Topic: Do Bitcoins have Tax?? - page 4. (Read 40193 times)
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.
All my bitcoin income are taxfree, and i havent filed tax for my online income since 2008 and only filed for my physical business and never declared my bitcoin income.
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??
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??
According to what I read in the google search about the definenition of bitcoin it is a peer to peer currency and decentralized, which means none of us even the government itself cannot control it. Therefore, there is no tax charge will happen in bitcoin industry.
Supposedly that will be the scenario, however due to the privilege of using bitcoin to avoid taxes, until now we are still enjoying it and honestly I really hope it will last long. The feeling is better if you can maximize your profit. Therefore "bitcoin itself will not be tax".
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??
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??
According to what I read in the google search about the definenition of bitcoin it is a peer to peer currency and decentralized, which means none of us even the government itself cannot control it. Therefore, there is no tax charge will happen in bitcoin industry.
if you just hold and never use your bitcoin, then you are not taxed, even in the USA i beliebe this is the case
as long as you don't use your coin or do trading to acquire more, if lucky, you are not obliged to pay any tax
this is certainly true in europe, i don't know if in america they have changed the law for crypto
as long as you don't use your coin or do trading to acquire more, if lucky, you are not obliged to pay any tax
this is certainly true in europe, i don't know if in america they have changed the law for crypto
I am from Europe myself. I have been doing some research where I also contacted my local government to see what their stand point is on holding crypto in general. I have been told that if I ever was to hold whatever amount that is in the tens of thousand range, then even holding them will be seen as something that they can charge tax over. It's part of my wealth. That's however not the case when it comes to virtual profits (e.g. coins having gained value after buying without selling). Tax on profits will apply at the time I sell these coins at a price higher than what I bought them for. Either way, you having plenty of coins, or just a few coins, declaring them is a must.
if you just hold and never use your bitcoin, then you are not taxed, even in the USA i beliebe this is the case
as long as you don't use your coin or do trading to acquire more, if lucky, you are not obliged to pay any tax
this is certainly true in europe, i don't know if in america they have changed the law for crypto
as long as you don't use your coin or do trading to acquire more, if lucky, you are not obliged to pay any tax
this is certainly true in europe, i don't know if in america they have changed the law for crypto
I am from Europe myself. I have been doing some research where I also contacted my local government to see what their stand point is on holding crypto in general. I have been told that if I ever was to hold whatever amount that is in the tens of thousand range, then even holding them will be seen as something that they can charge tax over. It's part of my wealth. That's however not the case when it comes to virtual profits (e.g. coins having gained value after buying without selling). Tax on profits will apply at the time I sell these coins at a price higher than what I bought them for. Either way, you having plenty of coins, or just a few coins, declaring them is a must.
legendary
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Leading Crypto Sports Betting & Casino Platform
It's not the Bitcoin that is taxed. There is no tax on dollars for example, but if you are earning, or disposing of capital assets, then you may be liable for taxes. If you take a car in lieu of payment, then you still may have to pay tax.
Exactly, Bitcoin obviously don't have any taxes at all because it is a digital currency or like the real money. Unless the government itself will give the by laws about in bitcoin, and if that happen that's not good for the bitcoin enthusiast like us for sure.
And if you all as a bitcoin users never pay the taxes then probably the government will make another movement, banning bitcoin is also one of their option to keep their taxes on fire
NO TAX. It's decentralized and no one have control over bitcoin. Is your freedom to use it, your money, your wallet, and your rules. Is free from any sort of others control.
It should be like that, but unfortunately the opposite is true.You hodling like $100,000 worth of Bitcoin isn't really different from you hodling $100,000 worth of stocks. In both cases you have to comply with the tax policies in your country.
If you just keep hiding what you have, then it's seen and treated as a serious crime where you can face severe penalties. It's not all that innocent and simple as you may think.
if you just hold and never use your bitcoin, then you are not taxed, even in the USA i beliebe this is the case
as long as you don't use your coin or do trading to acquire more, if lucky, you are not obliged to pay any tax
this is certainly true in europe, i don't know if in america they have changed the law for crypto
Generally holding is indeed non-taxable. Unless you realize some profit then you are not liable to pay for taxes. When you profit you have to pay for income taxes to you government. Hence if the prices of bitcoin went up after you bought the coins then sold it, you are liable for income tax. Another tax would be tax on the use of bitcoins, if your government taxes the use of bitcoins that is a separate tax compared to income tax.
NO TAX. It's decentralized and no one have control over bitcoin. Is your freedom to use it, your money, your wallet, and your rules. Is free from any sort of others control.
It should be like that, but unfortunately the opposite is true.You hodling like $100,000 worth of Bitcoin isn't really different from you hodling $100,000 worth of stocks. In both cases you have to comply with the tax policies in your country.
If you just keep hiding what you have, then it's seen and treated as a serious crime where you can face severe penalties. It's not all that innocent and simple as you may think.
if you just hold and never use your bitcoin, then you are not taxed, even in the USA i beliebe this is the case
as long as you don't use your coin or do trading to acquire more, if lucky, you are not obliged to pay any tax
this is certainly true in europe, i don't know if in america they have changed the law for crypto
It's not the Bitcoin that is taxed. There is no tax on dollars for example, but if you are earning, or disposing of capital assets, then you may be liable for taxes. If you take a car in lieu of payment, then you still may have to pay tax.
