Topic: do i have to pay tax on bitcoins ? - page 13. (Read 27964 times)
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 all!
Yes, US tax authorities are now going down at exchanges to get identities of US citizen that made undeclared enrichment with Bitcoin and other Cryptocurrencies.
You have to declare the capital gains while filling your taxes as Bitcoin and other cryptocurrencies are considered as assets.
To be sure that you are reporting the correct amount you can track your trades on cointracking.
If you are big in Bitcoin and other cryptocurrencies (trading around and above 10 BTC), you should definitely register to a pro plan so you have an automatic and detailed follow up of your capital gain. So when tax season comes around you just have to copy paste your coin tracking dashboard to your tax file.
Please use this link to register, you will get 10 % off :
https://cointracking.info?ref=B399866
Victor
Register to www.thecryptoconsultant.com newsletter to receive the latest cryptonews !
Yes, US tax authorities are now going down at exchanges to get identities of US citizen that made undeclared enrichment with Bitcoin and other Cryptocurrencies.
You have to declare the capital gains while filling your taxes as Bitcoin and other cryptocurrencies are considered as assets.
To be sure that you are reporting the correct amount you can track your trades on cointracking.
If you are big in Bitcoin and other cryptocurrencies (trading around and above 10 BTC), you should definitely register to a pro plan so you have an automatic and detailed follow up of your capital gain. So when tax season comes around you just have to copy paste your coin tracking dashboard to your tax file.
Please use this link to register, you will get 10 % off :
https://cointracking.info?ref=B399866
Victor
Register to www.thecryptoconsultant.com newsletter to receive the latest cryptonews !
Yes, of course. Every transaction will be taxed by the government, and that is reasonable
except if there is any other reason and location determinant, i have only paid tax in form of transfer charge from my bitcoin wallet website and also an exchanger, though a certain exchanger didn't charge me for transfers but of recent they have started charging for transfers
To be clear. The Tx fee is in no way a "tax". Taxes are issued by governments, not math equations running on a distributed network. 
except if there is any other reason and location determinant, i have only paid tax in form of transfer charge from my bitcoin wallet website and also an exchanger, though a certain exchanger didn't charge me for transfers but of recent they have started charging for transfers
Bitcoin is not an official currency. That is, most countries still require you to pay income taxes, sales, payroll, and capital gains tax on anything that has value including bitcoin. It is your responsibility to ensure that you comply with any other tax and legal rules or policies issued by your government and / or policy makers in your area.
Thanks
Thanks
Bitcoin is not official currency but many people are making a transaction with it and only a few people are paying taxes on it. It is very good for us if we pay taxes to the government for usage of bitcoin so that government will start recognizing the Bitcoin as a legal currency.
Bitcoin is not an official currency. That is, most countries still require you to pay income taxes, sales, payroll, and capital gains tax on anything that has value including bitcoin. It is your responsibility to ensure that you comply with any other tax and legal rules or policies issued by your government and / or policy makers in your area.
Thanks
Thanks
Bitcoin is not an official currency. That is, most countries still require you to pay income taxes, sales, payroll, and capital gains tax on anything that has value including bitcoin. It is your responsibility to ensure that you comply with any other tax and legal rules or policies issued by your government and / or policy makers in your area.
Thanks
Thanks
Is bicoin the same as paypal? In paypal there will be a fee or tax every time a transaction. Because I have never used bitcoin so I also do not understand whether there are taxes or other fees or not at all
Thanks
Thanks
Maybe you guys don't have an income tax? In the US "they" don't calculate my tax. It is up to the me to report all my income, calculate how much tax I owe and then pay it. "They" give us all the forms to fill out but it is up to us to fill out the forms. How they track your income for tax evasion charges is up to the government. They have many ways to do this. Sure you can evade paying the taxes until you get caught.
