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 ?
If in your country bitcoin is a legal currency and it is used on the state level even by the state entity and it has a place in your law then it is sure that it will also have a tax on you while if your government do not have approved it as legal for the state then they are not bound to impose tax on you. 
Topic: do i have to pay tax on bitcoins ? - page 15. (Read 28170 times)
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- Bitcoin miners must report receipt of the virtual currency as income
That makes me wonder about the profitability of mining? So if I mine one coin with a value of $1600, I would owe about 1/3 as income. Leaving me with about $1066. That is without factoring in mining costs. Of course I could hold until the price is higher, but I may have to give up 10% of that growth in cap gains. Brutal.
Not exactly. For mining you add up all the coins you mine and price them at the time you mine them. That is your gross income from mining. Then you deduct all expenses related to the mining: electricity, supplies, etc. You can also deduct the allowed depreciation on all equipment: miners, air conditioners, etc. Subtract all allowed expenses from the gross income. This is the net income. You pay the tax on that.
P.S. I'm a Wagner also! We are probably distantly related.
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- Bitcoin miners must report receipt of the virtual currency as income
That makes me wonder about the profitability of mining? So if I mine one coin with a value of $1600, I would owe about 1/3 as income. Leaving me with about $1066. That is without factoring in mining costs. Of course I could hold until the price is higher, but I may have to give up 10% of that growth in cap gains. Brutal.
Not exactly. For mining you add up all the coins you mine and price them at the time you mine them. That is your gross income from mining. Then you deduct all expenses related to the mining: electricity, supplies, etc. You can also deduct the allowed depreciation on all equipment: miners, air conditioners, etc. Subtract all allowed expenses from the gross income. This is the net income. You pay the tax on that.
...
- Bitcoin miners must report receipt of the virtual currency as income
That makes me wonder about the profitability of mining? So if I mine one coin with a value of $1600, I would owe about 1/3 as income. Leaving me with about $1066. That is without factoring in mining costs. Of course I could hold until the price is higher, but I may have to give up 10% of that growth in cap gains. Brutal.
- I have read such tips that take place in the US:
- Wages paid in virtual currency are subject to withholding to the same extent as dollar wages.
- Self-mployed individuals with Bitcoin gains or losses from sales transactions also must convert the virtual currency to dollars as of the day earned, and report the figures on their tax returns
- Bitcoin miners must report receipt of the virtual currency as income
I only know that in third party countries bitcoin has no specific legal status, so do not think about it, if you are not US citizen.[/list]
Right now in many countries, bitcoin is not taxable because still, governments are still in confusion whether to declare it as legal currency or not.
But people who are making through bitcoin and converting them into fiat are paying taxes to the government.
But people who are making through bitcoin and converting them into fiat are paying taxes to the government.
NO!
Bitcoin is according to the law a commodity and not a currency.
Therefore it is taxed like any other stock/bond/commodity: it is subject to the capital gains taxes (in the US).Bitcoin is according to the law a commodity and not a currency.
the difference is that stock and other are heavily controlled, and you are forced to claim your income, i mean any forex platform require ID, so they know everythign about your movement
but with bitcoin i can do trade in decentralized way if possible, like with bitsquare/bitshares, with bitcoin there is a high chance that you can evade your claiming and they will never know
not to mention all the altcoin that i'm sure can be traded directly with fiat if possible, in real life, i mean i want to met someone and sell him 100k "shittycoin" and he pay me in fiat
we can do this chilling at my home or his home, there is no way that someone will know about this...
in carribean bitcoin is not taxable, most ppl does not even know nothing about Bitcoin.
i do not think that in any area the government is collecting tax on bitcoin, in fact there is no tax on bitcoin right now. but i think the government may be thinking about that, but first they have to consider bitcoin as legal currency and only then they can put tax on bitcoin. as government cannot put tax on illegal items. 
in carribean bitcoin is not taxable, most ppl does not even know nothing about Bitcoin.
i do not think that in any area the government is collecting tax on bitcoin, in fact there is no tax on bitcoin right now. but i think the government may be thinking about that, but first they have to consider bitcoin as legal currency and only then they can put tax on bitcoin. as government cannot put tax on illegal items. NO!
Bitcoin is according to the law a commodity and not a currency.
Therefore it is taxed like any other stock/bond/commodity: it is subject to the capital gains taxes (in the US). Bitcoin is according to the law a commodity and not a currency.
NO!
Bitcoin is according to the law a commodity and not a currency.
Bitcoin is according to the law a commodity and not a currency.
I'm sure not. Because bitcoin is not controlled by any state or international financial institution. Bitcoin belongs to everyone in this world.
This does not matter one bit (in the US). 
I'm sure not. Because bitcoin is not controlled by any state or international financial institution. Bitcoin belongs to everyone in this world.
There is no tax in bitcoin only the fee for transaction that you should pay for every transaction.. but there is online wallet site that you dont need to pay for fees for every transaction like coinbase.
what site is that ? i would like to know., thanks
There is no tax, that is why government pursue or passes laws to regulate it, in that case the government can get fees in the form of regulating fees, licensed to operate as an exchange etc
There is no tax in bitcoin only the fee for transaction that you should pay for every transaction.. but there is online wallet site that you dont need to pay for fees for every transaction like coinbase.
what site is that ? i would like to know., thanks
There would be no transaction fee since there is no actual Bitcoin transaction on the block chain.
However, you do not own the Bitcoins and you do not control the private key when you have lent your Bitcoins to a "bank" like this.
Coinbase is an example of a deposit account rather than a Bitcoin wallet.
The part that says there is no tax is total bullshit (in the US).
There is no tax in bitcoin only the fee for transaction that you should pay for every transaction.. but there is online wallet site that you dont need to pay for fees for every transaction like coinbase.
what site is that ? i would like to know., thanks
At least right now, you can escape from taxes. But I'm pretty much predicting that this won't last longer in many 1st-class countries.
But right now, that's the beauty of bitcoin, you don't have to pay taxes!
But right now, that's the beauty of bitcoin, you don't have to pay taxes!
That's one of the advantages of using bit coins, no tax, you can use it in almost everything.
Well, depending on where you live, that “no tax” can become “tax evasion” and get you into a lot of trouble. You should really look into your local laws.
Well, I think the use of bitcoin, we do not require the payment of taxes, since no control bitcoin. who need you noticed that chunks in sending bitcoin, because only the payment to be paid 
That's one of the advantages of using bit coins, no tax, you can use it in almost everything.
Well, depending on where you live, that “no tax” can become “tax evasion” and get you into a lot of trouble. You should really look into your local laws. Jump to: