Do Bitcoins have Tax?? - page 3. | Bitcointalksearch.org

GMPoison

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Quote from: Zadicar on January 17, 2017, 10:45:28 AM

Quote from: Nameless27 on January 17, 2017, 10:30:48 AM

Quote from: Zadicar on January 17, 2017, 10:02:04 AM

Bitcoin doesnt have tax but i does have transaction fees but that isnt much to worry since its just a small amount and also bitcoin is decentralized and government couldnt really imply or impose taxes on it thats why some government doesnt want bitcoin to be adopt on their place.

Bitcoin asking for tax? i think we are just paying for transaction fee but for tax i never heard that they are asking about the tax i think you are in wrong thoughts.. you should know that we are still not legal means bitcoin can be still say as illegal..

I didnt said that bitcoin is imposing tax in the form of fees and as you read on my statement bitcoin doesnt have tax and government couldnt able to impose taxes on it but it has transaction fee.I didnt say it has tax.lol. Bitcoin is uncontrollable and as mentioned above i do agree with it that even bitcoin can be taxed but the exchanges have been regulated by the government.

The US government can and has put a tax on buying/selling however. How they plan on enforcing it? Your guess is as good as mine.

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Quote from: Nameless27 on January 17, 2017, 10:30:48 AM

Quote from: Zadicar on January 17, 2017, 10:02:04 AM

Bitcoin doesnt have tax but i does have transaction fees but that isnt much to worry since its just a small amount and also bitcoin is decentralized and government couldnt really imply or impose taxes on it thats why some government doesnt want bitcoin to be adopt on their place.

Bitcoin asking for tax? i think we are just paying for transaction fee but for tax i never heard that they are asking about the tax i think you are in wrong thoughts.. you should know that we are still not legal means bitcoin can be still say as illegal..

I didnt said that bitcoin is imposing tax in the form of fees and as you read on my statement bitcoin doesnt have tax and government couldnt able to impose taxes on it but it has transaction fee.I didnt say it has tax.lol. Bitcoin is uncontrollable and as mentioned above i do agree with it that even bitcoin can be taxed but the exchanges have been regulated by the government.

Nameless27

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Quote from: Zadicar on January 17, 2017, 10:02:04 AM

Bitcoin doesnt have tax but i does have transaction fees but that isnt much to worry since its just a small amount and also bitcoin is decentralized and government couldnt really imply or impose taxes on it thats why some government doesnt want bitcoin to be adopt on their place.

Bitcoin asking for tax? i think we are just paying for transaction fee but for tax i never heard that they are asking about the tax i think you are in wrong thoughts.. you should know that we are still not legal means bitcoin can be still say as illegal..

d@nte

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Quote from: Xester on January 17, 2017, 09:41:06 AM

Quote from: FlightyPouch on January 17, 2017, 08:02:10 AM

As far as I know, bitcoin has no tax. The government is not controlling the bitcoin like the other currency. If bitcoin has a tax then maybe you can tell that the bitcoin is a legal currency of a country. Thats why bitcoin are said to be free.

In India bitcoin is termed as a property by the taxing agency. This just implies that probably they will place taxes on owning bitcoins like you own a real property. But the problem with taxing bitcoin as a property is its hard to determine who owns bitcoin and how much bitcoin did they own. In the Philippines bitcoin is not taxable but the company that runs bitcoin pays taxes to the government such as business and income tax.

There are many other countries that take such measures. The upside is that, since governments are recognizing that Bitcoin has value, as a digital asset, many people are becoming interested in knowing what Bitcoin is and how to invest in it. The downside is that the government tries, in this way, to exert influence over Bitcoin, who should not be interfered with by centralized institutions. In any case, Bitcoin continues to be decentralized, since it is the user's choice to pay the tax or not.

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Quote from: Zadicar on January 17, 2017, 10:02:04 AM

Bitcoin doesnt have tax but i does have transaction fees but that isnt much to worry since its just a small amount and also bitcoin is decentralized and government couldnt really imply or impose taxes on it thats why some government doesnt want bitcoin to be adopt on their place.

That's true, Government's can't really impose taxes accurately. Each country have different stand on bitcoin taxation. Now in a news Israeli financial management had mentioned bitcoin as a taxable asset as well people involved into the trading of bitcoin and other related works were considered under business taxes.

Tanic

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That is the truethat bitcoin have not taxes for now, because of it is still not admited by governments. but it has fees for transactions with bitcoin, it is logically that fees are going to sites administrators and creators. and in the case of bitcoin woild be taxed those taxes will go to government of course.

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Quote from: Zadicar on January 17, 2017, 10:02:04 AM

Bitcoin doesnt have tax but i does have transaction fees but that isnt much to worry since its just a small amount and also bitcoin is decentralized and government couldnt really imply or impose taxes on it thats why some government doesnt want bitcoin to be adopt on their place.

Actually they won't impose tax to you directly, but they do apply it on exchanges where you transact your bitcoin and the exchanges won't simply apply it to you, they get it on times that you commit mistake by converting at a wrong time and that is where the exchanges earn to pay what is due to the government. We should not be worrying too much about the transaction fee since we are paying it to make the system going.

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Bitcoin doesnt have tax but i does have transaction fees but that isnt much to worry since its just a small amount and also bitcoin is decentralized and government couldnt really imply or impose taxes on it thats why some government doesnt want bitcoin to be adopt on their place.

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It's depend from country to country and theirs laws.

In mine, we have to pay taxs if we make profits with the price. (Let's say you buy at 700$ and sell at 800$). As long you don't sell your bitcoin then no taxs.
Some of us buy it with Paypal or others, to hide what we are doing with it so in case they control, they see the money is sent to paypal, not to an exchange platform.
I remember a period some banks were blocking banks transfers to Kraken telling us "risk fraud" LOL who asked your opinion Roll Eyes

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Quote from: Xester on January 17, 2017, 09:41:06 AM

Quote from: FlightyPouch on January 17, 2017, 08:02:10 AM

As far as I know, bitcoin has no tax. The government is not controlling the bitcoin like the other currency. If bitcoin has a tax then maybe you can tell that the bitcoin is a legal currency of a country. Thats why bitcoin are said to be free.

In India bitcoin is termed as a property by the taxing agency. This just implies that probably they will place taxes on owning bitcoins like you own a real property. But the problem with taxing bitcoin as a property is its hard to determine who owns bitcoin and how much bitcoin did they own. In the Philippines bitcoin is not taxable but the company that runs bitcoin pays taxes to the government such as business and income tax.

Well if Bitcoin is identified as a kind of property whether it is real or personal than it can be considered taxable. It really depends on the government's identification with Bitcoin. But at the end it will be hard for Bitcoin to be tax because it is hard to be followed on because it is a currency that no government has control on. That is why many countries identify Bitcoin as some kind of illegal currency.

Xester

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Quote from: FlightyPouch on January 17, 2017, 08:02:10 AM

As far as I know, bitcoin has no tax. The government is not controlling the bitcoin like the other currency. If bitcoin has a tax then maybe you can tell that the bitcoin is a legal currency of a country. Thats why bitcoin are said to be free.

In India bitcoin is termed as a property by the taxing agency. This just implies that probably they will place taxes on owning bitcoins like you own a real property. But the problem with taxing bitcoin as a property is its hard to determine who owns bitcoin and how much bitcoin did they own. In the Philippines bitcoin is not taxable but the company that runs bitcoin pays taxes to the government such as business and income tax.

ASHLIUSZ

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Quote from: FlightyPouch on January 17, 2017, 08:02:10 AM

As far as I know, bitcoin has no tax. The government is not controlling the bitcoin like the other currency. If bitcoin has a tax then maybe you can tell that the bitcoin is a legal currency of a country. Thats why bitcoin are said to be free.

