do i have to pay tax on bitcoins ? - page 11.

ALT67890

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Quote from: omer_parvez on September 30, 2016, 12:11:44 PM

so i wanna know do i realy have to pay taxes on bitcoins and does my gov recognize bitcoins as my property and do i have to care about any legal action by gov on my bitcoin property ?

Those question needs a specific details like what country your referring to or is it legal in that place. We can't assume any counties policy toward taxation without any proof or writing/links replayed to it. But if in case this is my country, I'm from Philippines by the way. Bitcoin is not yet legal but is not also illegal. So we can transact regarding without the need to report to our government about our tax liability.

rido

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may be so where now use taxes let alone bitcointalk tax is very valuable for bitcointalk and will not be disappointed.

link2yasar

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Quote from: omer_parvez on September 30, 2016, 12:11:44 PM

so i wanna know do i realy have to pay taxes on bitcoins and does my gov recognize bitcoins as my property and do i have to care about any legal action by gov on my bitcoin property ?

Hi There
I am from Pakistan and i want to know do I need to pay taxes on Bitcoin profit.

Granxis

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Technically simple users do not have to pay taxes, but companies that serve as institutional companies must be obliged to pay taxes, that is, for personal use.

Frank0209

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You only have to pay tax on Bitcoin when it's legalized in your country. As in my country, Bitcoin is not legalized but still not banned so I still can exchange Bitcoin into cash and don't have to pay tax. But now I still have to exchange Bitcoin into cash if I wanna buy anything so I hope that Bitcoin will be legalized in my country that I can easily use Bitcoin to buy everything I want online directly

BurtW

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All paid signature campaigns should be banned.

Quote

do i have to pay tax on bitcoins ?

tldr: yes

finom.io

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If you you just store your Bitcoin in your wallet, you don't have to pay taxes for it, the currency itself is not a subject for taxes; however your purchases, transactions, etc. might be taxable. It's the same if you chose to use Bitcoin as income currency as a self-employed; you should check with with your local taxation laws to be sure.

suppersz

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Quote from: 777Bitcoin on August 23, 2017, 11:04:08 AM

Quote from: omer_parvez on September 30, 2016, 12:11:44 PM

so i wanna know do i realy have to pay taxes on bitcoins and does my gov recognize bitcoins as my property and do i have to care about any legal action by gov on my bitcoin property ?

It is a must when your country have passed a bill/law about bitcoin, you don't have a choice if that is the case. But if your country like ours has no bill/law made for that matters you don't have to. They can only collect taxes when/if the law is implemented.

tell if you have the "f**k the system" attitude, it could be a choice technically. There will always be a choice, many people will fail to report their capital gains

Miles123

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It depends in your country if they have a policy that you need to pay tax. But here in the Philippines there is no need to pay tax. Because bitcoins here are not legal and bitcoins are not already known in my country. So we are happy because there is no tax that we should pay.

777Bitcoin

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Quote from: omer_parvez on September 30, 2016, 12:11:44 PM

so i wanna know do i realy have to pay taxes on bitcoins and does my gov recognize bitcoins as my property and do i have to care about any legal action by gov on my bitcoin property ?

It is a must when your country have passed a bill/law about bitcoin, you don't have a choice if that is the case. But if your country like ours has no bill/law made for that matters you don't have to. They can only collect taxes when/if the law is implemented.

Valentina N

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https://www.swanfinance.io/

Very important topic but I really have no Idea about legal part of your county you need ask somebody from your country or dislocate in more friendly countries

JTASSOCIATES

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The straight answer for Do I Have to Tax on Bitcoins is a VERY BIG NO. Till date the government implement didn't implement any regulation on Bitcoin transactions or any purchase. If I am wrong please reply with the points thanks.

mankind server

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we dont pay tax for the bitcoin. but still it depends on which country u are staying right now. you will only be needing to pay tax if you are gonna do some transaction with the goverment for example: you will be converting your bitcoin into cash. but dont get me wrong bit coin is legal, the only reason i am thinking why bitcoins is taxfree is because not everyone is aware of it.

thank you

RodeoX

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Quote from: heretolearn on July 09, 2017, 09:20:06 AM

As of now there is no regulating authority which says you to pay tax but in near future you have to pay capital gain tax. It's time to earn for you with full freedom until governments build rules and regulations on how to monitor and handle.

I hope none of you are entertaining this nonsense. The has NEVER been a time when bitcoin was tax free in the U.S.

shohelalam

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Quote from: omer_parvez on September 30, 2016, 12:11:44 PM

so i wanna know do i realy have to pay taxes on bitcoins and does my gov recognize bitcoins as my property and do i have to care about any legal action by gov on my bitcoin property ?

I don't think so you have to pay taxes on bitcoin. it will be depend where we live in what is our gov rules about bitcoin. bitcoin is digital currency we just use a a payment process. By the way we don't give any taxes of our own money or paper currency for use. we just give income tax of government from our business income.

bitcoin is not our business. so why we give tax.

we give fee when we exchange btc with any other currency or nothing.

Thank you.

abilarde

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Quote from: omer_parvez on September 30, 2016, 12:11:44 PM

so i wanna know do i realy have to pay taxes on bitcoins and does my gov recognize bitcoins as my property and do i have to care about any legal action by gov on my bitcoin property ?

As i read of this https://www.bir.gov.ph/index.php/tax-code.html Tax of individuals (section 24 Income tax rate).
(2) Rates of Tax on Taxable Income of Individuals. The tax shall be computed in accordance with and at the rates established in the following schedule:

Not over P10,000
Over P10,000 but not over P30,000
Over P30,000 but not over P70,000
Over P70,000 but not over P140,000
Over P140,000 but not over P250,00
Over P250,000 but not over P500,000
Over P500,000 5%
P500+10% of the excess over P10,000
P2,500+15% of the excess over P30,000
P8,500+20% of the excess over P70,000
P22,500+25% of the excess over P140,000
P50,000+30% of the excess over P250,000
P125,000+32% of the excess over P500,000.

thecryptoconsultant

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thecryptoconsultant.com

There is one thing I got to say, it's : https://cointracking.info?ref=B399866

corroze

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So far my country of residence has no regulation of income tax on bitcoin, probably because bitcoin use is still illegal in my place. But if you look at the prospect there is a possibility one day the government will legalize bitcoin.

IdVerification

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Many seem to be commenting that paying tax is not a required part of bitcoin. This sounds like wishful thinking.

In this story the IRS is looking to gain Coinbase customer records after only 802 people decided to pay taxes on 2015 earnings.

Judge Blasts IRS Over Bitcoin Probe, Lets Coinbase Customer Fight Summons
posted: 7/20/2017
http://fortune.com/2017/07/20/judge-blasts-irs-over-bitcoin-probe-lets-coinbase-customer-fight-summons/

AltCoinAngel

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Depends on the countries rules. In the UK there is income tax/Capital gains tax/Corporation tax, all depending on what your situation is. If this is not your main source of income you have CGT with £11k tax free. If it is your self-employed business it is all subject to income tax, and if it is earned through a limited company it is subject to corporation tax.

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