wealth are the same.

Quote from: delliaerd on November 02, 2016, 05:02:39 AM

In my point of view the government didn't have any great reasons to take some tax for bitcoin we have and our transactions with bitcoin.

I can agree with that as I myself also don't feel any need to declare my holdings and profits in Bitcoin, even though I am officially obliged to do so. I am in Bitcoin because I want to have a certain part of my wealth outside the reach of banks and governments, and I will continue to hold on to that. In that regard, the government will not get a single penny in tax from me.

delliaerd

hero member

Activity: 672

Merit: 500

Quote from: Yuuto on November 02, 2016, 12:45:20 AM

Definitely not! Bitcoin is a decentralized ecosystem and all transactions except for a small miner transaction fee no taxes or extra fees are charged on your transaction. This is why many people prefer bitcoin over fiat. But it's up to the government to decide currently whether gains made from your bitcoin investment is subject to their taxes or not.

I couldn't agree more with you, because bitcoin work decentralized, no one or company that have authority to put tax for your bitcoin or for your bitcoin transactions, it is heard so good.
In my point of view the government didn't have any great reasons to take some tax for bitcoin we have and our transactions with bitcoin.

Yuuto

hero member

Activity: 644

Merit: 501

Definitely not! Bitcoin is a decentralized ecosystem and all transactions except for a small miner transaction fee no taxes or extra fees are charged on your transaction. This is why many people prefer bitcoin over fiat. But it's up to the government to decide currently whether gains made from your bitcoin investment is subject to their taxes or not.

markyminer

hero member

Activity: 532

Merit: 500

Quote from: genos on November 01, 2016, 09:52:51 PM

Quote from: mlbs on November 01, 2016, 09:41:36 PM

Most countries do not tax bitcoins. They dont even regulate them. The thing is, a government can not impose taxes on bitcoins since it is a currency, same as fiats. The only thing they can impose taxes upon is to the goods and services we acquire by the means of paying with bitcoins. So it is not bitcoins are being taxed upon but the goods and services.

Yes it is realy hard to take a tax of bitcoin becouse bitcoin is used anonimously so no oe can trace bitcoin transaction. In exception, if bitcoin used to buy some thing in supermarket they have to pay tax becouse supermarket are under goverment permission.

currently it is also not possible as our country has not yet consider bitcoin as legal currency but i know that once our government will consider bitcoin as legal currency then they must collect tax on bitcoin and they will find way how to collect tax on bitcoin.

Topic: Do Bitcoins have Tax?? - page 19. (Read 40193 times)