Perhaps this is part of the confusion? I know many (most?) countries do the calculations and hand over a bill to the taxpayer. In the U.S. we have an unusual system that has the taxpayer prepare their own return. So if you are not used to doing your own taxes it could get quite complicated.we don't calculate tax we just report our income per year here in italy, you can delcare the false, yes but they are going to check if what you claim is correct or not and if not you are in trouble of course
they calculate the tax based on the income you have, on your job, if you have family, and many other stuff, there rules are different case by case, i think it's the same in usa or sligthly different
still under a certain threshold they don't care, like if you receive 5k only per year, assuming this is true of course, they don't bother taxing you on this, you can ignore and don't claim anything in that document
It depends on your jurisdiction. Some consider it property, some currency, some don't have rules about it. Your best bet is to lookup some local financial laws; or better yet, if you have a large amount of bitcoin, a lawyer.
What country do you live in?
If you do not return to check for an answer to your question and answer mine then you are, of course, just another piece of shit thread spammer with a paid signature.
If you do not return to check for an answer to your question and answer mine then you are, of course, just another piece of shit thread spammer with a paid signature.
I live in Canada. I guess I'm not the piece of shit thread spammer with a paid signature you thought I was. I understand that since it is effectively unmonitorable apart from when you're withdrawing it to a bank, it might not be entirely necessary to report it but I'm not completely sure about it. Obviously if you're making a large sum of profit off bitcoins then if you want to start spending it on relatively large investments you would have to explain the origin of the funds. Do you have clarification on the legal perspective of bitcoins?
Don't know about Canada. I am in the US. In the US, mining Bitcoins is taxed as ordinary income and profit from trading is taxed as a capital gain.
In the US you are required to report all your income from mining and all your profits from trading. There are no exceptions.
If you do not report these things that is call tax evasion. All these people in this thread that say "Well I am just not going to pay the taxes" are just fine until they get caught. Then they will find out they owe all the taxes they did not pay, interest on all the taxes they did not pay and fines for not paying them.
How will they get caught? It does not matter. We will just have to wait and see how they get caught. At least some of them will get caught.
I paid every cent of taxes on all of my Bitcoin income and capital gains and I was still "caught" for something different - not having a business licence to use localbitcoins.com. I faced 5 years in prison and a $250,000 fine for that. All these people can bury their head in the sand and claim they do not have to pay taxes for some asinine reason or another but for at least some of them it will end like this:
Bitcoin tax evader: "But Mr. IRS agent, people on the interwebby thing told me that since it is not legal tender I don't have to pay taxes"
Mr. IRS agent: "You believed that total bullshit? I guess we will just have to fine you extra for being such a naive idiot."
Bottom line: if you do not pay the taxes and you get caught, by whatever means, you will owe the taxes, interest and penalties. It is tax evasion, simple as that.
I am a Filipino, and in our country (Philippines) there is no such thing as this, or maybe I am just not well informed but I don't seem to have any idea on how will they track you for tax evading? If its your ip address you can use vpn and there are so many ways to get away from it, another thing how do they calculate your total taxes?
Yes of course, we don't have a income tax by using bitcoin why do I even think that there is, in fact your technologies is way far ahead from our country, we adopt things here late. I am sure that even our governments are not well informed about bitcoin, and they are too lazy to create a steps for it so as far as I concern we can enjoy our no income tax while using bitcoin. Thanks for the info tho.
Maybe you guys don't have an income tax? In the US "they" don't calculate my tax. It is up to the me to report all my income, calculate how much tax I owe and then pay it. "They" give us all the forms to fill out but it is up to us to fill out the forms. How they track your income for tax evasion charges is up to the government. They have many ways to do this. Sure you can evade paying the taxes until you get caught.
Perhaps this is part of the confusion? I know many (most?) countries do the calculations and hand over a bill to the taxpayer. In the U.S. we have an unusual system that has the taxpayer prepare their own return. So if you are not used to doing your own taxes it could get quite complicated. What country do you live in?
If you do not return to check for an answer to your question and answer mine then you are, of course, just another piece of shit thread spammer with a paid signature.
If you do not return to check for an answer to your question and answer mine then you are, of course, just another piece of shit thread spammer with a paid signature.
I live in Canada. I guess I'm not the piece of shit thread spammer with a paid signature you thought I was. I understand that since it is effectively unmonitorable apart from when you're withdrawing it to a bank, it might not be entirely necessary to report it but I'm not completely sure about it. Obviously if you're making a large sum of profit off bitcoins then if you want to start spending it on relatively large investments you would have to explain the origin of the funds. Do you have clarification on the legal perspective of bitcoins?
Don't know about Canada. I am in the US. In the US, mining Bitcoins is taxed as ordinary income and profit from trading is taxed as a capital gain.
In the US you are required to report all your income from mining and all your profits from trading. There are no exceptions.
If you do not report these things that is call tax evasion. All these people in this thread that say "Well I am just not going to pay the taxes" are just fine until they get caught. Then they will find out they owe all the taxes they did not pay, interest on all the taxes they did not pay and fines for not paying them.
How will they get caught? It does not matter. We will just have to wait and see how they get caught. At least some of them will get caught.
I paid every cent of taxes on all of my Bitcoin income and capital gains and I was still "caught" for something different - not having a business licence to use localbitcoins.com. I faced 5 years in prison and a $250,000 fine for that. All these people can bury their head in the sand and claim they do not have to pay taxes for some asinine reason or another but for at least some of them it will end like this:
Bitcoin tax evader: "But Mr. IRS agent, people on the interwebby thing told me that since it is not legal tender I don't have to pay taxes"
Mr. IRS agent: "You believed that total bullshit? I guess we will just have to fine you extra for being such a naive idiot."
Bottom line: if you do not pay the taxes and you get caught, by whatever means, you will owe the taxes, interest and penalties. It is tax evasion, simple as that.
I am a Filipino, and in our country (Philippines) there is no such thing as this, or maybe I am just not well informed but I don't seem to have any idea on how will they track you for tax evading? If its your ip address you can use vpn and there are so many ways to get away from it, another thing how do they calculate your total taxes?
Hi,
I live in the United Kingdom, What is the situation in the UK?
Do I have to pay taxes? and how are they going to find out if I transfer money from an exchange to my bank account? The bank will not report you as that will give bad publicity and other people that deal with BTC will not deal with such a bank that report customers.
Anyway do you have to pay taxes in the UK and if so , do you have to declare it and how?
I live in the United Kingdom, What is the situation in the UK?
Do I have to pay taxes? and how are they going to find out if I transfer money from an exchange to my bank account? The bank will not report you as that will give bad publicity and other people that deal with BTC will not deal with such a bank that report customers.
Anyway do you have to pay taxes in the UK and if so , do you have to declare it and how?
You are in luck! The UK is one of the few countries which established guidelines very early on the taxes involved in cryptocurrencies.
Have a look at this site
https://www.gov.uk/government/publications/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies/revenue-and-customs-brief-9-2014-bitcoin-and-other-cryptocurrencies
What country do you live in?
If you do not return to check for an answer to your question and answer mine then you are, of course, just another piece of shit thread spammer with a paid signature.
If you do not return to check for an answer to your question and answer mine then you are, of course, just another piece of shit thread spammer with a paid signature.
I live in Canada. I guess I'm not the piece of shit thread spammer with a paid signature you thought I was. I understand that since it is effectively unmonitorable apart from when you're withdrawing it to a bank, it might not be entirely necessary to report it but I'm not completely sure about it. Obviously if you're making a large sum of profit off bitcoins then if you want to start spending it on relatively large investments you would have to explain the origin of the funds. Do you have clarification on the legal perspective of bitcoins?
