Topic: do i have to pay tax on bitcoins ? - page 4. (Read 28170 times)
You have to pay tax most especially if you live in a country where Bitcoin and other crypto currency are accepted as a means payment for goods and services like United kingdom, United States of America and some other countries that accept crypto currency as a means payment for goods and services.
bitcoin is tax free since government have not announced it as legal tender and it is yet to be controlled by government
yes it's not a legal tender but there are some countries that account it as a property rather than a currency, they can tax you for selling your cryptocurrency higher than what you paid for it and the rates will depend on how long you hold your btc or alts. you don't have to pay tax on bitcoin because you selling your bitcoin and then you get the money and if you withdraw the money into your bank account then you need to pay the fee for transferring the money. maybe you will pay the tax for the income that coming into your bank account in every month and it is not about a tax on bitcoin but it's about income tax.
when necessary I will choose to pay taxes rather than avoiding it especially when required by our law, it is better to reduced the money that I am earning at rather than my name will have a case just because I don't pay the right taxes, it is nothing different as the case theft. 
you don't have to pay tax on bitcoin because you selling your bitcoin and then you get the money and if you withdraw the money into your bank account then you need to pay the fee for transferring the money. maybe you will pay the tax for the income that coming into your bank account in every month and it is not about a tax on bitcoin but it's about income tax.
No. There are no taxes that you need to pay on the bitcoins until you sell or transfer them. When you sell or transfer them, you need to pay taxes on the difference between the value of the bitcoins and your tax basis in the bitcoins.
The value of the bitcoins would be what you sold them for if you sold them. If you traded them or did not get full value for them the value for tax purposes is their fair market value.
Your basis in the bitcoins is what you paid for them. If you mined them, it's probably their value at the time you acquired them assuming you treated them as income. Otherwise, it gets complicated.
If you held the bitcoins for more than a year, this is a long term capital gain. If you acquire and sell bitcoins on a regular basis, the rules get tricky for which sells you have to match to which buys.
I am not a lawyer. Please check with your own tax professional if you need advice you can rely on.
The value of the bitcoins would be what you sold them for if you sold them. If you traded them or did not get full value for them the value for tax purposes is their fair market value.
Your basis in the bitcoins is what you paid for them. If you mined them, it's probably their value at the time you acquired them assuming you treated them as income. Otherwise, it gets complicated.
If you held the bitcoins for more than a year, this is a long term capital gain. If you acquire and sell bitcoins on a regular basis, the rules get tricky for which sells you have to match to which buys.
I am not a lawyer. Please check with your own tax professional if you need advice you can rely on.
In my opinion it is not tax which is the transaction fee for each of our transactions. If the transaction costs are faster and more convenient.
Everything depends on the country of residence and what laws and by-laws are adopted in this country with respect to the crypto currency. Now most states have not yet decided how to treat the crypto-currency, and even more so on the issue of its taxation. However, if regulations on taxation are adopted, they should be adhered to and taxes should be paid. In many countries, tax evasion is a serious crime.
The current state of affairs regarding the taxation of bitcoins is still a gray area in most countries as of this time, but some governments have been making strides towards it's taxation and the subsequent regulation of the currency thereof though nobody is sure on how bitcoin can be regulated. Best to be on the lookout at all times on what your local government comes up to not be caught unawares. If the law of your land says so, then you'll have to do what the law requires of you.
You must pay taxes if your government implementing to do tax payment from bitcoin. Actually it wasn't the right decision for the government because bitcoin is not centralized but rather it is decentralized. Recognition of bitcoin in one country doesn't mean to pay tax for bitcoin unless it was written in the law.
How much taxes I should pay now when transfer BTC?
bitcoin is tax free since government have not announced it as legal tender and it is yet to be controlled by government
In my country, Philippines, there is no pay taxes from bitcoin only we pay for transaction free.
I think it depends on your country ,, for my country, so far if to pay taxes from bitcoin, not ... there is only transaction payment only.
Currently, you do not pay taxes for bitcoin. But if governments have accepted bitcoin as an investment market, they may be able to control and collect taxes, but this is very difficult. Since this is a virtual currency market it is difficult to verify and tax someone
100% wrong. Currently, and since bitcoin's inception, taxes are owed in almost every jurisdiction on Earth. In the U.S. you owe on all capitol gains and you may have to pay income tax if you were paid for work in bitcoin. Seems logical. I can't buy 10 Lamborghinis in one year with my average salary.
Someone will ask me how I get it.
For me, i think it depends on what country you live in. I'm from Philippines so basically were paying tax for transaction fees.
Yes, but when it comes to Income tax we are not required as it is not in the law to pay tax that came from cryptocurrency earnings but they are working on it as this supposed to be taxed, If ever they will imposed tax on it make sure to pay. It is better to help our country from paying tax rather than giving them the reason to banned cryptocurrency in our country just like South Korea did.Bitcoin itself does not oblidge anyone to pay taxes because it doesn't recognize it by the government as one currency and there is no law about bitcoin. But once you converted it into fiat then there comes the taxes. So hopefully, there are more options transact with bitcoin so no one needs to convert it into fiat.
Currency or not, it will be charged with taxes once it is regulated and falls under the jurisdiction of a certain country. Unless there are certain laws exempting it from taxes. I heard Australia is not imposing tax on bitcoin.
Bitcoin itself does not oblidge anyone to pay taxes because it doesn't recognize it by the government as one currency and there is no law about bitcoin. But once you converted it into fiat then there comes the taxes. So hopefully, there are more options transact with bitcoin so no one needs to convert it into fiat.
In simple words, when you buy something you pay a tax for it. If you earn some money you pay a tax on that amount. If you earn above some amount you will pay tax for your income. So until we get those taxes on crypto everything will be in a muddy waters.
If it is declared in your country to pay taxes for bitcoin then obey the rules. But if the government is not asking for it yet which is i think they dont, i think you dont need to. As what i know the government still not legalizing about bitcoin tax. I dont know to some other country though but in my country we dont experience it yet. Im from an Asian country. From which country are you?
Currently, you do not pay taxes for bitcoin. But if governments have accepted bitcoin as an investment market, they may be able to control and collect taxes, but this is very difficult. Since this is a virtual currency market it is difficult to verify and tax someone
100% wrong. Currently, and since bitcoin's inception, taxes are owed in almost every jurisdiction on Earth. In the U.S. you owe on all capitol gains and you may have to pay income tax if you were paid for work in bitcoin. Jump to: