Depending on where you live and what you earn with bitcoins, you have pay taxes to the government.
But thats not just because its Bitcoin, this will be the same for every currency.
Topic: Do Bitcoins have Tax?? - page 43. (Read 40205 times)
I think this all just depends on where you live and what laws have been made up for bitcoin. Could be different for everyone who's dealing with bitcoin.
Let me put the question slightly different because I would also like an answer to this.
Lets just say I buy, sell and mine bitcoins and I am constantly converting btc to usd and sending to my bank account. At what point do I have to pay taxes on my us$ earning I have made from buying selling and mining bitcoins?
Lets just say I buy, sell and mine bitcoins and I am constantly converting btc to usd and sending to my bank account. At what point do I have to pay taxes on my us$ earning I have made from buying selling and mining bitcoins?
In most countries you have to report and pay income tax for the whole previous year within first 3 or 6 months of the new year. If it is small income like 100 USD it might be tax free, but you need check tax rules of your country of residence to report right taxes
In my country, there ain't any taxes and everybody here is warned not to trade Bitcoins as it is the most volatile currency and our Reserve Bank says that "we should not invest what we cannot afford to lose"...
No taxes at all That's a great thing as in my country we have to pay too many taxes. Whether it's on our medical bills, restaurant bills, shopping bills and almost each and every thing has a 12.5% tax plus our normal taxes. For me, bitcoins are the best as I save my money in bitcoins and don't need to pay taxes on it but for spending them, I need to pay those taxes. I can only save Income Tax.If you are from USA, then yes, I know that such high taxes are levied upon layman and they just kill everyone by doing that...
I hate that country just because of such high taxes, else it's the most awesome place I would love to visit...
And yeah, by saying no taxes in my country, I also added that they don't allow us to trade BTC here...
They have made it illegal here to trade BTC...
Illegal t trade btc? How can you do that? Where are you from? Russia? ^^
Seems strange to me.
But taxes are normal though. I don't mind being taxed cause when I use fiat I pay taxes too. If btc user don't get taxed then gvt have no interest into letting btc spread or even supporting it, that wouldn't be a viable option for them.
Bitcoin is not taxed at all and whatever we earn in bitcoin stays the same unless we trade and increase it. Holding in bitcoin is absolutely tax free but trading or converting into fiat may attract taxes in most of the countries.
Yes, holding bitcoin is absolutely free from tax and even free from any fee too. Only when transacting with bitcoin we have to pay a small miner fee though which we call as transaction fees which we would need to pay even while transacting via banks.
In my country, there ain't any taxes and everybody here is warned not to trade Bitcoins as it is the most volatile currency and our Reserve Bank says that "we should not invest what we cannot afford to lose"...
No taxes at all That's a great thing as in my country we have to pay too many taxes. Whether it's on our medical bills, restaurant bills, shopping bills and almost each and every thing has a 12.5% tax plus our normal taxes. For me, bitcoins are the best as I save my money in bitcoins and don't need to pay taxes on it but for spending them, I need to pay those taxes. I can only save Income Tax.If you are from USA, then yes, I know that such high taxes are levied upon layman and they just kill everyone by doing that...
I hate that country just because of such high taxes, else it's the most awesome place I would love to visit...
And yeah, by saying no taxes in my country, I also added that they don't allow us to trade BTC here...
They have made it illegal here to trade BTC...
I'm curious which country you live in. Not trying to be prying or anything, but there aren't a lot of countries that I know of that have outright banned the trade of Bitcoin.
I am from India, and nowhere did I say that my Country's Bank has banned trading of Bitcoins, but they consider it illegal...
It is because when MT Gox issue was held, Indians lost more than INR 100 Crores which is a very huge amount, that too when the price of BTC was above $1k...
In my country, there ain't any taxes and everybody here is warned not to trade Bitcoins as it is the most volatile currency and our Reserve Bank says that "we should not invest what we cannot afford to lose"...
No taxes at all That's a great thing as in my country we have to pay too many taxes. Whether it's on our medical bills, restaurant bills, shopping bills and almost each and every thing has a 12.5% tax plus our normal taxes. For me, bitcoins are the best as I save my money in bitcoins and don't need to pay taxes on it but for spending them, I need to pay those taxes. I can only save Income Tax.If you are from USA, then yes, I know that such high taxes are levied upon layman and they just kill everyone by doing that...