Don't know about Canada. I am in the US. In the US, mining Bitcoins is taxed as ordinary income and profit from trading is taxed as a capital gain.
In the US you are required to report all your income from mining and all your profits from trading. There are no exceptions.
If you do not report these things that is call tax evasion. All these people in this thread that say "Well I am just not going to pay the taxes" are just fine until they get caught. Then they will find out they owe all the taxes they did not pay, interest on all the taxes they did not pay and fines for not paying them.
How will they get caught? It does not matter. We will just have to wait and see how they get caught. At least some of them will get caught.
I paid every cent of taxes on all of my Bitcoin income and capital gains and I was still "caught" for something different - not having a business licence to use localbitcoins.com. I faced 5 years in prison and a $250,000 fine for that. All these people can bury their head in the sand and claim they do not have to pay taxes for some asinine reason or another but for at least some of them it will end like this:
Bitcoin tax evader: "But Mr. IRS agent, people on the interwebby thing told me that since it is not legal tender I don't have to pay taxes"
Mr. IRS agent: "You believed that total bullshit? I guess we will just have to fine you extra for being such a naive idiot."
Bottom line: if you do not pay the taxes and you get caught, by whatever means, you will owe the taxes, interest and penalties. It is tax evasion, simple as that.
I am a Filipino, and in our country (Philippines) there is no such thing as this, or maybe I am just not well informed but I don't seem to have any idea on how will they track you for tax evading? If its your ip address you can use vpn and there are so many ways to get away from it, another thing how do they calculate your total taxes?
Hi,
I live in the United Kingdom, What is the situation in the UK?
Do I have to pay taxes? and how are they going to find out if I transfer money from an exchange to my bank account? The bank will not report you as that will give bad publicity and other people that deal with BTC will not deal with such a bank that report customers.
Anyway do you have to pay taxes in the UK and if so , do you have to declare it and how?
I live in the United Kingdom, What is the situation in the UK?
Do I have to pay taxes? and how are they going to find out if I transfer money from an exchange to my bank account? The bank will not report you as that will give bad publicity and other people that deal with BTC will not deal with such a bank that report customers.
Anyway do you have to pay taxes in the UK and if so , do you have to declare it and how?
Good to see that at least one person in this thread is not just another piece of shit thread spammer!
Don't know about Canada. I am in the US. In the US, mining Bitcoins is taxed as ordinary income and profit from trading is taxed as a capital gain.
In the US you are required to report all your income from mining and all your profits from trading. There are no exceptions.
If you do not report these things that is call tax evasion. All these people in this thread that say "Well I am just not going to pay the taxes" are just fine until they get caught. Then they will find out they owe all the taxes they did not pay, interest on all the taxes they did not pay and fines for not paying them.
How will they get caught? It does not matter. We will just have to wait and see how they get caught. At least some of them will get caught.
I paid every cent of taxes on all of my Bitcoin income and capital gains and I was still "caught" for something different - not having a business licence to use localbitcoins.com. I faced 5 years in prison and a $250,000 fine for that. All these people can bury their head in the sand and claim they do not have to pay taxes for some asinine reason or another but for at least some of them it will end like this:
Bitcoin tax evader: "But Mr. IRS agent, people on the interwebby thing told me that since it is not legal tender I don't have to pay taxes"
Mr. IRS agent: "You believed that total bullshit? I guess we will just have to fine you extra for being such a naive idiot."
Bottom line: if you do not pay the taxes and you get caught, by whatever means, you will owe the taxes, interest and penalties. It is tax evasion, simple as that.
Don't know about Canada. I am in the US. In the US, mining Bitcoins is taxed as ordinary income and profit from trading is taxed as a capital gain.
In the US you are required to report all your income from mining and all your profits from trading. There are no exceptions.
If you do not report these things that is call tax evasion. All these people in this thread that say "Well I am just not going to pay the taxes" are just fine until they get caught. Then they will find out they owe all the taxes they did not pay, interest on all the taxes they did not pay and fines for not paying them.
