Topic: do i have to pay tax on bitcoins ? - page 18. (Read 27964 times)
In Croatia we dont need to pay tax.It depends on ecah country.If in your country you must pay tax then you must pay it when you withdrawal your money to your bank account.
Nope! you dont have to be bother as the bitcoin does not involve any third party as also like government so there will be no involvment of the government & if there is no involvment of government then there will be no need of paying tax & it is not a unrecognized money or currency so there is no terror of any issue it is simple digital currency.Therefore there is no need of paying taxes on bitcoin.
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 ?
No you don't have to pay taxes on bitcoin because the gov doesn't recognize bitcoin as a real money. If you really want to make sure the gov can't trace your bitcoins use a VPN. Virtual Private Network.
A VPN in a nutshell. A vpn encrypts data from your computer to a target ip(websites) so the gov, your internet service provider and hackers can't see what you're doing online.
Think of this
there is person A, B, C, D, and E Person A(You) gives Person(B) a note person B(The VPN) shreds the note into little pieces. Person B then gives Person C(Your internet service provider/gov) the shredded note then Person C gives Person D(VPN server/FakeIP) the note Person D Puts the note back together to make it readable then Person D ships the note to Person E(The target website/Server) Person D(Fake IP) says it from himself but Person A wrote the note.
There is more technical stuff about a vpn that makes it more secured. I won't go in dept but I summed it up pretty well.
Ok I explained what a VPN is to people who are new to it.
I hope this answered your question.
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 think it depends on your country. Some country bann coin payment because coin is annonymous. No information about you have that coin. So they cant get some tax from it. CMIIW
In my country they doesnt know about bitcoin. Still no law and rules about it. They dont even know bitcoin existl.
I dont know about your country, but untill now i dont have to pay taxes.
Perfect example of the total shit this forum has to deal with due to paid signatures.
The policy should be one warning then perm ban anyone with a paid signature. Ban ALL paid signatures.
The policy should be one warning then perm ban anyone with a paid signature. Ban ALL paid signatures.
First of all what does this post have to do with the topic? It should be in meta, not here. By saying "signatures are shit" in a topic about taxes you are spamming like the rest of them.
He was responding to my earlier comment showing that a large portion of comments in this thread are just account farmers repeating the same message again and again.
So, what in your view should a bitcoin holder do? Calculate the price of his stashed coins each year and report a gain or loss depending on whether in the last 12 months bitcoin was pumped or dumped?
This would mean that if you own any jewelry you should do the same and report a gain or loss each year based on its value.
This would mean that if you own any jewelry you should do the same and report a gain or loss each year based on its value.
Again, it depends on the specific jurisdiction. Generally speaking there is no tax on holding financial assets–Bitcoin or not. Consequently you aren't required to continuously report the current value of your assets.
However, there is a tax on capital gains in most jurisdictions, i.e. the difference between cost basis and sale price. So the Bitcoin holder in your example doesn't need to report anything until he actually sells his Bitcoins and realizes any profit.
Perfect example of the total shit this forum has to deal with due to paid signatures.
The policy should be one warning then perm ban anyone with a paid signature. Ban ALL paid signatures.
The policy should be one warning then perm ban anyone with a paid signature. Ban ALL paid signatures.
First of all what does this post have to do with the topic? It should be in meta, not here. By saying "signatures are shit" in a topic about taxes you are spamming like the rest of them.
It has been repeated hundreds of times, not all signature posters spam and not all write for the sole purpose of getting paid.
Anyway, I agree that in most places you don't have to pay taxes on bitcoin as long as you don't have a registered business and don't buy fiat or expensive goods with it.
That's not the legal reality in most jurisdictions, just what people can often get away with.This would mean that if you own any jewelry you should do the same and report a gain or loss each year based on its value.
This thread has truly been a boon to account farmers:
hurain
Superbitzz
satdas
Dora Doll
Maesters1
Others
Perfect example of the total shit this forum has to deal with due to paid signatures.hurain
no we do not pay tax on bitcoin, actually our government has not yet declare bitcoin as legal currency therefore it is yet tax free, because there id no tax on any illegal object, but if the government will recognize it as legal then they will impost tax on bitcoin and every one will then pay tax,
i think it depend on your country polity if your country has decler bitcoin legal and imposed tax on bitcoin then surely you have to pay tax on bitcoin, otherwise there is no tax on bitcoin because in most of the area bitcoin is not legal and the country not yet consider bitcoin as legal currency.
if your country have impose tax on bitcoin then you have to pay tax otherwise there is no tax on bitcoin only those countries may be collecting tax on bitcoin who are already accepted bitcoin as legal currency.
i think it depend on the policy of your country, if your country imposed tax on bitcoin then you have to pay tax on it other wise there is no tax on bitcoin at all.
