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??
Depends on your countries. Most countries don't even legitimate btc as a currency.
But anyway there is no tax on bitcoin itself. But you'll pay any tax you have to each time you go from fiat to btc or btc to fiat.
Each country has different rules. If you live in Germany you have to pay tax if you buy Bitcoins then sell them in less than a year, apart from those you sell under an exemption limit of 600 €. On the other hand if you buy Bitcoins there, hold them for over a year, then sell them you don't have to pay any tax. This quote is from a thread about the German Bitcoin tax rules.
If I understood correctly, selling Bitcoins is complety free of tax when transaction is made by private person (and for private purpose only) and Bitcoins have been kept for more than year. Am I right?
Jep, you´re right
If selling Bitcoins would be my only one source of income, will I be exempt from paying income tax at all?
If you sell the Bitcoin after one year u dont have to pay income tax´es for Bitcoins.
But its necessary to say, that holding one year means holding one year..
So if u buy 1 BTC on 1. June 2015 and 1 BTC on 1. July 2015.. u must hold the first BTC until 01. June 2016..
If u sold 1 coin between the both dates.. You alwas sell the first u buy (First In First Out)..
For trades with Bitcoins under a year u got a exemption limit of 600 €, after passing the limit u must pay income taxes.
Sorry 4 bad english
