Do Bitcoins have Tax?? - page 31. | Bitcointalksearch.org

Mauser

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Quote from: bamboylee on July 31, 2016, 10:34:36 PM

Quote from: Hellacopter on July 30, 2016, 03:04:44 AM

As Bitcoin is used anonymously i think it's hard for governments to impose tax for using it
But many users exchange their bitcoins to fiat which is under the tax laws

Government can chase the exchange sites and tax them accordingly. But I do not think that individual bitcoin users can be taxed. As long as you can keep it a secret, they can never know how much you are earning from bitcoin. We are all safe from government tax, i hope.

Yeah bitcoins are the new swiss banks. Let's see how long this can keep going though.

Pursuer

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Quote from: bamboylee on July 31, 2016, 10:34:36 PM

Quote from: Hellacopter on July 30, 2016, 03:04:44 AM

As Bitcoin is used anonymously i think it's hard for governments to impose tax for using it
But many users exchange their bitcoins to fiat which is under the tax laws

Government can chase the exchange sites and tax them accordingly. But I do not think that individual bitcoin users can be taxed. As long as you can keep it a secret, they can never know how much you are earning from bitcoin. We are all safe from government tax, i hope.

if the individual bitcoin user is using bitcoin to earn money in things like trading on exchanges, on localbitcoins, or if he is using bitcoin in his business even if it is small one on the forum like in selling goods then he should think about paying his taxes because that is running a business and also an unlicensed one which may cause more problems too.

bamboylee

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Quote from: Hellacopter on July 30, 2016, 03:04:44 AM

As Bitcoin is used anonymously i think it's hard for governments to impose tax for using it
But many users exchange their bitcoins to fiat which is under the tax laws

Government can chase the exchange sites and tax them accordingly. But I do not think that individual bitcoin users can be taxed. As long as you can keep it a secret, they can never know how much you are earning from bitcoin. We are all safe from government tax, i hope.

Rogue Stevens

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Quote from: blackraven1425 on February 11, 2016, 03:04:49 PM

In my country we are supposed to declare to "IRS" every bitcoin we own as a "financial asset". Well, who would be stupid enough to do that? That just doeasn't make sense.

Do you know if various wallets/exchanges/etc. like bitstamp, coinbase, circle issue 1099s? If they do then it's being reported to the IRS already and it'd be pretty risky to abstain from reporting your bitcoin assets. However, if they don't I think it'd be difficult if not impossible for the IRS to know anything about your bitcoin assets (just like they couldn't really know if you were paid cash for a contracted job that the conractee didn't issue a 1099 for).

Fatanut

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Bitcoin doesn't have tax. You get the privilege of keeping tons of money in your wallet and there's no government to put tax on you when you use bitcoin. Bitcoin is decentralized and the government has nothing to do with it, their rules doesn't apply on bitcoin. If a government prohibits the use of Bitcoin, one could just use a VPN to mask his IP address. It would be almost impossible for the government to trace him.

A big part of the salary of the employees goes to income tax. If you work online and you get paid in bitcoins, the money that was sent to you will be the same amount of money that you'll get. Unlike in real life, a big percentage of your income goes to income tax.

MingLee

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Quote from: Superbitzz on July 31, 2016, 03:11:57 PM

Quote from: Carlsen on July 31, 2016, 03:22:05 AM

Quote from: ASHLIUSZ on July 31, 2016, 02:52:50 AM

Quote from: Indrawan77 on July 31, 2016, 01:55:19 AM

I think the answer is yes but it depends on your country, when you convert bitcoin to fiat then the government will consider it as your income and that is the reason why you need to pay the tax, that is why the government want to tighten up the regulation so they can earn more from bitcoin tax

Yeah tax regulations differ for each country around the world, most countries consider Bitcoin as capital asset, and so any gains made are taxed like capital gains. So if you make profits from selling your coins, those profits are taxed. If you make losses, you may be able to deduct the losses and reduce your taxes.

If you live in the EU, I think it is possible that they have a common tax system concerning crypto currencies.
If I remember correctly, there was even a decision by some higher eu court last year how to handle bitcoins.

i think these are not right information about bitcoin from EU, i have so many friends living there, we often do discussion on bitcoin, infact i first told him about bitcoin and now he is getting information about it, but he never discuss it to me that there bicoin have tax and yet the EU also not recognize bitcoin as a legal currency then how can it be possible that they impost tax on bitcoin.

They don't have to view it as a legal currency, it could be anything like an asset, a property (similar to how you would view a car or house) or, as you say, a currency. There are a lot of classifications for taxes, and nothing is required to be called a currency to be taxed. For example, Bitcoin trading as XBT or whatever on a stock exchange, they can start to tax it as an asset (and tax it higher than they would a currency)

Superbitzz

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Quote from: Carlsen on July 31, 2016, 03:22:05 AM

Quote from: ASHLIUSZ on July 31, 2016, 02:52:50 AM

Quote from: Indrawan77 on July 31, 2016, 01:55:19 AM

I think the answer is yes but it depends on your country, when you convert bitcoin to fiat then the government will consider it as your income and that is the reason why you need to pay the tax, that is why the government want to tighten up the regulation so they can earn more from bitcoin tax

Yeah tax regulations differ for each country around the world, most countries consider Bitcoin as capital asset, and so any gains made are taxed like capital gains. So if you make profits from selling your coins, those profits are taxed. If you make losses, you may be able to deduct the losses and reduce your taxes.