Superbitzz
but i think it is up to your country policy, if your country consider bitcoin as legal and then impost tax on it then you must have to pay tax on it ans you will have no other choice.
no it is not tax, it is just the fee you pay on transaction, the tax you have to pay to the government and government only impose tax on such things which are legal and do not impose tax on such item which are not legal, as bitcoin is still not consider as legal therefore there is no tax on bitcoin.
i think it depend on your country policy, if your country impose tax on bitcoin then you really have to pay tax on it but for this your country must have to declare bitcoin as a legal currency first.
yes that is right say you can buy more and more bitcoin and can hold it for a long time tell yo wan to keep, as there is no tax on bitcoin and no one has to pay tax on bitcoin tell the government impose tax on it.
yes that is a fact that every one has to pay tax on fiat currency, but it we talik about bitcoin so there is no tax on bitcoin because bitcoin is not a legal currency, and still not legalize by any country.
yes that is a fact and i thin still not a single country has impose tax on bitcoin and the reason is that not a single country yec turn bitcoin as legal currency therefore to me there is no tax on bitcoin.
satdas
it depend on the area and the country where you are living, if your country has imposed tax on bitcoin they you have to pay tax but i thin still not a single country has yet consider bitcoin as legal currency therefore there is still no tax on bitcoin.
but i think the government cannot develop a system to impost tax on bitcoin until they legalize it, and still i do not think that any country has officially legalize bitcoin, i think still any government given any statement about bitcoin that either it is a legal currency or not, and therefore still there is no tax on bitcoin. may be in future when government when the government will legalize bitcoin will think about to impose tax on bitcoin.
yes that is right to say, as not a single country has yest consider bitcoin as legal currency therefore they are not putting tax on bitcoin but once it become a legal currency then they will certainly put tax on bitcoin, may be some countries are thinking about this to legalize it, and if once it become a legal currency then it will become more and more popular currency of the world.
Dora Doll
but i think still there is no tax on bitcoin any where, still bitcoin is tax free, and the reason is that still not a single country consider bitcoin as legal currency therefore still there is no tax on bitcoin. may be in future when governments will accept bitcoin as legal currency then they will put tax on bitcoin.
yes but as not a single country yet consider bitcoin as legal currency therefore i think there is no tax on bitcoin and when bitcoin will be consider as legal currency then they will put tax on bitcoin,
Maesters1
yes it depend on the policy of a country, if a country has imposed tax on bitcoin then you have to pay otherwise bitcoin is tax free in most of the areas as most of the countries has yes not yet consider bitcoin as legal currency.
i think most of the countries have no tax on bitcoin, and the reason is that bitcoin is not yet legalize by any state and there is no poly of any country to impost tax on illegal items, and therefore there is no tax bitcoin in most of the countries.
Others
if you country has imposed tax on bitcoin then you have to pay tax on it, otherwise there is no tax on bitcoin there is only transaction charges and nothing else.
it totally depend on your country policy if your country have impost tax on bitcoin then you certainly have to pay tax on bitcoin otherwise it is free of tax every where.
yes i also agree with you, that if you country has impose tax tax on bitcoin then you have to pay tax other wise there is no tax but it is also a fact that still very little number of state have impost tax on bitcoins may be yet not a single country.
i think that is not you are paying tax, you are just paying service charges, tax is only collected by the government, and government only collect tax on legal things, as bitcoin is not a legal currency therefore government is not collecting tax on bitocin.
if your country have impose tax on bitcoin then you have to pay tax otherwise there is no tax on bitcoin only those countries may be collecting tax on bitcoin who are already accepted bitcoin as legal currency.
yes there is no tax on bitcoin directly but if you change your bitcoin in to fiat currency and deposit it in bank they you have to pay tax, actually bitcoin is not yet consider as legal in any country therefore there is no tax on bitcoin any where.
i think it is totally depending on the policy of your country, if your country has imposed tax on bitcoin then you must have to pay tax, other wise there is no tax on bitcoin.
but in my country there is no tax on bitcoin, as we have to pay tax on such item which are legal or registered with government, as bitcoin is not yet registered with government nor the government consider it as legal currency, therefore there is no tax on bitcoin.
i think it is depending on our country policy, if your country has impose tax on bitcoin then you really have to pay tax on bitcoin, but i think still most of the countries has not yet impost tax on bitcoin, therefore bitcoin is still free in most of the countries.
