Topic: do i have to pay tax on bitcoins ? - page 16. (Read 28295 times)
That's one of the advantages of using bit coins, no tax, you can use it in almost everything.
in carribean bitcoin is not taxable, most ppl does not even know nothing about Bitcoin.
Whatever you accept as payment for things or services is usually taxable income if it is definitely exempted. But there is no assessment or tax in bitcoin just the charge for the exchange, that you ought to pay for each exchange. Laws and tax assessment rules change from country to country.
Over here, there is no tax at all to the best of my knowledge and I will attribute this to the level of development of both our tax systems and financial system to the extent that not even entrepreneurs that earn money offline and keep bank accounts have been able to brought into the tax net since they didnt register any business not to talk of those who are earning money online. Maybe in the next 10 years we could get there but now, I guess every one should just continue to enjoy the tax holiday...
Where is "over here"?
Over here, there is no tax at all to the best of my knowledge and I will attribute this to the level of development of both our tax systems and financial system to the extent that not even entrepreneurs that earn money offline and keep bank accounts have been able to brought into the tax net since they didnt register any business not to talk of those who are earning money online. Maybe in the next 10 years we could get there but now, I guess every one should just continue to enjoy the tax holiday...
In russia there are no taxes for crypto coins at all)) Unless you don't have millions of course
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 ?
Here in the United States Bitcoin is classified as an “asset” meaning there are no taxes for receiving Bitcoin, however you are taxed when you exchange Bitcoin for USD.Of course it varies from country to country, and OP didn’t state where he’s from.
you put in a way that to me sound like i can use bitcoin(not dumping for fiat first, just use it on various website) in USA to purchase what i want without paying anything is this correct?
if this is correct, the taxation of bitcoin can only do good and incentivate the usageof bitcoin, instead of relying on fiat all the time
For example:
You purchased 100 Bitcoins a long time ago for $5 each.
Today you trade 50 of these Bitcoins for a car worth $50,000.
To calculate the tax you subtract the base cost from the value received:
The base cost to you of the 50 Bitcoins was $5 x 50 = $250.
The value received was $50,000.
So you would owe the capital gains tax on:
Quote
$50,000 - $250 = $49,750
This would obviously be a long term capital gain, which is taxed at a rate of 0%, 15%, 20% or 23.8% depending on your income and tax bracket. Assuming a tax rate of 15% the taxes you would owe on this transaction would be:
Quote
$49,750 x 15% = $7,462.50 (in USD, they do not accept Bitcoin for tax payments)
Many of you will not like what I just said. Whether you like it or not - however you personally feel about Bitcoins, taxation of them etc. - that is the law in the US. Failure to report and pay the taxes owed is punishable under the law. How you feel about it is not material once you are arrested and facing fines, asset forfeiture, and prison.
You don't have to, but ideally you would. If you withdraw fiat from an exchange into your bank account you might end up having to pay taxes as it is much clearer where your earnings came from, but choosing a more anonymous option like LocalBitcoins you can almost definitely avoid paying tax. However, ideally you would just pay the taxes as it brings legitimacy to Bitcoin if governments believe that it will be more frequently declared and taxed.
so i wanna know do i realy have to pay taxes on bitcoins and does my gov recognize bitcoins as my property and do i have to care about any legal action by gov on my bitcoin property ?
Actually all this depends upon the bitcoin holder that whether he wants to pay tax or not .Let a single thing , if you bought the bitcoin then the amount of deal in your bank Money will go in the year turn over of the year business and in that case you need to pay tax , but if you made buy through cash than you don't need to pay anything .
Well here if your earning is not more than 100 to 500$ a month in bitcoin then forget to pay anything like me .
I think all government except some few will tax you on your income. Now, if you earn some money in Bitcoin like you are doing trading or you sell your Bitcoin at a profit, then the income you gained from those transactions can be taxable. Most governments will not care so much where you got the income as long as you have one. According to tax laws, you should be declaring any and all income that you receive and that certainly include Bitcoin regardless if there is already a law recognizing Bitcoin or not. Here in my country, the government is not yet that aggressive in taxing people who are making money online and I have a sigh of relief.
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 ?
Here in the United States Bitcoin is classified as an “asset” meaning there are no taxes for receiving Bitcoin, however you are taxed when you exchange Bitcoin for USD.Of course it varies from country to country, and OP didn’t state where he’s from.
you put in a way that to me sound like i can use bitcoin(not dumping for fiat first, just use it on various website) in USA to purchase what i want without paying anything is this correct?
if this is correct, the taxation of bitcoin can only do good and incentivate the usageof bitcoin, instead of relying on fiat all the time
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 ?
Here in the United States Bitcoin is classified as an “asset” meaning there are no taxes for receiving Bitcoin, however you are taxed when you exchange Bitcoin for USD.Of course it varies from country to country, and OP didn’t state where he’s from.
in my country for now no tax to use bitcoin, only pay if you transaction to convert local money, i dont know in the future if goverment plan to tax a bitcoin.
And apparently, bitcoin will not be taxable in my country. logically, bitcoin is a free product that is not controlled by a country or a company. So, certainly do not need owners bitcoin pay taxes.
in my country for now no tax to use bitcoin, only pay if you transaction to convert local money, i dont know in the future if goverment plan to tax a bitcoin.
if in country your illegal can be so You must pay tax on bitcoin.
you must pay tax if your country use bitcoin as legal currency 
Till now many people are using bitcoin, but I think only a few people are paying taxes on time by using bitcoin. Government's are still afraid that many people are using bitcoin for illegal activities if people are not paying taxes to government really it will effect on their economics growth. Everybody should pay taxes to a government if they use bitcoin.
you must pay tax if your country use bitcoin as legal currency
Till now many people are using bitcoin, but I think only a few people are paying taxes on time by using bitcoin. Government's are still afraid that many people are using bitcoin for illegal activities if people are not paying taxes to government really it will effect on their economics growth. Everybody should pay taxes to a government if they use bitcoin.
Being a wise person of bitcoin usage we have to pay taxes because our governments will make money through taxes only. Each government will allow us to use currency some specific limits, if we reach more than that we have to pay taxes either with Bitcoin, USD, EURO, INR etc.
you must pay tax if your country use bitcoin as legal currency
there are no country that use bitcoin as a legal currency, but this not mean that you are not obliged to pay tax, from my udnerstanding you need only to pay if you sell for fiat
if you keep your coins in cold storage no one will say anything, they have also no way to know how many bitcoin someone is holding
you must pay tax if your country use bitcoin as legal currency
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