Do Bitcoins have Tax?? - page 27. | Bitcointalksearch.org

richardsNY

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Quote from: swogerino on September 08, 2016, 12:59:41 PM

If there were any tax on it then that would be news to me. Undecided

How would it be done if it is not regulated anyhow? Embarrassed

It's very simple, certain governments have categorized Bitcoin as being an asset, and some governments find Bitcoin to be pure money. And that's why you have to pay tax over your Bitcoin holdings as well as your other "normal" holdings. Not very difficult to spot, right?

Supercrypt

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Quote from: aesma on September 08, 2016, 07:12:04 AM

Quote from: sishendaoye on September 08, 2016, 06:16:25 AM

No Bitcoin does not have any tax because it is not controlled by the government so they cannot put any tax on it even if they wanted to.
Many people are also making use of Bitcoin because there is no tax included.

What do you make of the wealth tax some countries have (France, Belgium for example) ? Government don't control the property market, it doesn't mean you don't pay tax.

In France there is a huge tax on gold, yet the government doesn't control the gold market.

What about capital gains taxes ?

It is because gold itself can not be considered a currency of it's own, unlike with bitcoin which you can do so.
Putting taxes on bitcoin directly is like putting taxes everytime you use a currency. Practically no real time example for such a scenario. Let us wait and see on how the regulations are moving...

swogerino

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If there were any tax on it then that would be news to me. Undecided

How would it be done if it is not regulated anyhow? Embarrassed

aesma

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If you use a bitcoin ATM I guess you can get away with it.

vero

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Quote from: marcuslong on September 08, 2016, 06:00:55 AM

Im always converting my bitcoin in real cash every week end because i need it for my daily expenses where i can earn bitcoin from signature campaign estimated 0.03 plus bitcoin every week that's too much for me and if im going to withdraw that bitcoin we don't have to pay the tax because it's always free.

i have not heard that it has imposed a tax on despite bitcoin transactions made in large numbers so I think it will be safe until the government accepts the existence of bitcoin.

aesma

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Quote from: sishendaoye on September 08, 2016, 06:16:25 AM

No Bitcoin does not have any tax because it is not controlled by the government so they cannot put any tax on it even if they wanted to.
Many people are also making use of Bitcoin because there is no tax included.

What do you make of the wealth tax some countries have (France, Belgium for example) ? Government don't control the property market, it doesn't mean you don't pay tax.

In France there is a huge tax on gold, yet the government doesn't control the gold market.

What about capital gains taxes ?

sishendaoye

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No Bitcoin does not have any tax because it is not controlled by the goverment so they cannot put any tax on it even if they wanted to.
Many people are also making use of Bitcoin because there is no tax included.

aesma

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Quote from: marleybobthedog on September 07, 2016, 02:53:52 AM

Since there is no government interference in mining and we can say it's just a private property which is mined not printed or what ever. It's just a barter system we pay money , get bitcoin and we sell bitcoin and we get money that's it dip in this system TAX is not applicable.

If you do a lot of "barter", that's called commerce, and it's definitely taxable.

If you only trade in bitcoin and objects/services, with no fiat money into the mix, it will be difficult to get caught. But since you still need fiat money to live in most places, you have to be smart.

abayan

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Quote from: warwar on September 08, 2016, 06:06:00 AM

Quote from: marcuslong on September 08, 2016, 06:00:55 AM

Im always converting my bitcoin in real cash every week end because i need it for my daily expenses where i can earn bitcoin from signature campaign estimated 0.03 plus bitcoin every week that's too much for me and if im going to withdraw that bitcoin we don't have to pay the tax because it's always free.

wow! thats big! how i wish i could earn like that every week! cool! i should work hard more! Cheesy

im withdrawing my 0.03 tomorrow because i need it and also here in our country it has no tax but it has fees if you withdraw it but it is okay Cheesy

im just new here in bitcointalk and it is my firsttime to participate in signature campaign and i hope i can earn that lot like both of you Cheesy

and i think that here in our country it has no tax when it comes to bitcoin but i dont think so if there is or not but i hope that it has no taxt when i withdraw

aesma

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If you have no salary and pay a rent, internet connexion, various bills, at some point the taxman will look at you. Or the policeman, thinking you're a drug dealer.

warwar

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Quote from: marcuslong on September 08, 2016, 06:00:55 AM

Im always converting my bitcoin in real cash every week end because i need it for my daily expenses where i can earn bitcoin from signature campaign estimated 0.03 plus bitcoin every week that's too much for me and if im going to withdraw that bitcoin we don't have to pay the tax because it's always free.

wow! thats big! how i wish i could earn like that every week! cool! i should work hard more! Cheesy

im withdrawing my 0.03 tomorrow because i need it and also here in our country it has no tax but it has fees if you withdraw it but it is okay Cheesy

marcuslong

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Im always converting my bitcoin in real cash every week end because i need it for my daily expenses where i can earn bitcoin from signature campaign estimated 0.03 plus bitcoin every week that's too much for me and if im going to withdraw that bitcoin we don't have to pay the tax because it's always free.

tomwoodservices

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If you withdraw it to fiat and it reaches a tax threshold then most of the time you do have to declare it.

dc1a0

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Quote from: calkob on September 07, 2016, 02:19:45 PM

it is pretty simple if you make a profit off of buying bitcoin that means buying and selling them then you have to declare it to the tax authorities and pay income tax

But what about if I take payment in bitcoin for product or services rendered, or received them as a gift or panhandled them in faucets or signature campaign?
Though, I think the latter two are too low to make enough in a year to need to declare them as income. if I understand US tax laws right.

calkob

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it is pretty simple if you make a profit off of buying bitcoin that means buying and selling them then you have to declare it to the tax authorities and pay income tax

dc1a0

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I can't say anything for anywhere else than the US, but, I thought I read somewhere that in the US, bitcoin was taxed as a commodity and that an agency paying close enough attention to the blockchain could possibly catch a person if they didn't report properly. Is what I read misleading and this would not be a real danger? Since, if I remember correctly it was on a tax advice blog from a CPA, was it more something to drum up business for him? Reading these responses to this post I'm starting to wonder and now want to make sure I have the facts straight.

skyway1

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i there is no tax apply on bitcoin because it not approve by government and not any government adopt the bitcoin and i think after it all there is some tax will apply on bitcoin if anyone using bitcoin they will pay tax on bitcoin.

coin_gambler

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Quote from: dihari on September 07, 2016, 01:53:39 AM

if it isn't legal in your country, the government can't reach tha tax from your bitcoin transactions.
its only take an exchanger fees.

you are right, bitcoins usually have no taxes right now in most of the countries and i dont think that they will ever have taxes in the future

machinek20

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The bitcoin itself doesnt have any tax, because its anonymous and hidden from government, but when you e change it back to fiat, the government will charge you the tax, its the income tax, hopefully government dont meddle up too much in bitcoin, this is the world where we can have freedom

bitbunnny

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It's hard to answer that question because any country has different regulations, if it has any. But I think that in most cases Bitcoin doesn't have a tax on it's own but probably Bitcoin transactions or even trading on exchangers could have.

Topic: Do Bitcoins have Tax?? - page 27. (Read 40193 times)