The policy should be one warning then perm ban anyone with a paid signature. Ban ALL paid signatures.
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 ?
Ofcourse we need to pay tax for Bitcoin because it is also a type of money which is Making living of the millions people .Here the big reason to pay tax is because if we are with Bitcoin than at last we need to convert Bitcoin into fiat That fiat is come in your account from where ?? and why?? this question will be made if your earning will go cross the upper tax paying amount in your bank account . So if I will not paid tax then you are violating the laws of taxation in your country .
Allover you are earning in very small amount then you don't need to pay tax at all .
Since I am in the Bitcoin from about two year but still my earning is not much more , even I am making trading but if anyone in Bitcoin is running his casino like things than he is making a big bundle or money ,So the system of taxation is only for millionaire in the Bitcoin .
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 ?
Ofcourse we need to pay tax for Bitcoin because it is also a type of money which is Making living of the millions people .Here the big reason to pay tax is because if we are with Bitcoin than at last we need to convert Bitcoin into fiat That fiat is come in your account from where ?? and why?? this question will be made if your earning will go cross the upper tax paying amount in your bank account . So if I will not paid tax then you are violating the laws of taxation in your country .
Allover you are earning in very small amount then you don't need to pay tax at all .
Anyway, I agree that in most places you don't have to pay taxes on bitcoin as long as you don't have a registered business and don't buy fiat or expensive goods with it.
That's not the legal reality in most jurisdictions, just what people can often get away with.
I think bitcoin is not taxed because bitcoin is not a currency in certain countries only currency bitcoin in gital that facilitate the exchange of bitcoin to major currencies so no one should be disadvantaged from each other
It doesn't have to be a currency to be taxed. For instance the house you're living in (or a block of flats) is taxed. Anyway, I agree that in most places you don't have to pay taxes on bitcoin as long as you don't have a registered business and don't buy fiat or expensive goods with it.
I think bitcoin is not taxed because bitcoin is not a currency in certain countries only currency bitcoin in gital that facilitate the exchange of bitcoin to major currencies so no one should be disadvantaged from each other
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 ?
Laws vary from country to country, but it is likely that if you buy bitcoin for 500 and sell it for 700 then some kind of tax is likely to be applied for that profit margin. 
We don't know whether your government recognizes btc, because it is not the same for all the countries. Do you have to pay tax? From the moral feeling of duty I guess you do, but the problem is that it wouldn't be easy to do that, because of burocratic stuff. From the legal point of view bitcoin is mostly our of the law, so you shouldn't pay anything. However, I heard some countries (like GB) are now trying to regulate the use of btc.
WTF are you talking about? How come you feel morally responsible to pay taxes? Did the world go insane or are you the new generation of slaves born into debt and taxation and thinking it's your moral duty to pay them? Wait, it gets better, you think you're not legally obliged to pay, but feel like you should! I'm speechless. Remember to brush your teeth, take your pills and be fast asleep before midnight citizen!
I do think btc is designed to not paying tax.
Because tax is something from centralization , while btc not.
If we pay tax and tell the government how much btc we have and how we spending it .
What the difference between btc and fiat money？
Because tax is something from centralization , while btc not.
If we pay tax and tell the government how much btc we have and how we spending it .
What the difference between btc and fiat money？
There is no tax on bitcoin only the fee for transaction that you should pay for every transaction..
In the US there is good precedence set for taxation and a good tax accountant can easily advise you. The big focus should be in building credibilty and a good reputation for the entire ecosystem. A few bad apples can really have a negative impact on wide spread adoption and invite undeserved scrutiny for the rest of us that are trying to legitimize cryptocurrencies.
We don't know whether your government recognizes btc, because it is not the same for all the countries. Do you have to pay tax? From the moral feeling of duty I guess you do, but the problem is that it wouldn't be easy to do that, because of burocratic stuff. From the legal point of view bitcoin is mostly our of the law, so you shouldn't pay anything. However, I heard some countries (like GB) are now trying to regulate the use of btc.
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 ?
Ofcourse , You need to pay tax for your bitcoin that you have but you needn't to pay for how much you have in your wallet . But during a huge amount of btc transaction and convert it into fiat , then you need to pay tax ( according to yearly tax system )
There is no such thing as taxes in bit coin and that's what makes it so popular' surely there are fees from transferring from one site to another but unlike real bank accounts bitcoin wallets do not take your money
Jump to: