Topic: do i have to pay tax on bitcoins ? - page 22. (Read 28308 times)
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.
Bitcoin is definitely taxable. If you sell all of your bitcoin for USD you pay a tax on the profits. Make sure to check with your local government tax office before failing to pay taxes.
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. 
Bitcoin is definitely taxable. If you sell all of your bitcoin for USD you pay a tax on the profits. Make sure to check with your local government tax office before failing to pay taxes.
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. Bitcoin is definitely taxable. If you sell all of your bitcoin for USD you pay a tax on the profits. Make sure to check with your local government tax office before failing to pay taxes.
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. 
But this will vary depending on the market view and the local jurisdictional. So, as it sits, if you are in the USA and you invest $100 in BTC, then the next day you trade back to FIAT and are able to withdraw an amount that ends in your FIAT account at $125, then you will be responsible for paying tax on the $25 profit. That is end of day, full net profit. If the withdrawal was for $130, but you got $125 in the end because of fees, you actually profited $25.
With my little knowledge of how tax works, every tax is backed by an Act of Parliament which will state the income that will be subjected to that tax and any income outside the specified one will be taxed under a different tax or not taxed at all and they will look for a way to bring such income into the tax net. As it relates to relates to Bitcoin since most countries have not expressly accepted its existence, then there is no tax on it since literally, it does not exist.
Bitcoin is definitely taxable. If you sell all of your bitcoin for USD you pay a tax on the profits. Make sure to check with your local government tax office before failing to pay taxes.
Some countries recognize bitcoin as commodity. So when you sell something for bitcoins, they consider it as a no cash involved trade. You don't pay any taxes for trading stuff. You pay taxes only if you gain cash. If your country considers bitcoin as cash, then you need to pay taxes.
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.
That is absolutely incorrect. Bitcoin doesn't have to be a currency for taxes to be imposed on it.
Taxes are imposed on income / profits and you definitely can profit using bitcoins.
As per IRS view "The IRS also clarified that mining is treated as immediate income at the fair or market value of those mined coins on their date of receipt. While the IRS Notice does confirm that Bitcoin is taxed as property rather than a currency, there are still some unresolved issues."
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.
That is absolutely incorrect. Bitcoin doesn't have to be a currency for taxes to be imposed on it.
Taxes are imposed on income / profits and you definitely can profit using bitcoins.
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.
all depends where you live. the most likely thing is that they'll require you to pay capital gains on your profits if you sell bitcoins into usd/eur or whatever. or you might be one of the lucky countries that ain't subject to that.
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 ?
You have not stated which government you mean, but you almost certainly owe taxes. What penalties you face depends, again, on what government you are talking about. It could include fines, jail time, etc. In the U.S. you would owe capitol gains tax on your profits. Failing to pay would likely result in the IRS garnishing your wages until you pay your tax, plus your penalties, plus possible imprisonment.
Unless your rich, then apparently you can just screw your fellow citizens and be called a genius.
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 ?
Right now Bitcoin itself is considered a part of the uncontrolled commodities market in the USA. That means that you would generally have to pay taxes on profit made and not more.
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 you convert your bitcoin to the fiat and then you should pay the tax since you are literally making profit by convert your bitcoin to fiat, however it's depend on which country you live due to rules and regulation of each country is different. Unless you don't need to pay tax when you hold your bitcoin on your wallet or transaction with them.
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 ?
you don't have to pay taxes on bitcoins. if there is no statement from your government about bitcoin then you are safe to withdraw bitcoin into your fiat without no worry about pay taxes.
And what do you do when the government asks where did that money come from ? It will be some form of income unless you bought bitcoins using fiat earlier.
Bitcoin is traded for money, hence you will have to pay for it just like money which would have come into your account for anything else you trade(stocks/currency).
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 ?
you don't have to pay taxes on bitcoins. if there is no statement from your government about bitcoin then you are safe to withdraw bitcoin into your fiat without no worry about pay taxes.
Well Generally Income that is earned through the exchange of services with another person, whether in the form of bitcoins, dollars, or barter; is included in gross income, and would be subject to income tax at applicable rates. Also these bitcoins could be subject to self employment tax.
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