Do Bitcoins have Tax?? - page 41. | Bitcointalksearch.org

Jeremycoin

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Quote from: watashi-kokoto on February 20, 2016, 09:29:15 AM

Bitcoin does not operate within a national boundaries. In this regard it's similar to bank notes and it's above the law of every individual nation state.

If you want to, you can pay taxes to your government, or some other government if you don't like yours. In any case, the payment activity you're doing is happening on a mining facility. The company running the mining facility already pays taxes for electricity, staff, so it's pointless to pay tax twice for the same already taxed service.

They pay taxes just for the electricity not for Bitcoin, because not their obligation to pay taxes for bitcoin.
Yeah, it's pointless to pay tax twice when you even don't need to pay it at all.

watashi-kokoto

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Bitcoin does not operate within a national boundaries. In this regard it's similar to bank notes and it's above the law of every individual nation state.

If you want to, you can pay taxes to your government, or some other government if you don't like yours. In any case, the payment activity you're doing is happening on a mining facility. The company running the mining facility already pays taxes for electricity, staff, so it's pointless to pay tax twice for the same already taxed service.

BTCBinary

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Every government has its way of dealing with digital currency. Many countries already have regulation in place while others are working on it.
You need to try and learn what's the government position regarding bitcoin and other digital currencies in your country

Kollor

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It depends upon on how you use bitcoin,if you buy a digital good and pay it with bitcoin, I don't think that there is tax in it, but if you use itto buy physical goods there is VAT or if you pay an electric bill, there are lots of tax in it such as the tax on transmission charges and many more, the thing is the tax is not imposed on bitcoin but on where it is spend as fiat..

knowhow

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Countries will tax bitcoin soon or later as they see they can get a fee from it ,even not aceepting it yet they will tax ,if not declared they will take full control of the wallets as had already happened with a member here ,and law hitted his pocket deeply.

RodeoX

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Quote from: RoommateAgreement on February 19, 2016, 09:51:51 AM

i hae never even considered taxes, man i have to think some things over.

Here is the good news if you are in the U.S.
The growth in value of your bitcoin is taxable under capitol gains tax. Just as if you bought a stock or anything that appreciates, when you sell or spend that item you must pay. Capitol gains varies but is often 10% (it may be zero depending on your tax bracket). That is way better than the 30-35% you probably give up for working your ass off. Cap-gains are a rich persons tax and so is much lower than you are used to paying.

RoommateAgreement

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Bazinga!

i hae never even considered taxes, man i have to think some things over.

RodeoX

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The revolution will be monetized!

Quote from: Lutzow on February 19, 2016, 07:25:15 AM

Haven't heard of it being taxed, that's because it is not being regulated by any government so it is safe to assume that it is not.

You need to talk to a lawyer man. It is NEVER safe to assume that. In fact, bitcoin is taxable in the U.S. and most every other place on Earth. "I didn't know?" is not a defense and you would own the tax, the penalties, the interest on the tax, and maybe some jail time.
There was never a time when BTC was not taxable in the U.S.

Lutzow

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Haven't heard of it being taxed, that's because it is not being regulated by any government so it is safe to assume that it is not.

Palinanv

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I don't think so, no. I believe it depends on where you registered your wallet from.

craked5

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Quote from: ranochigo on February 19, 2016, 06:56:25 AM

Transaction fees goes to the miners who use it as an incentive to confirm your transaction. Governments do not have a viable way to apply taxation policies to every Bitcoin users due to it being pseudonymous. With that, government would be more reluctant to accept Bitcoin.

UNLESS government starts mining itself :3

CryingMidget

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Quote from: ranochigo on February 19, 2016, 06:56:25 AM

Transaction fees goes to the miners who use it as an incentive to confirm your transaction. Governments do not have a viable way to apply taxation policies to every Bitcoin users due to it being pseudonymous. With that, government would be more reluctant to accept Bitcoin.

taxation on bitcoins and its reporting is not as simple as it seems. For starters, it is difficult to determine the fair value of the bitcoin on purchase and sale transactions. Bitcoins are very volatile and there are huge swings in prices in a single trading day.

ranochigo

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Transaction fees goes to the miners who use it as an incentive to confirm your transaction. Governments do not have a viable way to apply taxation policies to every Bitcoin users due to it being pseudonymous. With that, government would be more reluctant to accept Bitcoin.

craked5

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Quote from: DimensionZ on February 17, 2016, 02:08:59 PM

Quote from: bonski on February 17, 2016, 11:09:48 AM

Here in the Philippines, if the money came from online earning tax doesn't cover it. And as far as I know, same with other countries too correct me if I'm wrong.

You have to pay tax on every profit you make and it doesn't matter if it's from online trading or freelancing you have to declare your earnings. I think you even have to declare your money from gambling because if the gov finds out you are in a lot of trouble.

Yeah otherwise it would be really too easy to just launder your money xD

richardsNY

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Quote from: treeguard on February 16, 2016, 03:34:17 PM

no they dont have any taxes and they never will have any, though you have to pay small fees for transactions

Did you even read the OP before commenting? He is talking about the governments charging taxes over your Bitcoins. Bitcoin is being considered to be part of your full capital, and that means that you have to pay tax over the coins that you own.

silly_ninja

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Many countries don't even recognize BTC and which do, some of them have declared it as an asset and others are still thinking about it. Lol Grin

DimensionZ

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Quote from: bonski on February 17, 2016, 11:09:48 AM

Here in the Philippines, if the money came from online earning tax doesn't cover it. And as far as I know, same with other countries too correct me if I'm wrong.

You have to pay tax on every profit you make and it doesn't matter if it's from online trading or freelancing you have to declare your earnings. I think you even have to declare your money from gambling because if the gov finds out you are in a lot of trouble.

EdenHazard

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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??

soon,i wish some countries goverments have this plan. bitcoin should be have tax,and i'm sure several years later,its will happen.

RodeoX

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The revolution will be monetized!

In the US there is no question that you must pay capitol gains on the appreciation in value of your BTC. The triggering event is when you trade BTC for dollars or spend them. Others may try convincing you that BTC is somehow free money, but they are wrong and it is you that will go to jail.

wearepoor

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There are no tax on bitcoins as no one control the bitcoins there is no questions of tax. However transaction fees will always required as it will be the only income for the service provider.

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