I hate that country just because of such high taxes, else it's the most awesome place I would love to visit...
And yeah, by saying no taxes in my country, I also added that they don't allow us to trade BTC here...
They have made it illegal here to trade BTC...
I'm curious which country you live in. Not trying to be prying or anything, but there aren't a lot of countries that I know of that have outright banned the trade of Bitcoin.
In my country, there ain't any taxes and everybody here is warned not to trade Bitcoins as it is the most volatile currency and our Reserve Bank says that "we should not invest what we cannot afford to lose"...
No taxes at all That's a great thing as in my country we have to pay too many taxes. Whether it's on our medical bills, restaurant bills, shopping bills and almost each and every thing has a 12.5% tax plus our normal taxes. For me, bitcoins are the best as I save my money in bitcoins and don't need to pay taxes on it but for spending them, I need to pay those taxes. I can only save Income Tax.If you are from USA, then yes, I know that such high taxes are levied upon layman and they just kill everyone by doing that...
I hate that country just because of such high taxes, else it's the most awesome place I would love to visit...
And yeah, by saying no taxes in my country, I also added that they don't allow us to trade BTC here...
They have made it illegal here to trade BTC...
Bitcoin is not taxed at all and whatever we earn in bitcoin stays the same unless we trade and increase it. Holding in bitcoin is absolutely tax free but trading or converting into fiat may attract taxes in most of the countries.
Yes, holding bitcoin is absolutely free from tax and even free from any fee too. Only when transacting with bitcoin we have to pay a small miner fee though which we call as transaction fees which we would need to pay even while transacting via banks.
Well it depend per country. In my country it's mot taxed. But i am sure some countries tax any bitcon transaction.
Best it to call your local tax office.
Best it to call your local tax office.
Let me put the question slightly different because I would also like an answer to this.
Lets just say I buy, sell and mine bitcoins and I am constantly converting btc to usd and sending to my bank account. At what point do I have to pay taxes on my us$ earning I have made from buying selling and mining bitcoins?
Lets just say I buy, sell and mine bitcoins and I am constantly converting btc to usd and sending to my bank account. At what point do I have to pay taxes on my us$ earning I have made from buying selling and mining bitcoins?
There is not tax in my country for bitcoins
Imposing the charge of tax for bitcoin transaction is totally fruitless. There's no way to linking civilian identities to transactions in current governemnt procedures. This will take maybe some decades before it tuns into a real problem for bitcoin users.
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??
ive never heard of bitcoins being taxed. but i do think that if u earn more than $600 with bitcoins in the U.S, you do have to fill out a form for tax purposes. but even if u didnt, i dont think theyd find out.it depends on the country you live in. some countries have more flexible tax rules. and besides if you can stay anonymous in your bitcoin trades you have a better chance of escaping taxes but if you get caught you will be charged with tax evasion!
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??
ive never heard of bitcoins being taxed. but i do think that if u earn more than $600 with bitcoins in the U.S, you do have to fill out a form for tax purposes. but even if u didnt, i dont think theyd find out.As for now bitcoin is still not regulated so you don't have to pay any tax and all of the other stuffs
But if you are trying to convert it via exchange you might need it as it counts as Income, and you need to pay Income taxes (At least in my local laws)
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??
ive never heard of bitcoins being taxed. but i do think that if u earn more than $600 with bitcoins in the U.S, you do have to fill out a form for tax purposes. but even if u didnt, i dont think theyd find out. 
No tax and I hope it stay as it is but I think it won't be taxed as there's no governing body to see things through.
Yes, bitcoin is a crypto currency and it can not be tracked how much bitcoins you are holding by any Government or Organization that makes it not fall in the tax category. I feel it is a big advantage to me.
here in the netherlands holding bitcoins is being considered the same as holding stocks for example. it's part of your wealth so you will need to pay the same amount of tax as usual.
Maybe in future, people put taxes on transcations of bitcoins ?
Satoshi should be sending out this year's tax slips anytime now. This way you can claim the $17 of capital gains you've earned this past tax year. Don't worry, he's got your address.
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