Exactly, Bitcoin obviously don't have any taxes at all because it is a digital currency or like the real money. Unless the government itself will give the by laws about in bitcoin, and if that happen that's not good for the bitcoin enthusiast like us for sure.
It's not the Bitcoin that is taxed. There is no tax on dollars for example, but if you are earning, or disposing of capital assets, then you may be liable for taxes. If you take a car in lieu of payment, then you still may have to pay tax.
Exactly, Bitcoin obviously don't have any taxes at all because it is a digital currency or like the real money. Unless the government itself will give the by laws about in bitcoin, and if that happen that's not good for the bitcoin enthusiast like us for sure.
Bitcoin doesn't have any taxes,because they are not considered as real money at most of the countries.
But you do need to pay the miner about 10c per transaction in order to get your transaction confirmed fast.
but 10c is nothing, as if u are making a bank transfer you are going to pay a lot more.
But you do need to pay the miner about 10c per transaction in order to get your transaction confirmed fast.
but 10c is nothing, as if u are making a bank transfer you are going to pay a lot more.
NO TAX. It's decentralized and no one have control over bitcoin. Is your freedom to use it, your money, your wallet, and your rules. Is free from any sort of others control.
It should be like that, but unfortunately the opposite is true.You hodling like $100,000 worth of Bitcoin isn't really different from you hodling $100,000 worth of stocks. In both cases you have to comply with the tax policies in your country.
If you just keep hiding what you have, then it's seen and treated as a serious crime where you can face severe penalties. It's not all that innocent and simple as you may think.
Although paying tax is not always bad for your economy because if you want to just live in peace without being chased by the police, just do what you're obligated to do
Even to such a level, that it nearly looks like theft from the governments. That's why I don't understand why in certain occasions people can't be exempted from paying tax.
We have already paid a significant amount of, why do we still have to pay tax over the money we already paid tax over. Even if you want to donate a certain amount of money to your family you have to pay tax.
legendary
Activity: 3010
Merit: 1028
Leading Crypto Sports Betting & Casino Platform
NO TAX. It's decentralized and no one have control over bitcoin. Is your freedom to use it, your money, your wallet, and your rules. Is free from any sort of others control.
It should be like that, but unfortunately the opposite is true.You hodling like $100,000 worth of Bitcoin isn't really different from you hodling $100,000 worth of stocks. In both cases you have to comply with the tax policies in your country.
If you just keep hiding what you have, then it's seen and treated as a serious crime where you can face severe penalties. It's not all that innocent and simple as you may think.
Although paying tax is not always bad for your economy because if you want to just live in peace without being chased by the police, just do what you're obligated to do
NO TAX. It's decentralized and no one have control over bitcoin. Is your freedom to use it, your money, your wallet, and your rules. Is free from any sort of others control.
It should be like that, but unfortunately the opposite is true.You hodling like $100,000 worth of Bitcoin isn't really different from you hodling $100,000 worth of stocks. In both cases you have to comply with the tax policies in your country.
If you just keep hiding what you have, then it's seen and treated as a serious crime where you can face severe penalties. It's not all that innocent and simple as you may think.
NO TAX. It's decentralized and no one have control over bitcoin. Is your freedom to use it, your money, your wallet, and your rules. Is free from any sort of others control.
Bitcoin doesn't have tax, but based upon the transaction happening within accounts taxes will be levied. Also on just based upon this issue there are countries that make strict regulations for the bitcoin usage within the country.
So far there is no tax, but i think some people who willing to be the bit trader will eventually make tax for you, just like my local's number provider.
example: google play pricing around 129idr but the provider taxing u and the invoice u got is around 130idr. thats the way it work!
example: google play pricing around 129idr but the provider taxing u and the invoice u got is around 130idr. thats the way it work!
That has nothing to do with the tax that governments apply. It's just the company in question taking its cut by offering you a certain service. It's called a fee. Governments can only make you pay tax when you declare your holdings and profits in a honest manner. If that doesn't happen, then the governments don't stand a chance. That's why they have changed their approach on how to deal with this matter. They now target exchanges to force them to release user information. From there they can more or less calculate how much tax you owe to the government. Sad reality.
Yes, they do have. When you change them for local currency, you need to pay tax. Size of tax deppends from country...
I never experience such, when I think of exchanging my bitcoin to fiat I only need to sold my bitcoin with the current price. There was never a time that I paid taxes for exchanging to fit, and I think this will be the best benefit of using bitcoin to be tax free. Despite of that, I am still not confident this will continue as our government is already looking to tax our transactions with bitcoin, and until the law is not yet published we continue to enjoy the tax free system.Do you have any link for a credible website to support that claim? The government don't own all of the bitcoins in regulation, they can't tax it. Just like how people avoid paying taxes in fiat, there would always be a way to do that in here as well, assuming that the government somehow successfully are able to implement tax in bitcoins.
I think the "tax" that the other guy was talking about is actually the fee that you pay for when you convert your bitcoins into fiat and transfer them to your bank account.
So far there is no tax, but i think some people who willing to be the bit trader will eventually make tax for you, just like my local's number provider.
example: google play pricing around 129idr but the provider taxing u and the invoice u got is around 130idr. thats the way it work!
example: google play pricing around 129idr but the provider taxing u and the invoice u got is around 130idr. thats the way it work!
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