How will they get caught? It does not matter. We will just have to wait and see how they get caught. At least some of them will get caught.
I paid every cent of taxes on all of my Bitcoin income and capital gains and I was still "caught" for something different - not having a business licence to use localbitcoins.com. I faced 5 years in prison and a $250,000 fine for that. All these people can bury their head in the sand and claim they do not have to pay taxes for some asinine reason or another but for at least some of them it will end like this:
Bitcoin tax evader: "But Mr. IRS agent, people on the interwebby thing told me that since it is not legal tender I don't have to pay taxes"
Mr. IRS agent: "You believed that total bullshit? I guess we will just have to fine you extra for being such a naive idiot."
Bottom line: if you do not pay the taxes and you get caught, by whatever means, you will owe the taxes, interest and penalties. It is tax evasion, simple as that.
I looked into your situation and am amazed at the ridiculousness of the entire thing. I also did do some research into Bitcoin taxing in Canada and it seems like some state that Bitcoins are considered barter instruments - a commodity - similar to gold. I guess all transactions should be reported and taxes apply to them. It doesn't appear that bitcoin is considered a true currency for all intents and purposes in Canada yet though that may change with public interest given the increasing price.
What country do you live in?
If you do not return to check for an answer to your question and answer mine then you are, of course, just another piece of shit thread spammer with a paid signature.
If you do not return to check for an answer to your question and answer mine then you are, of course, just another piece of shit thread spammer with a paid signature.
I live in Canada. I guess I'm not the piece of shit thread spammer with a paid signature you thought I was. I understand that since it is effectively unmonitorable apart from when you're withdrawing it to a bank, it might not be entirely necessary to report it but I'm not completely sure about it. Obviously if you're making a large sum of profit off bitcoins then if you want to start spending it on relatively large investments you would have to explain the origin of the funds. Do you have clarification on the legal perspective of bitcoins?
Don't know about Canada. I am in the US. In the US, mining Bitcoins is taxed as ordinary income and profit from trading is taxed as a capital gain.
In the US you are required to report all your income from mining and all your profits from trading. There are no exceptions.
If you do not report these things that is call tax evasion. All these people in this thread that say "Well I am just not going to pay the taxes" are just fine until they get caught. Then they will find out they owe all the taxes they did not pay, interest on all the taxes they did not pay and fines for not paying them.
How will they get caught? It does not matter. We will just have to wait and see how they get caught. At least some of them will get caught.
I paid every cent of taxes on all of my Bitcoin income and capital gains and I was still "caught" for something different - not having a business licence to use localbitcoins.com. I faced 5 years in prison and a $250,000 fine for that. All these people can bury their head in the sand and claim they do not have to pay taxes for some asinine reason or another but for at least some of them it will end like this:
Bitcoin tax evader: "But Mr. IRS agent, people on the interwebby thing told me that since it is not legal tender I don't have to pay taxes"
Mr. IRS agent: "You believed that total bullshit? I guess we will just have to fine you extra for being such a naive idiot."
Bottom line: if you do not pay the taxes and you get caught, by whatever means, you will owe the taxes, interest and penalties. It is tax evasion, simple as that.
What country do you live in?
If you do not return to check for an answer to your question and answer mine then you are, of course, just another piece of shit thread spammer with a paid signature.
If you do not return to check for an answer to your question and answer mine then you are, of course, just another piece of shit thread spammer with a paid signature.
I live in Canada. I guess I'm not the piece of shit thread spammer with a paid signature you thought I was. I understand that since it is effectively unmonitorable apart from when you're withdrawing it to a bank, it might not be entirely necessary to report it but I'm not completely sure about it. Obviously if you're making a large sum of profit off bitcoins then if you want to start spending it on relatively large investments you would have to explain the origin of the funds. Do you have clarification on the legal perspective of bitcoins?
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