do i have to pay tax on bitcoins ? - page 21.

RodeoX

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Quote from: omer_parvez on October 13, 2016, 12:59:55 AM

thank you very much for al of your responses and i really do appreciate this because i was really curious about the taxation because its a punishable crime to not pay the taxes so i guess i am now satisfied and will liquify more money and turn in to bitcoin cause hey its tax free and who wants to pay taxes

What country do you live in that does not tax bitcoin?

Superbitzz

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Quote from: omer_parvez on October 13, 2016, 12:59:55 AM

thank you very much for al of your responses and i really do appreciate this because i was really curious about the taxation because its a punishable crime to not pay the taxes so i guess i am now satisfied and will liquify more money and turn in to bitcoin cause hey its tax free and who wants to pay taxes

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.

omer_parvez

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thank you very much for al of your responses and i really do appreciate this because i was really curious about the taxation because its a punishable crime to not pay the taxes so i guess i am now satisfied and will liquify more money and turn in to bitcoin cause hey its tax free and who wants to pay taxes

fatima zuhra

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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.

Superbitzz

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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.

Maesters1-

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Quote from: crairezx20 on October 11, 2016, 01:01:04 PM

No tax to pay here in my country only fees for transaction. .and i hope someday they dont ask for a tax for bitcoins that can affect also our transaction fees to increase..

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.

crairezx20

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No tax to pay here in my country only fees for transaction. .and i hope someday they dont ask for a tax for bitcoins that can affect also our transaction fees to increase..

erikalui

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If you own a huge amount of bitcoins and the Government does get to know about it (sometimes this info is released by wallets like coinbase), it could be an issue for you. There were few users of this forum who did fall into legal trouble and had to prove the sources of their bitcoins as their investment was over $100000. If your amount is below $10,000 you don't have to worry much but just spend it or withdraw it wisely. That's the reason I keep converting it into fiat and don't hold over 1 BTC in any wallet.

groll

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There is no tax with regards to owning bitcoins. Only fees and with that I think the government have already share on it. I think if we will put our wealth on bitcoins the government will not have any part of it. That was a great question from you and now I came up with an idea. I just hope that bitcoin price is still high for the many years to come and the people continue to support it.

FLoving

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There is no any tax on bitcoin the governments do not know that you have bitcoin or do not know that how much bitcoins you have so how will be they able to take tax on the amount of bitcoins you have. Bitcoin is a currency of freedom and we are free with them.

Dora Doll

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Quote from: posternat on October 08, 2016, 11:14:40 PM

Quote from: hurain on October 08, 2016, 04:21:00 PM

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.

Personally, I would say that if your outward appearance in life has not changed too much, then wait on the taxes until a year when they are not so against 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,

virasog

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They attack left and right in some cases to fight the introduction of Bitcoin into normal society. The law says pay taxes on the profits, but that can lead to issues with other laws.

posternat

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Quote from: hurain on October 08, 2016, 04:21:00 PM

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.

Personally, I would say that if your outward appearance in life has not changed too much, then wait on the taxes until a year when they are not so against Bitcoin.

MartinL

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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 ?

That depends on your jurisdiction, but assuming you are referring to income related to Bitcoin the answer is almost universally "yes". Modern tax systems generally tax all income regardless of whether is received in Dollars, Bitcoins or any other form of value. Your employer could pay you in oranges and it would almost certainly still be taxable.

I advise you to disregard the replies to this thread and talk to your responsible tax office and/or a tax advisor. The amount of misinformation that is confidently parroted in this thread is astounding.

hurain

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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.

Qunenin

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Quote from: 2girls on October 08, 2016, 09:49:24 AM

Quote from: vino.gcs on October 08, 2016, 07:22:18 AM

You don't need to pay any tax until you convert your bitcoins to your fiat. Once your bitcoins converted, you might need to pay tax to your government according to the taxation rules.

Now, that was the view from the SEC as of mid-year. That is how it was laid in the law and that is how it has been treated in the courts.

If that was your trade, I would not even mention it on taxes. If you are unloading that much every day, then you should deal with the taxes. That leads to your next issue. The IRS is not part of the government and is a corporation. With that in mind, we also know that the IRS and the government feed info back and forth all the time in abundance

2girls

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Quote from: vino.gcs on October 08, 2016, 07:22:18 AM

You don't need to pay any tax until you convert your bitcoins to your fiat. Once your bitcoins converted, you might need to pay tax to your government according to the taxation rules.

Now, that was the view from the SEC as of mid-year. That is how it was laid in the law and that is how it has been treated in the courts.

vino.gcs

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You don't need to pay any tax until you convert your bitcoins to your fiat. Once your bitcoins converted, you might need to pay tax to your government according to the taxation rules.

okbaby123

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No of course not

Qunenin

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Quote from: hurain on October 07, 2016, 01:58:15 PM

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.

Keep in mind that the government has taken a firm stance in the Bitcoin arena and they may try to do any number of things to make it hard on people until it all settles down. You start dealing with taxes on the trade of BTC and you might find other authorities knocking on your door with claims of money laundering.

Topic: do i have to pay tax on bitcoins ? - page 21. (Read 28170 times)