Bitcoin does not have tax and just because of it several countries feared of economic collapse and initiated ban for bitcoin within the country. But later realized the true technology that's been found as an innovation which supports all sectors of living. Now countries at least started giving importance for the technology than the coin.

FlightyPouch

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As far as I know, bitcoin has no tax. The government is not controlling the bitcoin like the other currency. If bitcoin has a tax then maybe you can tell that the bitcoin is a legal currency of a country. Thats why bitcoin are said to be free.

webtricks

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Quote from: Casabrandy on January 17, 2017, 07:56:20 AM

Quote from: webtricks on January 17, 2017, 07:50:04 AM

No tax for sending/receiving bitcoin. No one can ask you any satoshi. However there is transaction fees.
But when you convert it to cash, you hve to pay tax along with fees of agency who convert it for you.

Right ,those transaction fees like in cashing out or sending money were being accumulated with the tax, those tax were paid by the bank or companies we put our transactions with. They paid tax in our government. Though it was not us bitcoin users who got charged automatically.

Yeah!
It is compulsive payment on those companies by bank!
But the companies transfer that tax to users using their service in form of taxes such as VAT, CST, etc. People may mistood that tax, the tax is not on Bitcoin but the service offered by those companies.

1Referee

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Quote from: erickkyut on January 17, 2017, 06:20:07 AM

bitcoin has no tax because no one has control of it even the government. i think that is one of the reason why some countries banned bitcoin because aside from they don't have control over it, they cannot earn from it because it has no tax. and it is really impossible to tax bitcoin users!

It's indeed not possible to force Bitcoiners to pay tax, but there are certain policies/laws where Bitcoin isn't directly being mentioned, but it's without a doubt that since Bitcoin isn't any different from money, that you have to pay tax over what you hold in Bitcoin. In that regard, there is no real difference in having $100,000 in cash, or $100,000 sitting in Bitcoin. The point is that we are supposed to declare every bit of our holdings and profits in a honest manner when filling in our tax reports. But since there is no way for the government to surely know whether or not we own Bitcoin or made profits, we can just keep our mouth shut and don't declare anything. I don't think there are many people honestly declaring all their holdings. It's just not smart to do so.

Casabrandy

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Quote from: webtricks on January 17, 2017, 07:50:04 AM

No tax for sending/receiving bitcoin. No one can ask you any satoshi. However there is transaction fees.
But when you convert it to cash, you hve to pay tax along with fees of agency who convert it for you.

Right ,those transaction fees like in cashing out or sending money were being accumulated with the tax, those tax were paid by the bank or companies we put our transactions with. They paid tax in our government. Though it was not us bitcoin users who got charged automatically.

webtricks

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No tax for sending/receiving bitcoin. No one can ask you any satoshi. However there is transaction fees.
But when you convert it to cash, you hve to pay tax along with fees of agency who convert it for you.

Yates

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I don't believe that in owning bitcoins we would have to pay any tax.
But if you trade the bitcoins for cash, I know for sure you have to pay tax on that capital gained.

erickkyut

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bitcoin has no tax because no one has control of it even the government. i think that is one of the reason why some countries banned bitcoin because aside from they don't have control over it, they cannot earn from it because it has no tax. and it is really impossible to tax bitcoin users!

Bitcoin0916

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Quote from: olushakes on January 11, 2017, 01:40:22 AM

Taxing bitcoin will likely be a nightmare and I am sure that's line of the reasons government of some countries are trying hard to discourage its use in their respective countries rather than what they made people to believe that because its being used for illegal purpose and other bad things. For any form of income to be taxed there even has to be a law to that effect to capture and a law cannot be made without fully understanding the subject matter in which I know its in process currently by most countries and until that, let's enjoy our tax free income.

I think with taxing will make approve bitcoin in the country. Until recently my country not yet there are rules for tax bitcoin, if there was a tax course this would make bitcoin is recognized as one of the main commodity. I agree if there's a tax levy on bitcoin.

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