If you live in the EU, I think it is possible that they have a common tax system concerning crypto currencies.
If I remember correctly, there was even a decision by some higher eu court last year how to handle bitcoins.

i think these are not right information about bitcoin from EU, i have so many friends living there, we often do discussion on bitcoin, infact i first told him about bitcoin and now he is getting information about it, but he never discuss it to me that there bicoin have tax and yet the EU also not recognize bitcoin as a legal currency then how can it be possible that they impost tax on bitcoin.

Mauser

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Quote from: Carlsen on July 31, 2016, 03:22:05 AM

Quote from: ASHLIUSZ on July 31, 2016, 02:52:50 AM

Quote from: Indrawan77 on July 31, 2016, 01:55:19 AM

I think the answer is yes but it depends on your country, when you convert bitcoin to fiat then the government will consider it as your income and that is the reason why you need to pay the tax, that is why the government want to tighten up the regulation so they can earn more from bitcoin tax

Yeah tax regulations differ for each country around the world, most countries consider Bitcoin as capital asset, and so any gains made are taxed like capital gains. So if you make profits from selling your coins, those profits are taxed. If you make losses, you may be able to deduct the losses and reduce your taxes.

If you live in the EU, I think it is possible that they have a common tax system concerning crypto currencies.
If I remember correctly, there was even a decision by some higher eu court last year how to handle bitcoins.

Hmm, but governments don't tax the Money itself, just the gain in value when you realise them by selling or buying.

Are your Bitcoins being taxed? I am from the EU and I never seen any Bitcoin Tax so far.

Carlsen

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Quote from: ASHLIUSZ on July 31, 2016, 02:52:50 AM

Quote from: Indrawan77 on July 31, 2016, 01:55:19 AM

I think the answer is yes but it depends on your country, when you convert bitcoin to fiat then the government will consider it as your income and that is the reason why you need to pay the tax, that is why the government want to tighten up the regulation so they can earn more from bitcoin tax

Yeah tax regulations differ for each country around the world, most countries consider Bitcoin as capital asset, and so any gains made are taxed like capital gains. So if you make profits from selling your coins, those profits are taxed. If you make losses, you may be able to deduct the losses and reduce your taxes.

If you live in the EU, I think it is possible that they have a common tax system concerning crypto currencies.
If I remember correctly, there was even a decision by some higher eu court last year how to handle bitcoins.

ASHLIUSZ

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Quote from: Indrawan77 on July 31, 2016, 01:55:19 AM

I think the answer is yes but it depends on your country, when you convert bitcoin to fiat then the government will consider it as your income and that is the reason why you need to pay the tax, that is why the government want to tighten up the regulation so they can earn more from bitcoin tax

Yeah tax regulations differ for each country around the world, most countries consider Bitcoin as capital asset, and so any gains made are taxed like capital gains. So if you make profits from selling your coins, those profits are taxed. If you make losses, you may be able to deduct the losses and reduce your taxes.

Mauser

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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??

Taxes on bitcoin transactions are not deducted automatically. You are the one who should inform your government when you earn a profit with bitcoins on your annual tax forms.

Since the government has no chance to check your bitcoin transaction at the moment. It is pretty easy to do tax fraud with bitcoins.

Indrawan77

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I think the answer is yes but it depends on your country, when you convert bitcoin to fiat then the government will consider it as your income and that is the reason why you need to pay the tax, that is why the government want to tighten up the regulation so they can earn more from bitcoin tax

JeffBrad12

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Quote from: chixka000 on July 30, 2016, 11:13:10 PM

as far as i know their is no tax in bitcoin transaction but some site uses fees for their services , but i don't think so that this fees are to be or can be considered as a tax from your transaction

Getting some fees for your transaction it's same means for you getting a tax for your transaction, i think the tax and fees not having a large different in their definition but maybe some people is having different definition about that, for me tax and fees is same.

Leonard2016

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you can never give a correct answer to this question in here, becasue you have to look at what you are doing and in what country you are living in. it can be so different based on the place you are in . and also the volume you are dealing with is important.

chixka000

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as far as i know their is no tax in bitcoin transaction but some site uses fees for their services , but i don't think so that this fees are to be or can be considered as a tax from your transaction

shashank5119

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No I never heard tax being enfored on bitcoins in any country because its not controlled by government so why tax.But yes if some one convert large amount of bitcoins into fiat then may be he has to pay tax of his/her fiat money.

abugseuf

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Quote from: Hellacopter on July 30, 2016, 03:04:44 AM

As Bitcoin is used anonymously i think it's hard for governments to impose tax for using it
But many users exchange their bitcoins to fiat which is under the tax laws

but i think the main reason is that no government has yet legalize bitcoin therefore they yet not impose tax on it, first the government has to declare it as a legal currency and then you will that so many kind of taxes will be apply on bitcoin, like income tax, withholding tax, transaction tax etc

calkob

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only if you tell them that you own them.... how could they know other wise ?

Ewinsane

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no tax on bitcoin because it not approve in my country and if bitcoin approve in my country then the government can apply tax on bitcoin.

Hellacopter

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As Bitcoin is used anonymously i think it's hard for governments to impose tax for using it
But many users exchange their bitcoins to fiat which is under the tax laws

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